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PwC’s Global Revenues Up 7%

PwC’s Global Revenues Up 7%

For the 12 months ending 30 June 2019, PwC firms around the world had gross revenues of US$42.4 billion – up 7%1 in local currency and 4% in US dollars. Revenues grew across all lines of business and major markets, boosted by the power of the PwC brand and continued significant investments in quality, technology and people.

Commenting on this development, PwC’s Global Chairman Bob Moritz said that “Over the past year, we’ve continued to focus on delivering value to our stakeholders, working hard to build trust and help our clients solve their most complex problems. As a result, PwC businesses grew in all major markets around the world. Our strong growth in revenues has enabled us to continue to invest in our businesses and our people. Investments in technology are making our services more relevant and enhancing the quality of our work. “PwC firms now employ 276,000 people worldwide and are investing heavily in learning and development to ensure our people can build rewarding careers and are prepared for the future world of work”.

New world. New skills.

As Moritz said, one of the world’s most pressing challenges – and one faced by business – is the growing mismatch between the skills people have and those needed for the digital world. There is an urgent need for organisations, governments and educators to come together to fix this growing problem and business has an important role to play. Over the next four years, we are committing $3bn in upskilling – primarily in training our people but also in developing and sharing technologies to support clients and communities.

“The skills gap is an issue that goes to the heart of our purpose and we have the scale and experience to make a measurable impact. That’s why we are launching ‘New world, New skills’ - a commitment to tackle this important problem for our people, our clients and the communities in which we operate”.

According to Mr Moritz, the programme focuses on four key areas:
Upskilling all of PwC’s 276,000 people. We will roll out different programmes that meet their particular needs, from skills academies to digital fitness apps to leadership development. A proportion of our workforce will develop specialist skills in areas including data analytics, robotics process automation and artificial intelligence for use in their work. 
We are also advising our clients on the challenges posed by rapid technological change and automation. This includes identifying skills gaps and mismatches against likely future needs, workforce planning, upskilling programmes and cultural change. 
We will work with governments and institutions to reach a much broader group of people. 
We will help millions of people improve their skills and knowledge for the digital world by making upskilling a focus of our not-for-profit initiatives. This includes working with students and teachers, which will help ensure opportunities are more evenly spread and we reach people who may otherwise be left behind. 

 

Striving for the highest quality

As Moritz pointed out, quality is at the heart of PwC’s efforts and this is why it invests significant and increasing resources in its continuous enhancement across all of its businesses. This investment is targeted into many different areas, including training (technical, ethical and behavioural), methodologies, adding resources in key areas and exploring new ways of delivering its work. PwC is also investing heavily in new technology to drive continuous improvements in the quality, capabilities and effectiveness of all of its services. “As part of our journey to be one of the most cloud enabled organisations in the world, we are investing over US$1 billion in solutions and supporting programmes to create a connected ecosystem and drive innovation and quality”, stressed Moritz.

 

PwC Cyprus: Α leader of the professional services sector

It is worth noting that PwC Cyprus presented its financial results for 2019, during the Annual Meeting of the organisation, which was held on Friday, 27 September in Limassol. The Organisation’s revenue for the fiscal year that ended in June 2019 amounted to €81m, while its total contribution to government revenues over the same period, amounted to €28,3m. 

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