People

In FY24, we opted for a new approach to calculating the gender pay gap, based upon the employees’ entire remuneration package (vs only base salary), hence aiming for greater accuracy and complete transparency. With this new method, our figures show a similar gender pay gap compared to last year. This is to put in perspective with the Luxembourg Gender Pay gap (-0.7%), the smallest in EU (Eurostat 2022 Key Figures).

Beyond the gender pay gap, our priority remains to achieve equal access opportunities for women and men to management and top positions. 

^{*Based on gross salary data.}

^{**Based on total remuneration package including the variable components of compensation, excluding certain outliers that were identified, justified, and explainable.}

Our Flexibility & Wellbeing Index demonstrates the level of how satisfied our People are with finding a balance between work and personal life that works for them and working with people who make wellbeing a priority. Answers to the questions of our Flexibility & Wellbeing Index are the following:

According to the results presented above, our employees are acknowledging the efforts made regarding flexibility, work life balance and, more generally, proposing a healthy lifestyle. In the future, our focus will remain on the proximity our leaders and managers create with their team members, a key topic to support our People in their sustainable growth and thus their wellbeing. 

As in previous years, the results show some concern in the flexibility & wellbeing matter from our middle management. Looking at more granular data, this concerns especially the possibility of having a healthy lifestyle and success at PwC. To note that from a gender perspective, results do not point to a major discrepancy. 

Considering these results, as well as the anecdotes shared by employees, we aim to invest in areas which can impact and improve the wellbeing of our People, in full alignment with our HR strategy for FY25:

^{Derived from the GPS results on these following statements in FY24:}  

<sup>1 - I am able to find a balance between work and my personal life that works for me.
2 - The people I work for make wellbeing a priority for our team(s). 
3 - My level of effort and productivity can be sustained over the next 12 months.

Answers scale from 1 to 5, from very negative to very positive, 3 being neutral.</sup>  

As part of our Wellbeing, Health and Safety ambition, it is important to ensure we can identify people with mental and physical difficulties caused by stress, anxiety and significant workload. We are looking at several indicators in that field, including the absenteeism rate for illness-related absences and comparison of such with the local sector data.

As per the latest available report of the Observatoire de l’absentéisme, the indicators for our Firm are generally below the sector average. This encourages us to continue in our efforts for the wellbeing of our People.

^{Only people from PricewaterhouseCoopers Société coopérative, PricewaterhouseCoopers Academy Société à responsabilité limitée and PwC Tax Information Reporting Société à responsabilité limitée".
Interns, Contingent Workers and Short-Term Assignments have been excluded from the calculation.
The calculation follows the proposed methodology of the Liser Report [design comment: link https://www.liser.lu/], where the total sickness days are divided with the total workable days (including weekends and public holidays).}

With almost 3,600 employees in 2024, we have 400 more employees than last year, a comparable evolution as between FY22 and FY23. This increase illustrates that we keep our attractiveness in a competitive local employment market, despite difficulties attracting talents in Luxembourg, partly due to the combination of mobility issues and a tight and expensive real estate market, as shared by our recruits during interviews. 

This year again, we report a low employee turnover at 11.1%. The turnover decrease, started in FY23, has continued this year, underlining that our recruitment processes and retention tools provide results. We still believe that a minimum turnover of 10% is a healthy rate for ensuring we remain innovative and diverse, as well as proposing opportunities for our employees to grow and develop their career.

The voluntary turnover has significantly reduced in Assurance while stabilising in Advisory, Tax and Internal functions. This evolution is to be considered from the perspective of our efforts in terms of retention practices in all lines of services. Over the year, we have deployed new tools and practices by being closer to our team members' concerns, having regular and meaningful conversations to assess their performance and growth. Moreover, our administrative population turnover drops to 7.4% reflects the transformation of the Secretary job that has been run over the past three years.

To achieve these positive results, we developed and deployed a strategy where:

We worked on creating an environment where our employees can benefit from individual follow-up by their Team Leader. We leveraged on the flexibility and the wellbeing initiatives we proposed to our People to facilitate their day-to-day life. We also continuously promoted development and learning opportunities for our employees to grow in their career. By analysing the voluntary turnover KPI split by team, we were able to target our actions where it was the most required and provide relevant retention tools and practices.

Overall, we believe that a person with purpose who feels safe, valued and who has room to develop and learn is significantly more likely to join — and stay with — us.

^{Cumulated voluntary turnover = Number of voluntary terminations /Average headcount.}

^{Voluntary terminations = Resignations and end of probation period initiated by the employee.}  

^{Average headcount = Sum Headcount each month divided by number of months as from beginning of a Financial Year.}

At PwC Luxembourg, we believe that job creation provides a basic indication of our capacity to attract diverse talents. This is why we are looking at how many new recruits we have during the year through a gender lens.

In FY24 we witnessed a slight uplift trend in our 40/60 gender ratio, but we know we can do better. 

As in previous years, we observe a female talent shortage in schools and universities, which leads to an unbalanced proportion of men and women in our new joiners at junior level. In order to reverse this trend, and recruit a more gender-balanced workforce, we promote our opportunities to a gender-diverse student audience: we are present at early stages in students' lives, bringing gender-diverse PwC representatives to universities and schools to promote our careers and give testimonials of successful professional experiences.

In addition, we have restructured and reinforced our recruitment team, focusing on our Talent Attraction practices (collaboration with universities, recruitment events, employer branding initiatives...) that do generate interest for a diverse pipeline of talents. 

In continuity with the above, our FY25 Talent Attraction and Acquisition strategy will focus on recruiting a diverse workforce, in Luxembourg and in our PwC Services Portugal office in Porto, which is an important lever to enhance our gender selectivity. We will further invest in training our recruitment teams on such topics as (and among others,) awareness about unconscious bias, inclusive language, and equitable hiring practices.  

^{Only people from PricewaterhouseCoopers Société coopérative,  PricewaterhouseCoopers Academy Société à responsabilité limitée and PwC Tax Information Reporting Société à responsabilité limitée.
PwC Legal, Interns, Contingent Workers and Short-Term Assignments have been excluded from the calculation.
For the calculation, the new hires' starting date has been considered.}

Learning & Development is paramount to our Firm and to building a sustainable future for PwC Luxembourg, as well as a meaningful and enriching journey for our People and for this, we have always offered a rich set of training opportunities.

In FY24, we have continued our efforts in proposing a large catalogue of learning journeys to our employees in numerous dimensions, including technical knowledge, soft skills and leadership & management competencies to name a few. Specifically, we have significantly invested in developing internal Executive Development programs for our leaders to prepare them for their future business and management opportunities. 

In FY25, we will continue to enhance our Learning & Development proposition to our employees and regularly revise our learning offerings content and format for an enhanced experience, specific and close to our People day-to-day needs. In addition to continuing our efforts on our Leadership programmes design and deployment, we will launch a women-focused leadership development programme with the aim to build a growth and development path specifically tailored to women at higher levels and support an equitable promotion process.

^{Excluded: interns, contractors, fix terms, freelancers, short-term assignments, PwC Legal.}

The average entry level salary we offer at PwC Luxembourg is above the local minimum salary. The salary level ratios increased significantly in FY23 to adapt to the cost of living and support our People to gain access to the real estate market. In FY24, the ratios decreased compared to FY23, a mechanical evolution caused by the increase in minimum social wage while our entry salary remained as is. 

^{Standard entry level salary: Full-time reference salary for our new hires who have joined at junior level (excluding experienced new hires) during the financial year.
Target population: Associate 1 for business LoS.
Administrative & Associates in Streams & Secretary where age at hire date is between 18y and 25y.
Ratio of entry level salary to local minimum: for each hire in the above defined target population, we have calculated: ​FT reference salary / Luxembourg Qualified Minimum Social Salary applicable at hire date.}