Wendy van Tol shares PwC’s global network journey towards being purpose led and values-driven.

1. Our journey to become purpose-led
and values-driven
Wendy van Tol
September 30th
1

2. • Context
• A data-driven method to arrive at new values
• PwC’s practical journey
• Lessons learned
Table of
contents
2

3. Context
3

4. 4
Demographic
and social
change
Shift in global
economic
power
Rapid
urbanisation
Resource
scarcity and
climate
change
Technological
breakthroughs
Five megatrends
Leader in building
and sustaining trust-
based institutions
Multinodal
organisation
Client service from
strategy through
execution
Technology-enabled
innovator

5. Snapshots of what CEOs say about
culture
21%
strongly agrees that
purpose comes first in
their company’s decision
making during a crisis
67%
Of CEOs believe
purpose is centred on
creating value for wider
stakeholders.
50%
Of CEOs highlighted a lack
of understanding in the
company of how to
translate purpose and
values into concrete actions
and behaviours
75%
Of CEOs believe
business must satisfy
wider societal needs.
5
75%
Of CEOs are changing
their values and codes of
conduct to respond to
stakeholder expectations
75%
Of CEOs are changing
their values and codes of
conduct to respond to
stakeholder expectations
28%
Of CEOs think that
attracting employees who
are committed to seeing a
social purpose in their
work was very important
24%
say they are fully confident
their company would
reward whistleblowing on
bad corporate actions or
going outside the chain of
command to raise a
concern

6. Organisations focused on values – not rules –
perform better
of employees at
purpose-led, values-
driven organisations
report high
performance
97%
of employees at
rules-based,
process-driven
organisations
80%
of employees at
organisations driven
by power and tasks
30%
Compared
with
Source: LRN’s 2016 HOW Report

7. Business
case for
purpose
Organisations with a clear purpose are also doing better
for their shareholders
Cash cow
• Short term
• No societal value
• Not sustainable
P+P Organisation
• Long term positive
impact
• Long term
profitability
• Long term
sustainability
Irrelevant
• Not profitable
• Not purposeful
• Not sustainable
Foundation
• Value add for society
• Funding needed to
survive
• Difficult to sustain
Profit
Purpose
From 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 stock
market ending in 2006
1681%
263%
118%
0%
200%
400%
600%
800%
1000%
1200%
1400%
1600%
1800%
Purpose-inspired firms Good to Great
companies*
S&P 500**
Aggregate shareholder return
Purpose-inspired firms Good to Great companies* S&P 500**
Purpose driven
firms make ~14.2
times more profit
after 15 years
compared to S&P
500 firms, which
represent the
overall stock market

8. Why
Purpose
How
Values
What
Vision 2020
Building trust in society and
solving important problems

9. 9
Our
clients
Society
PwC
We realised our potential to create a ripple effect

10. A data-driven method to
arrive at new values
10

11. Where is the energy
in the organisation?
What do our people
want and need?
• Global Values
Survey
• Global People
Survey (GPS)
Who are we now?
What are our
current values?
• Existing values
• PwC Experience
What do our
clients/ society
expect of us?
• BHI results
• Regulators’
expectations
What is our vision
for the future?
• Purpose
• Vision 2020
PwC values
and
behaviours
The different angles we have taken

12. 12
United Kingdom
Spain
Korea
Mexico
Switzerland

13. 226.335
Employees
156
Countries
58.2%
Response
What do our people want & need?

14. Results survey
Being a professional
services firm
Quality of work
experience
Executing our visions

15. 15
Workshops
Sign-off values
& behaviours Launch
Translating values into behaviours
Through co-creation in Values in Action workshops
How do the values resonate
across different cultures and
lines of service?
Identifying behaviours that
reflect the values and are
counter to it
Considering the things we need to
change and the things that support
the values

16. PwC’s practical journey
16

17. Agreement with Strategy
Council to focus on
values as part of our
cultural refresh
PwC Values survey
First iteration
and analysis
of themes
with SC
Engagement with
key stakeholders
with role to play
Leadership
engagement and
coaching to lead
the journey ahead
Leadership and network
engagement to identify
values and behaviours
3 Oct
Soft launch
across the
network
Agreement on
global values and
behaviours
Embedding
into
territories
Agreement
on the
narrative
PwC’s journey to becoming
purpose led and values driven
2017 >
Hard wired
launch

18. January 2016
May
June
July
August
September
October
December February
January 2017
Global Values
Survey launched
globally
Asking ourpeople
what’s important
tothem
Aligning culture
activities
Introducing a new
approach and
governance Networkleaders
meeting,NYC
Agreeing the
way forward
Territory‘Values
in Action’
workshops
Agreeing the
behaviours behind
the values
Why, How,What
toolkitshared
Toolkit of strategy map,
conversation guide,
videos, templates and
design assets – for
partner and employee
engagement
Values survey
results
Sharing the
sentiment we
heard
Overview ofour
culture journey
Supporting planning
and earlyframing
Global
Immersion
of values and
Why, How,What
framework
Digital
activation
Values jam –
focused on one
value per month
New year
challenge
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
18
Overview ofour
culture journey
Supporting planning
and earlyframing
Conversations
focused on Why,
How, What
Ongoing team
conversations to focus
on Purpose, values
and Vision 2020, using
toolkit to tailor
messaging
PwC’s practical journey

20. Lessons learned
20

21. All
empoyees
Data
driven
Ownership
& coaching
Next
generation
Unity
&
Diversity
First the shift
than the
anchoring
Lessons learned
Positive
Evolutionary
Focus on
critical few
behaviours