Happy New Year! Welcome back to campus. We hope you had the opportunity to relax and recharge over the winter break.
In this edition, we want to highlight Fortune’s profile of Tim Ryan and our diversity efforts. We also share the results of our Talent Acquisition Selection Simplification and announce the launch of our third course in the PwC Coursera Specialization. This month, we are pleased to be recognized as #1 Best Workplace for Parents. We also bring you articles on the FASB’s new definition of a business, the new political administration, the results of the CEO Survey, deals industry insights and more.
PwC’s U.S. Chairman has responded to national racial traumas with a rare willingness to address uncomfortable issues – and to rally his firm and others. Can he really spark change?
Tim Ryan, the newly minted U.S. chairman of accounting titan PwC, was set to have a great first week. “Like most new leaders, I had a 100-day plan,” he says, smiling. “I was going to bring my new leadership team together. We’d bond, set big goals, do all that stuff.” That was July 1, 2016.
Then on July 5, a black man named Alton Sterling, a CD seller, was shot by two white police officers in Baton Rouge. The next day, a black cafeteria worker named Philando Castile was fatally shot by an officer during a traffic stop near St. Paul. Then, on July 7, a disturbed veteran killed five officers in Dallas during a protest over police shootings. The world watched in horror on live TV as the terrified crowd scrambled to take cover. The shooter told investigators, before he was killed by a police robot, that he had been infuriated by the deaths of black citizens at the hands of police.
With those searing events, Tim Ryan’s 100-day plan went into the dustbin. “I got the team together and asked what they thought we should say or do about what was happening,” he says. “I knew it had to be something. To read more on Tim’s profile, click here.
Heading into the New Year, I’ve had numerous in-depth conversations with U.S. business leaders. Several themes have emerged, which I want to share as guideposts for 2017. I hope these insights will help businesses seize opportunities and avoid pitfalls, while generally enhancing your perspective around what lies ahead. Hear more from Tim Ryan here.
Fall 2016 Candidate Virtual Interview Pilot was a success...
Recently, PwC has been focused on transforming its talent acquisition function. Creating a positive and distinctive experience for your students is a key focus of this transformation. As we look to better leverage technology and enhance the PwC candidate experience, we piloted the use of Google Hangouts for our final round interviews in many PwC offices this past fall.
As we reviewed our interview process, we noted the amount of time required for in person interviews often took students out of the classroom and impacted personal obligations. Leveraging Google Hangouts for final round interviews provided us an opportunity to demonstrate to candidates the use of technology in our daily business environment. Additionally, the process serves as an example of PwC’s flexibility priorities -- helping candidates understand what they can expect at PwC.
We are pleased with the feedback received and know this use of technology will continue to distinguish the PwC candidate experience. In fact, of the >500 students who completed our post-interview survey, only 3% indicated they had previous experience with virtual interviews and 86% of respondents indicated they had a positive virtual interview experience.
Finally, our commitment to building deep, personal relationships and keeping quality in our process will never be compromised! We encourage you to connect with your local PwC campus recruiter or Firm Relationship Partner for further insights on what your students can expect if selected to interview with PwC.
Data Visualization with Advanced Excel
Course three is now available on the Coursera platform. As instructors, you may find the materials useful for personal development. You could also potentially identify portions of the courses which you could incorporate into your classes to help demonstrate concepts you are teaching. All course materials can be accessed at no charge when enrolling in the individual courses and selecting audit only. (Those enrolling in the specialization to include the capstone will pay a small fee and will receive a certificate of completion). We hope you will agree this is a valuable resource. To access the press release about this collaboration, click here. To enroll in these courses today, click here.
Published together with partner, Fortune, the Best Workplaces for Working Parents is a “best of the best” ranking. The winners come from the universe of companies who are certified this year by Great Place to Work® as great workplaces and have published Great Place to Work Reviews, meaning they are serious about creating a great workplace and comfortable with transparency. To learn more and see the full list, click here.
On January 5, 2017, the FASB issued final guidance that revises the definition of a business. The definition of a business affects many areas of accounting (e.g., acquisitions, disposals, goodwill impairment, consolidation). According to feedback received by the FASB, application of the current guidance is commonly thought to be too complex and results in too many transactions qualifying as business combinations. To read more, click here. To download the report, click here.
President Donald Trump has a target―accelerate US GDP growth to 3.5% per year―and a clear metric for success: more US jobs. Will your business be prepared, as campaign promises become policy?
The new administration’s focus on tax cuts and deregulation has implications for the long-term: Can the US get on a steeper curve of productivity growth? Can it train the workforce of the future with the skills it requires? Can it create the physical and digital infrastructure to power a more industrious domestic economy?
Near term, we can’t underestimate the challenges in moving from campaign trail talk to firm policy direction. Even amid uncertainty, we’re tracking a few high impact areas to help businesses prepare to capitalize on new incentives. Read more here.
What’s on the mind of 1,379 CEOs around the world?
Over the past 20 years CEOS have witnessed tremendous upheavals as a result of globalisation and technological change. In our 20th CEO Survey, nearly 1,400 CEOs share their views on the impact of these forces on growth, talent, trust and society. In this short video, PwC’s global chairman Bob Moritz, reflects on how today we’re at an inflection point; for leaders it’s now time to both raise and communicate the role of business in society and the positive the impact it can have. To learn more, click here. To download the full report, click here.
From PwC’s Deals Practice
Deals ended 2016 with a flourish. Q4’s $997B of global M&A made it the year’s strongest quarter – substantially up on Q3’s $766B. But it was short of Q4 2015. And despite the hot finish, the full-year total of $1.7B also fell short of the $2.4B seen in 2015.
Pent-up demand drove the best quarter of the year for US deals, which reached $549B and volumes that neared the strongest quarters of 2014 and 2015.
Strong interest in tech companies from outside the sector will continue as manufacturers position themselves for future growth.
But what impact will a new administration have on dealmaking in other parts of the economy? Brian Levy, US Deals Industry Leader, looks at current activity and ahead in our Q4 Deals Day blog. Be sure to read our full sector reports here for more detailed findings within each industry.
The future of Tax reimagined
What if you could automate the tax classification work that currently takes your team thousands of hours to complete? Or process millions of global transaction records faster than blinking an eye? It may seem like a far-off fantasy, but for many tax departments, the future is here. These are just a few potential benefits of tax analytics, a new capability that promises to greatly expand the tax function's ability to deliver forward-looking insights to the entire business. Now is the time for tax functions to create a tax analytics roadmap and leverage the increasingly larger menu of technology options to drive significantly more enterprise value. To learn more, click here.
A practical approach to business transformation
Fit for Growth is a guide for senior executives and middle managers on how to align their company's costs and organization with their strategy so they can grow, create value, and sustainably outperform competitors.
Very few organizations manage their costs for sustainable success. They spend their money on the wrong things or they cut the wrong things for the wrong reasons, ultimately leaving them weaker and unfit to compete. Instead, organizations need to think about their costs strategically, as investments that will fuel their growth, so they put their money where their strategy is. They need to continuously cut bad costs and redirect resources towards good costs that build or strengthen differentiating capabilities.
We developed the Fit for Growth* framework based on research into hundreds of companies across various sectors. What we found: Those who best follow the Fit for Growth principles achieve higher total shareholder returns than those that do not. Their secret? They tightly link their growth and cost agendas to fuel growth. To learn more, click here.
Julie Peters, US University Relations Leader
Have #StudentDebt? PwC can help! Learn more about PwC's new employee benefit.