Looking toward the future of PwC

Today, PwC announced that I will assume the role of Global Chairman effective July 1. This is a humbling moment—both personally and professionally. At PwC, we have more than 200,000 people around the world. All that energy, all that excitement, all those ideas, and so much focus on making a difference around the world—I’m honored to be chosen to serve and lead these talented partners and staff. I have a huge sense of personal accountability to them, as well as to our clients, the broader capital markets, our communities, and our other numerous stakeholders, and I’m excited for what lies ahead.

As I think about the opportunities—as well as the challenges we all face in an uncertain global economic environment—I’m certain of one thing: what brought us success in the past will not be what drives our success in the future. 

According to PwC’s Global CEO Survey, CEOs still do see opportunities in different pockets of the world—from China to the Middle East and, yes, even still in the US. At the same time, they see a fragmented world fragmenting further as they witness political turmoil, terrorism across the continents, stock market volatility and various debt crises. And, with only 27% of CEOs believing global economic growth will improve over the next twelve months, it’s a world that is forcing us all to not only think about how to thrive, but in some cases survive.

This is an environment in which every single sector is thinking about innovation, but also about the possibility of disruption coming from every angle. It’s fast-paced and it’s unpredictable. Newcomers with niche skills and unheard-of digital capabilities are challenging entrenched incumbents. Companies across many industries are broadening their competitive sets to include emerging businesses that live outside of our traditional industry subsets. Businesses are forming alliances one day and competing ruthlessly on others. These realities are challenging businesses in every corner of the globe to find ways to be agile and manage growing and evolving customer demands, the need for enhanced digital connections, increased regulation, and heightened expectations of accountability. On top of all of that, this is a world in which trust has never been more scarce. If we don’t listen carefully, our brands could erode in a heartbeat.

As a result, lines are blurring and traditionally segmented sectors are merging. Cybersecurity is no longer just a technology or customer service issue, but also an issue of economic vitality and resilience. Talent is no longer just a human capital issue, it’s an innovation issue. Quality isn’t just a conversation because of increased regulation, it’s a trust issue. Culture is more important than ever before in a world that values behavior as an asset. Everything is connected and those leaders who understand how to bring this all together and lead from the front will be the ones best positioned to withstand the megatrends and redefine what it means to be competitive in the years to come. Within each of these threats, concerns and risks lie boundless opportunities.

It’s not surprising given all the uncertainty that some CEOs are looking to play it safe. But operating cautiously does not preclude one from moving too quickly. No one can afford to sit still. This means excelling at strategy and execution. It means sharpening the focus, becoming more effective and efficient in how decisions are made, and keeping an eye toward the global while simultaneously maintaining deep consideration of the local.

This will require each and every one of us—across all industries—to think and act differently, and I am a firm believer that so much of a business’ ability to do that is dependent upon diverse talent. This is a millennial-rich generation. Millennials are often defined by the year they were born, but we need to think about the term differently. Being a millennial is a new mindset. It’s a set of behaviors people today are demonstrating regardless of their age. And it’s a generation that has more choices and opportunities than ever before, so we can’t sit back and wait for this talent to walk through our doors.

Many of us are competing for people we haven’t targeted in the past. Take manufacturing. Industry 4.0 is proving that technology minds are needed in Pittsburgh, Detroit, Shenzhen, Munich and Düsseldorf as much as they are needed in Silicon Valley. That means forward-thinking people strategies will be needed to win the talent we all need. I don’t know how else to say this: big businesses, small business, entrepreneurs, and, yes, even governments need talent. Maybe that last category even more so these days. Talent doesn’t always need big business. It will serve all of us well to be open and adapt.

I also believe we all need to embrace the future with a sense of responsibility—responsibility that goes well beyond our day jobs and that aligns with the values of our talent, stakeholders, investors, customers and clients in ways beyond short-term financial returns. It’s why we stand so solidly behind our Purpose -- that perfect intersection where societal needs meet the assets our firm possesses to solve them. That’s where our people find meaning.

Purpose guides us to where we need to be. When clients and customers know what you stand for and believe in it, they trust you. So if your business doesn’t have a Purpose, find it. And make sure everyone in your organization, every office in your market, and every country in your network has the ability to understand it and embody it, both on the job and in their own lives.

Maybe some see the current landscape plagued by threats, but I see a future ripe with promise. Challenging economic, geopolitical and competitive environments are the absolute best times to make changes. We have to push the envelope—and each other—to stay relevant and not let fear or uncertainty deter us or render us idle. That is the message fueling engagement, innovation and idea generation at PwC, and is what will energize me, and I hope all of you, in the years to come.