Going into 2024, the Dutch economy still faces headwinds. However, economic growth is forecast to increase – though only to 1.4%.[1] Inflation has now stabilized, though prices remain high and the impact of outside shocks on the economy and widening geopolitical tensions, remains to be seen.
In the near term, we expect skills shortages to persist in the professional services sector. However, for Assurance we still expect growth in our workforce to serve new clients and to provide new services related to, for example, the CSRD legislation. M&A activity is expected to pick up next year. Elections in November 2023 will lead to a change of government; we believe public sector funding could come under pressure after significant government spending during the recent cost-of-living crisis.
We expect to see continued environmental issues, including climate change; this may affect supply chains in some countries and public attitudes toward sustainability. It strengthens our ambition to help clients in their ESG transformations and drives our sustainability ambitions on further. Furthermore, increased regulation in the area of ESG, such as CSRD, will increase demand for especially Assurance services, as well as Advisory. Digital technologies will continue to advance. Last year marked an important breakthrough for generative AI. At KPMG N.V., we are looking at how AI can help us improve quality and efficiency. Trust, as always, will remain of paramount importance, both in society and in the professional services sector.
Fundamental to our revenue and profitability growth is being an attractive employer that is able to attract talented professionals. Crucial element to achieve this is to provide an attractive work environment and competitive financial package. We aim to be a profitable firm with healthy margins and continue to make investments in staff. We aim to grow the business organically by focusing on retaining existing staff and increasing recruitment efforts when necessary. We expect to see an increase in staff between 2% – 10% based on client and business requirements in the upcoming years. Our investments in research & development lie in digital & innovative solutions that support the delivery of services and propositions.
2023/2024 will be the final year of this second phase of our Trust & Growth strategy. During the year, we will begin to set out new strategic priorities taking us through to 2026/2027. In the meantime, we have set clear ambitions for the new year under the theme: Transform. Courageously.
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Focus area |
Ambitions for 2023/2024 |
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Public trust |
We will continue our unrelenting focus on quality and ethical culture, further strengthen our brand, and look to establish KPMG N.V. as a leader in ESG. Read more > |
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Clients |
We will invest more in our Powered, Managed Services and ESG propositions and further improve relationship management, underpinned by collaboration with our Alliance partners and the KPMG Delivery Network (KDN). Read more > |
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People |
We will prioritize culture, expand career opportunities in ESG and digital technologies, and update our talent and resourcing models. Read more > |
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Digital & innovation |
We will continue to enhance our digital offering to clients, and strengthen our own digital and innovation capacities, including AI. Read more > |
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Financial strength |
We will focus on sustainable and profitable growth, implement new target operating models, and invest in tech and new strategic hires using resources within the KPMG network. Read more > |
- 1 Source: Organization for Economic Cooperation & Development (OECD) – Netherlands economic snapshot