PwC: Emerging markets fueling growth

08:18, November 09, 2010      

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Leading professional services firm also top recruiter for new graduates

Editor's Note: While in Shanghai recently, Dennis M. Nally, chairman of PwC International, met with China Daily reporter Wang Ying to discuss a range of topics including the firm's strategy, outlook for emerging markets and the organization's new brand identity. Nally has been with PwC for 36 years and was elected the global chairman last year.

Q: What is PwC's strategy for 2011?

A: Well, our strategy hasn't really changed for a number of years. Our goal and ambition is to be the number one professional services firm.

That said, we want to move away from the traditional notion of what it means to be number one. We don't want to just be defined by size and global revenue alone - we also want to lead in talent, in quality, in reputation as the number one brand and in helping bring profitable success to our clients and people.

Key to our strategy is to have the very best talent delivering the best professional services. Having the best talent ensures we deliver the best quality, consistently, everywhere we serve our clients across the world. We operate in over 150 countries, so having that consistent level of quality is something that's crucial.

The combination of market leading talent and quality ensures that our brand in the market is differentiated, which in turn helps us and our clients grow globally. That's the strategy we operate on.

How does PwC, particularly in China, adopt this strategy?

China is a very important market for us. Over the next five years, we plan to double our headcount in China to 20,000 by hiring an additional 10,000 people to meet the growing demand for professional services in the country. We are clearly the largest professional services firm in the country in terms of size and we pride ourselves on that.

I'm continually impressed by what is happening in China and we recognize that there are tremendous opportunities here. That's why we are making sure that we continue to make the investments, and have the capabilities and resources, to really serve this very important and strategic market.

On a personal level, I am typically in China five to six times a year and I really enjoy visiting the country.

How important are the emerging markets to PwC's global business?

If you look at our global revenue for last year, which was $26.6 billion, roughly 20 percent of that figure comes from emerging markets.

Based on our business plan over the next five years, we would expect that number to increase to about 45 percent. We see a major shift towards the emerging markets in terms of where PwC's business will be coming from over the next five years. That's why we're so optimistic about what's happening here in these markets.

What are PwC's graduate recruitment plans for this year?

Globally, we're looking to hire roughly 30,000 people this year. In fact, collectively, PwC is among the largest graduate recruiters in the world. In China, we're planning to hire 2,000 graduates alone this year.

At PwC we want to give our new recruits the opportunity to have an extraordinary career. With over 85 percent of the Fortune Global 500 on our client roster globally, the experiences we can deliver to our people are unrivalled.

With such a big recruitment intake every year, we recognize that there is no single approach to how these people are going to think about their careers. Our intake every year is very diverse - everybody has their own aspirations as to what they want to get out of their careers. So we want to create an environment at PwC where the very best talent can really grow, develop and prosper based on what their aspirations are.

But at PwC we go beyond what we feel are the basics of a successful recruitment and retention strategy. Younger people today are joining organizations for what they stand for.

The whole issue of corporate responsibility and broader social agendas are very important. The environment of an organization, its values, its culture - those are what I describe as the softer things of an organization - are very important to getting and retaining the best talent.

I heard that PwC changed its logo - why?

It's more than just changing our logo - what we are really focusing on is the brand of PwC. We're updating our brand position to help to realize our strategic ambition. We've had a strong, well-recognized brand since the formation of PricewaterhouseCoopers in 1998. But in talking with our clients, partners and employees and other stakeholders, we've concluded that it's time to change, especially in light of our aspirations.

In practice, the initials "PwC" have been used interchangeably with "PricewaterhouseCoopers" both within and outside PwC. This formal shortening of the brand name will provide consistency and ease of use for PwC firms around the world.

We think our new brand expression visually distinguishes PwC in the same way that the quality and expertise of our people differentiates the experience of working with PwC. Underlying the visual elements is what the PwC brand really stands for - how we are viewed by our clients, our people and our stakeholders.

What do you do to relax when you are out of the office?

To relax, I like to spend time with my family. In terms of hobbies and sports, I love to play golf and I enjoy boating. I enjoy exercising too. So I'm fairly active - I always have been and, hopefully, will remain so.

Source:China Daily


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