Tuesday, February 28, 2017
It is amazing that one small mistake of handing the wrong envelope to another can create a global crisis. That is what happened to PwC, the accounting firm, at the Oscars. The US chairman of the firm who was in the audience understood that something was wrong when he saw his partners on stage. The company has been scrambling in crisis mode ever since. PwC did the right thing and took responsibility for the error immediately. The question now is whether the firm will retain the 83-year-old account. If it doesn't, it will be a blow to the company's brand and reputation. The mistake might seem small but not to a business whose job is to get it right each and every time. The partner involved might find himself in another line of work as a result. From some crises, there is no recovery.