PwC to invest $12b in five years
By Chikodi Okereocha
Multinational professional services company PricewaterhouseCoopers (PwC) has unveiled a new strategy tagged “The New Equation” under which it will invest $12 billion over the next five years, create over 100, 000 net new jobs, as well as continue to develop the skills of PwC’s partners and employees.
Initial commitments include new Environmental, Social, and Governance (ESG) centres of excellence, leadership institutes, accelerated deployment of emerging technologies and increased investment to support audit quality; strategy focuses on helping clients build trust and deliver sustained outcomes.
The New Equation is 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. It is based on analysis of global trends and thousands of conversations with clients and stakeholders.
According to PwC, The New Equation builds on more than a decade of sustained revenue growth and continued investment, and it focuses on two interconnected needs that clients face in the coming years. The first is to build trust, which the company said has never been more important, nor more difficult.
Organisations 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, organisational 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. Too often, however, narrowly conceived transformation initiatives do not deliver the outcomes they promise hence, a new approach is needed.
A statement by Global Chairman of PwC Bob Moritz 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.”
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
CEO for PwC Africa Dion Shango said: “PwC Africa is excited by the opportunity that The New Equation represents for our clients, employees and other stakeholders. The launch of our new global strategy comes at a time of unprecedented change – it will enable PwC teams to support clients and other stakeholders across the African continent to move toward greater sustainability and more inclusive growth, as well as to drive their digital evolution.
“The strategy will shape how PwC Africa develops in the coming years as we seek to deliver against our purpose in society – which is to build trust and solve important problems. As part of the strategy, we are making substantial investments to further enhance audit quality and expand our capabilities.”