PwC has decided to invest approximately $3 billion in job training for its entire workforce of 2,75,000 employees in the coming three to four years, claims a report. It also means that the service firm is likely to spend $ 3,636-to $ 2,727 per employee.
“We’ve got to be a talent magnet,” global chairman Bob Moritz revealed to Business Insider on Monday. The investment is termed as “New World, New Skills,” and is expected to remain at the front position of hiring pitches.
According to a press release, the investment is likely to be bigger than Amazon’s $700 million by the year 2015 for approximately 100,000 employees and Accenture’s $1 billion per year for nearly 4,48,000 employees. Moritz highlighted a glaring PwC study that discovered that nearly 30 percent of total jobs face the risk of being automated by the year 2030. He also claimed that PwC employees will also fall into that category.
I think it’s a necessity because the world’s moving so fast. You lose a competitive edge and brand if you don’t,
said Bob Moritz.
A bigger portion of the training announcement is essentially connected with the apprehension of job turmoil and loss. However, Mortiz added that PwC is keen to make a daring agreement with all the PwC employees who are associated with the upskilling plan.
If you opt-in, OK, we will not leave you behind. I can’t guarantee you the specific job that you have or want to have. But I can guarantee you you’re going to have employment here,
The whopping amount of $3 billion is likely to be divided among four major segments: the investments necessitate to take the employees away from their clients so that they can be put in classrooms, additional development of digital training equipment, deploying workforce to community projects that extend the similar techniques and maximizing advantages of present partnerships with the World Economic Forum and United Nations to assist adjust the training to every market all over the globe.
Moritz has completed nearly 24 years with PwC and earlier served as the US chair prior to taking up the global role in the year 2016. He said that the dialogue for adjusting its employees for a fast-changing environment started off five years back. It gave rise to upskilling initiatives in various sectors a few years ago and last year it became crystal clear that it required to become a global initiative.
Several firms all over industries began investing in job retraining as automation is slated to remove jobs which will be called the Fourth Industrial Revolution as termed by the WEF.
Earlier, PwC firm had said that it will begin to accept cryptocurrency from October 2019. PwC has emerged as among the four leading corporations of the world that carried out an audit along with famous organizations like EY, Deloitte, and KPMG. The firm is now willing to accept Bitcoin to assist the rising crypto ecosystem of the country and meet the requirements of the client. The firm made the announcement on September 2.