PwC announces new strategy: The New Equation

The organisation’s strategy focuses on building trust and delivering sustained outcomes

PwC 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 and 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 as organisations need to earn trust across a wide range of topics that are important to their stakeholders.  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.

Building trust and delivering sustained outcomes

PwC’s multidisciplinary model is the foundation for the strategy which aims to help organisations build trust and deliver sustained outcomes. 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. At a local level, PwC Cyprus expects that within the next 3 years it will recruit around 600 young graduates and experienced professionals.

The New Equation in Cyprus

As part of The New Equation, PwC Cyprus focuses on 3 key pillars:

• Sustainability & Green Transition. Our new strategy aims at creating value through ESG (environmental, social, and governance) initiatives, and Green investments.  Our goal is to achieve net zero greenhouse gas (GHG) emissions by 2030.

• Digital Transition. We are reinventing our organisation by upgrading our Business consulting capabilities, automating the processes of our Tax & Legal function and encouraging a culture of innovation. Through our "New World. New Skills" initiative, we are investing €2m over a period of four years, in actions that aim to strengthen the skills required in the digital era. At the same time, working alongside the Youth Board of Cyprus, we are investing 500 hours per year over three years in youth education. We support entrepreneurship by collaborating with organisations such as the University of Cyprus, Junior Achievement Cyprus, Chrysalis LEAP and the CYENS Centre of Excellence as well as through our new “Scale-up” programme which provides start-ups with specialised services and tools to accelerate growth. In addition, digital transition will be further enhanced through our new, first in Cyprus Experience Center.

• Building Trust. We support our clients, associates and stakeholders in building trust. Our next generation financial statements, audit and third-party assurance services on information security, as well as our systems and controls, are ensuring quality and regulatory compliance.

“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,” said Evgenios Evgeniou, CEO of PwC Cyprus.

Enhancing diversity

We encourage diversity through targeted actions such as, unconscious bias training, sponsorship and mentorship programmes, enhanced maternity/paternity benefits as well as actions aimed at enhancing gender diversity at the partner level.

More information about PwC’s new strategy is available at www.pwc.com.cy/en/the-new-equation.html.