PwC Central and Eastern Europe announces activation of new strategy: The New Equation

During the annual Partner Meeting of PwC Central and Eastern Europe (CEE), 312 Partners gathered from more than 20 countries to unveil the regional activation of The New Equation – PwC’s landmark new strategy. 

This strategy responds to fundamental changes in the world, including technological disruption, climate change, fractured geopolitics, and the continuing effects of the COVID-19 pandemic. Based on global trends and thousands of conversations with clients and stakeholders, The New Equation builds on more than a decade of sustained revenue growth and continued investment. 

The New Equation focuses on two interconnected needs that clients will 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.

Nick Kós, Chief Executive Officer of PwC CEE said:

Commitments in Central and Eastern Europe

As part of The New Equation, PwC CEE is announcing plans to meet the specific needs of client stakeholders in the market, focusing on ESG, upskilling, people and net zero initiatives. In the CEE region, PwC will commit to:

• Continued investments to enhance the business and develop capabilities to serve clients across the region on their most pressing challenges and opportunities. This includes broader assurance services, digital transformation, anti-financial crime managed services, cloud computing, robotics and automation.
  

• Invest USD 6 million across the region over the next two years to support local investments in expanding our environmental, social and governance (ESG) client-services capabilities. This includes establishing an ESG Centre of Excellence in the region to help advise our clients on ESG transformation, strategy and reporting.

• Provide digital upskilling for all 12,000 of our people across the CEE region by the end of FY22. This builds on the ongoing Digitise CEE programme, within which 9,000 PwC employees participated in digital upskilling programmes in the past financial year, an investment of over 131,000 training hours.
  

• Expansion of pro-bono skilled volunteering programmes across the region to help children and disadvantaged communities with digital upskilling. We have already activated a Cyber Security Education programme in 5 of our territories (Czech Republic, Hungary, Kazakhstan, Poland and Romania), with the expansion of this programme to new territories planned for the coming year.
  

• Establishment of a regional internal Net Zero implementation programme with the aim of helping all territories in CEE meet PwC’s global commitment to achieve Net Zero carbon emissions by 2030, which recently received validation from the Science Based Targets initiative (SBTi). 

• Allocate in excess of USD 10 million in people development and well being activities, including the introduction of "Flexible Fridays" and the promotion of "5 Simple Well Being Habits" to support our people with hybrid working.

Building PwC’s passionate community of solvers

The most important challenges faced by clients and stakeholders can only be met through multi-disciplinary, diverse teams. PwC is continuing to attract diverse talent, supported by flexible and remote working as well as progressing the previously announced commitment to upskill its own people. As part of our ongoing Digitise CEE programme, more than 9,000 of our people have already participated in digital upskilling programs in the last financial year, totaling over 131,000 training hours.

Furthermore, in recognition of changing workforce trends and the impact of the pandemic on our people, we have officially implemented a hybrid working policy across our region, in which we expect that a large proportion of our people will spend 40-60% of their time working remotely. 

The steps taken to upskill and support our people align with our vision to embed Inclusion & Diversity into all aspects of PwC’s DNA. Using a strategy based around "education", "inclusion" and "representation” we aim to create a culture of inclusiveness.

Delivering Net Zero, increasing transparency

In addition, the CEE network is continuing its commitment made last year to achieve net zero greenhouse gas emissions by 2030. This commitment builds on our 2018 global environment commitment to drive efficiencies, go 100% renewable and offset 100% of our air travel emissions and residual energy use. The firm is launching an internal Emissions Calculator tool to enable our people in CEE to better understand at an individual and client level the carbon emissions impact of their own actions and take steps to reduce their personal carbon footprint.

Nick Kós went on to say: