PwC's new strategy: The New Equation
01 December, 2021
A global investment of US$12 billion over the next five years, creating over 100,000 new jobs
An investment of £1.5 million over the next five years planned for the Isle of Man firm
Expansion of our local actuarial team and investment into cyber and environmental, social and governance (ESG)
Strategy focuses on helping clients build trust and deliver sustained outcomes
Further deployment of emerging technologies to support audit quality
Commitment to broadening the digital upskilling of all our people
Continue to advance inclusion and diversity within our workforce and achieve net zero greenhouse gas emissions by 2030
The New Equation is PwC’s landmark global strategy, based on analysis of global trends and thousands of conversations with clients and stakeholders, we respond to fundamental changes in the world, including technological disruption, climate change, fractured geopolitics, and the continuing effects of the pandemic.
The New Equation focuses on two interconnected needs that clients face in the coming years.
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.
Bob Moritz, Global Chairman of PwC 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."
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, actuarial, 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.
Commitments in the Isle of Man
As part of The New Equation, PwC Isle of Man is announcing plans to meet the specific needs of its clients, with a planned investment of £1.5 million over the next five years and continued focus on the following areas:
Value creation: PwC has an important role to play in helping organisations to create the value they’re looking for and responding to the challenges they face in a time of massive transformation. PwC’s investments will see them expand their local actuarial team and further invest in cyber and ESG capabilities, helping support clients to build trust in their operations, products and services and achieve sustained outcomes.
Trust & sustained outcomes: The New Equation will lead PwC to make the most of the multidisciplinary model - building capabilities at the depth and scale needed to serve clients as they seek to build trust and deliver sustained outcomes. At a time when businesses are evolving, PwC are focused on providing innovative, high-quality services and solutions. Trust is important to PwC clients and employees and high standards of ethical behaviour are fundamental to everything they do. PwC is committed to continue to drive a strong culture of quality making substantial investments to further enhance quality with the deployment of emerging technologies.
Digitisation: PwC Isle of Man is fully committed to continue to invest in helping clients and their employees to prepare for change brought about by advances in technology and digitalisation. Digitising their business is a strategic focus, including further upskilling all of their employees, making them more digitally astute, including growing their competency with the firm’s digital assets and tools to deliver greater efficiency, deeper insight and high-value services to clients. In 2020 PwC Isle of Man invested more than 2,000 hours in digitally upskilling all their people and will continue to invest over the next 5 years to deliver solutions that are human-led and tech-powered.
Workforce: The New Equation strategy helps to empower PwC people to work together as a community of solvers to deliver purpose-led, high quality work. The diversity of the firm has, and will continue to contribute to its growth. PwC is committed to building an even more inclusive and diverse workforce, keeping PwC values and purpose top of mind to inspire employees. In 2022 PwC Isle of Man will invest more than 1,000 hours in Inclusion & Diversity training for all employees.
Net Zero: The Isle of Man firm actively supports the global commitment to become net zero by 2030. The firm is committed to continue on the progress already made over the last five years which has included decarbonising elements of their supply chain and the installation of air source heat pumps for heating.
Nick Halsall, Senior Partner at PwC Isle of Man said: “We are bringing the best of our people, capabilities, technology and quality service delivery together to support our clients in building trust and delivering sustained outcomes for their businesses and society. At PwC, we are a passionate community of problem solvers, committed to quality and delivering tech-powered solutions to our clients. We can solve the most important challenges faced by clients and stakeholders when our multidisciplinary, diverse teams and best of technology come together.
“We will continue to evolve our ways of working, and expand our capabilities in the areas that matter most for the future, including greater use of the firm’s digital assets, cyber and ESG, while remaining steadfast in our commitment to quality - bringing together the unique combinations needed to help clients answer the expectations of their shareholders, stakeholders and society at large.
"We are supportive of the Isle of Man government and businesses in addressing societal issues, such as the growing need for upskilling and climate change. Our new strategy and commitments are not only about helping our clients and people to be fit for the future, but about helping Isle of Man businesses to address their toughest challenges and delivering for society and the planet.”
About PwC - Globally
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 155 countries with over 284,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
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