ESG revitalizes work at the Big Four

Sustainability and responsibility infuse finance with vitality and make it engaging.

The Big Four accounting firms in Germany have long been a magnet for emerging finance talent. Yet, recent trends indicate a challenge in retaining these professionals long-term. Hannah Klan, Senior Manager specializing in finance placements and interim projects, suggests that ESG (Environmental, Social, and Governance) could be the catalyst for change. “ESG is making auditing at the Big Four more engaging, thus attracting and retaining young talent,” Klan explains.

Rising Work Pressure

Klan highlights that the increased adoption of EU standards has been a major factor contributing to higher turnover among auditors. "The volume of regulations governing audits has surged in recent years, resulting in stricter and more frequent audits. This has elevated work pressure significantly. Auditors now face tight deadlines and frequent overtime, which diminishes the role's appeal."

Lack of Challenging Work

Another key issue is the monotony in audit tasks. “Auditors often find themselves restricted to repetitive tasks due to tight schedules, leaving little room for consulting or engaging in other value-added activities,” Klan notes. This repetitive nature of the work leads to a quicker decline in job satisfaction.

ESG as a Recruitment Catalyst

In response, the Big Four are innovating to attract new talent. "The firms are increasingly accommodating career changers and experimenting with AI to streamline processes and enhance job appeal," Klan observes. However, ESG is the most significant factor driving recruitment. With a deadline of the end of 2024 for meeting ESG obligations, 45% of auditors are already undergoing ESG-related training (Source: LinkedIn Talent Insights).

“Many auditors find ESG audits intriguing because they contribute to societal goals and offer opportunities for learning and growth,” Klan adds.

Potential Turning Point

The growing interest in ESG audits could mark a pivotal moment for the Big Four. “This new focus is likely to reduce turnover rates. As the field becomes more stimulating, companies will find it easier to fill positions,” Klan predicts. “We might even see more extensive societal legislation that will fundamentally transform the auditing profession and reshape the job market for finance professionals.”

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