-
International Financial Reporting Standards
Grant Thornton International member firms combine broad international experience with technical know-how in audits of IFRS based financial statements
-
Financial Reporting Audit
Our Audit division has the capacity and knowledge to provide an assurance that the Final Financial Statements episodes will be reliable and timely
-
Compliance
We are committed to providing a service with the highest standards of excellence, integrity, and experience
-
Mexican Social Security & Local Tax
Growing businesses need strong tax management to meet current and future tax liabilities and we can help you achieve this, whatever challenges you face
-
International Taxes
Your people are probably your business’ most valuable asset. If you choose to send them overseas you will face certain tax liabilities, social security, and pension obligations
-
Prevention and detection of money laundering and anti-corruption practices
Prevention and detection of money laundering and anti-corruption practices. The process of hiding or disguising the existence, illegal source movement, fate or illegal use of property or funds, proceeding from illegal activities
-
Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle
-
Business risk services
Businesses worldwide are facing constant challenges as they try to navigate the wide range of risks involved in complex global markets
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
-
Recovery & reorganisation
We focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible
-
Transactional Advisory Services
We can help you understand the value drivers behind successful transactions
-
Internal Audit
In today's global economy, organisations - both public and private - must demonstrate that they have adequate controls and safeguards in place
-
Payroll Outsourcing
Payroll and, in addition, personnel administration are the biggest and most time-consuming challenges facing expanding organisations
-
Accounting outsourcing
The goal is to increase the effectiveness of accounting processes, supporting your core business. It was created especially for businesses with high information needs, usually related to working in an international environment
-
Human Capital Services
We provide solutions for your company in order to identify, evaluate, reward and retain the best talent
Doing more with less. But at what cost?
20 Nov 2013Implications for youth unemployment
Business leaders in the hospitality & tourism sector are continuing to do ‘more with less’ according to the Grant Thornton International Business Report (IBR) Q3 results. Expectations for business growth remain robust, but job creation is fairly stagnant, reflecting a broader drive for efficiencies within the sector.
The overall picture is positive: businesses in the sector are growing. Expectations for both revenue (61%) and profitability (42%) are above the respective global averages, and have been for the past four quarters. Moreover, growth prospects are not restricted to certain regions. Businesses in the EU, emerging Asia Pacific and North America are all bullish about growth prospects.
Considering the fragile state of the global economy and hospitality & tourism’s reliance on discretionary spend, it is very encouraging that business leaders are so optimistic about expanding their operations.
This growth is expected to come from squeezing more from existing staff, rather than taking on anyone new. Just 8% of hospitality & tourism businesses expect to take on new staff over the next 12 months – the fourth straight quarterly decline. The global average is 25%. And this is not something new: over the past 12 months, on average just 9% of sector businesses have hired more people, the lowest of all sectors and less than half the global average.
In some respects this is to be expected: improvements in labour markets tend to lag recoveries as businesses look for signs of sustained growth before they take on extra people. But here’s the broader concern: where are the ‘skills escalator’ jobs the hospitality & tourism sector traditionally provides going to come from? By that, I mean the entry-level jobs which help many young people make a start in their careers. I’m thinking about waiting and bar staff, chamber maids and hotel porters.
Youth unemployment is already so severe a problem that commentators are talking about a ‘lost generation’. In Greece, Spain and South Africa, more than 50% of young people are jobless. In France, the UK and the US, around one in five young people cannot find work. The Economist estimates that more than 30% of 15-24 year-olds in South Asia, rising to over 40% in the Middle East and North Africa, are either unemployed or inactive. This does not only threaten growth today; it also drags down future growth potential.
As the recovery gains momentum, I’m hoping to see businesses in the sector ramp up their hiring plans. I don’t advocate any employer taking on people they can’t afford, but youth unemployment is a global issue. And the hospitality & tourism sector could have a major role to play.