Britain’s largest graduate employer, PwC, is to create more than 1,500 jobs after seeing a ten per cent rise in revenue at their UK group.
The Accountancy firm recently reported that UK revenue surged to £3.1 billion for the year ending 30 June. This shows a 6 percent rise compared to last year, and a total of £818 million in profits. The 885 partners of PwC average at £740,000; another increase from last year by £18,000. Their worldwide results will be released next month.
PwC has said that revenue was greater than the profit growth due to their continued effort to “invest heavily in its people, training and skills, infrastructure and technology”. This was done by making 1,645 net new hires out of a total of 4,100 new people taken on. Similar recruitment levels are expected to continue over the next year.
Previously in the year, PwC stopped using Ucas points as a means to assess potential applicants for a wide range of roles. This was a bold and innovative move, as many similar graduate employers heavily rely on the point system in their application processes in order to find top graduates. In May, PwC said that their aim was to recruit “as broad a range” of talented individuals as possible, and that sacking Ucas points “could drive radical changes in the social mobility and diversity of the professional services’ industry”.
All four divisions in PwC delivered ‘good growth’ after the move, with an increase of 9 per cent in revenues from the following year, bringing the number up to £1.1 billion. The tax arm also rose by 7 per cent to £763 million, and deals jumped 16 per cent to £571 million.
The firm’s success has significantly contributed to the UK economy, according to chairman and senior partner Ian Powell. Mr Powell stated: “We measure our broader impact to the economy, tax revenues, society and the environment, and estimate that we made an overall contribution to the UK of £4.22bn this year, including £1,073m in taxes paid to and collected on behalf of the UK Exchequer.” PwC has put the ‘effective tax rate’ per partner at 48 per cent.
Mr Powell has also predicted a positive future for the UK. “Confidence has been improving and, while uncertainties remain, the economy is performing well. Britain is one of the fastest-growing major western economies and is well-placed to achieve a number of years of respectable growth,” he said.
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