John Parkhouse says PwC Luxembourg has “embarked on an unparalleled effort on recruitment at all levels” this year. PwC Luxembourg 

John Parkhouse says PwC Luxembourg has “embarked on an unparalleled effort on recruitment at all levels” this year. PwC Luxembourg 

On 15 June, PwC unveiled its global strategy, The New Equation, which includes a $12bn investment in staffing, technology and ESG. PwC Luxembourg CEO John Parkhouse shares with Delano what this means for the grand duchy.

The global aims to address modern global challenges--from climate change and tech disruption, to “fractured geopolitics” and social tensions--with a sense of urgency and in a trust-building manner.

Bob Moritz, chair of the PwC international network, announced that the company would be hiring an additional 100,000 employees worldwide over the next five years, increasing its total staff by nearly a third to around 384,000, and that the company would “massively invest to redefine itself and rebrand itself to make sure we're valuable for what our clients need and what the world needs.”

Here are three questions to on how the strategy will play out in Luxembourg.

Natalie Gerhardstein: How will The New Equation affect staffing in Luxembourg, if at all?

John Parkhouse: We have embarked on an unparalleled effort on recruitment at all levels and across many of our businesses targeting up to 830 new people this year. This is both in response to the new opportunities we are driving within The New Equation and also with regard to the need to focus on the well-being of our people and ensure they both have the time to focus on bringing real value to our clients and to enjoy a more balanced life.

What other changes would be on the horizon for Luxembourg as a result?  

We are already heavily invested in many of the core themes underpinned in The New Equation--cyber, digital and ESG, to name a few. Over the last decade, PwC has invested in new technology and capabilities to continue to provide excellent support to our clients, with a deep commitment to quality and our purpose, and we will continue to refine our investment in line with our network. We will be looking at new ways to team, work together and bring a multi-disciplinary approach to our clients. The shift as a result of this strategy will come in time, as we add more depth and breadth to help clients meet new challenges in new ways. Clients will experience PwC teams of problem-solvers with an even wider range of different skills and capabilities encompassing new technologies and sustainable service delivery.

How does Luxembourg plan on implementing “trust-based principles”, as outlined in the strategy?  

Trust is already a foundation of who we are and why we exist. Our major shift here is our focus on looking at trust across a wider set of stakeholders and bringing the myriad of expertise at PwC to help our clients solve this critical business challenge as we move forward. We embarked on this journey several years ago by adopting, as one of the first major employers in Luxembourg, a corporate social responsibility policy. The New Equation is a landmark strategy that speaks to these two most fundamental needs that clients and organisations are grappling with today. First is the urgency to successfully respond to all the change that is occurring including technological disruption, climate change, social tension, etc. and help our clients to build sustainable outcomes. Second is the need to build trust at a time when it is both more fragile and more complicated to earn. The two are interdependent, and PwC is uniquely positioned to serve clients as they seek to solve for both.