PwC to create 100,000 new jobs to help clients struggling with ESG reporting

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Accounting firm PwC on Tuesday announced it would invest $ 12 billion over five years to create 100,000 new jobs aimed at helping clients tackle climate and diversity reporting as well as artificial intelligence, in the part of its new global strategy.

New hires will come from mergers and acquisitions by PwC and direct hires from competitors, Global President Bob Moritz said in an interview. Of the 100,000 people PwC will hire, approximately 25,000 to 30,000 will be in the United States, and 10,000 of those will be from the Black and LatinX communities, Moritz said.

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Currently, the company employs approximately 284,000 people worldwide.

Moritz said PwC had approached ESG more “narrowly” before, focusing on reporting frameworks.

“Now every PwC employee needs to be familiar with the issues,” he said, adding that ESG will be built into the work of the company.

Businesses and investors are examining their environmental impact more frequently and scrutinizing diversity within their ranks, initiatives that go beyond the traditional financial accounting and auditing services that PwC has long provided.

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Some asset managers assess investment decisions based solely on environmental, social and governance (ESG) factors.

U.S. companies are also now gearing up for potential regulatory oversight of their environmental disclosures, board diversity, and workforce.

PwC is strengthening ESG training for partners and staff in areas such as climate risk and supply chains and is establishing an ESG academy.

PwC will also establish new leadership institutes that will help executives, boards of directors and C-Suites create a diverse workforce and manage in times of uncertainty.

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In addition to focusing on ESG, PwC is allocating $ 3 billion to invest in its Asia-Pacific region, with the aim of doubling its activity there. The region currently accounts for about 18% of the company’s revenue, Moritz said.

The company is also setting aside $ 1 billion to further automate parts of its audit process.

(Reporting by Jessica DiNapoli in New York; editing by Matthew Lewis)

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