PwC enables 40,000 employees to work from home

The company said this was the first such announcement of its kind from a professional services company in the U.S., marking a departure from the way companies approached work culture before the pandemic.

PwC is one of the “Big Four” accounting firms known for their heavy workloads. The company has 55,000 US employees. Friday’s announcement only applies to those who work with clients, such as accountants, consultants, and tax professionals. Other employees, such as B. Workplace service teams and IT experts must be in the office.

The company switched to a hybrid work model in March, with some employees working remotely and others working in the office up to three days a week. It opened all of its US offices in September with limited capacity.

PwC has decided to change its policy to better retain talent and hire a diverse workforce. Employees who choose to work virtually in low-cost locations could face a pay cut, according to Reuters.

“We are introducing these enhancements to our employee experience to respond to their needs in this changing work environment, to keep flexibility and wellbeing central, and to expand the pool of people we attract and recruit to meet our aggressive hiring goals and our [diversity, equity and inclusion] Aspirations, “PwC said in a statement.

Prior to the pandemic, around 7,000 of the company’s business service group – the non-customer service workers – were already working virtually and had the option of going to any office for connectivity. Some employees, such as those who work in IT and workplace services, are required to be there in person, the company said.

Employees have two weeks from October 1 to let their managers know if they want to switch to a virtual role, although they can change that over time.

A recent survey by PwC found that 65% of all US employees are looking for a new job, and 88% of executives say they have more than normal turnover. The most common reasons for looking for a job, according to the survey, were wages, benefits, career advancement and flexibility.

A Some major US financial institutions like Wells Fargo and BlackRock, the world’s largest wealth manager, have postponed their personal start dates due to the Delta variant.
This isn’t the only big change in the PWC this year. In June, the 160-year-old company announced extensive reorganization measures and merged its accounting and tax divisions into a single function, which will be called Trust Solutions. The company will also transform its advisory business, which includes cybersecurity, data protection, cloud, M&A and tax advice, into a single advisory solution unit. And it created the Trust Leadership Institute, which aims to train more than 10,000 business leaders to make responsible decisions.

“This is a one-time change in a generation,” Tim Ryan, US chairman of PwC, told CNN Business.

CNN’s Matt Egan contributed to this report.

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