PwC announced that it will create 100K new jobs by 2026 and make a $12B investment to expand its tech (AI, machine learning, etc.) and ESG capabilities. PwC lags behind its Big 4 competitors in terms of revenue and this move is part of the strategy to bolster PwC revenue and give it a competitive advantage in the evolving global economy. Disruption brought on by the pandemic accelerated the need for businesses to bring their workforces into the digital era, and firms like PwC are urgently making investments to try to position themselves as the experts in these areas. Let’s dig into some of the announcements.
PwC’s Updated Growth Strategy
The firm is combining its Assurance and Tax divisions into a new “Trust Solutions” unit. As the firm makes investments into higher-margin divisions, it is streamlining its steady but lower-margin offerings into one unit.
PwC’s updated growth strategy includes the need for additional human capital. The firm announced plans to increase the number of employees by a third (100,000 additional jobs). The company’s global workforce currently totals 284,000 people, The expansion plan would bring that headcount up to 384,000 within 5 years.
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PwC is also going all-in on tech and ESG, betting $12B that expertise in areas like Artificial Intelligence and Cybersecurity will pay long-term dividends. The firm also launched Tech Effect, a “tech resource hub” for business leaders who need to skill and scale up as technology drives change. This is one of the numerous technology and ESG-focused advancements the company has recently announced (i.e., a global ESG Academy and a number of “Leadership Institutes”).
PwC is not the only firm to recently make bold investments in technology. In 2019, KPMG committed $5B over 5 years to similar efforts, and in 2020, EY announced it would spend $1.5 billion on technology, audit quality, and its workforce through June 2021.
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Can PwC Get Back to Growth Track?
Part of the firm’s strategy to get back to revenue growth is what it is terming “The New Equation.” Whether this is a fancy buzzword or an effective strategy remains to be seen. The answer is likely a bit of both, but only time will tell if these investments pay off for PwC where it counts: the bottom-line.
The New Equation focuses first on building trust to meet rising expectations for transparency and stakeholder engagement. Second, it considers the delivery of sustained outcomes. Part of this move will be a focus on consulting solutions in the areas of Deals, Transformation, Cybersecurity, Privacy and Risk, Cloud and Digital, and Tax Consulting.
Conclusion
PwC has a plan for aggressive expansion to shake up the revenue rankings of the Big 4, and time will tell if the plan is effective. Considering PwC? Now is the time to network and consultify your resume before applying. Be on the lookout for new PwC jobs in the tech and ESG practice areas.
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