Big Four consulting firms: Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY) and KPMG, hired together over 1.5 million people last yr.
The largest is Deloitte with $65.1 billion in global revenues in 2023 in comparison with PwC’s $53 billion, EY’s $49.4 billion and KPMG’s $36.4 billion.
These firms, leaders in accounting and auditing, conducted a presidential election survey to indicate what business leaders are considering ahead of Tuesday’s election.
The Big Four collectively generated over $200 billion in global revenues. (Graphic: Visual Capitalist via Getty Images)
Here’s what the Big Four research says about the 2024 elections.
Deloitte: Survey shows that workplace issues matter
IN election poll published in mid-September, Deloitte asked 200 North American chief financial officers (CFOs) at organizations with at least $1 billion in revenue what they care about heading into the election.
Instead of tax policy, which topped the list in 2016 and 2020, the most pressing issues for CFOs in 2024 were workforce issues similar to talent shortages and wage inflation.
“Only 12% of CFOs say now is a good time to take on more risk, compared to 26% in Q2 2024.” – wrote Deloitte researchers. “A year ago this figure was 41%. The upcoming election may bring the most significant changes of all.”
PwC: The authorities expect a divided government
PwC surveyed 709 U.S. executives, including CFOs, chief information officers (CIOs) and chief technology officers (CTOs), and announced the results in October.
A majority of executives, greater than three in 4, said they expect divided government next yr, with 77% expecting more executive orders and 75% anticipating more regulation and litigation.
If Democratic candidate Kamala Harris wins, executives have identified higher taxes and climate policy as risk areas. If Republican candidate Donald Trump wins, they may consider trade and foreign relations as risk areas.
Meanwhile, executives are keeping their AI investment regular no matter who becomes president.
“For example, when it comes to artificial intelligence, 52% say they would increase their investment under a Harris administration, while 53% say the same under a Trump administration,” the study said.
EY: The elections will have a significant impact on technology
EY released survey of 503 technology industry leaders in October, which showed that just about three-quarters (74%) said the election would have a “major impact” on the U.S. technology industry and its ability to stay competitive in the global marketplace.
“In particular, they believe the U.S. election outcome will have the greatest impact on the following areas of regulation: cybersecurity/data protection, artificial intelligence and machine learning, and governance of user data and content,” EY researchers wrote.
Many technology leaders (82%) reported plans to extend their AI investments by 50% or more in 2025, no matter who wins. Artificial intelligence (60%) tops the list of talents they are looking for, followed by cybersecurity (49%).
KPMG: Companies must remain vigilant
KPMG looked at US trade policy under each the Trump and Harris administrations comparative review report released in late September.
Trump “favors a more protectionist stance, prioritizing U.S. industry through tariffs and renegotiated trade deals aimed at reducing the trade deficit,” while Harris “supports a multilateral approach, advocating tax incentives to promote domestic production.” The report found the two approaches to be in “stark contrast”.
The report advised businesses that rely on imports to stay flexible and knowledgeable, no matter who wins the election.
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