The strength of our people
Millennials – a generation born between 1980 and 2000 – represent the largest workforce in the United States, and they’re on the hunt for more than just a job. In today’s marketplace, how does a business find the right people with the right skills for the right jobs, especially when a growing workforce of millennials is searching for meaningful work?
79% of CEOs in the US are concerned about the availability of key skills to fuel their growing companies.
94% of millennials acknowledge the importance of working for a company that has a defined purpose.
34% of US workers are millennials (today’s largest labor force).
Source: Pew Research Center
By the end of 2016, 80% of our people will be millennials. Survey after survey shows that employees are looking for purpose and meaning in their jobs and a certain type of workplace culture – from more flexible working arrangements to opportunities for global experiences, and from individualized coaching and development to volunteerism opportunities that enable them to give back to their local communities.
Defining our purpose
Our purpose at PwC is to build trust in society and solve important problems. But we can’t live our purpose without the support and understanding of our people. We want our people to connect how their daily work and relationships contribute to solving issues not only for their clients but also for society and the communities in which we live and work. By understanding how their individual role drives the broader impact we have as a firm, our people can have a greater sense of fulfillment in their work.
Empowered by purpose
In January 2015, we hosted an event to engage partners and staff in exploring purpose for themselves – both professionally and personally – while also gaining a better understanding of what purpose means to the firm. “P3: People, Purpose, Possibilities” brought together nearly 450 PwC colleagues across all lines of service and nearly two dozen non-PwC visionaries who inspired the audience by sharing how they were doing well by doing good.
Building a career
A large part of the workforce today doesn’t expect to live out their careers with just one or two employers as older generations did before them. For example, a recent survey found that more than half of millennials have held three or more jobs already and 20% said they plan to leave their current positions after one or two years1. This suggests that skilled young talent will be harder to retain, so it’s imperative to create a workplace where they can thrive. Here at PwC, we help staff chart their own career paths, designing them in a way that complements both an individual’s professional and personal life, while also providing them the flexibility they need and opportunities for global mobility.
Lightening the debt load
Each year, our firm welcomes thousands of new hires from college campuses who bring with them a wealth of knowledge, energy, and passion for client services. They also bring with them a considerable load of student debt – $35,000 on average for college graduates, or nearly twice as much as those who graduated 20 years ago (after adjusting for inflation). Starting in July 2016, PwC will offer $1,200 a year, for up to six years, to help staff in the first few years of their career pay down those hefty college loans sooner. Through this new Student Loan Paydown benefit, which has the potential to help reduce student loan principal and interest by as much as $10,000, PwC is helping to address a major societal issue that is important for our staff and helping them start their careers on the right foot.
Our collective impact
PwC is an organization fueled by the talent of more than 46,000 partners and staff who foster a culture of responsibility both in their work and for their communities. Our people give generously, whether through the delivery of their skills to organizations in need of their time or through financial contributions to causes that are personally meaningful to them, or to their colleagues. And when we come together as one firm to contribute to our communities, our collective impact is extraordinary.
We seek to employ individuals who demonstrate a responsibility to create positive impacts both through their work and in society more broadly. As such, we measure the engagement of our partners and staff, defined as participation in more than one activity in areas such as local Green Teams, pro bono work, volunteer activities, giving to in-need organizations, and involvement in our affinity networks, among others. Nearly all of our employees participate in at least one corporate responsibility activity and, in FY15, we reached 43% employee engagement in corporate responsibility across the firm.
Diversity and inclusion
At PwC, we’ve been focused on race and the many other dimensions of diversity for some time because we believe individual differences and backgrounds enrich our perspectives and contribute to the strength of the firm. We aim to attract, develop, and advance the most talented individuals, regardless of race, gender, sexuality, physical or cognitive ability, or other dimensions of diversity, while building cultural dexterity for all. We’re proud of our progress, from reaching diverse students as they are making career decisions to requiring firm leaders to have experience championing diversity.
It’s neither easy nor comfortable to talk about race in the workplace and in society, but we believe it’s critical. That’s why our Chairman sat down in FY15 with Mellody Hobson, president of Ariel Investments, for a public conversation on the importance of speaking openly about race. The dialogue between Hobson and Bob Moritz, which was broadcast online, was designed to lead to more conversations about diversity and inclusion, both at the firm and beyond.
Through our longstanding relationship with the United Nations’ HeForShe initiative, we are activating the power of our network to support global gender equity. HeForShe’s mission is to engage men as agents of change for global gender equality. All of us have a role in supporting gender equity in the workplace, and we all benefit from working better together. The more men and women play an active role in each other’s success, the more we can all realize our full potential. We are asking our partners and staff to join leaders in business, government, and education to make a lasting difference.
Our commitments to corporate responsibility, diversity, flexibility, and leadership development consistently earn us external awards and recognition.