CASE STUDY
Using flexibility to make PwC a great place to work
PricewaterhouseCoopers (PwC) has adopted a total reward policy - replete with a competitive reward package, flexible benefits, genuine work-life choices, flexible working and a strong emphasis on personal development, advancement and recognition - to help it meet the aspirations and needs of its young workforce. An in-depth case study published today by e-reward.co.uk looks at the development of a new reward structure in the world's largest multi-professional services firm.
Reward goals
PwC considers itself engaged in the "war for talent". It employs as many as a fifth of all chartered accountants in training in the UK. Indeed, among the 14,500-strong UK workforce, the average age is 27, which demonstrates why it is vital to offer the kind of employment conditions which are attractive to younger workers.
PwC sets out to be the best company to work for - both in terms of what it does and in the quality of its staff. In order to meet this goal, it needs to recruit and retain the most talented individuals. The firm believes it will be unable to achieve this unless staff enjoy all aspects of working for the company.
Sasha Hardman, PwC's head of reward and recognition, told e-reward.co.uk that the firm's approach to reward is very much driven by the objective of attracting, advancing and recognising our diverse people and making a great place to work even better . A consideration of total reward is fundamental to this.
A combination of demographic shifts - not least the looming reduction in the proportion of younger people in the workforce - and globalisation mean that there is simply no option but to change, the company says. This translates into employment policies where individuals can make choices as to their working time, benefits and career development. And staff want flexibility - not just to be able to choose their contracted working hours, say, but the way they work those hours - PwC’ s regular staff surveys have established.
Approach to total reward
PwC’ s UK board is committed to total reward, and in the summer of 2001 refocused its people agenda, designed to deliver the goal of making PwC a great place to work .
| The PwC people agenda | |
| The agenda groups actions to achieve this into four areas, called "beacons", because they point the way to a vision of success . | |
| Diversity | "Every individual is unique. Our future success is dependent on harnessing this diversity for competitive advantage in both the client market place (by releasing our creative and innovative potential) and the employment market (by being recognised as 'a great place to work' where the focus is on the individual)." |
| Advancement and recognition | "Advancing and recognising everyone's contribution is crucial in enabling the business to achieve its goals. This firm undeniably has one of the largest collections of talented and motivated people. We need to support you in maximising your potential while recognising we all have different needs and aspirations. In return, we expect you to invest in building your skills, set stretching goals, share knowledge and continue to give great service." |
| Pride | "Pride is the engine of success. In a world of constant change, increasing complexity and fierce competition, it is imperative that we believe in ourselves if we are to maintain and increase our leadership position." |
| Resourcing | "Our resourcing team's efforts are based on: client service, innovation, risk management and great place to work. By basing our work on these four foundations, we can bring new ideas and engage quality teams to work at resourcing events and projects which support the firm's strategy of attracting the best people to work." |
LifeStyle
PwC LifeStyle is a combination of policies and support — which the company describes as a toolkit — that help employees deal with the non-work aspects of their lives. As part of the LifeStyle package, there is support for:
Concierge services at PwC
PwC began to offer a concierge service on a year-long trial to its staff in 2001. Staff can pay £10 a month for a limited number of requests, and £15 a month for unlimited requests. Requests can be for anything from shopping or arranging a plumber, to event planning — anything so long as it’ s legal .
Flexible working
The work-life element of the LifeStyle toolkit includes provision for working flexibly. In fact, nearly a quarter of female client-facing staff in the tax part of the business do not work full-time.
Work-life policies also include:
Choices — a flexible benefits plan
Choices, the new flexible benefits plan, was introduced for all UK employees in April 1999. There is a wide range of benefits that can be requested under Choices:
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This is an edited extract of our 19-page case study (4,200 words) examining reward strategy development at PwC. E-reward.co.uk interviewed Sasha Hardman, head of reward and recognition at PwC.
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Title: "Using flexibility to make PwC a great place to work", E-research, issue no. 5, November 2002, published by e-reward.co.uk.
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7 November 2002