PwC has decided to spend US$12 billion by 2026 to expand its expertise and hire 100,000 new jobs in different areas like artificial intelligence (AI) and cybersecurity. Mr. Rayan said that the investment aims to better advise companies that face increasing inspections from investors on issues such as data privacy, sustainability, and diversity. “It’s important that our people have those skills,” he added.
PwC in 2019 said it is willing to invest US$3 billion in employee training and technology in a span of four years. Last year, the company said it had created more than 8,000 new jobs and had already hired 63,000 people worldwide to fill existing positions.
PwC, while declining to comment on the attrition rate of the company, said it had spent US$7.4 billion on talent acquisition and other areas. Many US-based companies are failing to fill existing job positions as potential workers are on edge. This US$12 billion investment of PwC is also to increase their market share, which is slowly decreasing.
On Tuesday, PwC said it aims to hire highly experienced workers in specific areas like governance, social and environmental issues and encourage introducing new products that involve Artificial Intelligence (AI) and Machine Learning (ML). Mr. Ryan also said that they are planning to acquire a few companies to expand their expertise.
In addition, the company is ready to spend US$1 billion on a global scale on technology to improve audit quality, which would help auditors to assess a broader range of risks, including cybersecurity.
Mr. Rayan said, “We believe this is critical to meet the need for increasing expectations on us as the audit becomes more complicated and as things like ESG get broader and brought into the audit.”
PwC is planning to train 55,000 employees on ESG issues and companies’ vision of net-zero carbon emission. According to the company’s annual reports, from 2010 to 2019, it witnessed 5% average revenue growth.