Working from home is about to become permanent option for 40,000 client services employees at accounting and consulting firm PwC. The comp...
Working from home is about to become permanent option for 40,000 client services employees at accounting and consulting firm PwC.
The company will become one of the biggest employers in America to embrace permanent remote work.
PwC employees who choose to work virtually would have to come into the office a maximum of three days a month for in-person appointments such as critical team meetings, client visits and learning sessions, PwC's deputy people leader, Yolanda Seals-Coffield, said.
'We have learned a ton through the pandemic, and working virtually, as we think about the evolution of flexibility, is a natural next step,' she said. 'If you are an employee in good standing, are in client services, and want to work virtually, you can, full stop.'
Client services employees who are eligible to work from home include consultants, auditors and tax professionals. The company has 55,000 total US employees.
Work from home is about to become a permanent fixture in the lives of 40,000 client services employees at accounting and consulting firm PwC
The policy is a departure from the accounting industry's rigid attitudes, known for encouraging people to put in late nights at the office.
Location does factor, however, into PwC employees' pay, Seals-Coffield said.
Employees who opt to work virtually full-time from a lower-cost location would see their pay decrease, she added.
Other major accounting firms, such as Deloitte and KPMG, also have given employees the choice of working remotely in the face of the COVID-19 pandemic. Rivals like CitiGroup have promoted flexibility in an attempt to attract better talent.
On the other hand, firms like Goldman Sachs and JPMorgan Chase have been rigid, expanding the number of people mandated to work in the office five days a week in New York City - even at the risk of losing talent.
Seals-Coffield said the firm was the first in its industry to make full-time virtual work available to client services employees.
The company's support staff and employees in human resources and legal operations, who do not face clients, already have the option to work virtually full-time.
The policy is a departure from the accounting industry's rigid attitudes, known for encouraging people to put in late nights at the office
Goldman Sachs and JPMorgan Chase have been rigid, expanding in-person staff for five days a week in New York City at the risk of losing talent
Rivals like CitiGroup have promoted their flexibility in an attempt to attract better talent
Alphabet Inc's Google also bases employees' pay on their location, with those who work from home potentially earning less.
Most U.S. white-collar workers have been working from home since the pandemic took hold in March 2020. Chief executives have grappled with bringing employees back, weighing their management style and preferences against risks such as more contagious COVID-19 variants and workers rejecting vaccines.
PwC said in a memo to employees this week that it is offering the new policy to attract and retain talent and become more diverse. Partners at PwC whose team members choose to be in the office regularly will not be allowed to work completely remotely.
'We're confident we can manage hybrid teams,' Seals-Coffield said. She added that PwC's research suggests that 30% to 35% of its eligible workers will take the firm up on the offer. PwC has 55,000 U.S. employees in total, and with its new policy, the majority will be able to work virtually if they want.
Seals-Coffield said PwC is not planning to make any significant changes to its real estate footprint due to the new policy. The firm plans to use its office space differently, she said, without elaborating. PwC is globally headquartered in London, with its main U.S. office in New York.
In addition to providing auditing and accounting services, PwC consults with companies on issues such as return to the office. Asked about how PwC's new policy would inform its advice to clients on the topic, Seals-Coffield said it depends on other organizations' needs.
In June, PwC said it would hire 100,000 people over the next five years in jobs that would help clients report on diversity and climate. The firm currently employs 284,000 globally.
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