Creativity isn't something that many people would associate with accountants, but the economic crisis has provoked inventiveness among Hong Kong's Big Four accounting firms in dealing with reduced revenues and managing the downturn without making staff redundant.
Since people are the largest business cost, each firm has put in place a voluntary leave programme to reduce this cost, maintaining the workforce and continuing building business for the longer term.
Ernst & Young was the first to announce its programme late last year. It asked for volunteers to take unpaid leave for 20 days in the six months up to the end of June 2009. Staff can take the time as a block or as days as and when they prefer, providing that there are no existing client or work commitments. The unpaid leave is also being used by the firm as an opportunity to encourage staff to carry out volunteer work and give time to some of the local and mainland-based charitable programmes in which it participates.
Of the firm's 8,500 staff in Greater China, 95 per cent are participating in the programme, according to Bin Wolfe, Ernst & Young's Greater China people leader.
'When we first announced it, we weren't entirely certain how it would be received. But it was met with a lot of support and we are extremely grateful for the teamwork our people have exhibited in getting through this period together,' she said.
Deloitte China also has a voluntary unpaid leave plan, but about 8,000 staff are being asked to take off four days a month between April 2009 and May 2010.