PwC India Investing Towards Different Wellbeing Initiatives
PwC India is investing over Rs. 600 crore over the next 3 years towards the holistic learning and development of its people and across different wellbeing initiatives
Launching a new four-pillared people experience framework that will unlock potential, accelerate learning, create an enabling environment and inspire the community, this seems like a fruitful initiative. The past three years have had a dramatic effect on people, and as a result, individuals are now reassessing what they want to do and how they want to work. Appreciating this fundamental workforce shift, PwC India is committed to investing over INR 600 crore towards the holistic growth, development and wellbeing of its people through its new People Experience Framework, where our people can experience infinite opportunities. The framework enables employees to gain access to personalised opportunities that allow them to live their lives how they want to, including meeting the needs of their families, finding work that aligns with their purpose and values, thereby creating an environment in which they are building the skills needed for the future. “We want to enable limitless possibilities and infinite experiences for our people. Towards this, our new People Experience Framework will bring in increased emphasis on growth and development, customised rewards, benefits and well-being that are stitched into our daily experiences, and where we have the flexibility to support our people as their lives and needs shift over time,” said Sanjeev Krishan, Chairperson, PwC in India. At their recently organised Chairperson townhalls that was held in eight cities and saw enthusiastic participation from over by 15k people, the firm announced this People Experience Framework and its four key pillars:
1) Unlocking potential: The firm’s priority is to ensure that PwC community of solvers find their careers to be enriching – which includes engaging work that challenges them professionally and contributes to the larger organisational purpose, an ecosystem that develops their skills, deepens their expertise and provides them opportunities to grow while being rewarded. Through its Opportunities, Growth, Rewards model, PwC India aims to unlock the true potential of its people at work.
2) Accelerated learning: PwC India has long committed to investing 1% of its revenue on the learning and development of its people. To ensure holistic development, there will now be an enhanced focus on three key areas through which the organisation aims to accelerate professional growth:
- Build capabilities of people to ensure that the firm is developing capable leaders and managers
- Upskilling people and making sure that they are future-fit in their respective areas of expertise
- Building a common minimum Digital IQ for the organisation
PwC India has announced a non-residential executive MBA programme for regular full-time employees up to the Director level, wherein the firm will sponsor 75% of the course fees for employees (up to INR 10 lakh per person). In addition to this, sponsorship of self-initiated learning certifications has been increased to up to INR 1 lakh from INR 30K before.
3) Environment that cares: The creation of a workplace that continues to be inclusive in its style, nurtures people by focusing on holistic wellbeing and develops a diverse workforce where individual opinions are valued is a key area of focus. PwC India also aims to facilitate ease of working for its people by creating an enabling ecosystem that invests in digital and technology to simplify how people experience processes. The firm has announced an increase in medical coverage to (INR 20 lakhs) for every employee, their spouse and two children (up from an average of INR 5 lakh). The organisation has also created a special Benevolent Fund, reiterating its commitment to fulfilling the financial needs of its people in any adverse situations relating to health and life. Apart from this, a Recharge and Rejuvenate policy has been introduced so that each employee is entitled to a minimum downtime of 10 days in a year. Paternity leaves have also been enhanced to 30 days.
4) Inspiring communities: PwC’s passionate community of solvers are always coming together to collaborate in unexpected ways to build trust and deliver sustained outcomes with stakeholders. They are creating solutions to help businesses solve faster, solve more and realise more value, delivering on trust in a sustained manner and creating an impact in society. Through the PwC India Foundation, the firm continues to invest over 16,000 volunteering hours for supporting India’s humanitarian, environmental and educational challenges. It has also announced the Chairperson’s Award of INR 2 lakh per person to recognise 150 inspiring employees up to the Director level.
In addition to this, PwC India announced that it is committed to sharing the gains of growth with all its people by matching the percentage overachievement of its revenue budget with a corresponding increase in the people budget. The amount of the year-end bonus would be increased on this basis. PwC India also announced a special celebratory gift for its employees to commemorate the 150 years of existence of its member firms in India, and has set aside INR 150 crores for this payout.
Padmaja Alaganandan, Chief People Officer, PwC India said: “Our people are at the core of everything we do as a firm. Just as we are relentlessly client focused, we will continue to invest in our people. To deliver on our purpose – to build trust in society and solve important problems – we will continue to build trust within our own organisation. The most meaningful workplace experiences are those that are created with people’s interests top of mind. Our new People Experience Framework will give our people greater personalisation within their career so they can grow and develop, and have access to #ExperienceInfinite opportunities, benefits and connections they need to maximise their journey at PwC.”
“Our people strategy will continue to transform how we work over the coming years, and while change of this scale is not always easy, it will help us create a culture that sets us apart from any other firm, helping us to attract and retain the best people in the market. I couldn’t be more proud of our people and the bold steps we are taking,” concluded Krishan.
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