This year we are again reporting against the 21 core metrics that cover the four key areas of Principles of Governance, Planet, People and Prosperity and the additional 34 metrics that go into more detail for each area.
Of the total 55 metrics, 16 are not relevant to PwC as a professional services network. Of the 39 metrics that are relevant to us, similar to last year we are reporting fully against 16 metrics, partially against 20 and not reporting against the remaining three relevant metrics. We are proud of what we have achieved so far in relation to these metrics but there is more we want to do in the future.
Principles of Governance
Our purpose: Build trust in society and solve important problems.
Our values: Act with integrity, make a difference, care, work together, reimagine the possible.
All of our partners and staff are required to complete annual training on PwC’s anti-corruption policies and procedures.
Our code of conduct sets out a common framework on how we expect our 370,000-plus people to behave.
Each member firm has access to a confidential ethics helpline.
Planet
Reduced business travel emissions by 43% from FY19 baseline.
Reduced scope 1 & 2 emissions by 71% from FY19 baseline, with 95% of our electricity from renewable sources.
Working towards our FY25 target of 50% of suppliers (by emissions) having science-based targets, with 24% having targets and a further 11% committed to setting targets.
People
370,393 total headcount.
102,549 people joined PwC.
6,161 net new jobs created in the last year.
49% of workforce is female.
84% of our people are proud to work at PwC.
Average learning completions per month were 1.81 million.
Prosperity
Global revenue US$55.4 billion up 3.7% over FY23.
Number of acquisitions: 8 (FY23: 17).
54,524 PwC people volunteered to support their communities.
Investments: US$3.6 billion compared with US$3.7 billion in FY23.
Volunteering time: 860,126 hours.
Total employment taxes paid by Strategy Council territories US$2.4 billion (estimate) (FY23: US$2.2 billion)
Principles of governance
| Core Metrics | |||
|---|---|---|---|
| Topic | Metric | Adoption status | More information |
| Governing Purpose | Setting purpose | Comply | Please see our purpose and values. |
| Quality of Governing Body | Governance body composition | Comply | Please see the Governance chapter of our FY24 Global Transparency Report for information on our Global Board and Global Leadership Team. |
| Stakeholder Engagement | Material issues impacting stakeholders | Comply | Please see the Risk chapter of our FY24 Global Transparency Report for a discussion on material issues impacting stakeholders. |
| Ethical Behaviour | Anti-corruption | Comply | Please see our approach to anti-corruption. All of our partners and people are required to complete an annual training on the anti-corruption policies and procedures. For FY24 most of our Strategy Council territories reported 99-100% completion, although there were outliers who reported in the range of 92-97%. Every firm is required to develop a sanctions protocol to require 100% completion of training for all PwC partners and people and institute consequences for late completion. In FY24 there were no incidents of corruption in our Strategy Council territories culminating in publicly reported regulatory or court adjudications, related to either the current or previous years. The data provided does not include matters subject to ongoing legal or regulatory proceedings or appeals. The network has a robust anti-corruption programme and does not tolerate any form of bribery or corruption. This is clearly stated in PwC’s Code of Conduct, in our policies and procedures, in all required training on anti-corruption and in regular messaging and communications by firm leaders. We have developed a framework of governance and transparency to promote tone at the top leadership and accountability, reinforcing our zero-tolerance around bribery and corruption. We also require our third parties to comply with the Third Party Code of Conduct, which prohibits any form of bribery or corruption. Firms have implemented stricter Client and Engagement Acceptance initiatives and approval processes, with a focus on Government and Public Sector entities. Firms have also engaged with leading external anti-corruption organisations to strengthen their commitment to compliance in this area. As part of our overall programme, firms prepare an annual risk assessment and action plan, in order to conduct regular assessments of the firm’s compliance risk, which is tailored to the firm’s evolving business profile (including geographies in which we operate and clients who we serve), to confirm that the programme is operating as designed and is meeting firm, legal and regulatory requirements and expectations. Firms have also implemented monitoring programmes that include independent testing and reporting to prevent and detect compliance issues and to facilitate appropriate and timely responses to any risk identified. Testing includes review of expenses for gifts and entertainment and other high risk areas for government and public sector clients. The network requires all partners and people to complete the Annual Compliance Certification (ACC), whereby they must certify that they have read, understand and will comply with all internal policies and guidance related to anti-corruption. Each firm is required to follow up on any exceptions for the ACC responses. Firms issue communications and mandatory training on anti-corruption. Firms have also developed guidance and requirements around gifts and entertainment. Finally, as part of our Speak up culture, partners and people are encouraged to raise any questions or concerns about bribery or corruption and to consult with the anti-corruption subject matter experts or their engagement or firm leadership. |
| Ethical Behaviour | Protected ethics advice and reporting mechanisms | Comply | Please see the Risk chapter of our Global Transparency Report for a discussion on how we manage ethics and independence. We have implemented the PwC Ethics Helpline and Case Management System across the network and each firm has a separate and secure helpline tier for their reported cases and investigations. The Ethics Helpline is available for all PwC partners and people as well as clients, third parties and any other external party; reporters can remain anonymous when using the helpline. Firms support and drive a Speak up culture, encouraging all partners and people to ask questions or report any issues or concerns about ethical behaviour or organisational integrity. In addition to the helpline, firms have many other reporting channels, including resources in the Ethics team, Human Capital, the Office of the General Counsel, Risk Management, supervisors, coaches and relationship leaders or partners. Firms reinforce and communicate those channels through internal communications, training, policies, and dedicated Ethics intranet sites. Firms have formed Ethics Committees, which meet regularly to confidentially review reported cases and trends; they work with key stakeholders and firm leadership to address these issues and develop proactive strategies to promote and maintain an ethical culture. Firms have also established Ethics Champions and trusted partners in their business units to further support the ethics function in promoting an ethical culture. |
| Risk and Opportunity Oversight | Integrating risk and opportunity into business process | Comply | Please see the Risk chapter of our Global Transparency Report for a discussion of how we identify and manage our key network risks. |
| Expanded Metrics | |||
|---|---|---|---|
| Topic | Metric | Adoption status | More information |
| Governing Purpose | Purpose led-management | Comply | PwC’s purpose to build trust in society and solve important problems is at the heart of our strategy and all our decision making. Examples of how our purpose is brought to life, what we do and how we behave can be found in our FY24 Global Annual Review. |
| Quality of Governing Body | Progress against strategic milestones | Partially Comply | PwC’s strategy The New Equation which launched in June 2021 has at its heart our network’s purpose “to build trust in society and solve important problems.” Progress against some of the objectives of that strategy such as financial performance and net zero can be found elsewhere on our website. |
| Quality of Governing Body | Remuneration | Partially Comply | PwC’s Global Board in coordination with territory Governance Bodies oversees the remuneration of the leaders of the PwC network - the Network Leadership Team (NLT) - in respect of their network roles. Determining the remuneration of the NLT is based on performance against an agreed set of key performance indicators (KPIs) in line with the PwC strategy, including KPIs related to ESG factors. In addition the Global Board has oversight of the NLT’s determination of PwC’s Global Leadership Team (GLT) remuneration. The KPIs that the GLT is judged upon, depending on role, can include KPIs related to ESG factors. |
| Ethical Behaviour | Alignment of strategy and policies to lobbying | Partially Comply | PwC participates in public policy development in a variety of ways which are intended to complement the PwC Purpose to build trust and solve important problems. These include active participation in, for example:
PwC supports policy development and thought leadership regarding important topical issues including climate, tax, financial reporting, accounting and auditing, broader business issues, future of work, sustainability reporting and assurance, independence, inclusion and diversity, and use of emerging technologies. All PwC firms are required to adhere to global policies on conduct and compliance related to public policy development or lobbying. For example our network has a new Network Risk Management Policy that requires PwC firms to implement processes to manage the risks of conflicts of interest when partners and senior people join PwC from a government, when they leave PwC to join a government or when secondments from PwC to a government are considered. The aim is to minimise potential conflicts and prevent the misuse of confidential information from one role to another or for the advantage of a PwC firm. Having a policy that applies across the PwC network helps us take a consistent approach. Additionally, PwC firms must comply with local laws and regulatory requirements related to participation in public policy development. By adhering to these policies, PwC demonstrates its commitment to transparency, risk management, and stakeholder engagement, enabling us to continue to build trust and deliver sustained outcomes in an increasingly complex world. |
| Ethical Behaviour | Monetary losses from unethical behaviour | Partially Comply | In FY24 our Strategy Council territories had total monetary losses aggregating just over US$15 million (equivalent to 0.003% of our global revenue) as a result of final publicly reported regulatory or court adjudications associated with malpractice or violations of other related industry laws or regulations, fraud, insider trading, antitrust, anti-competitive behaviour, or market manipulation. The figures provided do not include matters subject to ongoing legal or regulatory proceedings or appeals. |
| Risk and Opportunity Oversight | Economic, environmental and social topics in capital allocation framework | Comply | Our network's purpose and strategy are focused on building trust in society and solving important problems. Our Global Board approves our network budget which is set by the NLT in alignment with the network’s purpose and strategy and our net zero commitments. |
Planet
| Core Metrics | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Topic | Metric | Adoption status | More information | |||||||||||||||
| Climate Change | Greenhouse gas (GHG) emissions | Comply | PwC’s detailed network GHG emissions are available in our 2024 PwC Network Environment Report. The scope for this metric captures all operations which fall into our organisational boundary, not just Strategy Council territories. | |||||||||||||||
| Climate Change | TCFD implementation | Comply | PwC’s response to the TCFD recommendations is available in our 2024 PwC Network Environment Report. The scope for this metric captures all operations which fall into our organisational boundary, not just Strategy Council territories | |||||||||||||||
| Nature loss | Land use and ecological sensitivity | Comply | We assessed the extent to which PwC firms’ office locations are in or adjacent to key biodiversity areas and/or protected areas. These are designated areas that have been recognised as contributing significantly to the long-term conservation of nature and biodiversity. 171 PwC firm offices are located in or adjacent to biodiverse regions (FY23: 170 offices). Their land footprint was 46 hectares (FY23: 44 ha). PwC firm offices in or adjacent to biodiverse regions
PwC firm offices include owned, leased or managed locations as of 30 June, 2024. Key biodiversity areas and protected areas were identified using the The Integrated Biodiversity Assessment Tool (IBAT). This tool combines three biodiversity datasets – the World Database on Protected Areas, the World Database of Key Biodiversity Areas, and The IUCN Red List of Threatened Species. Relevant office land footprint data was estimated using relevant legal or government documents, and/or area calculator tools using satellite imagery. In instances where PwC firms are one of multiple tenants in a building, the land footprint was proportionally accounted for. Where this information was not readily available the total land footprint of the office has been reported. Some of our offices already have specific biodiversity plans and we will continue to share their learnings more broadly across our network. The scope for this metric captures all operations which fall into our organisational boundary, not just Strategy Council territories. | |||||||||||||||
| Fresh water availability | Water consumption and withdrawal in water-stressed areas | Comply | Water use in our operations and supply chain is not deemed to be material at this time. Insights from our nature baseline impact analysis are available in our 2024 PwC Network Environment Report. However, we recognise it is important to understand impact in sensitive areas, therefore we assessed the extent to which PwC’s 743 offices are located in water-stressed regions by overlaying a map of water-stressed areas onto our office network. 248 of PwC’s firm offices are located in water-stressed regions. We estimate our water usage in water-stressed regions to be 657 megalitres per annum, which represents 43% of our total estimated water usage across the network (FY23: 564 megalitres and 43%). Increase is primarily due to increased office occupancy. A number of our firms have set water consumption targets and track their progress against these targets (e.g. PwC UK). We will continue to share these findings and learnings more broadly across the network. Impact of PwC firm offices in water-stressed regions
Note: Baseline water stress measures the ratio of total water withdrawals to available renewable surface and groundwater supplies. Water withdrawals include domestic, industrial, irrigation, and livestock consumptive and nonconsumptive uses. Available renewable water supplies include the impact of upstream consumptive water users and large dams on downstream water availability. Higher values indicate more competition among users. Baseline water stress was determined using the WRI Aqueduct water risk atlas tool. Water-stressed regions are those defined as arid, extremely high and high. PwC firm offices include owned, leased or managed locations as of 30 June, 2024. Water usage was estimated by extrapolating average per capita water use from a number of PwC firms. The per capita factor was also tested by way of benchmark against comparable industry data disclosed in peer reviewed papers. We have assumed for these purposes that water used in our offices does not return to the same catchment area, or does not return in the same period. Therefore our water withdrawal and consumption are deemed to be the same. The scope for this metric captures all operations which fall into our organisational boundary, not just Strategy Council territories. |
| Expanded Metrics | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Topic | Metric | Adoption status | More information | ||||||||||||||||||||||
| Climate Change | Paris-aligned GHG emissions targets | Comply | In September 2020 PwC made a network wide commitment to net zero GHG emissions, underpinned by near-term science-based targets independently validated by the SBTi. We will:
We will continue to counterbalance those scope 1, 2 and scope 3 business travel emissions we have not yet eliminated through high-quality carbon credits, with a plan to transition our carbon credit portfolio to 100% carbon removals from FY30. Detailed progress on our commitment is available in our 2024 PwC Network Environment Report. The scope for this metric captures all operations which fall into our organisational boundary, not just Strategy Council territories. | ||||||||||||||||||||||
| Climate Change | Impact of GHG emissions | Comply | Since there is no standard market price for carbon (nor a standardised measure of the impact of carbon) there is an inherent challenge in quantifying the valued impact of GHG emissions. Nonetheless we have summarised in the table below a range of values based on our total gross direct and indirect reported GHG emissions in FY24 using a number of market related carbon pricing scenarios.
The scope for this metric captures all operations which fall into our organisational boundary, not just Strategy Council territories. | ||||||||||||||||||||||
| Resource Availability | Resource circularity | Partially Comply | Some of our firms have adopted circularity principles in their business. PwC UK has a strategy to decouple material consumption from business growth and move towards a circular economy. More information about their programme can be found here. | ||||||||||||||||||||||
| Nature Loss | Not Material | As a professional services network, our impact in these areas is limited and not deemed to be material at this time. Insights from our nature baseline impact analysis are available in our 2024 PwC Network Environment Report. | |||||||||||||||||||||||
| Fresh Water Availability | Impact of freshwater consumption and withdrawal | Not Material | |||||||||||||||||||||||
| Air Pollution | Not Material | ||||||||||||||||||||||||
| Water Pollution | Not Material | ||||||||||||||||||||||||
| Solid Waste | Not Material |
People
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| Topic | Metric | Adoption status | More information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dignity & Equality | Diversity and inclusion (%) | Partially Comply | We are again disclosing percentages of male and female employees and partners by Line of Service and management level as well as ethnicity data by Line of Service and management level where it is available. We are not reporting people data by age group. Wherever gender percentages are disclosed, we have removed workers who did not provide a response from the numbers reported. For headcount metrics, we have excluded 0.12% of our global workforce who did not provide a response on gender Representation of women remains lower in our Advisory service line, but we have seen small improvements in some categories year over year. While we are continuing to focus on retention and hiring of females to fill more senior roles, within Advisory we are facing continued challenges due to overrepresentation of males in technology and engineering fields both in university programmes and in industry. Our aspiration is to achieve balanced overall gender representation. We also continue to maintain our focus on being recognised as an inclusive employer of choice by developing policies and benefits to attract and retain female and diverse talent at all levels. We recognise the role we play in supporting our people with both their work and personal lives, at all stages of their careers. Please see our inclusion and diversity pages for further information. Worker Category by Line of Service, Management Level & Gender
Worker Category by Management Level & Gender
We report ethnicity data for nine of our Strategy Council territories. Wherever ethnicity is disclosed, we have reported the majority/minority % after removing workers from those nine territories who did not provide a response. The included workers represent 33.8% of our global workforce. We are unable to report ethnicity data for our other Strategy Council territories because, amongst other reasons, local laws prohibit collecting and/or publicly sharing this data. Each of the nine reporting territories has mapped the majority/minority ethnicity of its workforce. All of the reporting territories have unique ethnic minority classifications and populations. What is consistent is the higher representation of minorities in more junior grades. This year we have removed the Partners grouping from our disclosures due to issues with matching data between systems, specifically the attributes used to determine ethnicity grouping. Worker Category by Line of Service, Management Level & Ethnicity
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| Dignity & Equality | Pay equality (%) | Partially Comply | We are again disclosing gender pay ratios for our Strategy Council territories and ethnicity pay ratios for nine of our Strategy Council territories. This year, we have refined our global pay equity calculation methodology for gender disclosures. To better account for local factors that affect pay gap measurements, we have collected and incorporated figures from territories’ local pay gap analyses into our global analysis, where available. When considering the ratios of both basic salary and basic salary and bonus, our gender pay equity has improved year over year for all management levels. This trend of improvement was seen using both former and current global pay equity calculation methodologies. Our pay gap is measured using the World Economic Forum definition as the ratio of the average woman's pay to the average man's pay at each staff level. The calculation is based on the weighted average of gender pay gaps at each staff level as employed on the last day of our financial year. For global pay gap metrics, we have removed workers whose gender is not declared or where a response was not provided from the numbers reported, which is 0.6% of our workforce in our Strategy Council territories. Global Pay Gap by Management Level
Our gender pay equity has improved year over year for all Lines of Service. This trend of improvement was seen using both former and current global pay equity calculation methodologies, with the exception of IFS which would have widened by no more than half a percentage point. Similar to last year, Assurance has the lowest pay gap for both base only and base + bonus. The gap for Advisory remains the widest of our Lines of Service. This is largely driven by the relative seniority of employees in Advisory and the higher proportion of men in senior roles. Global Pay Gap by Line of Service
An additional data point is our global gender pay gap which is 88.8% (FY23: 86.2%) for base pay only and 87.1% (FY23: 84.9%) for base pay + bonus. Similar to our gender pay gap, the main driver of our ethnicity pay gap is the lower representation of ethnic minorities at more senior levels. Note on ethnicity data: We report ethnicity data for nine of our Strategy Council territories. Wherever ethnicity is disclosed, we have reported the majority/minority % after removing workers from those nine territories who did not provide a response. The included workers represent 35.6% of our global workforce. We are unable to report ethnicity data for our other Strategy Council territories because, amongst other reasons, local laws prohibit collecting and/or publicly sharing this data. Each of the nine reporting territories has mapped the majority/minority ethnicity of its workforce. Global Pay Gap by Ethnicity
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| Dignity & Equality | Wage level (%) | Partially Comply | At PwC, we believe in paying people equitably, irrespective of their race, gender or age. We do not have data on standard-entry wage level by gender compared to the local minimum wage. However, our firms are required to comply with all applicable local laws, and we have confirmed with our Strategy Council firms that they have processes and controls in place to comply with all applicable local wage laws. PwC firms regularly conduct comprehensive reviews of compensation data to understand any differences between and among people.
Similar to last year, we are disclosing the ratio of our Global Chair’s compensation to the median FY24 employee pay (including base pay and bonus). In FY24, our Global Chair Bob Moritz earned 137 times the median remuneration (basic salary and bonus) of PwC people (excluding partners) in our Strategy Council territories. (FY23: 143 times, FY22: 142 times) Bob's remuneration was determined by the PwC Global Board. It includes a performance component assessed by the Global Board based on the achievement of his and the NLT’s annual priorities, progress against the NLT shared strategic goals, and input collected from relevant leaders. In FY24 the Global Chair's compensation decreased and the median remuneration increased slightly, causing the ratio to be lower than FY23. Bob retired from PwC on 30 June 2024 and was succeeded by Mohamed Kande. Information relating to Mohamed’s remuneration will be disclosed in PwC’s FY25 Global Transparency Report. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Health and Wellbeing | Health and safety (%) | Partially Comply | Given the nature of the work undertaken by PwC, we do not believe that reporting against workplace injuries etc. is a relevant metric for PwC. Fortunately the nature of the work undertaken by PwC means that workplace injuries are extremely rare. The safety and wellbeing of our people is a top priority. Most PwC firms around the world have leading practice health and wellbeing programmes in place. Some examples include:
We have confirmed with our Strategy Council territories that its professionals are offered affordable options to access medical and healthcare services deemed adequate for the given country, if the country’s public or universal healthcare programme is not sufficient. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Skills for the Future | Training provided (#, $) | Partially Comply | This year, we are again disclosing the average training hours per person by Line of Service and gender, which includes any learning tracked via our learning platforms. It does not include on-the-job learning, coaching, or external learning. We are also disclosing the average training and development expenditure per person for our Strategy Council territories. This includes internal training costs only. Average Learning & Development Hours
Average learning hours for the previous two years have been corrected in this disclosure to facilitate a more accurate comparison year over year. Our annual average number of hours of training per person has decreased slightly this year. In FY24, sustainability and AI were key focus areas for upskilling across the network. Our average learning completions per month were 1.81 million, compared with a revised 1.80 million in FY23. Assurance associates continue to spend the most time on learning, which is expected as they study to achieve their qualifications and complete a higher volume of required training each year than their peers in the other Lines of Service. When calculating average training hours by gender, we have excluded training hours for workers who did not provide a response, which is 1.9% of total learning hours. In addition, due to a territory changing systems during the year, we used a pro rata approach to determining average hours by gender for a portion of the year for one territory. Our average learning & development expenditure per person for our Strategy Council territories is US$1,992 (FY23:US$2,052). This includes internal training expenditure only. We do not collect external training costs which, if included, would raise this figure. |
| Expanded Metrics | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Topic | Metric | Adoption status | More information | ||||||||
| Dignity and Equality | Pay gap (%, #) | Partially Comply | Please see above our disclosures on inclusion and diversity where we share our pay gap ratios broken down by both gender and ethnicity plus Line of Service for the PwC network as a whole. | ||||||||
| Dignity and Equality | Discrimination and harassment incidents (#) and the total amount of monetary losses ($) | Partially Comply | During the year, across our Strategy Council territories, PwC has not incurred monetary losses as a result of legal proceedings relating to employee discrimination and harassment incidents which have been publicly reported by way of a regulatory or court adjudication. Where concerns about discrimination or harassment are raised internally, a wide variety of responses are utilised to prevent or sanction potential or actual misconduct, depending on the nature and severity of the concern raised. These measures may include but are not limited to formal warnings, training and coaching, impact on evaluation, compensation and promotion, impact on title, role and client assignments, and impact on continued employment from suspension to termination. | ||||||||
| Dignity and Equality | Living wage | Not Comply | At PwC, we believe in paying people equitably, irrespective of their race, gender or age. We do not have data on current wages compared to the living wage in the countries we operate in. However, our firms are required to comply with all applicable local laws, and we have confirmed with our Strategy Council firms that they have processes and controls in place to comply with all applicable local wage laws. | ||||||||
| Health and wellbeing | Employee wellbeing (%) | Partially Comply | This year, we have confirmed with our Strategy Council territories that their professionals are offered relevant benefits, training and programmes to manage their health and wellbeing. Participation rates of these programmes are monitored locally and outcomes are reviewed periodically to assess ongoing relevance to people’s health. Please see examples in the Health and safety core metric to learn more about our work to promote our people’s wellbeing. | ||||||||
| Skills for the future | Monetised impacts of training - increased earning capacity as a result of training intervention (%, $) | Comply | Our spend on training and development is made up of a few different categories: territories invest mainly in Learning & Development (L&D) staff, learning development and delivery, and professional qualifications. Our global L&D functions cover the costs of learning platforms such as our Learning Management System and Learning Experience Layer, attendance tracking, evaluation and assessments, and curated learning, as well as global development and delivery of key talent programmes. In FY24 we invested 2.9% (FY23: 3.1%) of payroll costs on training across our Strategy Council territories. The apparent change in investment is due to an increase in payroll costs and a relative lower increase in L&D spend. In addition, our people are given time away from their daily roles to learn or teach. Beyond formal training, they also learn on the job, from coaching and through various other development activities. Effectiveness of the training and development
In this year’s Global People Survey, 73% (FY23: 72%) of our people agree that PwC training helps to prepare them for the work they do. | ||||||||
| Dignity and equality | Risk for incidents of child, forced or compulsory labour Human rights review, grievance impact and modern slavery (#, %) | Not Material | As a professional services network, we do not consider our impact to be material in these areas. We do not use child, forced or compulsory labour in any of our own operations. Our suppliers have to abide by our Global Third Party Code of Conduct, or its equivalent, which is explicit in our opposition to and intolerance of any form of child labour, human trafficking and modern slavery. Our updated Human Rights Policy which will be implemented in FY25, expands on our Human Rights Statement and underscores our commitment to upholding human rights throughout our global network. | ||||||||
| Dignity and equality | Freedom of association and collective bargaining at risk (%) | Not Material | As a professional services network, we do not consider our impact to be material in these areas. That said, our updated Human Rights Policy, which will be implemented in FY25, expands on our Human Rights Statement and underscores our commitment to upholding human rights throughout our global network. | ||||||||
| Health and wellbeing | Monetized impacts of work-related incidents on organization (#, $) | Not Material | As a professional services network, we do not consider our impact to be material in these areas. That said, our updated Human Rights Policy, which will be implemented in FY25, expands on our Human Rights Statement and underscores our commitment to upholding human rights throughout our global network. | ||||||||
| Skills for the future | Number of unfilled skilled positions (#, %) | Not Material | As a professional services network, we do not consider our impact to be material in these areas. |
Prosperity
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| Topic | Metric | Adoption status | More information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employment and wealth generation | Absolute number and rate of employment | Partially Comply | To deliver on our strategy - The New Equation - we have committed to creating over 100,000 net new jobs over a five-year period, with a clear emphasis on hiring specialists in increasingly critical areas such as cybersecurity, cloud, climate, transformation, and supply chain. We have reached three quarters of our target in just three years, adding 6,161 jobs in FY24 and 68,681 over the prior two years. Similar to last year, we are disclosing our hires and total turnover broken out by region, Line of Service and gender and providing headcount, hires and total turnover by ethnicity. Partners are excluded from hires and hire rate, while both partners and interns are excluded from terminations and turnover rate. Overall, our hiring is quite balanced from a gender perspective: 48.6% of our FY24 hires are female (same as FY23). To improve the representation of women, many PwC firms have introduced initiatives to support a diverse range of candidates. When reporting the gender representation of our hires we have removed those workers who did not provide a response, which is 1.5% of our FY24 new joiners. Hires by Region, Line of Service & Gender
This is the third year that we are reporting hires by ethnicity. The minority representation of our hires in FY24 of 43.3% (FY23: 42.1%) improved by a percentage point over last year’s hires and is higher than the minority representation of our overall people (37.9%). We continue to focus on attracting and recruiting ethnic minority talent through targeted programmes and recruitment campaigns. Note on ethnicity data: we report ethnicity data for nine of our Strategy Council territories. Wherever ethnicity is disclosed, we have reported the majority/minority % after removing workers from those nine territories who did not provide a response. The included workers represent 30.5% of our FY24 new joiners. We are unable to report ethnicity data for our other Strategy Council territories because, amongst other reasons, local laws prohibit collecting and/or publicly sharing this data. Each of the nine reporting territories has mapped the majority/minority ethnicity of its workforce. Hires by Line of Service, Management Level & Ethnicity
Our commitment to delivering a differentiated people experience has continued to make PwC a great place to work. In FY24, 63,824 people left our firms (FY23: 60,901), resulting in a total turnover rate of 17.4% (FY23: 19.7%). We are in contact with many of our former colleagues via our alumni network. While our overall turnover rate improved by 2.3 percentage points over FY23, the ratio of female to male leavers has remained relatively consistent and proportionate to our overall headcount. When reporting the gender representation of our leavers we have removed those workers who did not provide a response, which is 1.5% of our FY24 leavers. Total Turnover by Region, Line of Service & Gender
The turnover of our minority people in FY24 of 39.9% (FY23: 34.2%) is higher than the overall reported minority population (37.9%) and lower than the rate of minority hires (43.3%). Note on ethnicity data: we report ethnicity data for nine of our Strategy Council territories. Wherever ethnicity is disclosed, we have reported the majority/minority % after removing workers from those nine territories who did not provide a response. The included workers represent 34.2% of our FY24 leavers. We are unable to report ethnicity data for our other Strategy Council territories because, amongst other reasons, local laws prohibit collecting and/or publicly sharing this data. Each of the nine reporting territories has mapped the majority/minority ethnicity of its workforce. Total Turnover by Line of Service, Management Level & Ethnicity
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| Employment and wealth generation | Economic contribution | Partially Comply | Given the separate legal structure of firms within the PwC network, we do not produce consolidated financial accounts for PwC globally; however, we do provide some information related to revenues, net income and some information on taxes paid. Please see the Financials chapter of our Global Transparency Report for more information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Innovation of better products and services | Total R&D expenses ($) | Comply | We continue to invest in the future of our people, new technologies, enhancing the quality of our work, and developing new products and services to meet the changing needs of our stakeholders. Across the PwC network, we invested over US$3.6bn in FY24 (FY23: US$3.7bn) in areas such as strategic deployments, investments in critical markets, technology, risk and quality initiatives, and strategic acquisitions to enhance and expand the range of services we offer to our stakeholders. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Community and social vitality | Total tax paid | Partially Comply | It is a characteristic of partnerships that payment of the taxes on the income produced in the partnership is an obligation of the individual equity partners. Given this and the separate legal structure of firms within the PwC network, we do not collect comprehensive information at a global level on taxes paid on income by each individual firm. However, we are this year providing in the Financials chapter of our Global Transparency Report details of some of the taxes paid by PwC firms around the world. |
| Expanded metrics | |||
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| Topic | Metric | Adoption status | More information |
| Employment and wealth generation | Significant indirect economic impacts | Partially Comply | As communities across the world face growing levels of disruption, we are working with them to help build their resilience, now and for the future. We are investing in the future of people, not-for-profits, non-governmental organisations, and social, micro and small enterprises. To date, we’ve reached 25.3 million beneficiaries, including 11.7 million through our New world. New skills. programme, which addresses the mismatch between the skills people have today and those needed in the future. This includes 1.6 million beneficiaries (of which 919k are New world. New skills. beneficiaries) in FY24. The need for new skills goes much further than our own business. That’s why our global network collaborates with a range of organisations to address skills-related challenges facing the world at large and to create sustained outcomes. Through our collaboration with UNICEF in support of Generation Unlimited, we are working to help create more opportunities for today’s youth. At COP28 in 2023, we participated in the launch of Green Rising – an initiative aiming to equip 10 million young people with the knowledge and skills they need to take climate action by 2026. Green Rising exceeded its ambition after less than a year and has to date worked with over 11 million young people. As a founding partner of Generation Unlimited, we continue to collaborate to address skilling challenges facing young people globally as well as locally through on-the-ground programmes such as Youth Hub (India) and Mamelodi Business Hub (South Africa). We are a founding member of the World Economic Forum’s Reskilling Revolution programme, which aims to catalyse multiple coalitions to provide 1 billion people with better education, skills and jobs by 2030. In January 2024, we jointly published Putting Skills First: Opportunities for Building Efficient and Equitable Labour Markets, which draws on data and real world examples to demonstrate the potential of skills-first approaches to improving labour markets. Through our collaboration with the Global Solutions Initiative, we support its Young Global Changers (YGCs) programme, which has attracted over 500 young changemakers from 120 countries since 2017. The YGCs are provided with opportunities to network and build their skills. In 2024 a group of YGCs participated in the Global Solutions Summit’s Recoupling Awards, recognising their efforts in reimagining climate and societal action, business, and civic engagement. Click here for more. |
| Innovation of Better Products and Services | Social value generated (%) | Partially Comply | Work that we classify as “entirely” Sustainability related has generated US$905m in FY24 (FY23: US$519m). We also undertake further work on Sustainability matters as part of larger, multi-disciplinary projects. Revenue for these projects, including Sustainability, totalled US$658m in FY24 (FY23: US$605m) |
| Innovation of Better Products and Services | Vitality Index | Not Comply | Currently, we collect data on our revenues in accordance with our Lines of Service. While we may change our data collection in the future, based on our current data collection we are not able to report against this metric. |
| Community and social vitality | Total Social Investment ($) | Partially Comply | Across the world, we contribute to building resilient communities by volunteering and offering our services on a pro-bono or discounted basis. In this financial year, 54,524 PwC volunteers gave 860,126 hours of volunteering (FY23: 42,666 volunteers, 818,084 hours; hours are corrected from what was reported last year). These numbers do not include all volunteering undertaken by PwC people. They only relate to PwC organised programmes or voluntary reports by our people in relation to PwC supported charitable causes. Over the last year, the financial value of our community activities totalled US$221.6m (FY23: US$240.4 m). This includes disaster response contributions (cash and in-kind donations) totalling US$2.1m (FY23: US$3.4m). Another of our key societal impacts is supporting our people’s learning and development. On average, we spent US$1,992 (FY23: US$2,052) per employee on internal learning and development activities. This translates to an average of 62.6 hours per person (FY23: 63.8 hrs). Across our network, 181,460 people completed one or more pieces of learning related to inclusion & diversity in FY24 (FY23: 244,927 people). This includes 50,450 active PwC employees who have undertaken Inclusive Mindset training to-date. Click here for more on how we are delivering sustained outcomes for our communities. |
| Community and social vitality | Additional tax remitted | Partially Comply | Given the separate legal structure of firms within the PwC network, we do not collect comprehensive information at a global level on taxes collected and paid by each individual firm. However, this year we are providing details of some of the taxes paid by PwC firms around the world. To review this information, please see the Financials section of our Global Transparency Report. |
| Community and social vitality | Total tax paid by country for significant locations | Not Comply | It is a characteristic of partnerships that payment of the taxes on the income produced in the partnership is an obligation of the individual equity partners. Given this and the separate legal structure of firms within the PwC network, we do not collect information at a global level on taxes paid by each individual firm and its partners. We do provide some information on some taxes aggregated at a network level (see the Financials chapter of our Global Transparency Report) and some of our individual firms do provide information on their total tax contributions. |
| Employment and wealth generation | Not Material | As a professional services network, we do not consider our impact to be material in these areas. Since PwC is a network of privately owned separate legal entities, the metric on financial investment contribution is not relevant to PwC. As a professional services network, we make limited investments in infrastructure outside of renting property. |
Notes
1: Some numbers may not add up to exactly 100% due to rounding.
2: All numbers are as at 30 June 2024, the end of our 2024 financial year, unless otherwise stated. In this report “Partners” refers to equity partners and principals and reflects headcount as of 1 July, not 30 June.
3: Some of the data reported relates to the 21 PwC territories known as the Strategy Council. The countries or regions included in the Strategy Council are: Australia, Africa Central and Southern Africa, Brazil, Canada, Central and Eastern Europe, China, France, Germany, Italy, India, Japan, Korea, Mexico, Middle East, Netherlands, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. Together the Strategy Council represents 90% of PwC’s global revenues so while we would prefer to report data that covers the whole of the PwC network and will work towards that wherever possible sometimes this can be challenging. We believe that reporting data that covers 90% of our revenues gives a very good indication of our performance or impact in a particular area.
4: We report ethnicity data for nine of our Strategy Council territories. We are unable to report ethnicity data for our other Strategy Council territories because, amongst other reasons, local laws prohibit collecting and/or publicly sharing this data. Each of the nine reporting territories has mapped the majority/minority ethnicity of its workforce.
5: Environmental data is provided by, or estimated for, each PwC firm, and is then consolidated at the network level where a consistent methodology is applied for inclusion in this report. Therefore the scope for these metrics is wider than some of the other metrics presented as it captures all operations which fall into our organisational boundary, not just Strategy Council territories.
6: In this report the terms PricewaterhouseCoopers, PwC, our, we and us are used to refer to the network of firms of PricewaterhouseCoopers International Limited or, as the context requires, to one or more PwC firms.
Contact us
Ryan Stanton
Global Corporate Affairs & Communications, Managing Director, PwC US
Tel: +1 310-367-1045
