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PwC (PricewaterhouseCoopers), is the largest international accountancy and professional services network with a $31.5 billion turnover and 180,000 employees worldwide. It employs 1,700 people across the south-east and has offices in London, Reading, Uxbridge, Southampton and Gatwick
20-year insights
Stephanie Hyde: Professionals today are active players in winning teams
Twenty years ago Stephanie Hyde never expected to be pulling up nettles from clogged reed-beds in Uxbridge in her work for PwC
“I’ve also helped students design a rollercoaster for zombies as part of an educational business game.”
As head of regions and a UK executive board member, operating from London, she is happy to undertake these unlikely accountancy activities, as part of PwC’s ‘One Firm, One May’ community programme – they are important in today’s professional services world.
They assist internal team-building, enhance work-roles, and also integrate PwC within local communities, while completing valuable tasks for those in need or demonstrating to young minds that the business world can be interesting and fun.
Such activities, she says, are part of the 20- year evolved business norm of 2013, with its culture shift towards ‘approachable friendly professionals’.
“The average age in our firm is 34, and that generation expects those social values to be there. Nowadays, it’s a big part of who they are.
“Our reputation is very important and PwC believes in doing the right thing by contributing to society, helping to improve future lives by using the skills that are inherent in our business.
“Leadership style has changed too. It was remote, detached when I joined in 1995, and predominantly male.
“The working relationship between clients and advisers remains professional but is more open. I can challenge clients freely, but we always retain a friendly respect for each other.
“The Thames Valley – UK’s Silicon Valley – is home to top global brands, gains almost half the South East’s inward investment, and has been one of the fastest growing regions since 2002. It’s an incredible region.
“It has an economic vibrancy, a ‘can do’ attitude, but quietly gets on with things in a forward- looking way. There’s a lot to be proud of, but there’s little brashness.”
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Clearly, a technological revolution – “a lot of it centred around Thames Valley companies” – has enabled and driven changes during the past 20 years. (PwC started using laptops in 1997).
Technology-led globalisation has brought increased business complexities and shifted the business focus of many companies – both aspects influencing the role of professional services providers, says Stephanie Hyde. "Cambridge and the Thames Valley also continue to be important hubs for the ever growing economic markets in the technology industry."
Technology has brought the opportunity to use business information as a management tool. “Professional analysis, international insight and strategic advice are now keenly sought by clients, in addition to the assurance and compliance services of old.”
When she joined Coopers in 1995 it was part of the ‘Big Six’. The 1998 merger with Coopers Lybrand created PwC. Arthur Andersen toppled in 2002 following the Enron scandal,
leaving the ‘Big Four’ – PwC, Deloitte, Ernst & Young and KPMG.
“PwC is known for our global brand but we work with more smaller companies than large ones. We try to work with companies at the right time for them, whether SME or multinational. They tend to want us to work with them for our scope, insight and experience.
“Clients expect more value from relationships. While expecting consistency of service, they are looking for a more challenging discussion than 20 years ago.
“Our consultancy task nowadays is often how to help them reduce the costs of complexity, become more agile, allowing them to devote more time to driving the business forward, particularly in this slow growth ‘new normal’ environment.”
Clients like close geographical working relationships, too, Stephanie Hyde pointed out.
“Clients really appreciate us having a local office connection with a global reach. And we want our people to be out there locally having broad conversations direct with clients.”
“Sharing experiences and celebrating success, through networking events, local publications, and awards is also important. If we don’t, we can lose some of the essence of why we are successful. After all, recognition encourages us all to do more.”
PwC regional events, staged through its south-east offices, are invariably well attended, she adds. “I can’t see the need for such local business communication reducing. Every region I visit has different market characteristics and challenges.
“Megatrends are hitting the business world at present – the market shift from West to East, increasing use of the Internet, our aging population. Each can have a positive or negative impact depending on how you react. The Thames Valley’s challenge is to keep moving with the times and embracing those trends ahead of the curve, along with the opportunities they provide.”
THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2013
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