The world of financial services is complex, driven by data, market trends, and, crucially, human perception. A recent report by CustomerXP and EY sheds light on how a single, tragic event can drastically alter sentiment within the accountancy sector, especially for major players like the "Big Four" firms (EY, PwC, KPMG, and Deloitte).
The report analyzes over 45,503 interactions from January to October 2024 to gauge sentiment across the accountancy sector. The overall sentiment for the sector was slightly negative, averaging -11, primarily influenced by discussions around the Big Four.
Prior to the incident in July 2024, the sentiment surrounding the Big Four firms averaged -16, while other accountancy firms had a significantly positive sentiment of +71. Within EY specifically, sentiment was largely positive, with discussions centered on its brand slogan "betterworkingworld" and terms like "eynews" and "2024". However, even in this period, there were hints of underlying issues, as terms like "experience" and "firm" highlighted employee concerns, and "audit" carried a negative sentiment, likely due to the busy audit season.
Following the tragic passing of an EY Audit and Assurance Executive, Anna Sebastian, in July 2024, the report reveals a sharp decline in overall sentiment. While the report does not investigate the circumstances of the event, it focuses on its impact on public perception. Post-incident sentiment remained negative (-23) and became increasingly critical of workplace conditions.
For EY, in particular, there was a significant surge in negativity, with a sentiment score of -51. The word cloud analysis shows a shift in public conversation from brand-related topics to "employee," "culture," and "EY India". Notably, negative sentiment related to "working hours" and "senior management" surged, highlighting heightened public sensitivity to employee well-being.
The report underscores the critical importance of understanding shifts in sentiment in an industry as sensitive as professional services. The data reveals a growing public focus on workplace culture and well-being post-incident, particularly within EY. For firms, this means that proactively addressing internal concerns is not just good practice but a necessity to mitigate reputational risks and safeguard brand resilience.
To read the full report and gain a deeper understanding of these findings, you can access it for free by clicking this link:
