PricewaterhouseCoopers (PwC), one of the big four global consulting firms, has traditionally brought on thousands of new college graduates into entry level jobs annually. However, recent statements from Mohamed Kande, the global chairman of PwC, raise concerns about the future of these roles as artificial intelligence (AI) continues to evolve and reshape the workforce.
In 2022, PwC net added 1,300 new grads in UK and 3,200 in US. These numbers are a testament to the firm’s dedication to cultivating future talent. Moving in that direction would be prudent, especially after Kande’s recent announcement of a strategic pivot. The company will shift away from long-term strategies to grow its workforce. Rather, PwC wants to stay ahead of the ever-evolving global economy and meet the needs of today’s developing issue areas.
PwC’s consulting business has thrived amid significant economic changes, such as the sweeping tariffs implemented under former US President Donald Trump. Last year, the small firm had an off-year. Chinese regulators placed a six-month suspension on it due to its role with Evergrande, a property behemoth that imploded. Kande stressed that at Kande’s insistence PwC has passed those limitations in China and is eager to mend its name.
Though those challenges remain, Kande said he’s hopeful about AI’s potential place as part PwC’s long-term strategic plan. The firm counseled Evergrande on AI’s potential to revolutionize business practices, a sign of the technology’s transformative potential. The future impact of AI could mean there will be fewer entry-level graduate spots, Kande warned.
“Now we have artificial intelligence. We want to hire, but I don’t know if it’s going to be the same level of people that we hire – it will be a different set of people,” said Kande.
In response to these pressures, PwC eliminated more than 5,600 positions globally last year. Kande noted that the job cuts weren’t entirely reflective of AI. Rather, they were a reaction to shifting market dynamics. As the firm adapts, it finds itself in need of skilled AI engineers, yet struggles to find qualified candidates.
“We are looking for hundreds and hundreds of engineers today to help us drive our AI agenda, but we just cannot find them,” Kande stated.
The shift in hiring strategies comes after PwC initially aimed to recruit 100,000 new employees over five years, a goal that now appears unattainable. Kande remarked on the changing landscape:
“When we made the plans to hire that many people, the world looked very, very different.”
As companies worldwide navigate this evolving environment, Kande noted an uptick in inquiries from various organizations seeking guidance.
“We are receiving a lot of calls from many companies around the world asking how to navigate the current environment,” he added.
Kande views this moment as an “exciting time” for job creation globally. While he’s realistic about the disruption AI and changing workforce conditions will bring, he’s infizzed by the adventure to come. He underscored PwC’s forward-thinking response to these changes, developing quality management systems and establishing new governance protocols.
“Let me tell you – we changed many of our people, implemented new quality management systems and introduced new governance systems,” he explained.