A giant of Australian finance is experiencing an exodus.

EY, one of Australia’s ‘big four’ consulting firms, saw more than one in three staff members quit the firm in the year to March 2022, with a total of 2,723 resignations, according to reports.  

This rate of departures was significantly higher than its rivals, Deloitte, KPMG and PwC, which still experienced exit rates of around 20 per cent. 

THe drop in staff numbers was identified from data submitted by EY to the Workplace Gender Equality Agency (WGEA). EY has challenged the claims based on data it submitted to the WGEA, stating that it had provided alternative figures from different timeframes and different calculations to prove that it is in line with industry turnover. 

The high rate of departures at EY raises concerns about why the firm is unable to retain staff compared to its rivals and the cost of rehiring and training new employees. EY is currently undergoing three separate reviews into its workplace culture, with two internal reviews aiming to improve mental health and safety support structures within the firm. 

EY's strategic decision on the fate of a plan to split the firm into separate auditing and consulting businesses may also have caused delays.