Having spent the last year expanding its operations, Ethiopian accounting and advisory firm HST has beaten KPMG to win a major contract worth approximately 2 million Birr.
The project involves the development of a nuanced human resource management strategy for the Ethiopian Resource Company (ERC).
Founded in 2003, HST is the first accounting partnership in the economically lucative market of Ethiopia, operating through two legally independent subsidiaries – HST Chartered Certified Accountant and HST Consulting. The firm has been making great strides since its establishment, and has been in a phase of growth recently.
In October last year, the firm added 20 consultants to its roster through the acquisition of training and consulting firm Encore. These efforts appear to be paying off, given that the firm just edged out Big Four accounting and advisory firm KPMG to win a major contract with the ERC.
Using a strategy of benchmarking international best practices amongst insurance companies, HST will now devise a human resources strategy for ERC, in addition to developing a human resources management manual. ERC invited bids from the consulting industry for the project, and KPMG was amongst those overlooked by the entity.
The strategy is expected to take until February next year at the latest to develop, and between three and five years to implement. “It will be far-seeing, including forecasts of government regulations regarding the industry,” explained Yewondwossen Eteffa, CEO at the ERC.
“We have a strategic plan for 2027 during which we want to be the leading reinsurance company in Africa, As a company that plans to do business at a continental level as well as in the middle and far eastern countries; we need human resources that fits both in terms of numbers and development,” he added.
Meanwhile, HST Managing Director Solomon Gizaw added, “We place a great value in creating a relationship with Ethiopian Reinsurance S.C. and are committed to delivering excellence and value as we serve Ethiopian Re. We also appreciate the importance of this project and its role in the successful implementation of the Company’s overall strategy and objectives.”