PwC unveiled The New Equation based on analysis of global trends and conversations with clients and stakeholders. As part of this, PwC firms will invest US$12 billion over the next five years, creating over 100,000 net new jobs across PwC, as well as continuing to develop the skills of PwC’s partners and employees.
The New Equation focuses on two interconnected needs that clients face in the coming years. The first is to build trust. Organizations increasingly need to earn trust across a wide range of topics that are important to their stakeholders. Success depends on fundamental shifts in the way executives think, organizational culture, systems, and ambition.
The second is to deliver sustained outcomes in an environment where competition and the risk of disruption are more intense than ever and societal expectations have never been greater. Businesses need to change faster and more thoroughly to attract capital, talent, and customers.
PwC firms will invest US$12 billion over the next five years, creating over 100,000 net new jobs across PwC, as well as continuing to develop the skills of PwC’s partners and employees. It combines expertise in audit, tax, and compliance activity with an expansion of specialist capabilities including cybersecurity, data privacy, ESG, and AI.
“We want our people to be the most sought after in the market because they have the technical, digital, and human skills needed to build trust and deliver sustained outcomes,” says Robert E. Moritz, Global Chairman, PricewaterhouseCoopers International.
PwC will expand Centres of Excellence for specialists on key ESG topics, including climate risk and supply chain, as well as create a global ESG Academy which will enable all PwC partners and staff to integrate the fundamentals of ESG into their work. 1,000 partners from 60 territories across the network have already completed an in-depth six-week program focused on business issues resulting from critical global trends.
PwC will continue to invest to further enhance quality across its businesses. This will include US$1bn dedicated to accelerating the deployment of technology that further automates the implementation of quality frameworks in audit, as well as build the delivery model for the audits of the future - which are expected to require more types of data, assess a broader range of risks and more fully integrate non-financial information.
New Leadership Institutes will be created to support clients and stakeholders. The first Institute will be based in the United States and will empower more than 10,000 of today's and tomorrow’s C-suite leaders, executives, and Board members to build trust. Another Leadership Institute will be created in Asia-Pacific and further announcements will be made in the coming months.
PwC will continue its strategy of being human-led and tech-powered. It will continue to rapidly expand its use of cloud, artificial intelligence, technology alliances, virtual reality, and other emerging technologies to deliver insight and drive competitive advantage for clients. In addition, PwC is accelerating the deployment of technology products, supporting seamless collaboration and enabling its people to automate processes.
The New Equation also accelerates PwC’s growth in Asia Pacific, with US$3 billion of the investment planned for the region, aimed at doubling its business and significantly scaling up capabilities to serve clients.
PwC is doubling down on its commitment to attract and equip its people. The 100,000 net new jobs will be focused in emerging capability areas, from ESG to AI. In addition, PwC will continue to hire over 30,000 people into early career posts each year, providing training and qualifications that set people up for a strong career either within PwC or elsewhere.
In addition, the network is mobilizing around the commitment made last year to achieve net-zero greenhouse gas emissions by 2030, which involves transforming its business model to decarbonize its value chain. It is submitting specific science-based targets to the SBTi, and each member firm has appointed a Net Zero leader to enable progress based on local plans.
PwC is also increasing transparency around its own operations, through expanded reporting based on the World Economic Forum/International Business Council metrics, as well as the recommendations of the World Business Council on Sustainable Development.