PwC invests $2.4 billion in wages, PTO and training to keep existing workers happy and attract new ones
The company says the changes to policies and benefits reflect a fundamental shift between workers and employers.
PwC is adding more company-wide leave to its annual calendar, expanding parental leave and raising everyone’s pay as part of its new employee experience program. The new My+ program is a $2.4 billion investment, the company announced Friday.
This year PwC has increased its mid-fiscal year 5% for all employees and promised an annual base pay increase starting this fiscal year. The company is making other changes in the following four areas:
- Happiness: PwC will be down for two weeks each year in July and December.
- Total bonus: Parental leave is extended to 12 weeks and will have additional mental health benefits including increased reimbursement rates from 70% to 90%.
- Growth: The company is adding a new training platform alongside more leadership and coaching skills as well as the option to work in different teams and take on new tasks.
- Always a PwCer: PwC promises to help employees “pursue a professional path that excites them and supports their health, growth, sense of purpose and ambition – whether it’s outside inside or outside of our company.”
Yolanda Seals-Coffield, PwC’s vice president of human resources, said in a press release that the company cannot compete on compensation and benefits alone.
“There has been a fundamental change in the relationship between workers and employers,” she said. “We must take bold action to deliver a personalized, choice-based career experience that engages our people to stay longer and inspires top talent to join us.” join us.”
Neil Dhar, co-leader of consulting solutions, PwC, says the design of the new program is based on feedback from everyone at PwC and what they need today and what they may need in the next few years. This includes the ability to make individual career decisions.
“At PwC, that could mean spending a few years in taxes before taking the leap into a new business like cyber or mergers and acquisitions, or deciding to downsize and work fewer hours to meet upcoming demands in their personal lives, or just unplug a bit,” says Dhar.
The company announced last fall that all 40,000 employees can work virtual or face-to-face. This year, workers will also have options for reduced schedules, paid leave and the ability to work from anywhere.
Dhar said the two week-long outages reflect the company’s commitment to flexibility and employee wellbeing.
“The designated, nationwide outage really allows our people to completely disconnect, knowing we are all taking time to step out and recharge,” he said.
The new learning platform launches in July and will include ESG, cyber, mergers and acquisitions, cloud, as well as leadership qualities like empathy, listening, and providing meaningful feedback construct. Employees will have time to work to complete this training.
Dhar said the “Always a PwCer” initiative reflects the reality that the company is just a bus stop on some people’s career journeys.
“While we hope to increase user retention with our newcomer strategy, we are also looking to provide our employees with a universal set of business skills so that if they choose to leave out of the company, they’d better walk out our door,” he said.
Stress levels spike as offices reopen
Based on the latest findings Future Forum Survey, PwC is addressing many of the stinging issues employees are feeling as the pandemic continues and employers demand in-person work. The Future Forum Spring 2022 Pulse survey asked 10,818 knowledge workers in the US, Australia, France, Germany, Japan and the UK about stress levels, return-to-office policies, and productivity. The results have not been good, with stress levels hitting their highest levels since the summer of 2020.
The survey measures eight employee experience measures, and these scores fall for all knowledge workers. However, full-time office workers reported the steepest declines:
- The decline in work-life balance is 2 times higher than that of hybrid workers and workers in remote areas.
- Overall satisfaction with their working environment plummeted 1.6 times compared with flexible workers.
- 1.5 times more exacerbating of work-related stress and anxiety than remote workers.
The survey found that employees reported all-time high scores for work-related stress in every country except France and Japan.
The number of people working remotely has decreased since the last survey in November, and the number of people working in the office five days a week is up 34%. The survey also found that workers who are unhappy with their current level of flexibility are three times more likely to look for a new job next year.
The survey also revealed a disconnect between workers and executives when working face-to-face. Thirty-five percent of workers are in the office five days a week compared with only 19% of executives.
Brian Elliott, executive leader of the Future Forum, said in the report that leaders need to move away from commanding days in the office and rigid 9-5 schedules and focus on organizing teams their way towards a common purpose and lead by example.
“Trusting your teams with the flexibility to work where and when works best for them leads to better business results and happier employees,” he said.
