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- Hi, I am Prashant Mehra. I made the bold decision to join Grant Thornton (GT) Bharat 4 years after its establishment. And I am so glad I did!
- I believe a people-centric approach and setting the gold standards in practices and client satisfaction set the firm apart from the rest.
- Here is our growth journey over the past two decades, going from a team of 50 to 10k, and how firms can prepare for the opportunity that lies ahead in India.
You joined Grant Thornton Bharat in 2002 when it was a team of 50. Did you plan your career?
There was no specific plan when I joined Grant Thornton Bharat in Gurgaon. I looked at whether I was suitable for the job and the impact I would make on the firm. And things started falling into place.
I did have other job opportunities with higher salaries, but I chose this firm.
After four months, we realized that we were achieving what we wanted, and my hiring manager increased my salary retrospectively from the time I joined. It made me realize the firm values its employees, keeps its promises and prioritizes transparency.
Fast forward to 2024, it has been an amazing 22 years with GT.
Now I am the Chief Operating Officer, responsible for leading and managing our talented workforce of around 10,000.
What helped GT Bharat scale from a team of 50 in 2002 to 10,000 in 2024? What approach did the firm take to achieve such significant scaling?
We were never bothered about reaching a specific employee count as it’s just an outcome. We were just passionate about becoming the most valuable firm in India.
And that’s why we went from 50 people in 2002 to 10,000 professionals today.
I believe the key to our success is not simply assigning more tasks to one person, but ensuring that we grow together with our employees and clients.
Starting, we had three missions on our minds:
Tap the India opportunity
First, we recognized the opportunity in the Indian market.
Our firm embraced the title ‘Grant Thornton Bharat’, adopting the name ‘Bharat’ even before the country officially considered it.
We focused on continuously adding new capabilities and analyzing the market to understand the needs of our clients. Our priority was to keep our clients satisfied and provide them with the necessary solutions and offerings.
Catering to the mid-market
We identified a gap in the mid-market sector and carved out our niche.
While our main focus is on the mid-market, it doesn’t mean we neglect other markets. We also prioritize serving large corporations, digital natives, and startups.
One of our biggest clients is from the government sector.
Additionally, we have a significant public sector consulting practice where we provide advice on various roles and initiatives.
Enhancing our advisory services
When I first joined the firm, the firm primarily focused on assurance and tax services. We wanted to make a difference in this area.
We began by establishing the Advisory practice, gradually adding transaction capabilities such as due diligence, valuation, and investment banking.
As regulations came into play, we expanded into stress asset advisory, assisting banks, stakeholders, and companies with insolvency practices.
Risk optimization involved transitioning from internal audit to enterprise-wide applications, cyber, and forensic investigations.
Our consulting services cover a wide range of areas, from transformation to technology solutions like big data, cloud, and enterprise applications.
Most of our efforts were focused on achieving socio-economic goals.
How does GT Bharat approach talent acquisition & retention?
There will undoubtedly be a talent war, whether one desires it or not.
Fortunately, we are located in a country with the largest pool of talented individuals and perhaps the greatest opportunities. There is space for every business, regardless of their size.
And, we have never encountered any difficulties in hiring talented individuals.
Our only desire is to compete with ourselves. We strive to surpass our previous achievements and constantly improve.
We have implemented various initiatives to attract talent. Rather than using the term “retain,” we prefer to use the phrase, “keeping our employees engaged.”
Referral-driven hiring: Interestingly, 75% of our external hires come from referrals within our organization.
Without these referrals, we would not have been able to add 5,000 individuals to our team in the past two years.
External talent acquisition: We engage in various activities, such as campus initiatives and collaborations with boutique firms to attract specific talent.
Cultural alignment: A few years ago, we started focusing on bringing more Talent to the firm. We wanted to figure out what sets us apart – not money, not fancy offices, but our culture. People kept saying that culture is what makes us different.
To ensure that new employees understand our culture, we conduct a two-day workshop called the Unfreezing Culture Workshop. This workshop focuses on personal and professional development.
People-centric approach: We emphasize people over profit, which was evident during the Covid-19 pandemic. Despite the pandemic, we ensured job security.
Aligning personal and business goals: We understand that personal and professional goals may differ. However, it is crucial to align these plans with the preferences of our employees and the organization. We continuously work towards this goal to ensure the lowest attrition rates.
Upskilling: This includes non-technical learning and development, technology for application building, and marketing capabilities such as digital and social media.
Flexible working hours & self-accountability: We believe in recognizing people’s strengths and providing opportunities based on those strengths. We don’t enforce strict working hours, as long as the work is completed.
Leaves: Similarly, we don’t limit the number of leaves employees can take, encouraging open communication with their colleagues.
No cabin culture, no hierarchy: Unlike traditional firms, we don’t have fixed seats or Partner cabins. Everyone books their seat through our proprietary application whenever they need to come to the office.
Remote working: We also encourage employees to work remotely and only come to the office when necessary for brand experience or team and client engagement. Our office facilities are designed to be flexible.
Transparency: We keep our promises and prioritize transparency and it’s the responsibility of every leader in the firm to ensure that. This is one of the factors why the last 22 years have been a total breeze for me to work at the firm.
When we were 5,000 people, we did things a certain way. Now that we’re 10,000 people, we need to change our approach. Managing people comes with its learnings and we do our best.
GT Bharat CEO Vishesh Chandiok stated plans to scale the headcount to 100k by 2031. What service lines are you planning to hire talent for?
Our focus has been on expanding our consulting services, hence we are looking to hire in this segment for the upcoming years.
- Technology consulting: Enterprise applications SAP, Oracle, Microsoft BI, Cloud, and Big Data.
- Finance transformation
- Financial risk services
- Assurance practice: We aim to become the gold standard of assurance practice in India. Assurance now requires a mix of skills including forensic, cyber, risk optimization, tax, technology, and industry knowledge.
- Business Support Services: By strengthening our business support services, we ensure a solid foundation for growth and success.
Once these are accomplished, numbers such as revenue and people will naturally follow.
What is your approach when it comes to clients?
We stay ahead of their needs.
We shouldn’t wait for them to tell us what they want; we should be able to anticipate their requirements.
Building a strong relationship with our clients, and understanding their concerns, opportunities, and what drives them are key.
Understanding your market and aligning your capabilities with your client’s needs is essential for success.
Don’t chase your clients with capabilities or create solutions that your clients don’t require. Listen to your clients, offer what they need, and you’ll have the winning formula.
As the COO of a consulting firm, how do you envision consulting evolving due to AI?
Back in the early 2000s, people thought search engines would replace research analysts, but that didn’t happen. Instead, search engines made them more efficient. AI will have a similar impact on us.
Tasks that don’t require empathy can be automated. It will boost productivity and efficiency. Anyone who thinks that AI is here today, gone tomorrow, needs a reality check.
For instance, if you need 30 people to complete a task now, with AI you might only need 10 people.
This doesn’t mean 20 people will lose their jobs, but rather they can move up the ladder within the company, quicker; and advance from Assistant Manager to Manager, Director, Partner, and so on. This allows the company to focus on its strategy and achieve more in less time.
Even at GT Bharat, we bet big on AI with Ask Mobius, a chatbot created by our digital Business Services team. It could search our entire database for answers, which saves us from searching 50 web pages.
We have been utilizing AI for the past 18 months and it enhanced our efficiency, and cost-effectiveness to a great extent.
What opportunities do you see for CA firms in vibrant Bharat in 2024?
I believe 2023 has been a fantastic year for not just Grant Thornton Bharat, but every CA firm in India.
Macroeconomic factors such as technological advancements, such as the UPI finance system, and India’s geopolitical environment have made it possible.
The opportunity in India is evident for all to see. It’s time for us to seize this opportunity by upskilling our workforce and providing solutions tailored to the market’s needs.
