PricewaterhouseCoopers (PwC), the accounting and consulting giant, will allow all 40,000 US-based service employees to work from home from anywhere in the country.
The company is the first to announce its kind from a professional services company in the United States, marking a shift away from companies’ approach towards work culture before the pandemic.
PwC is one of the ‘Big Four‘ accounting firms, popular for their strenuous workloads. It has nearly 55000 employees based in the US. The announcement to allow employees to work from home applies to those who work with clients like auditors, consultants, and tax professionals. The workplace services team and IT professionals have to be present in the office.
The company announced the hybrid work model in March this year, in which some employees are working remotely, and other employees are working in the office for up to three days a week. It opened all its US location offices in September with few employees.
PwC said it chose to change its work policy to retain better talent and hire a diverse workforce. According to Reuters, employees who choose to work from home from low-cost locations might face a pay cut, as announced by tech giants Facebook and Google for its US employees.
PwC, in a statement, said, “We are unveiling these enhancements to our people experience to respond to their needs in the changing work environment, to put flexibility and well-being benefits at the center, and expand the pool of people to achieve aggressive hiring goals and diversity, equity and inclusion goals.
The employees can decide in 2 weeks whether they want to continue into a virtual role, though they can modify that in the future. A PwC survey found that 65 percent of all US employees are searching for a new job, and 88 percent of executives see higher turnover than usual. Wages, benefits, career development, and flexibility are the most cited reasons for a job change.
Earlier in June, the 160-year-old PwC announced sweeping reorganization measures, merging its accounting and tax lines of service into a single function called Trust Solutions.
Additionally, it revamped its advisory business, including cybersecurity, privacy, cloud, M&A, and tax consulting, into a single Consulting Solutions unit. Moreover, it launched the Trust Leadership Institute, which intends to train over 10,000 business leaders to make responsible decisions.