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PwC Announces New Strategy And The Commitment To Create Over 500 Roles In Aotearoa New Zealand

September 29, 2021 — Today PwC New Zealand unveils 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, nor more difficult. Organisations increasingly need to earn trust across a wide range of topics that are important to their stakeholders. 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. 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.

As part of The New Equation, PwC New Zealand is announcing commitments including:

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Creating over 500 roles in Aotearoa New Zealand over the next five years in a more diverse range of areas that are critically important to developing a more productive New Zealand, including specialist capability in strategically important areas such as ESG (environmental, social and governance), digital transformation and technology alliances, Māori business, infrastructure and health reform. This will increase our team by 30%.

Increasing ethnic identification at all levels across PwC particularly for Māori and Pacific peoples. This includes meeting our commitment to Te Tiriti o Waitangi and creating pathways for Māori as tangata whenua to self identify and represent their iwi and hapu.

In addition, through the firm’s Ignite programme, we are helping to enable people from diverse backgrounds to build business and technology skills on the job while working towards building certifications across our key alliances.

Enhancing the cultural confidence of our firm through programmes such as Te Māramatanga which helps our people build a better understanding of te ao Māori (the Māori worldview).

Upskilling our team of more than 1,700 to give them the knowledge, skills, and tools needed for the digital future. We have committed over $8 million across three years to achieve this, including significant investment in tools (e.g. Workbench, Data Platform and Digital Labs), learning programmes such as Reimagine Digital and our own business-led transformation initiative.

PwC New Zealand Senior Partner and CEO Mark Averill said:

“We are bringing the best of our people, capabilities and technology together to support our clients in building trust and delivering sustained outcomes for their businesses and society. To do this effectively, we want to attract a wide range of talented people to our firm and continue to invest in the digital upskilling of our people. We are proud that so many people begin their careers at PwC and are committed to continuing to support training and development for a new generation of business leaders.”

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.

Bob Moritz, Global Chairman of PwC said:

“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."

Strengthening PwC’s capabilities and presence in Asia Pacific

The New Equation also accelerates PwC’s growth in Asia Pacific, with investments of US$3b over the next five years to significantly enhance capabilities to support clients in the region, as part of an ambition to double the size of the business by 2026 and extend its leading position in the market.

PwC will be establishing an Asia Pacific Institute to champion trust building initiatives in addition to enhancing talent and leadership development programmes for the region. PwC in Asia Pacific also plans to scale up in a number of strategically important areas including ESG, digital transformation, M&A and deals value creation capabilities, providing assurance beyond financial statements as well as strengthening regional delivery centres.

Mark Averill concludes:

"We are proud to be part of the Asia Pacific region as we look to rebuild following the impact of COVID-19 and face the challenges of climate change, social equity and the digital divide. There is a growing expectation that businesses have a role to play in addressing broader societal issues. Our new strategy is about helping clients address their toughest challenges and delivering for society and the planet."

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