A report has been released publicly, and it speaks about a "growth at all costs" mentality at PwC.
👉 Background: PwC was the biggest professional services firm in Australia based on revenue in 2022. But PwC's reputation has taken a beating after a major tax scandal was uncovered earlier this year.
👉 What happened: After PwC uncovered the scandal, they commissioned Telstra's former CEO to run a report on what went wrong. Now, the report has been released publicly - it speaks about a "growth at all costs" mentality at PwC.
👉 What else: On top of that - the report highlights that the company culture was focused on "revenue, revenue and revenue".
💡Company culture eats company strategy for breakfast. A healthy corporate culture can drive employee engagement, innovation, and business success, but a toxic culture can have the opposite effect.
💡 While this focus on driving revenue was clearly beneficial for PwC in the short term, it has had an enormous long term impact on its business. This scandal has led to the Government-focused teams within PwC selling for $1. In addition, more than 1,000 of its employees are expected to leave the firm.
💡PwC isn't the first company that has seen their business suffer due to cultural issues: Volkswagen cheated on its diesel emissions so it could "win at all costs", and this cost them more than €6.7bn to cover costs.
Sign up for Flux and join 100,000 members of the Flux family
