After evaluating the current situation encountered by PWC in finding outstanding staff to build a strong local team in China, we have provided the following recommendations based on our analysis. Current situation
China is the most dynamic trading economy in the world, so it should be no surprise that companies who are serious about expanding and remaining globally competitive continue to head to China. PWC being the world’s largest professional services firm, unlike most of the other multinational corporations, is usually owned and operated by local partners. However, China had no accounting professionals after 1949, most of PWC’s earlier staff were expatriates paid with great premiums to come to China. As education and economy progresses, more local graduates have been hired and promoted. After the market for accounting services rapidly expanded, these local experienced professionals have gradually replaced expatriates. Finding talented staff and ultimately partners leading the firms to further expansion has been a great challenge. Problems
Today, PWC is the largest professional services firm in China, with over 13,000 employees in 22 offices. Realizing the importance of localization, PWC has struggled to find staff that has both accounting and English competency. In addition, the length of time required to develop a qualified new partner has been the biggest challenge PWC has to face. The business environment in China is unique. An effective business advisor must have the experience of the business environment in China to meet the business advisory needs of international and domestic clients. The current career path for a new hired accountant to be promoted to a senior manager takes at least six years of working experience. After another three to five years, the strong performers can be promoted to partners. Leadership positions in partners are given after a number of years of experience as a partner. In this case, a leader in partners often has been with...
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