Employee Retention of Price Waterhouse Coopers : PwC (officially PricewaterhouseCoopers) is a global professional services firm headquartered in London, United Kingdom.[2] It is the world's second-largest professional services firm (after Deloitte) and one of the "Big Four" accountancy firms.[5]
It has offices in 757 cities across 154 countries and employs over 161,000 people.[4][6] It had total revenues of $26.6 billion in 2010, of which $13 billion was generated by its Assurance practice, $7 billion by its Tax practice and $6 billion by its Advisory practice.[4]
The firm was formed in 1998 by a merger between Price Waterhouse and Coopers & Lybrand.[1] The trading name was shortened to PwC in September 2010 as part of a major rebranding exercise.[7]
As of 2010 it was the seventh-largest privately-owned organisation in the United States.
Samuel Lowell Price, an accountant, started his practice in London in 1849.[9] In 1865 Price went into partnership with William Hopkins Holyland and Edwin Waterhouse. Holyland left shortly after to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.[9] (The comma was dropped from the name much later.) The original partnership agreement, signed by Price, Holyland and Waterhouse could be found in Southwark Towers, one of PwC's important legacy offices (now demolished and is the new site for the Shard London Bridge) in London.
By the late nineteenth century, Price Waterhouse had gained significant recognition as an accounting firm. As a result of trade between the United Kingdom and the United States of America, Price Waterhouse opened an office in New York in 1890,[9] and the American firm itself soon expanded rapidly. The original British firm opened an office in Liverpool in 1904[9] and then elsewhere in the United Kingdom and countries abroad, each time establishing a separate partnership in each country: the worldwide practice of PW was therefore a federation of collaborating firms that had grown organically rather than being the result of an international merger.[9]
In a further effort to take advantage of economies of scale, PW and Arthur Andersen had discussed a merger in 1989[10] but the negotiations failed mainly because of conflicts of interest such as Andersen's strong commercial links with IBM and PW's audit of IBM.
In March 2002, Arthur Anderson,LLP affiliates in Hong Kong and China completed talks to join PriceWaterhouseCoopers, China.
One lesson taught to us by the global financial crisis is this: Decisions and actions taken by the private sector can have profound effects—for better or for worse—on the public welfare. Consequently, even in the face of squeezed budgets and declining revenue, many businesses are putting ever greater weight on operating in ways that serve not only their own interests, but those of the larger society as well. This kind of thinking is referred to as “corporate responsibility.”
Three themes bring clarity to our purpose and run through our territory-based efforts, providing the context for our strategy: Youth Education; Climate Change and Social Inclusion/Diversity. These themes serve as the guiding principles that focus our actions in the globally adopted CR framework, of Marketplace, People, Community and Environment which display the commitments we make to act responsibly in all spheres in which we operate.
PwC is a leader in both the conceptual and practical aspects of corporate responsibility. Every year across our network of firms, tens of thousands of PwC people volunteer their time to support community programs, contribute their professional expertise to not-for-profit organisations, and help mobilize various business coalitions that address local needs.
We collaborate closely with international organisations such as the World Business Council on Sustainable Development, the World Economic Forum’s Global Citizenship Initiative, and the United Nations Refugee Agency in support of projects ranging from the adoption of low-carbon technologies, to rural electrification, to establishing primary school education for 20,000 Darfur refugee children.
Clearly, first-class employee benefits package are a prerequisite for companies that want to attract and retain high-calibre, skilled employees. They help to ensure the health, well-being, financial security, growth, and development of employees—and to keep them happy and productive. But today’s workers are different from their parents: They won’t settle for a gold watch following a lifelong career at a single firm. They entirely different expectations. Finding—and keeping—quality workers can be difficult for even the most competitive firms. The rules have changed: today, borderless offices include local employees, expatriates abroad, offsite consultants and others, all of whom have different attitudes toward their careers. And as this pool of available talent widens, demand for their skills has likewise increased. But the challenge is about more than retention. The best companies satisfy their people’s expectations and build sustainable corporate value by nurturing, motivating and aligning the talent of their workforce with the company’s business goals.
If this is your situation:
You need help to define and analyse the different components of your employee benefits package; the type and level of coverage, the staff to be signed up, the type of plan, the pension vehicle, analysis of the tariff conditions offered by a variety of insurers, and the actual and real costs.
You want to align your reward strategies with your business objectives to create value for shareholders.
You would like to carry out global and sectoral benchmarking exercises in order to determine the position of your compensation package within your sector.
You want your reward strategies to better support the objectives of recruitment, retention and motivation.
You want to confirm that your reward plans are tax efficient in all relevant jurisdictions.
You want to ensure your reward plan is competitive in the marketplace and reasonable to shareholders and other stakeholders.
You are dealing with pension deficits which are causing problems with employees, shareholders and the rating agencies.
You need to comply with new legislation and corporate governance codes.
You optimise the P&L, balance sheet and cash flow aspects of your compensation and benefit programmes.
You require a turn-key employee communications plan that can generate personalised information sheets; presentations to staff, brochures, newsletters; and other tools for enhancing employees' perceptions.
for employee benefits:
objectives and scope of IAS 19
accounting for the 4 benefit categories, as defined: short-term, post-employment, other long-term and termination
defined-contribution plans vs defined-benefit plans
multi-employer and state plans
recognition of actuarial gains and losses, including the corridor and SoRIE methods
the newly proposed amendments to IAS 19, including the new rules on:
the recognition of actuarial gains and losses and the prohibition of the corridor method
the accounting for gains and losses on settlements
the recognition of past-service cost
the measurement and presentation of pension expense
additional disclosure requirements
for share-based payments transactions
objectives and scope of IFRS 2
recognition of share-based payment transactions
equity-settled and cash-settled share option plans
transactions with settlement alternatives
measuring fair value and option pricing models
service date and service period
performance conditions
modifications, cancellations, forfeitures and settlements of share option plans
share-based payment transactions in group situations, including the new guidance on group cash-settled arrangements
The core benefits - life assurance, personal accident, income protection, and private medical insurance - offer a fixed level of cover, but staff can increase this if they wish.
Flexible benefits include holiday trading - down to a minimum of 20 days or up to a maximum of 30 - a defined contribution (DC) pension, health screening, bikes for work and childcare vouchers. Carolyn Wilkinson, senior employee benefits manager, says: "We have got a flexible benefits plan that is extensive so it can meet the needs of a diverse workforce."
Voluntary benefits include retail discount vouchers, discounted gym membership, and a concierge service that employees can use to arrange holidays or book theatre tickets, for example.
There is a huge take-up of flex among PwC's 14,000 staff - about 90% submitted a request during the renewal period in September. One of its most popular benefits is the holiday trading scheme, in which nearly 60% of staff opted to take part.
It has offices in 757 cities across 154 countries and employs over 161,000 people.[4][6] It had total revenues of $26.6 billion in 2010, of which $13 billion was generated by its Assurance practice, $7 billion by its Tax practice and $6 billion by its Advisory practice.[4]
The firm was formed in 1998 by a merger between Price Waterhouse and Coopers & Lybrand.[1] The trading name was shortened to PwC in September 2010 as part of a major rebranding exercise.[7]
As of 2010 it was the seventh-largest privately-owned organisation in the United States.
Samuel Lowell Price, an accountant, started his practice in London in 1849.[9] In 1865 Price went into partnership with William Hopkins Holyland and Edwin Waterhouse. Holyland left shortly after to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.[9] (The comma was dropped from the name much later.) The original partnership agreement, signed by Price, Holyland and Waterhouse could be found in Southwark Towers, one of PwC's important legacy offices (now demolished and is the new site for the Shard London Bridge) in London.
By the late nineteenth century, Price Waterhouse had gained significant recognition as an accounting firm. As a result of trade between the United Kingdom and the United States of America, Price Waterhouse opened an office in New York in 1890,[9] and the American firm itself soon expanded rapidly. The original British firm opened an office in Liverpool in 1904[9] and then elsewhere in the United Kingdom and countries abroad, each time establishing a separate partnership in each country: the worldwide practice of PW was therefore a federation of collaborating firms that had grown organically rather than being the result of an international merger.[9]
In a further effort to take advantage of economies of scale, PW and Arthur Andersen had discussed a merger in 1989[10] but the negotiations failed mainly because of conflicts of interest such as Andersen's strong commercial links with IBM and PW's audit of IBM.
In March 2002, Arthur Anderson,LLP affiliates in Hong Kong and China completed talks to join PriceWaterhouseCoopers, China.
One lesson taught to us by the global financial crisis is this: Decisions and actions taken by the private sector can have profound effects—for better or for worse—on the public welfare. Consequently, even in the face of squeezed budgets and declining revenue, many businesses are putting ever greater weight on operating in ways that serve not only their own interests, but those of the larger society as well. This kind of thinking is referred to as “corporate responsibility.”
Three themes bring clarity to our purpose and run through our territory-based efforts, providing the context for our strategy: Youth Education; Climate Change and Social Inclusion/Diversity. These themes serve as the guiding principles that focus our actions in the globally adopted CR framework, of Marketplace, People, Community and Environment which display the commitments we make to act responsibly in all spheres in which we operate.
PwC is a leader in both the conceptual and practical aspects of corporate responsibility. Every year across our network of firms, tens of thousands of PwC people volunteer their time to support community programs, contribute their professional expertise to not-for-profit organisations, and help mobilize various business coalitions that address local needs.
We collaborate closely with international organisations such as the World Business Council on Sustainable Development, the World Economic Forum’s Global Citizenship Initiative, and the United Nations Refugee Agency in support of projects ranging from the adoption of low-carbon technologies, to rural electrification, to establishing primary school education for 20,000 Darfur refugee children.
Clearly, first-class employee benefits package are a prerequisite for companies that want to attract and retain high-calibre, skilled employees. They help to ensure the health, well-being, financial security, growth, and development of employees—and to keep them happy and productive. But today’s workers are different from their parents: They won’t settle for a gold watch following a lifelong career at a single firm. They entirely different expectations. Finding—and keeping—quality workers can be difficult for even the most competitive firms. The rules have changed: today, borderless offices include local employees, expatriates abroad, offsite consultants and others, all of whom have different attitudes toward their careers. And as this pool of available talent widens, demand for their skills has likewise increased. But the challenge is about more than retention. The best companies satisfy their people’s expectations and build sustainable corporate value by nurturing, motivating and aligning the talent of their workforce with the company’s business goals.
If this is your situation:
You need help to define and analyse the different components of your employee benefits package; the type and level of coverage, the staff to be signed up, the type of plan, the pension vehicle, analysis of the tariff conditions offered by a variety of insurers, and the actual and real costs.
You want to align your reward strategies with your business objectives to create value for shareholders.
You would like to carry out global and sectoral benchmarking exercises in order to determine the position of your compensation package within your sector.
You want your reward strategies to better support the objectives of recruitment, retention and motivation.
You want to confirm that your reward plans are tax efficient in all relevant jurisdictions.
You want to ensure your reward plan is competitive in the marketplace and reasonable to shareholders and other stakeholders.
You are dealing with pension deficits which are causing problems with employees, shareholders and the rating agencies.
You need to comply with new legislation and corporate governance codes.
You optimise the P&L, balance sheet and cash flow aspects of your compensation and benefit programmes.
You require a turn-key employee communications plan that can generate personalised information sheets; presentations to staff, brochures, newsletters; and other tools for enhancing employees' perceptions.
for employee benefits:
objectives and scope of IAS 19
accounting for the 4 benefit categories, as defined: short-term, post-employment, other long-term and termination
defined-contribution plans vs defined-benefit plans
multi-employer and state plans
recognition of actuarial gains and losses, including the corridor and SoRIE methods
the newly proposed amendments to IAS 19, including the new rules on:
the recognition of actuarial gains and losses and the prohibition of the corridor method
the accounting for gains and losses on settlements
the recognition of past-service cost
the measurement and presentation of pension expense
additional disclosure requirements
for share-based payments transactions
objectives and scope of IFRS 2
recognition of share-based payment transactions
equity-settled and cash-settled share option plans
transactions with settlement alternatives
measuring fair value and option pricing models
service date and service period
performance conditions
modifications, cancellations, forfeitures and settlements of share option plans
share-based payment transactions in group situations, including the new guidance on group cash-settled arrangements
The core benefits - life assurance, personal accident, income protection, and private medical insurance - offer a fixed level of cover, but staff can increase this if they wish.
Flexible benefits include holiday trading - down to a minimum of 20 days or up to a maximum of 30 - a defined contribution (DC) pension, health screening, bikes for work and childcare vouchers. Carolyn Wilkinson, senior employee benefits manager, says: "We have got a flexible benefits plan that is extensive so it can meet the needs of a diverse workforce."
Voluntary benefits include retail discount vouchers, discounted gym membership, and a concierge service that employees can use to arrange holidays or book theatre tickets, for example.
There is a huge take-up of flex among PwC's 14,000 staff - about 90% submitted a request during the renewal period in September. One of its most popular benefits is the holiday trading scheme, in which nearly 60% of staff opted to take part.
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