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HUMAN RESOURCE MANAGEMENT

PRESENTATION REPORT GROUP 11

HRM STRATEGY OF PwC

Group members:
Truong Thuy Hoa
Nguyen Thi Hoa
Bui Lan Phuong
Dinh Thi Bich Hang
Vu Thi Thu Thuy
Nguyen Viet Trinh
Nguyen Thu Hang
Le Quang Minh

CONTENT
INTRODUCTION ....................................................................................................... 3
PART 1: LITERATURE REVIEW on Human resource management.......................... 4
I. Overview ........................................................................................................... 4
II.

HRM Practices ............................................................................................... 5


II.1.

Analysis and design of work .................................................................... 5

II.2.

Recruitment and selection ........................................................................ 5

II.3.

Training and development ........................................................................ 6

II.4.

Compensations to employees ................................................................... 7

PART 2: APPLICATION TO PwC ............................................................................. 8


I. INTRODUCTION TO PwC............................................................................... 9
I.1. Overview ..................................................................................................... 9
I.2. PwC global network .................................................................................... 9
I.3. PwC Viet Nam .......................................................................................... 10
PwC S HRM STRATEGY .......................................................................... 11

II.

II.1.

Analysis and design of work .................................................................. 11

II.2.

Recruitment and selection ...................................................................... 14

II.3.

Training and development ...................................................................... 20

II.4.

Compensation to employees ................................................................... 24

III.

Assessments and recommendations .............................................................. 31

III.1.

Assessments .............................................................................................. 31

III.2.

Recommendations ..................................................................................... 33

CONCLUSION ......................................................................................................... 34
LIST OF REFERENCE ............................................................................................. 35

INTRODUCTION

We are group 11 of Human Resource Management Class this semester. During HRM
lectures, we have studied about different practices in Human resource management of
a company.

On the basis of the knowledge acquired from the course, we decided to investigate into
the HRM strategy of PwC, a company of great concern for us for two reasons:
-

According to Money.cnn.com, PWC is the top 50 best companies worldwide to


work for. And in Viet Nam, considering the difficulty of finding good jobs after
graduation, we realize that PwC is certainly a great idea.

PWC is one of the best place offering good internship programs for university
students. Especially for students who graduate from Foreign Trade University,
PwC could offer us various jobs suited with our Major in FTU like accountants
and consultants.

At the beginning of the report, we would like to review the theoretical background of
HRM practices. The main part of our report focuses on the analysis and evaluation of
HRM strategy of PwC. In the end, we submit some recommendations for PwC to
improve its HRM practices.

We want to give special thanks to Mr. Hoang Anh Duy our lecturer for his scholastic
guidance, valuable instructions and remarks in carrying out this report.

PART 1
LITERATURE REVIEW
Human resource management
I.

Overview

Human resource management (HRM) is defined as policies, practices and systems that
influence employees behavior, attitudes and performances.

The objectives of HRM is obvious.


HRM helps the organization achieve its goal through workforce.
HRM allows organization too utilize people to their full capacity and potentials.
HRM is a factor fostering commitments from individuals to company s
success.
HRM enables the company to identify and satisfy individual s needs by
offering monetary and non-monetary rewards.
HRM ensures that the company obeys legal regulations and laws on human
resource.

There are eight practices involving in strategic HRM of a company:

Analysis
HR
and design
Recruiting Selection
planning
of work

Training
and
developing

Compensation

Performance
management

Employee
relations

However, in our report, we just focus on some of the above practices of PwC because
of the unavailability of published information and our limited ability to collect it.

II.

HRM Practices
II.1.

Analysis and design of work

Job analysis:
Job analysis is the process of getting detailed information about jobs. The outcomes of
job analysis are job description and job specification.

Job description is a list of tasks, duties and responsibilities (TDRs) that a particular job
entails. It key components are job title, brief description of the TDRs as well as the list
of essential duties with detailed specifications of the tasks involved in carrying out
each duty.

Job specification is a list of knowledge, skills, abilities and other characteristics


(KSAOs) that an individual must have to perform a particular job.
The importance of job analysis:
Job analysis is so important to HR managers that it has been called the building block
of all HRM functions. Almost every HRM program requires some type of information
determined by job analysis such as: work redesign, human resource planning,
selection, training, performance appraisal, career planning and job evaluation.

II.2.

Recruitment and selection

Recruitment
Recruitment is any activities carried on by the organization with the primary purpose
of identifying and attracting potential employees.

Recruitment sources are divided in to 2 categories:


Internal source: employees currently holding other positions in the organization.
External source:
o Direct applicants
o Referrals
o Advertisements in newspapers and magazines
5

o Electronic recruitment
o Public employment agencies
o Private employment agencies
o Colleges and universities
Selection
Personnel selection is the process through which organization make decisions about
who will or will not be allowed to join the organization. Generally, selection process
requires five steps:
Step 1: Screening applications and resumes
Step 2: Testing and reviewing work sample
Step 3: Interviewing candidates
Step 4: Checking references and backgrounds
Step 5: Making a selection
The Importance of Recruitment & Selection
Employing the right person for your small business might be the most important part
of your venture. An effective recruitment and selection process reduces turnover.
These processes match up the right person with the right job skills. In a constantly
changing business world, it is significantly important companies need to hire people
who are adaptable, loyal, knowledgeable, dependable and confident, thereby creating a
foundation for success.

II.3.

Training and development

Training:
Training is a process consisting of an organizations planned efforts to help employees
acquire job-related knowledge, skills, abilities, and behaviors, with the goals of
applying these on the job.
Development:
Development in human resource management is the combination of formal education,
job experiences, relationship, and assessment of personality and abilities to help
6

employees prepare for the future of their careers. In contrast with training which
traditionally focuses on helping employees improve performance of their current job,
development indicates that it is future oriented.
The importance of training and development:
Training and career development are very vital in any company or organization that
aims at progressing. Training simply refers to the process of acquiring the essential
skills required for a certain job. It targets specific goals, for instance understanding a
process and operating a certain machine or system. Career development, on the other
side, puts emphasis on broader skills, which are applicable in a wide range of
situations. This includes decision making, thinking creatively and managing people.
II.4.

Compensations to employees

Definition
Compensation is the remuneration received by an employee in return for his/her
contribution to the organization. Compensation is an integral part of HRM which helps
in motivating the employees and improving organizational effectiveness.
Types of compensation
Financial compensation
o Directly financial compensation: wages and salaries; fair commissions;
performance bonus and merit increases.
o Indirectly financial compensation: insurance plans; social security benefits;
paid absence.
Nonfinancial compensation
o Job/position: interesting duties and responsibilities; challenges; authority
and autonomy; opportunity for recognition; feeling of achievement;
advancement opportunities.
o Work environment: fair and consistent practices and policies; competent
supervision;

effective

co-worker;

comfortable

environment; flexible schedule; modified retirement.

and

safe

working

PART 2
APPLICATION TO PwC
Here we provide the outline of the second part of our report:

Introduction to PwC

HRM strategy of Pwc

Assessments and
recommendations to
HRM strategy of PwC

Overview
PwC global network
PwC Vietnam

Analysis and design of work


Recruitment and selection
Training and development
Compensation to employees

Pros and Cons of PwC HRM strategy


Recommendations

I.

INTRODUCTION TO PwC

I.1.

Overview

PricewaterhouseCoopers (trading as PwC) is a multinational professional services firm


headquartered in London, United Kingdom. It is the world's second largest
professional services firm measured by 2013 revenues, and is one of the Big Four
auditors, along with Deloitte, Ernst & Young (EY) and KPMG.

Although the firm's reach is vast these days, in the beginning it was just Samuel
Lowell Price, a London accountant who hung out his shingle in 1849. He was
subsequently joined by two more accountants, and in 1865, the partnership renamed
itself Price Waterhouse Company, which grew to become a prominent international
network of independent member firms.

PricewaterhouseCoopers is organized into the following four main service lines:


Assurance Services
Tax Advisory (international tax planning and compliance with local tax laws,
customs, human resource consulting, legal services and transfer pricing)
Advisory mainly consulting activities which covers Strategy, Performance
Improvement, Transactions Services, Business Recovery Services, Corporate
Finance, Business Valuation, Sustainability and Crisis Management in a range
of specialist areas such as accountancy and actuarial advisory.
Academy - providing a wide range of financial, and business skills training to
individuals and the organizations they work for. PwC's Academy trains and
supports students who are taking professional qualifications in accountancy and
finance.

I.2.

PwC global network

PwC has a network of firms in 158 countries with more than 180,000 people who are
committed to delivering quality in assurance, tax and advisory services. This network
keeps PwC informed of the latest news and trends from around the world.
9

The PwC network allows itself to leverage vast and deep knowledge of member firms
around the globe to provide greater value to clients.

I.3.

PwC Viet Nam

PwC established offices in Hanoi and HCMC in 1994. PwC has been operating in
Vietnam for 17 years now, and has a team of approximately 600 professionals based in
our Hanoi and Ho Chi Minh City offices.

PwC also has a foreign law company in Vietnam, licensed by the Ministry of Justice
with a head office in Ho Chi Minh City and a branch office in Hanoi.

The current General Director of PwC Viet Nam is Ms Dinh Thi


Quynh Van.

10

II.
II.1.

PwC S HRM STRATEGY


Analysis and design of work

a. Jobs at PwC
No.1. Advisory
Consultinghelping

clients

improve

business

processes,

transform

organizations and implement technologies needed to run the business leveraging


our skills within: Management consulting, technology consulting and risk
consulting.
Deals helping clients get the best deals done at the appropriate price,
negotiating terms with leverage and control, reducing risk and enabling smooth
post-deal integration.
Forensicshelping clients prevent, confront and remediate regulatory, legal
and commercial challenges as a result of unplanned events.

No.2. Assurance
External Audit
External Audit practice provides independent reporting to stakeholders on the
financial performance of their businesses and the internal controls that govern their
financial information. They perform:

Core financial statement and internal control audits

Business and performance reporting

Social, environmental, and other compliance reviews

Risk Assurance
Risk Assurance is the practice to analyze, assess and address risk and to navigate
regulatory requirements in an increasingly complex environment.
Transaction Services
PwCs Transaction Services professionals help companies make informed and
empowered investment, divestment, capital market and reorganization decisions.

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No.3. Tax
PwCs Tax practice is on the cutting
edge of one of the most challenging
and intellectually rigorous fields,
working with some of the worlds
largest organizations on tax planning,
global

structuring,

and

tax

consultants

solve

controversy.
At

PwC,

tax

problems, add value to clients and help companies navigate an increasingly


complex tax environment.

No.4. Public sector practice


PwCs dedicated government practice helps federal, state & local and
multilateral development agencies in many aspects:
Financial management
Their work focuses on achieving cross-enterprise financial process integration and
alignment to enable cost reduction, strengthen reliability of internal controls and
increase confidence in financial information.
Operational effectiveness

They help government agencies and departments to assess current operations issues to
increase efficiencies and effectiveness, as well as develop successful and appropriate
rewards and recognition programs.
Program management

From planning to design to implementation, their team can provide the tools,
methodologies and people to facilitate successful delivery of large projects and
programs.
Security and data management

They help government agencies and departments increase the return on their
information technology investments through the alignment of their business processes
with their technology activities.

12

b. Job description & job specification


We can find a lot of JD and JS of PwC on Vieclam.vn

PwC also has a special website just for offering jobs on which if you click the
job, you will see the JD and JS of that job: jobs.PwC.com

13

II.2.

Recruitment and selection

a. Recruitment

PwC is always looking for talented people to join their team. They encourage
everyone to submit an application expressing the position he/she wants to apply for
and their resume to PwCs recruitment email at any time, even if the current openings
are not of specific interest. If PwC thinks the applicants are right for them, they'll find
him/her a place in their organization.
No.1. The ways PwC accesses talents
Online application: If someone is interested in starting your career with PwC,
here are some steps the candidates can take to begin the process
-

Create an username and password.

Add his/her work and academic experience.

Provide his/her contact information.

Submit his/her resume.

Campus events:
PwC holds campus events on a regular
basis to talk to university students, find
the excellent ones and attract them.
Intern program
The right internship can be a critical step in starting and shaping a successful career.
As an intern, he/she will experience a professional services world, which is believed to
be one of the best learning environment.
Talk to a recruiter: PwC allows potential candidates to meet their recruiter if
they are looking to connect with PwC or have any question specific to his/her
school, you can meet your recruiter.
14

No.2. Recruiting process


PwCs recruiting process is based on getting to know the applicants through their
talent profile, PwCs events, programs for students, student internships, and recruiters.
Research: What is area interests he/she?
Apply online: They assess his/her resume, cover letter or CACEE form and
academic transcripts.
Interviews: Either phone, face-to-face, with a case-based interview for
consulting applicants.
Offer: Applicants opportunity of a lifetime.
Screening: Pre-employment verification of grades, job history and criminal
record.
On boarding: Support starts as soon as he/she says "yes".

No.3. Notes for students: Application process


Video: https://www.youtube.com/watch?v=3iwkgqm8fp0

b. Selection
No.1. Overview
PwC selection processes are designed to make sure the candidates and the company
are absolutely right for each other. The precise details of each stage will vary
according to where you want to work, but the focus throughout will be on the
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qualities you need, to do well with the company. Having the right academic results is
only part of it. All their people are required to demonstrate certain core skills, which
they refer to as their Global Core Competencies.
PwC has designed all the test in the selection process with the help of an external
company SHL, an aptitude test publisher and occupational psychology specialist.
The aim of such rigorous assessment is to ensure the whole process is relevant to the
specific vacancy, consistent across the firm and become an overall useful recruitment
process. PwC recruitment team has worked hard for the last 12 years to develop such
an impressive recruitment process.
PwC has kept a clear view to impress applicants in the whole process by making the
process an informative, interactive learning and enjoyable skill development exercise
for the candidates

No.2. A step by step process


Their selection process will give you every chance to show them what you're made of
and that you have the skills theyre looking for. Depend on different countries, the
selection process may contain more or less steps.
For example, in Middle East and UK, selection process includes: application form,
online ability tests, interview, and finally an assessment centre which includes an
interview with a director or partner, a group exercise, a written exercise and ability
tests. On the other hand, in Vietnam, they are shortened but the basic steps are the
same: Online application form, testing, group interview, final interview.
Now we would go into detail of each step of the selection process in UK. Here's how
it works:
Step 1: Online application form
Once you've decided where you'd like to work within PwC and which route you'd like
to follow, fill in their online application form. The PwC registration form consists of
the following sections:
Personal & Contact details
16

Secondary & Higher Education details


Post Graduate & Professional Qualifications details
Extenuating Circumstances details
Employment history & Reference
Additional Skills
Adjustments due to disability or medical conditions
Equal Opportunities
Marketing Survey & Declaration
Step 2: Online tests
Youll be asked to complete numerical and verbal reasoning tests online. You'll give
the tests again at the assessment day - this time on paper and supervised - so doing
them online is good preparation. If successful you will be invited to a first interview.
During this process, youll also be invited to complete their work style preference
questionnaire, called PwC Occupational Personality Questionnaire (OPQ) &
Situational Talent Questionnaire (STQ). PwC STQs and OPQs are work related
scenario based tests, a sort of multiple choice question answer series. You will be
given several scenarios and choice of possible actions you can take to deal with those
situations. These will be hypothetical work related situations that you would
encounter as a trainee at PwC.
Step 3: First interview
This stage involves a one-to-one interview, which provides you with the opportunity
to display the qualities that paper can't do justice to. Candidates need to provide
evidence of the skills PwC is seeking as well as reassuring that they have thought
carefully about their career choice. They need to be able to demonstrate that they have
a clear interest in the business world and PwC. Depending on the scheme you have
applied to, you'll either have a telephone interview or an interview with a PwC
manager at your chosen office.
Interviews will last approximately 45 minutes and if you have a telephone interview
you should ensure that you're in a quiet area where you'll not be disturbed.

17

For summer internship and work placement schemes, youll have a telephone
interview lasting approximately 20 minutes. You'll be assessed against the following
competencies: Acquire and Apply Commercial and Technical Expertise, Demonstrate
Ctheirage and Integrity and Communicate with Impact and Empathy.
Step 4: Attend an assessment centre
The assessment centre at PwC will consist of tests that measure candidates numerical
and verbal reasoning skills; a written communication exercise and a group exercise.
The main tasks youd expect to take at the PWC assessment centre are:
PWC Group exercise or Individual Case Study exercise You will attend either
a group exercise or an individual case study depending on your chosen service line and
your desired location.
PWC Written Communication exercise The objective of this exercise is to
assess your business writing and communication skills. You will receive a company /
topic related information in an information pack and expect to summarize and
conclude on all important points, in a professional matter within the tight time frame.
Completion of Self assessment form PwC will ask you to write self review
feedback to check your understanding of how you performed against your actual
performance. In addition youd expect to give feedback about your experience of the
PWC assessment days various exercises and generally about the PWC staff etc.
Lunch with colleagues You will meet PwC trainees and seniors at lunch
where you can discuss your questions, career aspirations or hear their views about life
at PWC. You will be assessed during your Lunch at PWC.
PwC Assessment Centre aptitude tests At PwC you will be asked to resit the
aptitude tests at the assessment centre at PwC office i.e. you will attempt two out of
three types of tests namely numerical, verbal and inductive reasoning tests. Questions
will be slightly difficult as compared to the online test.
One special point is that the centre is designed to be as interesting and enjoyable as
possible, giving you the chance to demonstrate your best qualities and find out as
much about life at PwC as possible.
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Step 5: Receive an offer


You shouldn't have to wait too long. The notice of whether PwC would like to make
you an offer after the final interview is informed as quickly as possible, usually by
phone. In total, the whole process from application to offer should take no more than
four to six weeks although timings may vary between business areas.
Step 6: Final interview
Once youve succeeded in the assessment centre youd then attend final interview normally with a partner or director from the business area you want to join. This is an
opportunity for you to demonstrate your passion and enthusiasm for their business and
their understanding of the importance of client service. The final interview will be
carried out at PwC office.
Step 7: Pass their checks
Once you accept an offer, their Pre Employment Screening Team will verify the
academic and employment history you outlined on your application. This makes it
absolutely essential that you complete your application form accurately and truthfully,
including all module marks, dates and grades achieved. All of the information you
provide will be checked rigorously (although active checks won't be made against
social networking sites).
Also, if you are joining a business area with Government and public sector clients,
further checks will be carried out in line with the Governments Baseline Personnel
Security Standard (BPSS), including a criminal record check and proof of residence.

19

II.3.

Training and development

a. Training
No.1.

Overview of Training at PwC

Each PwC employee is a part of a powerful network. He will have access to many
rich and varied opportunities, top talent and professionals, experiences that
complement his interests, and the flexibility to build a career path.

For many PwC employees, working towards a professional qualification will be


part of their technical skills training. They may experience different methods of
learning, as PwC appreciate that people like to learn using different techniques,
and benefit from the flexibility this brings.

Methods range from classroom courses, e-learning and remote study supported by
online learning tools, all are designed to help you build the skills and knowledge.
Its worth knowing and PwC understands working towards a professional
qualification is a significant commitment and require self-discipline and
motivation.
In addition to all this, the clients themselves all of which are major players in the
world of Belgian and international business offer people extremely enriching
experience in a wide range of business sectors. And PwC employees can learn an
enormous amount from colleagues. PwC focus on some skills and combine many
methods of training to training their people in a best way.

No.2.

Types of Training at PwC

Technical training
PwC fully supports the programmes for their professions of company auditor, tax
consultant and chartered accountant which aims at gaining a professional
qualification. They handle the administrative side of enrolment for people and also
make sure theyre assigned the required number of work-experience supervisors
20

and interesting projects, as well as extra daysoff for the annual exams. And PwC
also pay the enrolment fees and some out-of-pocket expenses.

PwC mainly use hand-on methods such as on-the-job training and computer-based
training to help people directly access to technology. Therefore, they can improve
their technical skills.
Personal skills
In addition to a wide range of technical courses that only take up a few weeks
every year, their training curriculum for soft skills helps leaders coach their team
members properly and effectively, as well as manage their projects, write reports
and other documents and gain other management skills. PwC uses presentation
methods

and

group-building

methods.

Teamwork

and

the

sharing

of

knowledge thus form two of the prime corners tones of our business culture.
Additional academic courses
Each year, PwC sponsors large numbers of employees who want to take a postgradmasters in taxation, MBA or other qualifications. Further specialism or
acquiring further academic knowledge is always a possibility once youve started
with PwC.
PwC courses and training abroad
A strongly developed international network such as PwC also boasts an
international training and education curriculum. There are cyclical further
education courses for each professional discipline and/or specialist area, such as
VAT level 1, VAT level 2 and Transactions along with a host of others.

21

b. Development
No.1.

Overview of development at PWC

PwC continually encourage and support personal and professional growth. They
have world-class recognized training programs such as Genesis Park and a number
of other professional learning programs which are aimed at developing your
technical and soft skills, regardless of the level or position you hold.
In fact, each year, PwC spend an average of 170 hours on building employees
technical expertise, 90 hours on strengthening their depth, 110 hours on managing
risks and people, and 130 hours on honing the soft skills in people and project
management so that you are constantly up skilled and able to tackle the challenges
that lie ahead of emplyees.

No.2.

Approaches of development

PwC believes in helping employees reach their full potential. That's why ongoing
learning and teaching are integral to the PwC culture. PwC ensure its people
receive leading-edge technical training as well as skill-building programs and
experiences. It also assigns each employee a coach to guide them in the areas
where they can continue to grow and develop. Coaches provide feedback, advice
and encouragement regularly. Through Everyday Coaching and Learning and
Education, PwC provides enriching developmental opportunities for employees.
Everyday coaching

The vision of being distinctive will be achieved when PwC drives the very best of
coaching skills and behaviors into our everyday connections. In order to support
professional development and create a teaching culture, it has defined efforts
through "Everyday Coaching." While formal coaching is a structured process,
informal coaching happens everyday at PwC. These brief, spontaneous coaching
conversations are intended to share knowledge, enhance skills, improve
performance and further career development. To help raise the level of awareness
22

of the importance of everyday coaching, PwC has produced a video series of


reality-based

themes

which

were

delivered

through

Firmwide

e-mail.

Formal coach-coachee meetings, which are facilitated through Performance


Coaching and Development tool, happen at least three times a year. At the start of
the fiscal year, the coach and coachee establish a development plan. Mid-year,
they conduct a progress check. At year-end, they have a formal review to discuss
goals, career direction, strengths and challenges, feeding into the follow ing year's
plan. Through informal and formal coaching, our people receive ongoing feedback
essential

to

their

growth

and

development.

Learning and Education (L&E)


PwC expects people to continuously develop themselves. By combining on-the-job
training, job rotations, and international assignments with innovative training
approaches, PwC enable its people to take charge of building successful careers.
Here, that starts with developing one's technical and project management
expertise. It also requires developing valuable skills in the areas of relationship
management, leadership, teaming, business perspective, and communication.

To support the staff in their continuous self-development, PwC offer tuition


reimbursement, plus thousands of classroom training sessions and eLearning
courses throughout the year, and conferences that bring together people from PwC
offices around the globe. It is in this type of continuous learning environment that
PwC people truly thrive.

No.3.

Some examples of PwCs programs:

Genesis Park: An intense and unique global leadership development

program for top talent Senior Managers/Directors, whose main focus is a 10-week
residential session.

SOAR (Starting Out Able and Ready): A series aimed at newly

admitted U.S. partners consisting of self-assessment and development planning.

23

II.4.

Compensation to employees

a. Financial Compensation
No 1.

Directly financial compensation

Salary
Method to develop salary ranges
Step 1: Extensive, reliable market research
They purchase reliable, most current published surveys conducted by well-known
organizations specializing in collecting and comparing compensation data. The data is
central to developing the salary ranges, because it allow them to benchmark their
salaries against what their competitors are paying for the similar position
Step 2: Factoring in additional variables
They supply the survey information with other economic and business data on inflation,
economic climate and governmental regulations. Geographic differences and the cost of
living for certain areas are also taken into consideration.
Step 3: Creating PwC salary ranges
Based on all this market research and additional factors, they create PwC salary range
for each position. Each year, the midpoint of their salary range will be set at or above
the midpoint of what their direct competitors are paying for the same position.

(Source: www.scribd.com)
Changes within a salary range
The beginning of the range is used for people who:

Newly to the position (newly promoted or hired)

Experienced, but historically has received lower performance ratings

Developing skills in some aspects of the roles


The middle of the range is used for people who:
24

Increased experience at level

Demonstrates required skills for position

Performance meets expectations over a sustained period of time in the role


The end of range is used for people who:

Significant experience at level

Demonstrate mastery of required skills

Performance exceeds expectations over a sustained period of time in the role

Brings unique and/or strong qualifications to the role

Salary increases

The first step is a review of how overall salaries compare to the salary survey
information. The results assist us in determining the overall salary budget. Not
every line of service, job, or city will have the same increase, since the market
responds differently to all of those factors each year.

The second step is an affordability review. Staff costs are a factor in firm
budgeting, and traditionally, billing rate increases (or decreases) have affected
the affordability of our salary increases. The forecasted performance of the
business as well as inflation and changes in the labor market also factor into our
overall salary increases.

Annual performance bonus

At the beginning of the fiscal year, they will communicate how bonus dollars are
allocated by line of service.

The dollars that are allocated at the beginning of the fiscal year will increase or
decrease based on performance against the specific metrics identified by line of
service.

The amount of dollars placed in the bonus pool is tied to the degree by which
they meet their goals and is multiplied by the degree to which we exceed our
goals.

They communicate individual bonus targets by staff class and performance


rating.

Each line of service will communicate quarterly results against firm and line of
service targets and demonstrate how those results are affecting the overall bonus
25

allocation. This means that each staff will know whether the bonus they may
potentially receive could be on target, below target, or above target. At the end
of the fiscal year, individual award amounts will be based on line of service and
individual performance in relation to goals.

No 2.

Indirectly financial compensation

PwC offers various benefits to meet health and financial need for all employees and
their families. The benefits program includes the following
Holidays and vacations
PwC recognizes the importance of taking regular holiday breaks throughout the year.
PwC does this to help ensure the well being of all employees.
PwC offers ten paid holidays each year. The holiday year begins on the first of October
and ends on the last day of September.

Full-time staffs (other than management level) accrue 15 workdays per year;

after two years of service, full time staff accrue 22 workdays per year

Full-time management-level staffs accrue 22 workdays per year

Part-time benefits eligible staffs accrue vacation time on a pro-rata basis

Employees must let the firm know at least two weeks in advance when seeking to take
a holiday. If the amount of holidays exceeds the maximum of 25, PwC has the right to
ask the employee to reimburse the firm and to take disciplinary action.
Health care
All PwC employees must undergo a medical examination every two years until they
turn 50. After the age of 50, PwC will require annual medical examinations. The
company covers the cost of these examinations; however, it is the responsibility of each
individual employee to make an appointment and take advantage of this opportunity.
PwC offers employees the choice of three medical plans through United Healthcare.
Each plan provides the flexibility to access both network and non-network doctors and
facilities. The premiums, deductibles and coinsurance vary depending on the plan.

Preventive care is covered at 100% with network doctors in all three plans. In

addition, a tax-efficient Health Savings Account is available with two of the plan
options.
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Prescription drug benefits and physical exams are available through PwC's

United Healthcare medical plan options.

Vision care coverage enables you to obtain services and purchase eyeglasses and

lenses at reduced rates from more than 60,000 providers nationwide.


The dental plan covers services ranging from diagnostic and preventive care to
orthodontia treatment all available from your choice of providers
Sick leave: Employees may generally continue receiving full salary when absent from
work for five or fewer consecutive days due to illness, injury or medical treatment, or to
care for a member of their immediate family.
Nursing moms program: Pregnant employees have access to educational materials,
unlimited pre- and post-birth counseling, breast pump discounts, and private mothers
rooms located in many PwC offices.
Parental leave
Employees may take up to 13 weeks of unpaid leave to take care of a child under the
age of 5. Parents of adopted children may take up to 13 weeks of unpaid leave for up to
5 years from the date of adoption or until the childs 18th birthday. Parents who have
children with a disability can also take up to 13 weeks of unpaid leave until the childs
18th birthday. Employees also have the right to take time off work to take care of an
emergency involving a spouse, child, or parent.leave. Employees also have the right to
take time off work to take care of an emergency involving a spouse, child, or parent.
Life and accident insurance
Basic Group Term Life Insurance pays $20,000 to employees beneficiary(ies) if they
die.
Employees may purchase Supplemental Life Insurance for themselves. Dependent Life
Insurance for the spouse/domestic partner and for your children is available if they
choose coverage for themselves.
Personal Liability Umbrella Insurance is available to managing directors, directors and
senior managers. It provides comprehensive catastrophic liability coverage over and
above certain limits of the bodily injury and property damage liability insurance the
firm requires.
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Accidental

Death

and

Dismemberment

(AD&D)

Insurance

for

you,

your

spouse/domestic partner and your children is available. AD&D pays benefits in the
event you (or your spouse/domestic partner or children) are seriously injured in or die
from an accident.
Business Travel Accident Insurance coverage of $400,000 is provided at no cost and
pays a benefit if staffs die or are seriously injured while traveling on firm-approved
business or while commuting to or from work.
Retirement and savings plans
Eligible staffs are automatically enrolled in the Retirement Wealth Builder Plan
(Wealth Builder) on their date of hire. The Wealth Builder contribution is funded
completely by PwC, and the contribution formula is linked to participants' job levels
and in some cases, benefits service with the US firm. New hires also receive a one-time
Wealth Builder bonus contribution to jump start their retirement savings.

b. Non financial Compensation


PwC takes account of transparency about the competitiveness of an employees salary.
To support and motivate the workforce, PwC tries to provide employees with a
properly combined package that surpasses what direct competitors offer. As a result, a
compensation program is set to suit and meet the needs of the employees as well as the
firm. Beside financial compensation mentioned above, PwC has offered emplyees non financial compensation through a set of bonus opportunities, milestone and recognition
awards, non-monetary awards and so on.

No 1.

The job position

Career Milestone Awards


In 2011, Career Milestone Awards was established, which recognize employees
sustained efforts and contributions at various stages of their careers. With this
program, PwC is staking a claim on behalf of the hard working, dedicated and
talented individuals who achieve the three promotions recognized under this program:
senior associate, manager and senior manager/ director. Except a significant financial
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bonus for new managers over and above their annual incentive compensation, these
awards include such non monetary rewards, a unique leadership development
experience for new senior associates and a paid sabbatical leave of up to four weeks for
new senior managers and directors.
Senior associates are invited to join a new program called the Leadership
Development Experience that will help to improve their leadership skills. The
program aims to develop personal leadership skills and improve their
networking abilities that the firm believes will help employees achieve personal
and professional goals.
Senior managers and directors also receive a four-week paid sabbatical,
comprised of one week of their vacation time and three weeks of extra time off
of work.
Discover
Discover is a developmental leadership experience that serves as the milestone reward
for our newly promoted senior associates. Its about self-leadership and personal
accountability. In its second year, Discover has impacted over 3,300 senior associates
lives and has grown its network of support champion partners to 300+ strong.
A Discover participant said: This program is much more than a reward for being
promoted. Its a life-changing experience that will influence the way you think and act.
The value I received from this trip is not something I could buy with a bonus or
replicate on a vacation..
Contribution awards/ Spot bonuses
Contribuiton awards recognize highly exceptional discretionary effort and performance
in providing internal and external client service that goes above and beyond the high
expectation of employees position. Each line of service budgets and delivers these
awards to meer their unique schedules and priorities. In an average year, the majority of
people receive a recognition award for their strong performance. These might include
gift checks or cash awards, and high-achieving staff members can receive multiple
awards during a given year.

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Career growth
Career with PwC are rewarding. PwC offers exceptional opportunities to direct and
personalize employees career path so that its personally and professionally rewarding
over the long term. PwC provides a careeer progress that keeps epmloyees in their
chosen profession and extends from associate to director or partner. Or several different
careers are offered, from one line of service to another, from one geography to
another, or even between a client service role and an internal firm services role.

No 2.

Work environment

Firmwide extended holidays


Firmwide extended holidays are not a substitute for vacation they are a valuable
opportunity to receive paid time of without the worry of checking email or meeting
client demands, other than in exceptional circumstances. PwC wants to create
opportunities for everyone to rest, relax and rejuvenate through firmwide extended
holidays.
Health and wellness
The health and financial well-being of PwCs partners and staff is an integral part of
human resource strategy. PwC reinforces personal responsibility as a key component of
well-being and wants employees to be actively engaged in managing their own health.
The cornerstone of PwCs health care focus is annual physical benefit, which provides
comprehensive physical exams free of charge each year for staff enrolled in a PwC
medical plan option through a premier preventive care provider.
Well-Being Rewards program incentivizes PwCs people to make health and wellbeing, as well as responsible behaviors, a priority. Employees earn points for doing
things such as exercising, undergoing routine medical exams, volunteering, or using
public transportation, which can be redeemed for gift cards or charitable donations.
Each point earned equates to $1 in value.

30

III. Assessments and recommendations


III.1. Assessments
a. Pros:

PwC HRM strategy allows itself to attract excellent employees:


o It offers support for an excellent post graduate qualification. For
example, the chartered accountancy qualification is widely regarded the
world over and allows you to work in other countries.
o PwC supports working overseas which greatly was a strong reason for
joining.
o The working environment is always positive and co-workers share a
common goal. Employees are very professional and productive
o Wide range of jobs are available at PwC.

Powerful network: You will have access to many rich and varied opportunities,

top talent and professionals, experiences that complement your interests, and the
flexibility to build a career path that matches the way you want to live. For many,
working towards a professional qualification will be part of your technical skills
training. You may experience different methods of learning, as PwC appreciate that
people like to learn using different techniques, and benefit from the flexibility this
brings. Methods range from classroom courses, e-learning and remote study supported
by online learning tools, all are designed to help you build the skills and knowledge.

Intensive Training and Development process: PwC combines many methods of

training including technical, personal skills, additional academic and abroad training
for employees to reach their full potential. Moreover, PwC ensures personal and
professional growth by Everyday Coaching and Learning and Education which
provide feedback, advice and encouragement regularly.

In terms of compensation:
31

o Through survey data and information, PwC understands exactly salaries


of rivalry firms so theirs can be more competitive.
o Work environment at PwC is quite professional and friendly, especially
suitable for fresh graduate

b. Cons

Long working hours & intensive traveling is one of the disadvantages of

working at PwC. There is frequent dislocation between the message for work life
balance and expected working hours. There is also frequent working over weekends.

Continuous process: Both Training and Development at PwC are continuous

process, which means employees have to learn and work hard for many hours and thus
many of them give up and leave.

Solid career progress available: most people get promotion by number of

working years, not by their actual skills

There is solid (if slow) career progression available. Most people seem to get

promoted based on working a set number of years, rather than by actual skills
available.

32

PwC is growing very fast in terms of number of employees and theres very

little space in the office. Hot-decking can affect teamwork. It can be frustrating if
officers like to print out files and have stuff on desk.

III.2.

Recommendations

In the aspect of job design:


Offer staff more flexibility working option to motivate their contributed
activities.
Recognize and promote talents regardless staff level. Providing them adequate
support and development for the sake of the company.
Aid employees in the time they travel for business with money as well as good
accommodation.

In the aspect of training and development


Create Training Stickiness Before the Employee Training Sessions
Make sure the need is a training and development opportunity
Create a context for the employee training and development
Provide training and development that is really relevant to the skill you want
the employee to attain
Favor employee training and development that has measurable objectives and
specified outcomes.

In the aspect of compensations


Review staffs performance more frequently and use it as a base for
promotion/salaries increases (regarding seniority).

33

CONCLUSION
This is the end of our report on Human resource management strategy of Pwc.

All in all, Pwc is one of the companies which have the best human resource strategies.
Although there are still some shortcomings, PwC could be proud of its own HRM
strategy because it is a consultant for business in the area of HR itself.

After studying this subject, we have great understandings about the jobs at Pwc, the
process of becoming PwC employees, and the benefits for us if we are PwC staffs.

We hope that this knowledge will help us be well-prepared for our future internship or
job application to PwC or any other professional international organizations.

34

LIST OF REFERENCE
Book:
- Raymond A.Noe, 2009, Fundamentals of Human resource management,
3rd edition, The McGraw Hill Companies Publisher, America.
Web page:
- PWC

Vietnam

official

website,

viewed

19

March

2014,

<https://www.PwC.com/vn>
- PWC

Global

official

website,

viewed

19

March

20124,

<http://www.PwC.com>
- Money CNN, Best companies to work for,

viewed 19 March 2014,

<http://money.cnn.com/magazines/fortune/bestcompanies/2012/snapshots/4
8.html>
- Vieclam.vn,

PWC

Jobs

opportunities,

viewed

19

March

2014,

<http://www.vieclam.vn/job/Officerd6b63674c723cd5724495b17687dee7d
?from_url=http%3A%2F%2Fwww.vieclam.vn%2Fvi%25E1%25BB%2587
c-l%25C3%25A0m-PwC-Vietnam&sp=serp&sr=3>
- Greenturn.co.uk, PWC job salary review and benefits insight, viewed 19
March 3 2014, <https://greenturn.co.uk/PWC-Job-Salary-Review-2013Graduate-Student-Experienced-Vacancy-Test-2014-2015.html>
- Paysacle.com, Average salary for PWC employees, viewed 19 March 3
2014,
<http://www.payscale.com/research/UK/Employer=PricewaterhouseCooper
s/Salary>

35