The Ernst and Young (EY) is an elite accounting and consulting film. It ranks at the top with KPMG and Deloitte. The mission and goal statements have a lot to do with its success in the professional services area. EY has prioritized growing together with the people it serves since 1989, demonstrating its dedication to the focus of these two corporate statements.
A corporate vision statement helps lay the foundation of what the company helps to achieve and look like in the short and long term. A mission statement then details the steps and strategies that the organization will employ to pursue its goals. These steps and strategies are always in line with ideals that the organization holds fundamental to its identity and how it wants to be viewed by the general public. These ideals are called organizational values, which are principles guiding the organization in all its dealings and relations towards achieving its objectives.
EY Mission Statement Analysis
Their mission statement guides them at EY organization, which is “building a better working world.” This might seem like such a cliché, but this is especially appropriate for an accounting and consulting firm. The insight and analysis that the firm provides help provide guidance when making decisions that will shape the world economy and the world’s future. The firm recognizes the need to meet its client’s need to the maximum perfection as a single number astray or the wrong analytical data could prove to be the downfall of an organization, institution, city, nation, or global economy. The firm mission statement makes it abundantly clear that the company sees itself as a firm providing services in the short and long run that will help make the world a better place. This could be through its judicious accounting style or through its consultancy services that will provide analytics and train leaders of men with the tools needed to make informed decisions about economic figures and their implications towards better governance and building a better world.
This mission statement is bold but is shows a company with full confidence in its services and knows its value in the marketplace. It knows that through its services, a functional and highly efficient world can be run. This can be through the employment of its own services directly or through the employment of its resources. The firm is also committed to bettering the world, not just focused on profit-making or brand building. This helps to sell its image as a contentious company, not just another money-grabbing conglomerate. This implies that it will adopt practices in line with international best practices in its operations to ensure that the world is moving in the right direction. It also hints at adopting programs and services that employ the best economic practices available to ensure that it achieves its mission of making the world a better place.
EY Vision Statement Analysis
The EY organization states that its vision statement is that “we’re building the workplace of the future at EY a place that’s smarter, more inclusive, more dynamic and more flexible.” This vision statement is unique because it focuses entirely on workplace improvement with a view towards a better future. This sends a message that it greatly values creating a safe and conducive working environment for its employees to thrive. This will further instill the idea that it greatly cares about the welfare of its workers and care about their career progression. The organization aims to create a future workplace that is inherently better than the present that will encourage full participation by all employees and encourage all workers to employ their talents comfortably. This is aimed at gaining optimum performance from the staff members.
The company recognizes the importance of a motivated workforce. Once employees feel like their interests are being protected by their employer, they will put their utmost best to help the organization achieve its stated objectives. Motivated workers make for the smooth running of operations. Their mission statement clearly points out to the public that they care deeply for their workers by creating a conducive and comfortable working environment for them to do their jobs properly. It also promises further improvements in this regard, thereby enticing new workers and helping to secure the long-term loyalty of existing employees and customers who value the happy family experience.
This vision statement implies that in the pursuit of the company’s long and short-term goals, they are willing to adopt changes in the marketplace and global industry sector to incorporate into their own working environment to help their workers and clients get the very best practices available. Furthermore, by promising inclusivity, it assures the general public that there will be no discrimination based on gender, race, religion, or ethnicity in their organization. This is especially reassuring for people from minority groups or religions, as workplace discrimination has been detrimental to productivity. Finally, it also promises a smarter and more flexible method of solving problems that may arise, portraying the organization as an innovative and progressive firm.
EY Values Analysis
The company values reflect the ideals and principles that they hold onto during the course of all their activities and operations. The value represents central themes core to the firm’s identity in handling any situation and can be viewed as their guiding hand in its activities. Their stated values are “future-mindedness, integrity, respect, and teamwork.” This shows the guiding principles of the firm.
By “future-mindedness,” the firm is assuring everyone, both staffers and the clientele, that all of its decisions and practices are made not only with the short-term projections in mind but with the long-term ramifications also being considered. It shows that the firm is fully committed to really making the world a better place and continuous evolution to be the better version of itself that it can be. The firm has a long-term goal that it wants to reach, and it will strive towards that goal in all its daily pursuits. The firm keeps an eye on happenings in the global space and adopts up-to-date strategies to avoid being left behind in future advancements.
When the firm includes integrity as one of its core values, it emphasizes the importance of trust in an accounting firm. Confidence of outsiders in accounting firms is everything as their services are often confidential. The firm wants to employ this value to reassure and guide all its employees on the cruciality of being upstanding in handling clients’ work and maintaining a distinction in all their processes without fail. This is very important in establishing their reputation as a reliable accounting and consultancy organization. It uses the concept of integrity to attract high-profile clients and government contracts who will trust the firm to maintain confidentiality and provide accurate results. The firm holds to uphold this, especially in its consultancy services when contracted to provide analytical advice, which will help make informed decisions about the directions of economic policies and stock options. It hopes that through its integrity, its advice will be taken seriously and utilized in making decisions, thereby helping the firm in its stated mission to help make the world a better place. The firm hopes that in making integrity one of its core values, it will guide its staff to maintain utmost professionalism and its clientele to trust its product and services impeccably. This will be especially good as it will help cultivate a conducive working environment for their employees and help draw in new clientele for the firm.
By incorporating respect in the organization’s values, it points to the organizational need for reciprocal respect. The organization needs to have the respect of all of its stakeholders and the general public. It must be viewed as an upstanding organization that is above reproach. It equally expects this respect among all staffers regardless of their rank or station. They expect everyone associated with the organization to be treated with respect, right from the cleaners to their biggest clients. They believe that this mutual respect will serve them well in ensuring that they will also get treated with respect when they also reach out to the community. They expect that all their staff are treated like human beings and paid decent wages that will enable them to live a decent life. This helps keep the employees’ morale high and actively seeking to contribute to the firm’s growth. This culture of respect makes all new clients feel welcome and like they are the most important person in the world to the firm. This helps to bring in more direct investment and added calls for their consultation services, knowing full well that they will be equally respectful whether the client is a CEO or a small business owner just trying to make ends meet. This is especially important to people in the minorities whether it relates to race or religion as they feel that they deserve to be treated with the same level of respect as everyone else and when they actually encounter this culture of respect, they are drawn in and want to be associated with the organization.
The organization included teamwork as the final piece of their core value to stress the importance of working with all the respective shareholders in making the actualization of their dreams and goals come together. The firm wants to fully stress the importance of all its staff and trainees working in synergy to help create a conducive working environment that will further help achieve their objectives. The firm wishes to emphasize that everyone has a role to play in the firm’s success, from the working staff to the managing staff all the way to the clients. It further wishes to draw the attention of everyone to the need for synergy between the firm and its immediate contact community for the firm to be able to fully achieve its mission of making the world a better place. This is especially true as no business can thrive in a vacuum but rather requires unity and cohesion from all sectors to run smoothly.
The mission and vision statement of the EY organization starts off looking like a grand but unattainable goal by just wishing to make the world a better place. Still, the vision statement further breaks this down by letting the audience know that they believe in changing the world one step at a time. Focusing on building a better workspace will lead to a better quality of life for their employees and better productivity. By providing this better environment for their employees and their family, they believe that they are already helping make the world a better place even in these small ways. Their core values then go further to enlist the traits they will adopt to discharge their primary duties. From these values, one can easily see that their adaptation makes the firm look reputable and better but helps make their employees better people. It hopes that in adopting these traits, it will be recognized as a unique accounting firm and consultancy agency that deeply cares for its workers and will treat everyone with respect and equality. Most importantly, it wants to be known as an inclusive and forward-thinking organization that will embrace change as long as it leads to progress and fulfillment of its client’s demands. This is especially important in today’s world that is divided along racial and religious lines. It promises equal treatment to all staff and equal opportunity and requires everyone to work together to achieve stated objectives.
The Mission and Vision statements are well structured to complement each other and inspire confidence in the company. In addition, they clearly spell out what the company’s objectives and motivations are and the procedures that it will employ towards achieving them.