PwC build trust in society and solve significant problems

PwC

The company was made
in 1998 by a merger between Coopers & Lybrand and Price Waterhouse. With
offices in 158 countries PwC provides services to 422 out of 500 Fortune 500
companies (Fortune, 2017). They adapt the expertise of almost 1000
professionals in Cyprus and the power of global network of 23,6000 experts. PwC
industry specialised in the following sectors; Insurance, Hospitality &
Leisure, Transportation & Logistics, Funds etc. (Cyprusprofile.com, 2017).
According to Shannon Schuyler, the organisation came from different backgrounds
and cultures while their purposes are to build trust in society and solve
significant problems (Philp, 2017)

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1.1 Introduction

Operating and
controlling a successful company isn’t just about working hard, but rather
about working smart. Looking at the factors that affect the production, operation,
policies, people and profits of your organisation can come up with this
information; how the improvement of technology might affect a traditional
publishing company (Bush, 2017). To apprehend and evaluate external factors,
organisations manage what is called a PESTLE Analysis (BBC, 2017)

 

1.2 Reasons for using PESTLE-analysis

PESTLE-analysis is
helpful tool for understanding the big picture of the external environment in
which you are working on and the threats that may arise. By understanding the knowledge
of your environment, you can gain advantage of the results and opportunities.
They are six elements to a PESTLE analysis, political, economic, sociological,
technological, legal, and environmental. However when the organisation wants to
examine its environment, great starting develop is the evaluation of macro
environment (CIPD, 2017).
However, this is the first year that PwC Cyprus is
using the Total Impact Measurement & Management (TIMM) framework to report
on its economic, tax, social and environmental impacts (C Evgeniou, 2015).

 

 

1.2.1 Political influence

 

PwC’s Government and public services
practice provides guidance in such areas as regional development, demographic
change, ageing issues, government, governance, international development etc.
(PwC, 2018). This PESTLE Analysis of PwC provides a comprehensive insight into the
political environment of the company for example, political stability, low
barriers of market entry, international trade agreements, reduced costs, low
trade restrictions, positive tax policy, experienced political environment (Health Knowledge,
2017).

 

 

1.2.2 Economic influence

Economic impact is the main part
of PwC contribution to Cyprus, It consists of two categories, investment and
payroll, which correspond to a contribution to Cyprus’ GDP by more than 0.6% in
Gross Value Added. The majority of the organisation impact is the result of
both direct operations and the spending of our employees and the employees of
our suppliers.

 

1.2.2.1 Profit: The impact of the organisation in this
category (profit, investments and intangibility) is €55.8 million.  The direct impact is €19 m, the indirect is
€7 m and induced impact is approximately €29 m. The induced impact is larger
than both the direct and indirect impact added together (dark green in figure)
because of the spending of Partners and staff in sectors that generate high
value added (compared to the sectors that PwC Cyprus’ indirectly spends), thus,
driving relatively high the induced impacts.

 

Figure: (Pwc.com.cy, 2018)

 

1.2.2.2 Payroll: The employs of the company are more
than 900 people including staff and partners. The salaries we pay them drives
spending in the economy which forms the second largest contribution to our
total economic impact. The direct impact of employee compensation is €29.4 m,
the indirect impact is exactly €3.4 m and the induced impact is just about
€21.7 m.

 

 

1.2.3 Sociological influence

Pwc quantified their social impacts of approximately 4, 5 million
relating to their own contribution to education in Cyprus via the investment
they make in training their people, and the contribution they make to community
livelihoods through their support for empowerment, health and safety. As a
leading professional services company, Pwc offer excellent education
opportunities for graduates and students. Specifically, at PwC Cyprus, team may
undertake either a 3 year training plan to qualify as a member of ACCA.
However, Pwc
investing in their people, is the main key to the way they do business because
it enables the delivery of high quality work to their customers (C Evgeniou, 2015).

1.2.4 Technological influence (130w)

PwC lists the eight technologies with the most cross-industry and global
impact over the coming years. The result is a guide to the “Essential Eight”
technologies PwC believes will be the most influential on businesses worldwide
in the very near future. However, as we can see from the Pwc report there is
high investments in research and development. (30%, 18%), new technologies are
available at reasonable costs. (14%, 11%) and it can trends can increase market
size. (51%, 38%) (PwC Cyprus, 2018).

 

 

1.2.5 Legal influence

The
PwC Network Legal Practice in Cyprus is a full member firm of PwC International
Ltd, the largest professional services company in the world and is part of the
Tax & Legal Services Network, which has more than 2.500 lawyers in over 85
countries. Pwc is primarily a business law practice which offers: Specialist
legal advice for businesses and individuals and they can identify development
risks technological capacity and any technological problems (PwC pestle, 2018).
The firm can also provide legal services in other areas of major interest and
concern to modern businesses and individuals such as general companies’ legal
advice, regulation in highly specialised areas such as shareholders’ disputes,
tax advice and preparation of organisation documents, employment Law etc. (PwC
Cyprus, 2018)

 

 

1.2.6
Environmental influence

 

At PwC Cyprus, employees take
their environmental responsibilities seriously. They have estimated the value of their negative
environmental impact at €3.8 million. This includes the direct, indirect and
induced impacts. Company’s land use direct impact is negligible, waste is the
third largest of our environmental impacts Pwc has managed to reduce
significantly number of paper consumption through implementing actions such as
double sided printing. Also they trying to not using large amount of water,
they estimate that the environmental water impact is €0.1 million. Moreover,
the installation of dry urinals helped significantly to reduce the consumption
of water in our buildings.

 

1.3
Conclusion

 

Since Pwc
use the Total Impact Measurement and Management (TIMM) to report its economic,
social and environmental impacts, the company, the company is able to
understand the external benefits of their investment in training qualified
accountants, their decisions can be driven to understanding of their overall
impact and the stakeholders they affect. (Evgeniou, 2018). To achieve their optimistic impact and reduce their negative one they
design adaptive strategies that enable them to react quickly on time to change
the negative
environmental impacts, in result they focus on their current and future
actions.