Investments and financial performance
In a year when economic conditions were tough, we led with our values around our global network. We remained focused on the future of our people, new technologies, the quality of our work, and new products and services. We invested over US$2.6 billion across the PwC network during FY21, following on from investments of more than US$3 billion in FY20.
We took a people first approach - prioritising wellbeing while continuing to create opportunities and jobs, including recruiting over 90,000 new people across the network. We invested in digitising the network and empowering our people to continue to deliver quality service seamlessly.
In FY21, PwC global firms had gross revenues of US$45 billion - up 2.0% in local currency and 4.9% in US dollars since FY20.
A new global strategy
The New Equation, our strategy launched in June 2021, outlines how PwC brings together a community of solvers, powered by technology, to address global trends and challenges - things like technological disruption, climate change, fractured geopolitics, social tension and the dissolution of trust in institutions. We’ve committed to more than US$12 billion of investments over the next five years and the creation of over 100,000 net new jobs. We applied an outside-in perspective when laying out our strategy, centering on our unique position to address the two distinct but interconnected needs we know every organisation faces: to build trust and to deliver sustained outcomes for all its stakeholders.
The UK is rolling out the Global strategy campaign, The New Equation, launched in June
Trust and quality
As part of this commitment to build trust, we have committed to transparency in a number of areas. For example, we have worked closely with the World Economic Forum to agree on a universal set of environmental, social and governance metrics. As well as actively promoting the use of these metrics with our clients and stakeholders, we are comparing our disclosures to these metrics in our Global Annual Review this year.
Our new strategy includes US$1bn of new investment dedicated to the accelerated deployment of technology to drive audit quality, ultimately contributing to improved trust and confidence in reporting and governance.
Across the network, we consistently see two major societal challenges that affect every region and society: inclusivity and environmental sustainability. We’re committed to playing our part in ensuring people have equal access to opportunities, resources and skills so that everyone can achieve their full potential and maintain a focus on action to address climate change.
For more information on our global impact and plans, please visit our Global Annual Review.