A link to this story was mentioned in last Friday’s Footnotes.
First spotted in International Accounting Bulletin and announced by the firm on August 12, PwC India has big plans to bring the headcount over there up to 50,000 professional with the creation of 20,000 jobs over the next five years. As part of the plan they’re calling Vision 2030 (hmm where have we heard Vision 20xx before?), they’ll also be expanding their footprint in so-called Tier 2 and Tier 3 cities, or smaller metro areas where the talent and real estate is even cheaper (see also: Big 4 Firms Have Specific Hiring Plans in India, published here on August 8, 2024).
Alright, the press release:
PwC India today announced its Vision 2030; a bold approach to how the firm aspires to become a trusted partner of choice, attracting the best of India’s talent, enabled by technology and underpinned by strong financials. PwC views the next five years as a pivotal period for India to lead, shape, and build its future towards becoming Kal Ka Bharat. The 2030 vision is aligned with this national ambition and is a strategic roadmap to support India’s growth — and to grow with India, for India.
Per the Google translation machine Kal Ka Bharat means “India of tomorrow.” Moving on…
As part of its Vision 2030 ambition, PwC India is targeting a threefold revenue growth over the next five years, backed by a commitment to invest over 5% of revenues annually in technology, innovation, and capability building. The firm will deepen its focus on key business areas such as digital transformation, sustainability, risk and regulatory, cloud, and cybersecurity — aimed at helping clients stay ahead of disruption.
The firm is reimagining how it attracts, nurtures, and develops talent, with plans to create 20,000 additional jobs over the next five years. “As our clients transform, so must we — and that begins with our people,” said chairperson Sanjeev Krishan. “We’re focused on building a future-ready workforce by expanding access to learning, prioritising women in leadership, and creating inclusive growth journeys that allow our people to thrive — from the campus to the boardroom”, he added.
PwC India will continue to make significant investments in learning, dedicating 1% of revenues towards upskilling people and partners.
No mention of goals for partner numbers, only that they have about 900 now.
According to Economic Times, PwC India grew 22% to Rs 9,200 crore ($1.1 million) in revenue for FY25. If only we could find out how many billable hours they pumped out for global PwC operations on top of that.
Reconciles well with the GC article from last week about the B4 having trouble winning the Ai race. 20 years late to the party
What an irony and bias against hiring American or European workers for work done for American and European clients, leaving American and European workers unemployed. 2 pieces of PwC news:
1. PwC says, ‘fresh college graduates in the US will find it more and more difficult to land a job at PwC.’
2. PwC India to double it’s staff in 5 years with no mention of how much of this growth will support offshore work.
Shame PwC
So tell us Bhu: when PWC did not hire you, did you make this rationalization?
It’s sad how people like you don’t understand basic business concepts. PWC is in business TO MAKE A PROFIT. They are not in the business for charity.
India has loads of resources, and if anything SHAME ON PWC FOR NOT TAPPING INTO THIS RESOURCE UNTIL 8 YEARS AGO. Another thing, Bhu, is that it’s a SIGNIFICANT COST REDUCTION.
BTW, Bhu, H&R Block will start hiring in mid-November.
We learned nothing from loosing all the manufacturing to china. Lets do it all over again with service jobs to India. We continue to follow a greedy model. Great job CPA and service firms.