The recent eco-friendly trend has permeated into corporations and reinforced the idea of corporate social responsibility. PricewaterhouseCoopers, one of the "Big Four" accounting firms, has placed significant emhasis on giving back to the community. The Ticker recently spoke with Shannon Schuyler, the managing director of corporate responsibility at PwC, she discussed PwC's focus on corporate social responsibility.
Schuyler oversaw the firm's "Great Place to Work" effort as a national human resources director before taking on her current role as managing director. This effort to revamp the company's contributions to society started 18 months ago, when PwC felt that the business was not emphasizing the full scope of their corporate responsibility.
"We believe our CR program will build on PwC's already rich history of creating value with integrity and in the spirit of responsible leadership. As a leader in our industry, we need to give back," explained Schuyler.
The firm has already shifted away from the idea that "salary is king" in finding a balance between work and life. PwC decided to expand its corporate responsibility program, which has become a strong strategic imperative for the firm.
"Employees, even new recruits coming out of colleges, want to spend time volunteering instead of doing the same old things that they used to do," said Schuyler. "They would rather work together to do something for Habitat for Humanity than have typical group sessions. As an organization we really need to realize how to foster that spirit and make sure that we are moving in the right direction."
Last year, PwC's staff collectively volunteered 96,000 hours, which is worth about $19 million. Starting this year, 31,000 PwC employees in the United States will receive an additional 10 hours of paid time off to contribute to their own personal causes and charities. This is part of the PwC Corporate Responsibility Commitment.
On Sept. 12, PwC participated in ServiceNation, which drew 500 leaders from various universities and foundations to discuss civic duty. Executives and political leaders such as Bon Jovi, Barack Obama and John McCain were at the forum discussing the power of citizen service. There, PwC officially announced their Corporate Responsibility Commitment.
"Although PwC does not mandate volunteerism, the positive effects it has, such as leadership development, camaraderie and the chance to see employees in a new, more personal light, becomes clear when working together to give back to the community. This helps build an extra layer of knowledge and relationship that really adds to the quality of work that we are able to pass on to our clients."
Currently, PwC offers more than 175 volunteer opportunities for employees, such as the annual "Month of Community Service." This is the third year that the firm has participated in the program, where 31,000 partners and staff members spend one day in June giving back to the community. The project is different every year, but this year, PwC's focus was on developing the next generation youth leaders in the marketplace.
Over $215,000 was raised and over 60,000 work hours were contributed to this event. Some other ways PwC has been helping to develop future leaders are creating "PwC eXeed," which is a way to help attract high-achieving diverse talent into the firm, offering the "Diversity in Business Leadership Conference," which is a three-day leadership conference that brings minority staff members together with "PwC eXeed" scholars. PwC also offers the Ulysses Program, which is an eight-week program that helps future leaders of the firm grow.
PwC has also been focusing on interns to help shape responsible leaders. The company created "Project Belize," where 100 interns, 17 high-performing staff members and four partners are selected to go to Belize to experience the impact of peoples' actions on the lives of others. Activities include restoring four schools and building a new library and computer lab for a leadership development center. "Not only has this experience broadened our people's perspectives and allowed them to demonstrate responsible leadership skills, but has also given the children in Belize a brighter future," explained Schuyler.
PwC has demonstrated corporate responsibility in other ways, as well. Their charitable contributions include supporting organizations by providing over $1.5 million for U.N.-supported organizations for disaster relief and recovery to Myanmar and China.
They have also donated $8.6 million to the United Way's National Corporate Leaders, which according to the NCL's website is "an organization that leverages the commitment of caring power of national and global corporations to improve lives and create lasting changes in communities across the country."
PwC has additionally donated $1 million to Junior Achievement, a non-profit organization that educates public school children about financial literacy. The firm has also donated $17.2 million to local charities.
As the company continues to modify their Corporate Responsibility Commitment, there may be more humanitarian efforts that will be added.
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