According to a story published by Reuters today, RSM is doubling their workforce in India.
UK-based accounting firm RSM’s U.S. arm is planning to more than double its India workforce to 5,000 over the next three years, a top executive said.
“The expansion is driven by the tremendous talent base in India. Compared to the last 10-15 years, the talent now is very superior in the market,” Prasad Balakrishnan, India Principal of RSM US LLP, told Reuters.
The world’s No. 6 accounting firm’s U.S. arm employs 2,000 of its 17,000 employees in India, and is creating more consulting, audit and tax roles in the country to cater to its North American clients as a part of its global capability centre (GCC) expansion plan. [Ed. note: RSM Global clocks in at 57,000 staff in 860 offices and 120 countries around the world]
India’s evolution from a low-cost back office location to a high-value innovation hub has encouraged many multinational companies to set up local offices and boost hiring, a trend that is expected to gain more traction in the coming years.
Reuters describes the GCCs as supporting “their global parents in daily operations, finance, research and development, and product development functions.” About a year ago, they wrote about Big 4 expansions in India and said Deloitte planned to add 50,000 more people to its India headcount of 100,000 over three years, KPMG wanted to hire 20,000 over the same period, and PwC hired 12,500 people in India in fiscal 2022 with plans to hire the same number of people the following year. Last summer, Deloitte South Asia CEO Romal Shetty said 30 percent of the firm’s total workforce would be based in India by 2027. If it isn’t clear to you yet, firms are going all-in on India (not an EY pun).
There are unfortunately no salaries listed on RSM’s India job openings page but we did find this:
10 lakh = about $13,333 USD. 50 lakh = about $67,500 USD.
And here’s Glassdoor. Note these salaries are listed in rupees, not lakh (150,000 rupees = 1.5 lakh). ₹398K (rupees) = $4,766 USD. Dear reader is welcome — nay, encouraged — to double-check our math because no one around here is a mathlete.
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Congrats to all the RSM partners who are gettin’ theirs. Don’t worry about the future of the accounting profession. Not your problem.
Don’t forget to sell the firm to PE on your way out to complete the ouroboros of enshitification of the profession when you’re done.
I have doubt
They are years behind the Big 4 in doing this. I stopped clutching my pearls years ago.