ALM Intelligence names PwC a Pacesetter in Employee Wellbeing

PwC is recognized as a Pacesetter in the Employee Wellbeing research by ALM Intelligence Pacesetter Research. ALM Pacesetter Research (APR) is a market research initiative of ALM Intelligence that focuses on innovation in professional services markets and how that drives convergence between adjacent professional services segments, as well as changes the dynamic with clients.

The APR says that, ‘There were signs. In the years immediately before COVID-19, employee retention rates were crumbling. At first Millennials, but then others began demanding better work-life balance. Employees with access to increasingly sophisticated consumer technology in their personal lives began pushing back against analog-era processes and services in their corporate lives. Particularly in professional services, some noticed in recent years a mental health crisis among employees driven by burnout, drug abuse, isolation, fear of losing their jobs to technology, weak economic growth post-2010 and stagnant compensation levels.’

According to the report, ‘PwC has made some big strides in recent years in the form of its New Equation initiative.  This is a culmination of the networks pivot to focus on client outcomes, more closely aligning human capital and technology offerings with PwC’s solutions as client enablers.’

It goes on to say,  ‘PwC began its own journey of employee well-being improvement in 2018 when it sought to better understand the link between employees’ personal lives, their professional lives, and business outcomes. This ultimately resulted in PwC’s Be Well, Work Well framework designed to foster healthier living and working habits for employees across physical, emotional, mental, spiritual, financial and social health. This program was developed and road tested in-house before being deployed to clients – in a strong tradition of PwC’s living laboratory approach.’

Furthermore, ALM says that, ‘PwC puts emphasis on the implementation of employee well being strategies as much as the design, helping clients develop the metrics and monitoring capabilities to ensure plans are producing the desired results. To that point PwC closely integrates data analytics into its employee well being offering for real time evaluating of plan progress. The network also has been tracking employee wellness issues for years in pulse style surveys like its annual Employee Financial Wellness Survey and its Health and Well being Touchstone Survey.’

Commenting on how PwC is ‘moving the needle’, the report highlights that PwC’s business model ‘has rebuilt itself to deliver business transformations focused on delivering change from strategy through execution. The network has put people at the center of this model, seeking to "connect the dots" between people and business outcomes relying on a fully service-integrated, holistic approach.’

Commenting on PwC’s client enablement, Tomek Jankowski of ALM Intelligence, states: ‘PwC’s cross-domain, integrated approach to employee well-being, coupled with its linking organizational skill development with employee well-being, make for formidable stakeholder management and business case development capabilities.’

Cornell Staeger, Principal, People and Organisation, PwC US, said, ‘We are delighted to be named a Pacesetter in ALM's report. Be Well, Work Well is PwC’s investment in well-being, helping our people feel empowered and supported to put their well-being first — so they can be their best selves, at home, at work and everywhere in between. Being well and working well means more than eating better and exercising. It’s about everyday behaviors and intentional habit-forming that help fuel our six dimensions of well-being — physical, emotional, mental, spiritual, financial and social — which are proven drivers of performance, fulfilment and engagement. The ongoing pandemic has blurred the lines between our personal and professional commitments. We encourage our people to speak up for what’s important to them and incorporate healthy habits into their routine.’ 

Click here to read the report