On June 15, member firms within the PwC International Network unveiled The New Equation, a revolutionary approach in how we see new opportunities to serve clients as they work to build trust and deliver sustained business outcomes.
PwC’s landmark strategy speaks to the two most fundamental needs clients and organizations are grappling with today. First is the urgency to successfully respond to and change in the face of the major shifts shaping the world: technological disruption, the risks of climate change, fractured geopolitics, social tension, and the continuing effects of COVID-19. Second is the need to build trust at a time when it is both more fragile and more complicated to earn. The two are interdependent, and PwC is uniquely positioned to serve clients as they seek to solve for both. The new strategy will define PwC’s vision for serving clients in a world that is irrevocably changed. The firm is positioned to be the first to lead in this manner, and this strategy is set to transform the professional services industry at-large.
“The profound changes in the world mean that our clients can only succeed by creating a virtuous circle between earning trust and delivering sustained outcomes. By bringing our unique combination of capabilities together we can help them do that, unlocking value for their shareholders, stakeholders and wider society,” said Bob Moritz, Chair of the PwC International Network. “Over the coming months, we will set out how we plan to do that in every territory and market we operate in, focusing on quality and further deepening our capabilities to meet the needs of clients and stakeholders, wherever they are in the world.”
“Our new strategy is one that is relentlessly focused on our clients and other stakeholders, helping them build trust and deliver outcomes for their businesses,” said Tim Ryan, US Chair and Senior Partner, PwC. “At PwC, we have a passionate community of solvers who know that when our better selves and the greatest aspects of technology are brought together, there is no opportunity too great for us to achieve.”
To enable this shift, and reflecting dynamics in the US market, PwC US will reorganize into a new, simplified structure that enables us to better serve our clients and enhances our leadership around the two respective areas of trust and sustained outcomes:
- Trust Solutions brings together our Assurance and Tax Reporting capabilities to better serve the needs of our clients as they seek to build trust with their stakeholders. The realignment provides an opportunity to preserve, and even further, our focus on quality and help our clients as they build trust—at a time when additional expectations on organizations are driving the need for reporting across a range of issues. Achieving net-zero targets, addressing privacy and security issues, tax transparency, treating employees fairly, and managing diversity and inclusion are among the many issues by which organizations will increasingly be measured by stakeholders and those integral to earning trust. Through this change, the firm will create the largest Trust platform in the world.
- Consulting Solutions encompasses expertise in helping clients identify value and design and deliver large-scale business-led change, from strategy to outcomes, specifically in the areas of Deals, Transformation, Cybersecurity, Privacy and Risk, Cloud and Digital and Tax Consulting. Primarily, what distinguishes PwC’s future-forward approach is the focus on enterprise value, or outcomes—a contrast to the industry trend of the last two decades where technology, not value, has been the North Star, and successful change has eluded organizations.
Both business segments will be underpinned and strengthened by continued investments in products and technology and informed by PwC’s own digital transformation, which began in 2016.
Alongside the operational changes, the US firm is making a new, purpose-led commitment called Tomorrow Takes Trust, a three-year, $300 million commitment to embed trust-based principles into the core of today’s and tomorrow’s businesses. Anchoring the commitment will be the creation of the PwC Trust Leadership Institute which will equip more than 10,000 business leaders with the skills to help build trust around tomorrow’s challenges and realities. It’s designed for today and tomorrow’s C-suite, executives and Board members who will lead and advise society’s most trusted organizations. PwC is also launching Tech Effect, a new digital resource for leaders that will provide practical insights about how to better use technology to drive business outcomes.
“The Firm will continue to rapidly expand our use of cloud, robotics, AI, VR and other emerging technologies to further digitize our ways of working,” said Lisa Sawicki, board member, PwC US Board of Partners and Principals. “While these moves and commitments are about our clients and serving them differently, on a deeper level it is about affirming the kind of firm that we will be for the long-term—grounded in delivering value on our purpose to build trust in society and solve important problems.”
More information can be found at www.TheNewEquation.com