PwC recently unveiled The New Equation, PwC’s landmark global strategy which responds to fundamental changes in the world, including technological disruption, climate change, fractured geopolitics, and the continuing effects of the COVID-19 pandemic. The New Equation is based on analysis of global trends and thousands of conversations with clients and stakeholders. It builds on more than a decade of sustained revenue growth and continued investment.
The New Equation focuses on two interconnected needs that clients face in the coming years.
Bob Moritz, Global Chairman of PwC said: “The profound changes in the world mean that to succeed, organisations need to create a virtuous circle between earning trust and delivering sustained outcomes. By bringing our unique combination of capabilities together, and matching it with serious investment and our commitment to quality, we can help them do that. In doing so, we will help clients unlock value for shareholders, stakeholders and wider society."
How PwC will help build trust and deliver sustained outcomes
PwC’s multidisciplinary model is the foundation for the strategy, bringing together a passionate, diverse community to help organisations build trust and deliver sustained outcomes. The model enables investment at scale in the combination of capabilities that is essential to delivering quality and impact for clients, stakeholders and society. 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.
PwC’s approach to building trust is designed to meet rising expectations of transparency and stakeholder engagement. It combines expertise in audit, tax and compliance activity with an expansion of specialist capabilities including cyber security, data privacy, ESG (Environmental, Social and Governance) and AI. It recognises the importance of quality and that reporting and compliance are just one link in a chain that includes organisational culture, executive mindset, aligned standards, certified professionals, stringent controls, tailored technologies, and appropriate governance.
Similarly, delivering sustained outcomes requires an integrated approach. Instead of a traditional technology-driven approach to transformation, PwC’s approach is focused on the outcome that effort seeks to achieve. PwC then mobilises expertise in strategy, digital and cloud services, value creation, people and organization, tax, ESG, deals, business recovery services, legal and compliance, amongst other areas to deliver the agreed outcomes.
Planned investments include:
Strengthening our capabilities and presence in Asia Pacific
The New Equation also accelerates PwC’s growth in Asia Pacific, with investments of US$3b over the next five years to significantly enhance capabilities to support clients in the region, as part of an ambition to double the size of the business by 2026 and extend its leading position in the market. As mentioned above, PwC will be establishing an Asia Pacific Institute to champion trust building initiatives in addition to enhancing talent and leadership development programmes for the region. PwC in Asia Pacific also plans to scale up in a number of strategically important areas including ESG, digital transformation, M&A and deals value creation capabilities, providing assurance beyond financial statements as well as strengthening regional delivery centers.
Commitments in PwC Philippines
As part of The New Equation, PwC Philippines is also announcing plans to meet the specific needs of client stakeholders in our market. Here in the Philippines, PwC will invest in the areas of ESG and digital solutions to deliver the strategy while continuing to ensure PwC delivers quality in everything we do.
“We are bringing the best of our people, capabilities and technology together to support our clients in building trust and delivering sustained outcomes for their businesses and society,” said Roderick Danao, PwC Philippines Chairman and Senior Partner.
Building PwC’s passionate community of solvers
The most important challenges faced by clients and stakeholders can only be met through multi-disciplinary, diverse teams. PwC is doubling down on its existing commitment to attract and equip its people to meet this need – combining human ingenuity with technology to deliver sustained outcomes whilst building trust across the value chain.
PwC is continuing to attract diverse talent, supported by expanded flexible and remote working as well as progressing the previously announced commitment to upskill its own 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.
Bob Moritz said: “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. We are proud that so many people begin their careers at PwC before moving on, and are committed to continuing to support training and development for a new generation of business leaders.”
Delivering Net Zero, increasing transparency
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 decarbonise 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.
Bob Moritz went on to say: "There is a strong need for stakeholders from across society to work together. Whether it’s the pandemic, climate change, social injustice or the digital divide, there is a growing expectation that businesses have a role to play in addressing broader societal issues. Our new strategy is about helping clients address their toughest challenges and delivering for society and the planet."