This year’s Global Annual Review of the famed multi-national PricewaterhouseCoopers was published at the end of October and looked at the issues that impact PwC’s clients and people around the world.

The report examined PwC’s performance, its network policies and standards, the challenges of work in the global community during fiscal year 2009, and key goals going forward in 2010.

In the report, PwC’s Global Chairman, Dennis Nally addressed “Confidence,” as exhibited by international company leaders. “In a global economic downturn,” he stated, “the importance of business leaders having a vision and the courage to take action, is absolutely crucial.”  “It is necessary,” he continued, “for company leaders to strike the critical balance between government regulatory control and free markets. Our goal must be to develop regulation that minimizes future economic problems without hampering entrepreneurial spirit. Businesses, by their nature, must take risks in order to succeed, “he concludes,” and finding the right level of risk, and understanding what that risk really entails, is the key challenge for both entrepreneurs and investors.”

The PwC report pitches “Resilience” as a key factor of survival in a global economic downturn, because in the end, the most resilient companies are those that have squarely confronted a crisis, survived it, and taken to heart its hard-won lessons.

Real-life crises that organizations faced during the past year suddenly exposed their previously unnoticed weaknesses, which overnight became disturbingly apparent. In response, some companies froze, or some broke. Others demonstrated an ability to absorb the shock, correct their course of action and regain their momentum, which is what makes companies resilient in the face of today’s challenges.

“Growth,” and the importance of continuing to invest in people, occupies an important chapter in the report. Job and people-cost cuts may save cash in the short term, the report states, but do not necessarily create winning platforms for the future. Organizations succeed when they are known for creating a workplace that attracts highly-skilled professionals, and when that workplace supports their development and places them in key roles, the organization stands a chance at the end of the recession, when business picks up and confidence returns, to recognize the opportunities that arise, ready and able to seize them. One of the lessons companies have learned from past business downturns is the importance of keeping the pipeline of new talent flowing. A company must maintain growth and development opportunities for top performers. PwC’s main piece of advice to clients — and one that it also tries to keep in mind for itself — is that organizations should think twice about cutting back on their professional development programs. In bad times, the professional growth of company people should be one of management’s highest priorities.

The report also dedicates attention to Commitment and the real value of “Corporate Responsibility” for business. The practice of corporate responsibility is not a compromise in wealth creation, but rather an increasingly vital component in the long-term sustainability of an organization’s bottom line. Corporate Responsibility should be embedded in all aspects of how an organization operates. It adds value to business as well as benefits the broader community. A company which continuously exhibits Corporate Responsibility is rewarded in terms of public image, retention and recruitment.

“Transparency,” the report continues is a corner stone of PwC’s governance model and the structure, standards and processes that run the global network. PwC is proud of its global network held together by standards in key areas such as independence and risk management as well as people management and brand and communications.

All PwC member firms agree to follow this wide range of standards, including quality reviews, in exchange for the right to use the PwC name, and the use of the PwC name is very carefully monitored.

Should you wish to read Fact & Figures and key information regarding PwC’s revenues, clients, market share, people and leadership, and learn about the company’s view of the past challenging business period,  go to: www.pwc.com/annualreview

While most member firms of the PwC network experienced tough economic conditions, despite the difficult circumstances, PwC’s global revenues in local currency terms were slightly up from the previous year, even as the formerly steady growth in demand for services slowed.

The PwC Global report demonstrates the commitment of the company to clients, as it continues to grow its total workforce, positioning PwC to handle a eventual pickup in demand for services as the economy recovers.

In Aruba PwC offers services via its four company departments, Tax, Assurance, Advisory and Business and Accounting Services, including payroll.
PricewaterhouseCoopers, L.G. Smith Boulevard 62, Oranjestad, Aruba. Mail Address: PO Box 307. Telephone: [297] 522 1647 / Telecopier: [297] 582 4864

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