PROFESSIONAL services firm PwC Singapore will be spending S$50 million over the next five years to expand its capabilities - these efforts would include hiring for over 300 positions, having an annual set target for the admission of new partners and launching an ESG Centre of Excellence.
The investment is part of its new strategy, The New Equation - a global strategy announced earlier in June - based on its analysis of global trends and "thousands of conversations" with clients and stakeholders.
"Fundamental shifts in the way we now live and work have impacted businesses in many ways, notably stakeholder expectations on trust and delivering sustained outcomes," said Marcus Lam, the new executive chairman of PwC Singapore.
"What we at PwC want is to bring the best combination of people and technology to help our clients and the wider market continue to grow, stay relevant and thrive amidst a changing and chaotic world."
Over the next five years, the firm plans to launch an ESG Centre of Excellence to build up capabilities in ESG (environmental, social and corporate governance); admit 10 new partners annually, including new market hires; hire new staff and enhance the skills of its partners and staff, particularly in ESG, digital transformation, M&A (mergers and acquisitions) and deals value creation, and financial services advisory; and collaborate with innovative players on projects such as developing digital products.
In particular, in terms of staff hires, PwC Singapore said it intends to hire for over 300 positions over the next year, across a wide range of competencies and experiences.
"In Singapore, we are investing in our people to equip them with the technical, digital and human skills needed to build trust and deliver sustained outcomes. Many people begin their careers at PwC before moving on to serve in other areas of the industry, the market or in the regulatory space. We are committed to continuing to support training and development for a new generation of business leaders in Singapore," said Mr Lam.
Mr Lam takes over from PwC Singapore's previous executive chairman Yeoh Oon Jin.