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Interview and Profile of Deloitte CEO Punit Reenjan
Introduction
Punjit Renjen is the global CEO of Deloitte Touche Tohmatsu, on the four largest accounting and consultancy firms in the world. The following material is an interview and an executive profile that will provide a description on his competencies and thoughts as CEO.
Interview
Based on what you know about Deloitte and the industry it operates in, how would you characterize Deloitte’s strengths, weaknesses, opportunities and threats (SWOT)?“Our main strengths are our size, reputation and singular focus on customer satisfaction and implementation of ideas (“Punit Renjen, Deloitte Global CEO”). We have six areas of expertise which are both a challenge and opportunity. We just need to be focused in each one and put and develop the right people accordingly. There are only four of us now, the big ones and each would be out to get more out of the others.”“Our success has made us large which may become a challenge in maintaining the culture which made us successful in the first place.”
What are Deloitte’s declared strategic objectives? Are they supported by the SWOT analysis in question 1?“We wish to inculcate a sense of purpose in everything our consultant does for the customer. He must be able to identify the greatest value he can provide as a service. Customer satisfaction and quality of implementation will be the guides to find that sense of purpose in every project.”
What have been Deloitte’s main competitive strategies in the accounting and consulting industry?“For our customers, our work must always result in an impactful outcome which should result in a productive transformations in the firm/. To carry this out, we would hire the best individuals and develop them to the best of their potential capabilities through mentorship and apprenticeship. To this end, we have invested $300 million in Deloitte University.” ("Strategy and Execution”)
What are main features of Deloitte’s organizational structure? Does it support Deloitte’s strategic objectives?“Our multi-disciplinary approach is reflected in our functional areas of audit, consulting, enterprise risk services, financial advisory and tax & legal services. We can call anytime on consultants from these services to deliver on complex customer projects.” (Starr)
What are Deloitte’s current efforts to respond to the growing importance of millennial customers in accounting and consulting market?“Our annual millennial survey tracks the thinking and issues of the millennial generation which will soon take over this world. With our deep understanding of them, we want to be in a position to help them create the organizations in the way they want to build them.” (Renjen, “Three Ways”)
How is decision making at Deloitte influenced by the external environment?“Recessions can come and our clients may not do well enough to engage us but we can adjust in terms of profits as long as we can continue building relationships.” (Vandell)
What are the main HRM practices at Deloitte?“We hire only the best. Only 2% of applications gets into Deloitte. After that they would need mentors so we can maintain consistency of practice worldwide.”
How are teams used at Deloitte? How is team spirit promoted at Deloitte?“Teams have to work with senior executives to leverage on their deep industry knowledge and that is how the most complex problems get solved (King) Mentorship is promoted all over the company.” “Teams should be like cricket teams which rely on the different skills of members to succeed.”
How would you characterize the leadership style of Deloitte’s top leadership?“Deloitte evolved a leadership style that is transparent, open and nurturing. It truly believes in sharing knowledge as the means to move the organization forward. That’s why apprenticeship, training and mentoring have become bywords in the current culture.” ("Deloitte CEO Barry Salzberg”)
How do you characterize your leadership style? “I want to be a leader who can inspire. Deloitte will always the brightest minds and the strongest work ethics. I want to add something that will motivate these talents to greater heights and that would be the culture of purpose.” (Brodsky)
What are your guideposts in making decisions?“My most important guidelines in moving towards a decision are whether we will create value for the customer and are we going to learn something new about this. These are worthy investments regardless of the profits to be gained. Profits are the outcome of superior work and not the goal itself.”
Does Deloitte have its own decision making practice?“We practice what we also advice clients which is on defining the organization’s decision rights. It’s the framework where you can know who should make the decision, who are impacted and accountable.”
What would you advice a new consultant regarding decision making?“Deloitte has a code of conduct which includes something on ethical decision making. I fully endorse that as it will preserve the company’s reputation of integrity. The next is to see that the main beneficiary is the client and you won’t go hardly wrong with that.”
Key Functions
Punit Renjen heads the Executive committee and is responsible for setting the strategies and priorities of the network of Deloitte offices worldwide. (“Executive Profile”) He is tasked to manage the capabilities of Deloitte in maintaining its position in the Big Four of accounting firms, in attracting the best talents in the industry and in giving back 5% of earnings back to society (Yiu). As with other global companies, Renjen is also expected to make inroads into developing business in China.
Challenges
His challenge is to make Deloitte the most reputable professional services firm in its industry by the year 2020 (Yiu). He believes that his Asian background is an advantage in reaching out to the Asian markets. Internally, he plans to establish a culture of purpose that will perpetually sustain the motivation of its consultants. He also would like to upgrade the observance of diversity and eradicate all vestiges of discrimination within the company.
Accomplishments
As CEO in consulting for Deloitte US, he oversaw its growth as one the largest consulting firms in spite of ongoing recession. He has been credited with the integration of the consulting services into Deloitte’s broad framework of professional services. The company also was recognized in “2010 Best Firms to Work For” by Consulting magazine and one of the top consulting firms in Vault’s Guide. Punit is known inside Deloitte as an expert in mergers and acquisitions steering many large companies’ successful projects. In 2007, he was named in the "Top 25 Most Influential Consultants" in Consulting magazine. (“Executive Profile”)
Management Style
Punit plans for the future not only with mid and long-term goals or target industries but with also a keen eye on the technologies that will bring those goals into reality. He understands that Deloitte’s credibility is also reflected in the methods and technologies that it uses such as cloud computing and cognitive technology (Starr). His use of surveys like the annual millenials’ survey, reveals an empirical approach to forming plans based on concrete data and analysis.
In terms of structure and organization, Punit has made it clear of the position of auditing as a service. It will remain as a core service still comprising one-third of the business (Starr). The quality of the auditing service retains top priority even as Deloitte continues to build on its multi-disciplinary model. Even if the boundaries are clear, they are dynamic when complex engagements require integration of different services.
Influencing the younger generation of consultants in the successful ways of Deloitte is crucial for Punit. He places a major emphasis on mentoring as the main method of developing the young brilliant minds that Deloitte hire. His campaign for a culture with a purpose is another point of influence on motivating people to sustainable successful work practices.
Works Cited
Brodsky, Matthew. "How It Is Done at Deloitte ". Wharton Magazine, 25 Jan. 2013. Web. 2 April 2016. <http://whartonmagazine.com/blogs/how-it-is-done-at-deloitte/>
"Deloitte CEO Barry Salzberg on Leadership as ‘the Norm, Not the Exception’". Knowledge@Wharton, 11 May 2011. Web. 2 April 2016. <http://knowledge.wharton.upenn.edu/article/deloitte-ceo-barry-salzberg-on-leadership-as-the-norm-not-the-exception/>
"Executive Profile, Punit Renjen". Bloomberg, 2 Apr. 2016. Web. 3 April 2016. <http://www.bloomberg.com/research/stocks/private/person.asp?personId=79354201&privcapId=228645884>
King, Agnes. "Punit Renjen's plan to keep Deloitte more exclusive than Harvard". AFRWEEKEND, 16 Sep. 2015. Web. 2 April 2016. http://www.afr.com/business/accounting/punit-renjens-plan-to-keep-deloitte-more-exclusive-than-harvard-20150910-gjjhml
"Punit Renjen, Deloitte Global CEO: In conversation with The Economic Times". Deloitte, n.d. Web. 2 April 2016. <http://www2.deloitte.com/in/en/pages/about-deloitte/articles/deloitte-global-ceo-punitrenjen-et-interview.html>
Renjen, Punit. "Exceptional Boards". Leadership Excellence, Feb. 2012. Web. 2 April 2016. <http://thebeacongroup.ca/wp-content/uploads/2012/02/LE-0212-ap.pdf>
Renjen, Punit. "Three Ways To Get Inside The Heads Of Millennials". Forbes, 17 Jan. 2016. Web. 2 April 2016. <http://www.forbes.com/sites/worldeconomicforum/2016/01/17/three-ways-to-get-inside-the-heads-of-millennials/#6d16ad27fca1>
Starr, Rob. "Deloitte Global CEO Punit Renjen Answers Some Global Revenue Questions". Big4, n.d. Web. 2 April 2016. <http://www.big4.com/big4-thought-leader-interviews/deloitte-reports-six-years-growth-counting/>
"Strategy and Execution: An Interview with Punit Renjen, Chairman of the Board, Deloitte LLP". Leaders Magazine, 2014. Web. 2 April 2016. <http://www.leadersmag.com/issues/2014.3_Jul/ROB/LEADERS-Punit-Renjen-Deloitte.html>
Vandell, Perry. "Build relationships before profit, Deloitte executive says". Special for The Republic, 14 Feb. 2014. Web. 2 April 2016. <http://archive.azcentral.com/business/news/articles/20140214build-relationships-before-profit-deloitte-executive-says.html>
Yiu, Enoch. "How Punit Renjen became the first Asian global CEO of Deloitte". South China Morning Post, 1 Aug. 2015. Web. 3 April 2016. <http://www.scmp.com/business/companies/article/1851510/how-punit-renjen-became-first-asian-global-ceo-deloitte>
