PwC invests $3B in ‘New World, New Skills’ program

Big Four firm PwC is launching a new program, entitled “New World, New Skills,” that will focus on the growing mismatch between people’s existing skills and the new skills demanded by the digital economy. The firm will invest $3 billion over the next four years in upskilling — primarily in training PwC staff, but also in developing and sharing technologies to support clients and communities.

The news comes in conjunction with PwC’s annual earnings report, which revealed global revenues to be up 7 percent over last year to $42.4 billion and 25,000 new jobs created worldwide. In addition to the $3 billion it's investing in the New World, New Skills program, PwC claims it is on track to becoming “one of the most cloud enabled organizations in the world.”

“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,” said Bob Moritz, PwC’s global chairman, in a statement. “That’s why today 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.”

PricewaterhouseCoopers LLP's building stands in the financial district of Toronto, Ontario, Canada
PricewaterhouseCoopers LLP's building stands in the financial district of Toronto, Ontario, Canada, on Wednesday, July 18, 2012. Photographer: Brent Lewin/Bloomberg

The four focus areas of the program are:

● Upskilling all of PwC’s 276,000 people. The firm will roll out different programs that meet their particular needs, from skills academies to digital fitness apps and leadership development. A proportion of PwC’s workforce will develop specialist skills in areas including data analytics, robotics process automation and artificial intelligence for use in their work. For others, it’s about understanding the potential of new technologies so they can advise clients, communities and other stakeholders.

● PwC is also advising 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 programs and cultural change.

● PwC will work with governments and institutions to reach a much broader group of people. For example, PwC in Luxembourg helped develop the Luxembourg Skills Bridge, which brings together trade unions, associations and businesses to build digital industries and develop digital skills.

● PwC will make upskilling a focus of its nonprofit initiatives as well. This includes working with students and teachers, which will help ensure opportunities are more evenly spread and the firm reach people who may otherwise be left behind.

To learn more about "New World, New Skills," visit https://www.pwc.com/gx/en/issues/upskilling.html.

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