Introduction
Stakeholders take pride in working with or for PWC because it an internationally recognized firm. It is a Big-4 member of consultancy and accountancy firms around the world. Partners know that belonging to such a strong brand name will offer them security of tenure and tangible benefits.
Furthermore, it has won several awards in its various interests. One of the awards relates to its capacity as a knowledge enterprise in 2010. Another concerns excellence in learning. Finally, the firm has also won acclaim for being one of the best organizations to work for between 2005 to date (PWC Global 4). Stakeholders can view these awards as proof of the value the company places on its resources.
Why the organization is a great place to work for
PWC has consistently delivered in terms of a number of performance metrics. One such alternative is its dedication to revenue growth. It is always looking for opportunities to expand revenue streams either in taxation or auditing services as well as in geographical expansion (Jones 206).
The company has reliable profit margins that indicate it is doing something right. Since taxation and financial services adversely depend on an astute knowledge base, then firms must not compromise on technical excellence. PWC is aware of these competencies and delivers them with utmost dedication (White 92).
The business also prioritizes client satisfaction as this is the central way of generating repeat business. With such an impressive focus on deliverables, workers can be assured of a reliable employer who hardly struggles with financial challenges. This guarantees them steady payment as well as job satisfaction.
When workers work for PWC, they often have the advantage of enjoying favorable pay. Most managers earn approximately $98,000 dollars annually. Conversely, executive assistants, who have the commonest jobs, earn about $64,000. In addition to one’s salary, an employee is also entitled to several benefits, such as partial health coverage, access to fitness centers, job sharing, telecommuting as well as having a compressed workweek.
This gives flexibility and capacity to enjoy work-life balance. PWC also hires 27% minorities in the US and 46% women (CNN money 4). They have nondiscrimination policies against marginalized groups and domestic partners for same sex couples may also enjoy these benefits within the US.
3 reasons that have led to the success of the company
Diversification
The company’s business model of diversified revenue streams has contributed to its success in the accounting and auditing industry. This organization offers assurance services, which account for a substantial share of the service offerings. In this portfolio, the firm does surveys on customer satisfaction, business risk reviews and many other services in order to furnish managers with adequate information to make right business decisions (Mahreen et. al. 100).
Additionally, the company engages in taxation service; this mostly entails advisory services, where a client can benefit from taxation planning, legal compliance with taxation laws and other taxation issues involved in business (Ready ratios 4). Finally, Pricewaterhousecoopers also engages in general advisory services like actuarial advisory, strategic analysis, business valuation, business recovery and corporate financing. In all these portfolios, the company may customize its product segments so as to suit local markets.
For instance, one may find technology, communication, entertainment and information services as one segment in a certain country and no such service in another. There is strength in diversification of its businesses as this ensures that underperforming divisions can be supported by more reliable income streams.
It is not uncommon for the organization to experience legal challenges; therefore, it helps to have a diversified portfolio. A case in point was a suit filed against PWC by Willie Nelson. The latter individual claimed that he was advised to use tax shelters by PWC but the company did not inform him when the Internal Revenue Service changed those regulations. As a consequence, Mr. Nelson owed the government millions in back taxes.
PWC lost a lot of money in settling the suit. If the organization only relied on taxation services for survival, it is likely that it would be struggling to stay afloat owing to the legal challenges that the portfolio attracts (Copley & Douthett 450). Furthermore, this ensures that the company can expand its consumer base and offer almost all related services under one roof.
Valuing employees
Aside from an intense diversification strategy, the organization also values its employees. It heavily invests in its human resources through leadership and training development. Employees always go through a rigorous training program upon entry into the institution. As they continue working for the firm, they still learn soft and technical skills needed to offer satisfactory services. The organization also assesses and reviews its training programs annually in order to ascertain that the skills taught reflect industry trends (PWC Indonesia 3).
At higher levels of management, PWC also possesses a leadership development program. This ascertains that the firm always has a diverse talent pool from which to draw future leaders. Members of its leadership group often meet with leaders from different parts of the world to exchange ideas and strengthen their abilities. With such a strong workforce, the company promptly delivers on its promises.
Owing to this immense investment in the company’s human resources, most workers understand what the organistaion stands for and why its clients bring business to PWC. They always try to incorporate their mission and vision into the workings of the firm. This enterprise communicates such values through training as well as leadership interactions with other employees.
Another effect of investing in this group is consistent professionalism from employees. Since the company handles a lot of financials, it needs to have people that it can trust. Most PWC workers are renowned for their objectivity and integrity when handling various projects.
Global presence
The firm has a global presence and thus a wide client base. This organization boasts of approximately 771 offices around the world (You Sigma 2). While one may imagine that having such a vast international presence undermines the organization’s efficiency, this is not true for PWC. The firm has a code of conduct that it applies in all its branches. Therefore, clients have come to associate the brand with certain quality expectations.
All workers must follow rules and regulations established by the company at the administrative level. In the United Kingdom, PWC possesses a parent firm that coordinates activities in other member firms. Furthermore, a global partner board exists in order to draw representation from the various members of the institution. It should be noted that the organization also believes in empowering member firms to run their own entities. Therefore, specific countries have the autonomy and power to curve their own paths.
This means that they can customize their business operations to suit local conditions (Jere et. al. 491). On the other hand, their employees can still benefit from international competencies through a global mobility program. Besides, information exchange within the institution is quite rigorous.
In order to ascertain that PWC is a global business with rich clients, one only has to look at its recent history. Russian clients such as Yukos have worked alongside PWC. Additionally, the organization has audited an international Indian firm called Global Trust Bank.
It has also worked on certain projects such as water privatization in Delhi. This track record would have been difficult to maintain if the company was not located in different parts of the world. The organization takes the time to study its clients and their ability to bring value to the company. Those that have a good payment history, high growth potentials as well as high profitability are more likely to be retained than those that do not (Sinclair 15).
The global presence also assists the organization in achieving its objectives by comparing itself to other branches that are doing relatively well. A PWC member firm in Indonesia will often try to keep up with technology developments in the US and UK. As a result, it will raise the standards of service provision within its respective country. Furthermore new strategies that expand the organization’s reach in a certain region of the world will usually encourage some branches to do the same in a different part of the world (Gomez 34).
Conclusion
PWC’s major strengths are its global presence, the high value it places on its employees as well as its diversification strategy. The company enjoys global capabilities and skills, the advantages of having a committed workforce as well as protection from underperforming revenue streams. Its success proves that the organization’s strategy is a model for assurance and taxation firm.
Works Cited
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Copley, Paul & Edward Douthett. “Are assurance services provided by auditors on initial public offerings influenced by market conditions?” Contemporary Accounting Research Summer 26.2(2009): 453-476. Print.
Gomez, Andrea. Accounting for success: a history of Price Waterhouse in America 1890–1990. Harvard: Harvard Business School Press, 1998. Print.
Jere Francis, R. Khurana, K. Inder, Martin Xiumin & Raynolde Pereira. “The relative importance of firm incentives versus country factors in the demand for assurance services by private entities.” Contemporary Accounting Research Summer 28.2(2011): 487-516. Print.
Jones, E. True and Fair: A History of Price Waterhouse. London: Hamish Hamilton, 1995. Print.
Mahreen, Hasan, Steven Maijoor and Ann Vanstraelen. “The different types of assurance services and levels of assurance provided”. International Journal of Auditing 9.2(2005): 91-102. Print.
PWC Indonesia. Our core values. 2012. Web.
PWC Global. PWC named Fortunes 110 best companies to work for. 2012. Web.
Ready ratios. PricewaterhouseCoopers (PWC). 2013. Web.
Sinclair, Lara. “Logo puts case first and last”. The Australian 20 Sep. 2010: 15. Print.
White, Anna. An Early History of Coopers & Lybrand. London: Garland Publishing Inc., 1984. Print.
You Sigma. Pricewaterhousecoopers SWOT analysis. 2012. Web.