Mary Nnah
PwC has unveiled The New Equation, PwC’s landmark global strategy which responds to fundamental changes in the world, including technological disruption, climate change, fractured geopolitics, and the continuing effects of the COVID-19 pandemic.
The New Equation is based on analysis of global trends and thousands of conversations with clients and stakeholders. It builds on more than a decade of sustained revenue growth and continued investment. The New Equation focuses on two interconnected needs that clients face in the coming years. The first is to build trust, which has never been more important, or more difficult.
It is believed that organisations increasingly need to earn trust across a wide range of topics that are important to their stakeholders and that 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 as 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.
“The profound changes in the world mean that to succeed, organisations need to create a virtuous circle between earning trust and delivering sustained outcomes. By bringing our unique combination of capabilities together and matching it with serious investment and our commitment to quality, we can help them do that. In doing so, we will help clients unlock value for shareholders, stakeholders and wider society”, Chairman of PwC, Bob Moritz, Global, said.
PwC will help build trust and deliver sustained outcomes in that PwC’s multidisciplinary model is the foundation for the strategy, bringing together a passionate, diverse community to help organisations build trust and deliver sustained outcomes.
The model enables investment at scale in the combination of capabilities that is essential to delivering quality and impact for clients, stakeholders and society. PwC firms will invest US$12 billion over the next five years, creating over 100,000 net new jobs across PwC, as well as continuing to develop the skills of PwC’s partners and employees.
PwC’s approach to building trust¸ Moritz said, is designed to meet rising expectations of transparency and stakeholder engagement.
The New Equation also accelerates PwC’s growth in Asia Pacific, with US$3 billion of the investment planned for the region, aimed at doubling its business and significantly scaling up capabilities to serve clients.
“To do what we are setting out to do, we are mobilising multi-disciplinary teams, powered by technology and drawing on deep specialist expertise. We will continue to evolve our ways of working, and expand our capabilities in the areas that matter most for the future, while remaining steadfast in our commitment to quality – bringing together the unique combinations needed to help clients answer the expectations of their shareholders, stakeholders and society at large”, he noted further.
CEO for PwC Africa, Dion Shango said PwC Africa is excited by the opportunity that The New Equation represents for its clients, employees and other stakeholders.
“The launch of our new global strategy comes at a time of unprecedented change. It will enable PwC teams to support clients and other stakeholders across the African continent to move toward greater sustainability and more inclusive growth, as well as to drive their digital evolution.
“The strategy will shape how PwC Africa develops in the coming years as we seek to deliver against our purpose in society – which is to build trust and solve important problems. As part of the strategy, we are making substantial investments to further enhance audit quality and expand our capabilities”, Shango said.
