A sustainable workforce enables a prosperous future, which is why our People remain a core focus in prosperity efforts.
Luxembourg continues to be a versatile labour market, and attracting talent to the area can be challenging. To remain an appealing place to work, holistic sustainable hiring practices and a retention approach are needed to support both employees and the firm.
The health and job security of our People have been a priority during the pandemic. We made a substantial investment in our People during the last year whilst planning for a post-pandemic world. Recruitment activity has been reinforced with a strong linkage in attracting a diverse range of people through diversity specific recruitment targets for gender equality.
At PwC Luxembourg, our People’s expectations have shifted. They increasingly vocalise the importance of maintaining firm Purpose and Values. Workplace factors like flexibility, work-life balance and development are becoming ‘must-haves’. To thrive, we must adapt to these changes faster, as the current priority continues to be attracting and retaining talent.
Employee turnover is an important element that we monitor. A defined level of turnover is expected, and even healthy, but specific actions are triggered when the rate exceeds our defined limits.
When an employee is replaced, the firm loses his or her knowledge and skills, whilst having to train and upskill new recruits. The voluntary turnover in FY21 was 14,5% and increased in FY22 to 18% (22,9% of total turnover). This is largely due to the impact of the so-called "Great Resignation”, which is affecting companies around the globe. According to the WEF, 20% of employees were planning to leave their jobs in 2022 (a figure that PwC is still below).
The specific actions taken are focused on job attractiveness and retention as well as the previously mentioned ambition to build a meaningful journey for all our people with a target of reducing the turnover to 15%.
We have focused our efforts on flexibility solutions, upskilling and career opportunities to ensure that PwC Luxembourg remains an appealing work environment. We also achieved our hiring targets by hiring more than 1,100 new people at the beginning of 2022, outpacing recruitments in the previous year.
A healthy work environment that includes location and schedule flexibility contributes to the long-term prosperity of our firm. Last year also marked a new transition where our People began the journey back into the physical office. The remote work policy was reviewed and adapted to meet new workforce needs, providing maximum flexibility to our People. We plan to continue nurturing a more well-balanced, mentally healthy workforce, while also making PwC Luxembourg a more attractive place to work.
To support this strategy, PwC Luxembourg has opened a total of seven satellite offices allowing attendance in these offices up to 80 days per year. These coworking spaces are close to the Belgian, French and German borders. In each office, a fully-equipped work environment, as well as parking facilities, are included to maintain high working standards. For our People, our satellite offices offer flexible work options that are closer to their homes.
Resident employees are only required to come to the office once a week, allowing for more flexible and work-from-home options. Providing flexible work schedules not only contributes to employee retention, but also reduces our carbon impact from our People commuting to work, and fosters employee well-being.
At PwC Luxembourg, we are proud to be the first firm in the area to develop these solutions for our People, allowing them to have a modern and flexible workplace.
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