PwC Will Invest $12Bn in 5 Years as part of new Strategy Called “The New Equation”

PwC has a new strategy which it said will help its clients build trust and deliver sustained outcomes. According to a press statement that was seen by Business Elites Africa, the new strategy is called The New Equation. It would see the audit firm invest the sum of $12 billion over the next five years, create over 100,000 new jobs and ensure audit quality, thereby helping clients to build trust and deliver sustained outcomes.

Part of the $12 billion will also be committed to new ESG Centres of Excellence, Leadership Institutes, accelerated deployment of emerging technologies and increased investment to support audit quality.

The New Equation, which was unveiled earlier today, is part of PwC’s landmark global strategy aimed at responding to some of the most fundamental changes in the world; including technological disruption, climate change, fractured geopolitics, and the continuing effects of the COVID-19 pandemic.

It should also be noted that this new strategy 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 Strategy Focuses on two Interconnected Needs Clients are Expected to Face face

The first is to build trust, which 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. A new approach is needed.

“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,” said Bob Moritz, PwC’s Global Chairman.

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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 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 organisation, tax, ESG, deals, business recovery services, legal and compliance, amongst other areas to deliver the agreed outcomes.

Planned Investments Include:

• ESG
• Quality
• Leadership Institutes
• Technology

PwC is Committed to its Africa Region

• PwC Africa is committed to delivering quality in everything we do, and we are making substantial investments to further enhance quality. We’re committed to driving a strong culture of quality. It’s core to our purpose – to build trust in society and solve important problems. Importantly, it’s also what our clients and stakeholders expect of us, and rightly so.
• The New Equation will lead PwC to make the most of the multi-disciplinary model – building capabilities at the depth and scale needed to serve our clients as they seek to build trust and deliver sustained outcomes.  At a time when businesses are evolving, we are focused on providing innovative, high-quality services and solutions. The trust that our clients and our people place in PwC, and our high standards of ethical behaviour are fundamental to everything we do.
• The new world of work will demand the development of new skills. PwC Africa is fully committed to continue to invest in helping our clients and our people to prepare for change brought about by advances in technology and digitalisation. Digitising our business is a strategic focus for the Africa firm, including upskilling all of our people and making them more digitally astute, including growing their competency with the firm’s digital assets and tools to deliver services to clients. To achieve this goal, we will invest some 150,000 hours in training across the continent. Through our New World. New Skills initiative we’re excited to share what we’ve learned, and we plan to help businesses, governments, local communities, and individuals accelerate their own upskilling journeys. We believe everyone should be able to live, learn, work and participate in the digital world, but that will require business leaders, governments and educators to work together to make the world a more resilient, more capable and more inclusive place.