pwc's values and purpose journey with wendy van tol
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Our journey to become purpose-ledand values-driven
Wendy van TolSeptember 30th
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• Context
• A data-driven method to arrive at new values
• PwC’s practical journey
• Lessons learned
Table ofcontents
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Context
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Demographicand social
change
Shift in globaleconomic
power
Rapidurbanisation
Resourcescarcity and
climatechange
Technologicalbreakthroughs
Five megatrends
Leader in buildingand sustaining trust-based institutions
Multinodalorganisation
Client service fromstrategy throughexecution
Technology-enabledinnovator
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Snapshots of what CEOs say aboutculture
21%strongly agrees thatpurpose comes first intheir company’s decisionmaking during a crisis
67%Of CEOs believepurpose is centred oncreating value for widerstakeholders.
50%Of CEOs highlighted a lackof understanding in thecompany of how totranslate purpose andvalues into concrete actionsand behaviours
75%Of CEOs believebusiness must satisfywider societal needs.
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75%Of CEOs are changingtheir values and codes ofconduct to respond tostakeholder expectations
75%Of CEOs are changingtheir values and codes ofconduct to respond tostakeholder expectations
28%Of CEOs think thatattracting employees whoare committed to seeing asocial purpose in theirwork was very important
24%say they are fully confidenttheir company wouldreward whistleblowing onbad corporate actions orgoing outside the chain ofcommand to raise aconcern
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Organisations focused on values – not rules –perform better
of employees atpurpose-led, values-driven organisations
report highperformance
97%
of employees atrules-based,
process-drivenorganisations
80%
of employees atorganisations drivenby power and tasks
30%
Comparedwith
Source: LRN’s 2016 HOW Report
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Businesscase forpurpose
Organisations with a clear purpose are also doing betterfor their shareholders
Cash cow
• Short term
• No societal value
• Not sustainable
P+P Organisation
• Long term positiveimpact
• Long termprofitability
• Long termsustainability
Irrelevant
• Not profitable
• Not purposeful
• Not sustainable
Foundation
• Value add for society
• Funding needed tosurvive
• Difficult to sustain
Pr
ofi
t
PurposeFrom Purpope+
* Identified by Jim Collins: ‘Good to Great’** Represents overall stock market
*** Firms of Endearment: a company that endears itself to stakeholders by bringing the interests of all stakeholder groups into strategic alignment
Purpose-driven firms significantly outperform profit-focused firms
Research done with 22 FoE *** firms , 11 GtG * and 500 firms from the stockmarket ending in 2006
1681%
263%
118%
0%
200%
400%
600%
800%
1000%
1200%
1400%
1600%
1800%
Purpose-inspired firms Good to Greatcompanies*
S&P 500**
Aggregate shareholder return
Purpose-inspired firms Good to Great companies* S&P 500**
Purpose drivenfirms make ~14.2times more profitafter 15 yearscompared to S&P500 firms, whichrepresent theoverall stock market
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WhyPurpose
HowValues
WhatVision 2020
Building trust in society andsolving important problems
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Ourclients
Society
PwC
We realised our potential to create a ripple effect
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A data-driven method toarrive at new values
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Where is the energyin the organisation?What do our peoplewant and need?
• Global ValuesSurvey
• Global PeopleSurvey (GPS)
Who are we now?What are ourcurrent values?
• Existing values• PwC Experience
What do ourclients/ societyexpect of us?
• BHI results• Regulators’
expectations
What is our visionfor the future?
• Purpose
• Vision 2020
PwC valuesand
behaviours
The different angles we have taken
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United Kingdom
Spain
Korea
Mexico
Switzerland
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226.335Employees
156Countries
58.2%Response
What do our people want & need?
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Results survey
Being a professionalservices firm
Quality of workexperience
Executing our visions
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WorkshopsSign-off values& behaviours Launch
Translating values into behavioursThrough co-creation in Values in Action workshops
How do the values resonateacross different cultures andlines of service?
Identifying behaviours thatreflect the values and arecounter to it
Considering the things we need tochange and the things that supportthe values
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PwC’s practical journey
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Agreement with StrategyCouncil to focus onvalues as part of ourcultural refresh
PwC Values survey
First iterationand analysisof themeswith SC
Engagement withkey stakeholderswith role to play
Leadershipengagement andcoaching to leadthe journey ahead
Leadership and networkengagement to identifyvalues and behaviours
3 OctSoft launchacross thenetwork
Agreement onglobal values andbehaviours
Embeddingintoterritories
Agreementon thenarrative
PwC’s journey to becomingpurpose led and values driven
2017 >Hard wiredlaunch
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January 2016
May
June
July
August
September
October
December February
January 2017
Global ValuesSurvey launchedglobally
Asking our peoplewhat’s importanttothem
Aligning cultureactivities
Introducing a newapproach andgovernance Network leaders
meeting, NYC
Agreeing theway forward
Territory ‘Valuesin Action’workshops
Agreeing thebehaviours behindthe values
Why, How, Whattoolkitshared
Toolkit of strategy map,conversation guide,videos, templates anddesign assets – forpartner and employeeengagement
Values surveyresults
Sharing thesentiment weheard
Overview of ourculture journey
Supporting planningand early framing
GlobalImmersionof values andWhy, How, Whatframework
Digitalactivation
Values jam –focused on onevalue per month
New yearchallenge
To set broader context
with Why, How, What
around individual
engagements during
regular team check-ins
2015 Introduction of Vision 2020
2014 Introduction of Purpose
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Overview of ourculture journey
Supporting planningand early framing
Conversationsfocused on Why,How, WhatOngoing teamconversations to focuson Purpose, valuesand Vision 2020, usingtoolkit to tailormessaging
PwC’s practical journey
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Lessons learned
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Allempoyees
Datadriven
Ownership& coaching
Nextgeneration
Unity&
Diversity
First the shiftthan the
anchoring
Lessons learned
PositiveEvolutionary
Focus oncritical fewbehaviours