PricewaterhouseCoopers (PwC) is trimming its China workforce. Why? Media reports say that many corporate clients chose to break ties with the accounting services firm in the country. That means, the revenues of the company may be adversely affected. At least 100 employees have reportedly been asked to leave. However, an official total of those impacted across PwC offices in China, including Beijing and Shanghai, is yet to be known.
These changes to the workforce are aimed at optimising the structure of the firm in line with the demand in the market, as reported by media. The company reportedly assures that the layoffs will be in line with relevant Chinese labour laws .
In March this year, PwC Australia was reported to be readying for more job cuts after the axing of about 338 roles was announced in November 2023. It was reported that about 329 additional roles would be axed as part of a restructuring exercise. About five per cent of the workforce was to be impacted, with 37 partners gearing to retire by the end of 2024. These additional layoffs, it was hoped, would help to ensure that the business structure remains in alignment with the new strategy for the firm in the long run. At the time, PwC Australia had assured its support to the affected employees, conveying that opportunity would be given to the impacted staff members to apply for new positions that emerged from the restructuring.
