Accountancy giants PwC will monitor staff’ places

Accountancy firm PwC is to begin tracking its employees’ locations and insist they are at their desk at least three days a week in a crackdown on office attendance.

The firm informed its 26,000 UK employees that from January it would start tracking their working location. 

Managing partner Laura Hinton told staff on Thursday they would begin sending employees their working location data every month, adding they must now spend ‘a minimum of three days a week’ in the office or at client sites. 

The accountancy giant said this would ‘ensure that the new policy is being fairly and consistently applied across our business’, the FT reports.

She acknowledged that everyone at the company ‘benefits’ from a hybrid working policy, but that previous guidance was ‘open to interpretation’.

The Big Four, Deloitte, EY, KPMG and PwC, are all having to find ways to cope with a market slowdown.

The firm informed its 26,000 UK employees that from January it would start tracking their working location 

The accountancy giant said this would ‘ensure that the new policy is being fairly and consistently applied across our business’ 

As well as cracking down on office hours, PwC also warned staff in July to expect lower bonuses and pay rises this year.

It has also restricted staff from taking a half day on Friday, which was a pandemic perk.

In her memo, Ms Hinton argued relationships are ‘more easily built and sustained face-to-face’.

She added it provides a better client experience and learning environment for staff.

On average, employees in London still spend just 2.7 days in the officer per week – compared to 3.5 in Paris and 3.1 in London.

PwC is facing other financial challenges too, after it was fined £15 million last month over failings in warning of suspected fraud at London Capital & Finance. 

The auditor has become the first accountancy firm to be penalised by the City regulator.

The Financial Conduct Authority’s investigation found that during PWC’s work on the minibond company’s 2016 accounts, its audit team found several ‘red flags’ – but failed to alert the regulator.

The warning signs included a senior individual at LCF who ‘acted aggressively’ towards the auditors and the firm providing PwC with inaccurate and misleading information.

The accountancy giant also found the audit ‘very complex’, claiming it took much longer than expected to complete.

Laura Hinton, Managing Partner at PwC UK, said: ‘Face-to-face working is hugely important to a people business like ours, and the new policy tips the balance of our working week into being located alongside clients and colleagues. 

‘This feels right for our business and right for our people, given our focus on client service, coaching, and learning and development. At the same time, we continue to offer flexibility through hybrid working.’