ALM Intelligence names PwC as Best In Class for Needs Assessment
PwC was announced as a Leader in ‘Compensation Consulting 2019’ by ALM Intelligence, a company that assesses consulting firms in defined markets on the basis of their breadth and depth of service capabilities and ability to deploy those across highly-complex client requirements.
According to the report, “Increased regulatory scrutiny continues to be a major issue in the compensation market, from pay equity (gender and race) to increased government scrutiny of the tax implications of increased gig economy jobs along with the creation of new legislation to combat possible losses – all amidst increased shareholder scrutiny. Clients seek guidance to deal with local governments in an era of increased global convergence and mobility. Some consulting firms are working with governments on shaping policy, and many are working with a “think global, act local” mentality. The foremost concern for boards is the reputation of their brand, which now must entail social responsibility and incorporate pay fairness, pay equity, and climate control among other societal issues that are important to younger generations.”
Commenting on the leader status, ALM states that “PwC truly takes a “One Firm” global approach to compensation consulting, and continues to invest in its data and analytics tools with its recent launch of the Rewards Data & Analytics Hub creating an internal community of compensation experts to target new and innovation client solutions by looking at client needs/challenges and sharing learning and ideas.”
On PwC’s strengths, Laura Becker, author of the report, says that: “PwC’s thought leadership to the compensation market is informed by research on trends and surveys such as the Annual CEO survey and the Workforce of the Future study, a survey of 10,000 people which looks at four possible Worlds of Work for 2030. PwC sees compensation approaches driven by four major global trends, including global convergence, data-driven reward strategy, compensation consulting and related capabilities and complying with technical complexities. The firm approaches engagements with a One Firm methodology bringing its full breadth of expertise in consulting, assurance, tax, legal and data analytics capabilities in addition to its People and Organisation team (including communications and change management experts) to provide insights and solutions.”
Becker goes on to say that “PwC’s One Firm service delivery model is comprised of multidisciplinary teams of compensation and rewards consultants, communication consultants, data and analytics specialists, accountants, actuaries, lawyers, and tax professionals, all of whom additionally have access to a broader set of capabilities in strategy, organisation, and human capital consulting, data analytics, and risk and assurance advisory. This ensures the alignment of rewards and business strategies in compensation plan design that is also compliant with tax, legal, and regulatory frameworks. PwC marshals its technology and analytics capabilities to convert compensation processes and tools for cloud-based human capital management platforms, and to translate big data into evidence-based reward strategies. Compensation consulting is focused on executive compensation, total compensation, incentive design, benchmarking and data analytics, corporate governance, remuneration regulation, tax, accounting, legal, strategy implementation, shareholder relations and financial modelling.”
Paul Wolstenholme, Global Reward capability leader, PwC UK said: “We are delighted to be named a leader by ALM Intelligence. Compensation is a hot topic for Boards and employees alike. It is a significant cost for companies and getting it right will have a positive impact on corporate performance, recruitment, behaviour and the retention of talent. We help our clients to find the right approach to reward and benefits. We assist them in understanding the impact of evolving forces such as their stakeholders, regulators, the media and prospective recruits in a competitive world. At PwC, we use a combination of technical capabilities, market intelligence, and analytics to help our clients with a broad range of emerging reward and benefits issues.”
ALM Intelligence names PwC as Best in Class for Needs Assessment. “PwC’s One Firm service delivery model is comprised of multidisciplinary teams of compensation and rewards consultants, communication consultants, data and analytics specialists, accountants, actuaries, lawyers, and tax professionals, ensuring the alignment of rewards and business strategies in compensation plan design and compliance with tax, legal, and regulatory frameworks. PwC utilises its data and analytics assessment capabilities, as well as qualitative focus groups and surveys to assess an organisation’s needs, identify gaps, and determine an actionable strategy. The firm’s data and analytics capabilities convert compensation processes and provide tools for cloud-based human capital management platforms, providing needs assessments with platforms such as REMChannel and Dashboards for Significant Performance and Salary Drivers, translating big data into evidence-based reward strategies. PwC’s new Rewards Data & Analytics Hub creates an internal community of compensation consultants and data analytics experts to target new and innovative client solutions by looking at client needs/challenges and sharing learning and ideas.”
Carol Stubbings, Joint Global Leader, People and Organisation, and Partner, PwC UK said: “We are very proud to be named a leader by ALM Intelligence. Our clients face different challenges and business leaders wrestle with disruptive innovation, global trade, skills mismatches and the constant tests of risk and regulation. We build tailored people and organisation solutions to help our clients achieve their strategic ambitions - reflecting their uniqueness but also grounded in rigorous analysis and data-driven insight - to create lasting, differentiated value.”
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