PwC Doubles Asia-Pacific Business with $ 3 Billion Investment
PwC announced a global investment of $ 12 billion over five years in various strategic initiatives, including $ 3 billion planned to double its activities in Asia-Pacific during the period.
The pledge is part of a recently launched strategy, dubbed “The New Equation,” with a quarter of the $ 12 billion to be channeled to Asia-Pacific. In addition to improving the skills of its existing employees, the company aims to hire 100,000 more professionals through its latest strategic investment, an increase of more than a third from its current workforce of 285,000 in the only five years.
Although billed as a new strategy, PwC continues to focus on ‘building trust in the company’ as a key part of its goal, arguing that with growing expectations from the company, it does not. It has never been more important or difficult for businesses to gain and maintain trust across a variety of contemporary issues that are important to stakeholders. The second interconnected pillar is to achieve lasting results at a time when competition and the risk of disruption are also more intense than ever.
“Success depends on fundamental changes in the way leaders think, organizational culture, systems and ambition,” says the company on the first point of building “trust”, adding on the second issue of business sustainability that “companies need to change faster and in more depth to attract capital, talent and customers. Too often, however, tightly designed transformation initiatives do not deliver the results they promise. A new one. approach is necessary.
The $ 12 billion injection is a big increase from the $ 7.4 billion invested in the five years since 2016 (according to figures from the Financial Times), the year its rival Deloitte overtook PwC as the world’s largest professional services company. Since then, Deloitte has continued to move ahead, reaching a gap of $ 4.6 billion on 2020 PwC revenue of $ 43 billion, with rapid growth in Asia-Pacific proving a field major battle.
Still currently contributing less than a fifth of the company’s revenue – or around $ 8 billion last year – PwC intends to inject $ 3 billion into APAC with the target said it will double the size of its regional operations by 2026, with a focus on significantly scaling up areas such as ESG, digital transformation, and mergers and acquisitions. As part of this investment, PwC will also create an Asia-Pacific Leadership Institute to foster the increasingly needed soft skills.
“To do what we set out to do, we are mobilizing multidisciplinary teams, powered by technology and drawing on deep specialist expertise,” said Bob Moritz, president of PwC Global, who also took office in 2016. “We will continue to evolve our working methods and expand our capabilities in areas that are most important for the future, while remaining true to our commitment to quality.
On the audit front, PwC will invest $ 1 billion to accelerate audit technology and develop models to respond to a changing audit landscape. Along with leadership institutes in other regions, a good chunk will also be devoted to establishing a global ESG academy and expanding its centers of excellence for ESG specialists, while funds will be devoted to building a global ESG academy. rapid expansion of the company’s use of the cloud, artificial intelligence, virtual reality. and other emerging technologies.
“PwC’s global network strategy is focused on growth, which aligns strongly with our Australian business strategy,” said Newly installed CEO of Australia Tom Seymour. “As part of PwC Australia’s digital transformation strategy, we are making a significant investment in growth to meet the growing demand for skills in cyber, cloud and insurance services, while increasing our onshore capacity to meet data sovereignty and security issues. “