High performance culture
The value that our clients receive and the value that our People get from their work experience is intertwined with the culture of PwC. At its core, an organisation’s culture is about how its people behave. Our goal is to engage our People to further improve the way they work, to continue our drive for the highest quality in people and in our services so as ultimately to deliver greater value for our clients. This is critical for us to enhance our leadership position.
Every year, we attract and recruit graduates with potential, as well as qualified and experienced professionals with technical expertise, management skills, leadership attributes and the personal integrity that our clients require.
In FY11, we continued to perform strongly against this objective. We received a total of 1361 applications for employment, out of which we recruited 17 experienced hires, and 86 university graduates. Out of the graduates recruited, 58 embarked in our September 2010 professional accounting training schemes. In addition, 68 graduates have joined our September 2011 intake of accounting trainees.
While many People think of mobility as moving across geographies, this is only one aspect of it. There is a wide range of opportunities and business needs, which require our People to be mobile.
During FY11, 7 of our People worked on international secondments in other PwC territories around the world, such as Russia, UK, USA and Greece, while 4 People from PwC Russia, USA, UK and Romania came to Cyprus on secondment.
Moreover, 35 of our People were transferred to a different line of service within the organisation, department or office, in order to meet our client needs and provide a diverse work experience.
A diverse environmentWe are committed to creating an environment where a multiplicity of ideas and experiences are encouraged and appreciated. With the relentless globalization of the marketplace, diversity has become critical to our long-term success. We are more likely to provide better solutions when our teams reflect a wide range of perspectives. We also see diversity and inclusiveness as being at the very heart of effective talent management. In FY11, our People came from 23 different nationalities.
Learning and educationOur ongoing goal is to enhance the value of our People, by investing in their personal and professional development. Therefore, learning and development remained at the top of our agenda in FY11.
Recognition of our comprehensive technical training and development curriculum has been our accreditation as a Continuous Professional Development (CPD) Employer by both the ICAEW and the ACCA. Our People’s technical learning took place through a number of ways: on-the-job, through formal training programs, locally and internationally, and through the use of e-learning trainings.
Nevertheless, our focus is not only on technical skills. In order to help all our People achieve their full potential, and develop further their client and people management skills, we have continued to successfully run our Management Development Program “About U”. Over 200 of our People attended at least one of the “About U” management courses during FY11.
In addition, 6 of our Senior Managers participated in international PwC Key Talent Programs. These included “My Way” and “Apollo”, which aim to develop Senior Managers into our future leaders, through high-impact developmental interventions, personal coaching and connecting with colleagues from a number of PwC territories.
Partner and Director developmentOur Partners and Directors continued to participate in PwC’s International Programs, with a clear focus on enhancing client relationship skills and dealing with leadership challenges. More specifically, in FY11, 4 of our Partners and Directors attended courses on topics such as “Leading Change” and “Sales Navigation”.
AcademyOur Academy continued its successes since its introduction in September 2009. During FY11 one of our ACA trainees received an award for his performance in the ICAEW Professional Stage exams. The award was presented in London, in a special ceremony organised by the ICAEW. The continuing successes of our trainees demonstrate the commitment and hard work of our Academy in achieving high standards.
During FY11, tutors from our Academy visited Athens, Belgrade and Moscow and delivered ICAEW and ACCA courses with outstanding success, achieving pass rates well above the worldwide averages.
Additionally, the Academy continued to fulfil its objective to deliver Continuous Professional Development (CPD) courses to outside professionals and businesses. These courses catered for the needs of professionals and were approved by the ICAEW and ACCA for CPD credits. During FY11, the Academy delivered 15 open seminars with 310 participants and 11 in-house seminars to local businesses with 316 participants.
Performance Coaching and DevelopmentObjectivity is the pillar of our performance management system, and our aim is to continue building a culture, where People are rewarded and progress based on their job performance.
In FY11 we had 2 new Partners, 4 new Directors, 8 new Senior Managers, and 201 promotions to the other grades. This has been a clear demonstration that in PwC we offer tremendous career opportunities and, even in the difficult market conditions, continue to enhance the value of our People and invest in the future
Upward feedbackIn FY11, our Managers, Senior Managers and Directors received upward feedback. The aim was for these professionals to get confidential and anonymous feedback from their colleagues, to help them develop their managerial and leadership style.
Investing in a better workplace
We are continuously investing in new ways of improving our workplace, providing our People with flexibility and recognizing their contribution at all levels. These are long-term commitments, reflecting awareness that our People make their greatest contribution, when their quality of life is well-balanced with their professional obligations. In FY11, we have maintained the following benefits for our People: