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PwC's Values and Purpose Journey with Wendy van Tol

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Wendy van Tol shares PwC’s global network journey towards being purpose led and values-driven.

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PwC's Values and Purpose Journey with Wendy van Tol

  1. 1. Our journey to become purpose-led and values-driven Wendy van Tol September 30th 1
  2. 2. • Context • A data-driven method to arrive at new values • PwC’s practical journey • Lessons learned Table of contents 2
  3. 3. Context 3
  4. 4. 4 Demographic and social change Shift in global economic power Rapid urbanisation Resource scarcity and climate change Technological breakthroughs Five megatrends Leader in building and sustaining trust- based institutions Multinodal organisation Client service from strategy through execution Technology-enabled innovator
  5. 5. Snapshots of what CEOs say about culture 21% strongly agrees that purpose comes first in their company’s decision making during a crisis 67% Of CEOs believe purpose is centred on creating value for wider stakeholders. 50% Of CEOs highlighted a lack of understanding in the company of how to translate purpose and values into concrete actions and behaviours 75% Of CEOs believe business must satisfy wider societal needs. 5 75% Of CEOs are changing their values and codes of conduct to respond to stakeholder expectations 75% Of CEOs are changing their values and codes of conduct to respond to stakeholder expectations 28% Of CEOs think that attracting employees who are committed to seeing a social purpose in their work was very important 24% say they are fully confident their company would reward whistleblowing on bad corporate actions or going outside the chain of command to raise a concern
  6. 6. Organisations focused on values – not rules – perform better of employees at purpose-led, values- driven organisations report high performance 97% of employees at rules-based, process-driven organisations 80% of employees at organisations driven by power and tasks 30% Compared with Source: LRN’s 2016 HOW Report
  7. 7. Business case for purpose Organisations with a clear purpose are also doing better for their shareholders Cash cow • Short term • No societal value • Not sustainable P+P Organisation • Long term positive impact • Long term profitability • Long term sustainability Irrelevant • Not profitable • Not purposeful • Not sustainable Foundation • Value add for society • Funding needed to survive • Difficult to sustain Profit Purpose From Purpope+ * Identified by Jim Collins: ‘Good to Great’ ** Represents overall stock market *** Firms of Endearment: a company that endears itself to stakeholders by bringing the interests of all stakeholder groups into strategic alignment Purpose-driven firms significantly outperform profit-focused firms Research done with 22 FoE *** firms , 11 GtG * and 500 firms from the stock market ending in 2006 1681% 263% 118% 0% 200% 400% 600% 800% 1000% 1200% 1400% 1600% 1800% Purpose-inspired firms Good to Great companies* S&P 500** Aggregate shareholder return Purpose-inspired firms Good to Great companies* S&P 500** Purpose driven firms make ~14.2 times more profit after 15 years compared to S&P 500 firms, which represent the overall stock market
  8. 8. Why Purpose How Values What Vision 2020 Building trust in society and solving important problems
  9. 9. 9 Our clients Society PwC We realised our potential to create a ripple effect
  10. 10. A data-driven method to arrive at new values 10
  11. 11. Where is the energy in the organisation? What do our people want and need? • Global Values Survey • Global People Survey (GPS) Who are we now? What are our current values? • Existing values • PwC Experience What do our clients/ society expect of us? • BHI results • Regulators’ expectations What is our vision for the future? • Purpose • Vision 2020 PwC values and behaviours The different angles we have taken
  12. 12. 12 United Kingdom Spain Korea Mexico Switzerland
  13. 13. 226.335 Employees 156 Countries 58.2% Response What do our people want & need?
  14. 14. Results survey Being a professional services firm Quality of work experience Executing our visions
  15. 15. 15 Workshops Sign-off values & behaviours Launch Translating values into behaviours Through co-creation in Values in Action workshops How do the values resonate across different cultures and lines of service? Identifying behaviours that reflect the values and are counter to it Considering the things we need to change and the things that support the values
  16. 16. PwC’s practical journey 16
  17. 17. Agreement with Strategy Council to focus on values as part of our cultural refresh PwC Values survey First iteration and analysis of themes with SC Engagement with key stakeholders with role to play Leadership engagement and coaching to lead the journey ahead Leadership and network engagement to identify values and behaviours 3 Oct Soft launch across the network Agreement on global values and behaviours Embedding into territories Agreement on the narrative PwC’s journey to becoming purpose led and values driven 2017 > Hard wired launch
  18. 18. January 2016 May June July August September October December February January 2017 Global Values Survey launched globally Asking ourpeople what’s important tothem Aligning culture activities Introducing a new approach and governance Networkleaders meeting,NYC Agreeing the way forward Territory‘Values in Action’ workshops Agreeing the behaviours behind the values Why, How,What toolkitshared Toolkit of strategy map, conversation guide, videos, templates and design assets – for partner and employee engagement Values survey results Sharing the sentiment we heard Overview ofour culture journey Supporting planning and earlyframing Global Immersion of values and Why, How,What framework Digital activation Values jam – focused on one value per month New year challenge To set broader context with Why, How, What around individual engagements during regular team check-ins 2015 Introduction of Vision 2020 2014 Introduction of Purpose 18 Overview ofour culture journey Supporting planning and earlyframing Conversations focused on Why, How, What Ongoing team conversations to focus on Purpose, values and Vision 2020, using toolkit to tailor messaging PwC’s practical journey
  19. 19. Lessons learned 20
  20. 20. All empoyees Data driven Ownership & coaching Next generation Unity & Diversity First the shift than the anchoring Lessons learned Positive Evolutionary Focus on critical few behaviours

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