PwC Allows 40,000 Young Staffers They Can Work From Home
As the battle over “top talent” intensifies among the top banking, consulting and tech firms, PwC – which, like its Big 4 competitors, relies on thousands of young post-grad “analysts” to handle the tremendous churn of work generated by their thousands of corporate clients – has become the latest major company to cave on “remote work”.
According to the FT, PwC told 40K staffers in the US that they can work remotely from anywhere in the country, although they risk a pay cut if they move to areas with a lower cost of living.
They’re the first Big Four firm to allow staff to work remotely on a permanent basis. According to the plan, client-facing employees will be allowed to opt in to “virtual” roles, allowing them to work from home except during occasional office meetings and client visits (and any other important events).
Reducing pay based on cost of living is quickly becoming a standard approach, as Facebook, Twitter and Google have all opted for similar decisions.
PwC’s decision to allow its (primarily younger and less-senior) professionals to work primarily from home on a long-term basis is likely to force its Big Four rivals Deloitte, EY and KPMG, to consider whether they will need to do the same in order to retain staff.
“We have learned a ton through the pandemic, and working virtually, as we think about the evolution of flexibility, is a natural next step,” said Seals-Coffield.
“If you are an employee in good standing, are in client services, and want to work virtually, you can, full stop,” she said.
PwC expects between 30% and 35% of eligible staff to opt in to permanent remote working. Unfortunately, partners managing staff who come to the office regularly will not be allowed to work completely remotely (because this policy change is strictly designed to lure the top young talent, and once you’re an MD, you’ve already pretty much sold your soul to the firm).
It will leave the door open to reversing the policy if permanent remote work isn’t a success. “While these are not short-term moves and are intended to be ongoing options for our people, we will continue to evaluate and innovate – as we do with all of our policies, benefits and flexibility,” it said.
Fri, 10/01/2021 – 14:40