PwC to honour job offers to 200 grads amid cost cuts

PwC Singapore executive chairman Yeoh Oon Jin speaking to the media yesterday. He said more skilled workers are needed to meet a growing demand for digital-related business transformation support services.
PwC Singapore executive chairman Yeoh Oon Jin speaking to the media yesterday. He said more skilled workers are needed to meet a growing demand for digital-related business transformation support services.PHOTO: PWC

PwC Singapore will honour job offers made late last year to 200 graduates, even as it is cutting costs after suffering a significant drop in revenue during the circuit breaker.

Executive chairman Yeoh Oon Jin noted that more skilled workers are needed to meet a growing demand for digital-related business transformation support services. This is a key development as PwC evolves from providing professional services to technology solutions.

Of its 3,500 employees in Singapore, 300 are in digital-related services, and there are plans to hire more than 50 specialists in areas such as cyber security and data-related advisory services.

Mr Yeoh said that to help small and medium-sized enterprises access overseas markets, PwC can help advise them on how to enter the markets, develop their online presence and brand, and their marketing distribution channels.

To that end, PwC Singapore's digital business leader Greg Unsworth said it has set up a digital innovation office and is looking to offer up to 40 digital products and solutions in the next 18 months. These include a digital fitness assessment app that allows people to upskill themselves in areas like artificial intelligence and robotics, he said.

Underscoring the need for more businesses to invest in digital transformation, Mr Yeoh said some of PwC's clients were not able to provide documents for audits and other work because their records were not fully digitised. The circuit breaker from April to June saw most people working from home, among other measures. Some work scheduled during the period had to be deferred, he said.

PwC's revenues were also affected by the deferment or cancellation of some projects and deals amid the pandemic, he added.

There is also a heightened risk of fraud that could result as most people are still not able to work from the office.

Mr Yeoh said: "Management and employees, independent directors, auditors have to be more vigilant... Some customers may not be able to repay their debts, so the auditing process has to be more thorough."

 
 
 
A version of this article appeared in the print edition of The Straits Times on October 02, 2020, with the headline 'PwC to honour job offers to 200 grads amid cost cuts'. Print Edition | Subscribe