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PricewaterhouseCoopers will increase its global workforce by more than one-third in the next five years as part of a US$12 billion investment in recruitment, training, technology, and transactions to capture the booming environment, society, and governance Suggest the market.
The plan was announced on Tuesday and marked a significant acceleration of the audit and consulting group’s US$7.4 billion investment since 2016. During this period, its annual revenue increased by 20% to US$43 billion.
In the past five years, the number of employees has increased by more than a quarter to 284,000, and this expansion will increase the number of employees by 100,000.
It includes a US$3 billion plan to double its Asia Pacific business, which generated US$6.4 billion in revenue in the year ending June 2020, and the launch of the “Trust Leadership Academy” in the United States and Asia “In order to train customers’ business ethics and the embryonic form of ESG.
Investors are increasingly concerned about the social impact of the businesses they support and their impact on financial returns, and PwC’s investment plan is by far the strongest signal, indicating that the Big Four accounting firms want ESG recommendations to become their The core part of all business lines, just as digital capabilities have become the norm in the past decade.
Bob Moritz, Global Chairman of PricewaterhouseCoopers, stated that the company “will make large-scale investments to redefine itself and reshape its brand to ensure that we are valuable to the needs of our customers and the needs of the world.” “.
According to data from Source Global Research, the global market for professional advice on “pure” sustainability issues (such as clean technology and sustainable investment) will reach US$1 billion in 2020. The company expects to combine sustainability advice with other services. The combination will be more profitable for consultants. .
The other four major companies—Deloitte, Ernst & Young, and KPMG—have incorporated sustainability issues into long-term practices such as auditing and assurance, and put more emphasis on ESG in their businesses. For example, Ernst & Young has appointed Steve Varley, the former head of its UK member company, as its first global vice chairman of sustainable development.
The accounting firm also provides ESG training for auditors, as the industry is preparing to strengthen supervision in areas such as the company’s climate-related disclosures.As the regulators discussed Standardized ESG disclosure US Chairman Tim Ryan stated that similar to the international accounting rules agreed decades ago, all PwC employees need at least a “basic understanding” of ESG.
Ryan said that the American company will consolidate its accounting and tax reporting businesses into a single department and label it as a “trust solution.” He said that both departments need to make similar investments, and both are trying to help customers gain more trust at a time when society’s expectations of the company continue to grow.
It will also invest $1 billion in quality control and automated auditing. Ryan said that PricewaterhouseCoopers plans to make acquisitions to improve its capabilities in ESG, cloud technology and artificial intelligence.
The company has made small technology acquisitions in recent years, but its focus on ESG may be seen as its biggest strategic shift since the acquisition of strategic consulting firm Booz & Co in 2014.
PwC’s spending plan includes a US$125 million plan in the United States that aims to find 25,000 jobs for minority and minority students within five years, of which 10,000 are in PwC . The American company currently employs a total of 7,000-8,000 people per year.
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