2nd Annual WEC Summit
Host
Tyler Mathisen, CNBC "Power Lunch" Co-Anchor and Vice President, Events Strategy
Speakers
Joseph Allen, Harvard T.H. Chan School of Public Health Associate Professor and Harvard Healthy Buildings Program Director
Masheika Allgood
Jared Bernstein, White House Council of Economic Advisers Member
Nicholas Bloom, Stanford University Professor of Economics
Heidi Brooks, Yale School of Management Senior Lecturer in Organizational Behavior
Lawrence O. Gostin, Georgetown University Professor, Founding O’Neill Chair in Global Health Law; World Health Organization Center on National and Global Health Law Director
Steve Pemberton, Workhuman Chief Human Experience Officer
Betsey Stevenson, University of Michigan Professor of Public Policy, Professor of Economics
2nd Annual WEC Summit
The way we approach work is changing before our eyes. Technological advances, demographic shifts and new perspectives on the employee/employer relationship have led to a major cultural shift when it comes to the workforce. The Workforce Executive Council Virtual Summit convened WEC members to discuss key program themes, including the future of work, employee engagement and talent development, and diversity and inclusion. Chief human resource officers, diversity and inclusion leaders, and top talent and benefits executives often are the guardians of a company’s culture. They face a delicate balancing act, and the stakes are high. The role of the HR executive never has been more challenging — and the opportunities more exciting. As corporations and financial markets place more value on human capital concerns like stakeholder capitalism, corporate culture and jobs of the future, it’s clear that senior Human Resources Officers will be central to redefining how businesses survive and thrive in the next era.
Key Points
- The labor shortage and what it will take for companies to attract and retain talent remains top-of-mind for WEC members. Betsey Stevenson, a professor of economics and public policy at the University of Michigan, encouraged council members to invest in workplace flexibility and focus on the humanity of their workers to reinvigorate current employees and attract new ones. “People are reevaluating their jobs and lives. They figured out what they really want, so they’re searching for something different,” she told CNBC’s Sara Eisen.
- Flexibility is the key to keeping both sides engaged, said Nicholas Bloom, Stanford University Professor of Economics, in conversation with CNBC’s Dominic Chu. Bloom said 40% of the U.S. workforce is going utilize some type of hybrid work option, whether employees are coming into the office 2 or 3 days per week.
- In a hybrid space, Brooks said companies can foster a culture of learning across all levels of employment to facilitate this transition. “It's a huge time for learning because everyone knows that we haven't been around this corner. Hybrid work is new for us,” Brooks said.
- “Vaccines and economic progress, revenue growth, income growth, wage growth, jobs, GDP industrial production; every variable that I look at seems highly and positively elastic to wiggles in the [Covid-19] caseload,” Jared Bernstein, White House Council of Economic Advisers Member, said to Kayla Tausche, CNBC Senior White House Correspondent.
- According to Masheika Allgood, AllAI Consulting Founder, HR professionals should acquire three skills when it comes to AI: understand what it is, what it’s good at, and what its limitations are. “When it comes to AI, there's this hands-off fear,” Allgood said. “Like, ‘No, the data scientists know best.’ They know how to code, but they don't know what you know.”
- Alison Borland, Alight EVP, Wealth Solutions and Strategy, in a conversation with Devin Banerjee, LinkedIn Editor at Large stated that wellbeing can be defined in four dimensions: a healthy body, healthy mind, healthy wallet and healthy life.
- With a recent vaccine mandate for federal workers, larger companies with 100 or more employees may soon mandate vaccinations or routine testing against Covid-19. This may lead to more employees getting vaccinated to avoid the time, cost and hassle of regular testing, said Lawrence O. Gostin, Georgetown University Professor, Founding O’Neill Chair in Global Health Law; World Health Organization Center on National and Global Health Law Director, in a conversation with CNBC’s Contessa Brewer.
- “Greater ventilation leads to significantly better cognitive function performance of employees,” Joseph Allen, Harvard T.H. Chan School of Public Health Associate Professor and Harvard Healthy Buildings Program Director, said to CNBC’s Meg Tirrell “It is good for worker health, productivity and performance.”
- Steve Pemberton, Workhuman Chief Human Experience Officer and author of “The Lighthouse Effect: How Ordinary People Can Have an Extraordinary Impact in the World,” in a conversation with CNBC’s Sharon Epperson shared “When you work in human resources, you are, in essence, the people who take care of people and you get to see all these human stories." “Perhaps as you are navigating your own daily life, you are being a lighthouse to someone else who might draw strength and courage and conviction just from your presence,” he told WEC members.
CNBC CFO Council Fed Matters — November 2021
Host
Steve Liesman, CNBC Senior Economics Reporter
CNBC CFO Council Fed Matters — November 2021
On November 2nd, Members of CNBC’s CFO Council heard from CNBC’s very own Steve Liesman ahead of the highly anticipated FOMC decision.
Key Points
- As expected, inflation has remained the number one concern and risk to the economy. Labor shortage has also remained a pressing issue within the United States as a result of the immigration crisis. While we have yet to see any obvious solutions, inflation is certainly the more manageable issue of the two.
- According to CNBC’s Fed. survey. Predictions have expected the fed to taper in November with an average monthly cost of 15 billion. Respondents forecasted a median hike for September 2022 while 44% believe it could be here as soon as July.
- A one size fits all mindset is no longer realistic as becoming more flexible is crucial, especially for older generations in terms of understanding and taking full advantage of new technology.
The Global Semiconductor Shortage and Broken Supply Chains: How Technology Is Impacted and What Technology Can Do To Fix It.
Host
Jon Fortt, CNBC “TechCheck” Co-Anchor
Speakers
Mark Fields, Ford Motor Company Former President & CEO
Dewardric McNeal, Longview Global Managing Dir. & Sr. Policy Analyst
Matt Murphy, Marvell Technology President and Chief Executive Officer
The Global Semiconductor Shortage and Broken Supply Chains: How Technology Is Impacted and What Technology Can Do To Fix It.
Ford Motor Company Former President & CEO Mark Fields, Longview Global Managing Dir. & Sr. Policy Analyst Dewardric McNeal & Marvell Technology President and Chief Executive Officer Matt Murphy join CNBC “TechCheck” Co-Anchor Jon Fortt for a discussion on the global semiconductor shortage and broken supply chains.
Key Points
- According to Marvell Technology President & CEO Matt Murphy, “Due to the current ‘panic buy’ of semiconductors, there is a possibility of a surplus stock of semiconductors once the shortage is over."
- Managing Director & Sr. Policy Analyst at Longview Global Dewardric McNeal believes the different geopolitical perspectives of countries competing in the tech industry can lead to long-term tech allocation issues beyond the pandemic.
- “Rethinking your company’s supply chain can come with increased costs, however it can reduce your company’s risk from unknown factors that can significantly impact it, such as the COVID-19 pandemic,” says Mark Fields, former President & CEO of Ford Motor Company.
How Are You Doing? A New Approach to Tackle the Burnout Crisis
Host
Sharon Epperson, CNBC Senior Personal Finance Correspondent
Speakers
Jennifer Moss, Author of The Burnout Epidemic: The Rise of Chronic Stress and How We Can Fix It
How Are You Doing? A New Approach to Tackle the Burnout Crisis
How are you doing? A new approach to tackle the burnout crisis with Jennifer Moss, author of "The Burnout Epidemic: The Rise of Chronic Stress and How We Can Fix It", and CNBC's Sharon Epperson.
Key Points
- To change the workplace culture that causes employee burnout, companies must first separate their well-being strategy and burnout prevention strategy. One is more upstream, looking at macro causes and fixing them, while the other promotes motivation,” says Jennifer Moss, author of “The Burnout Epidemic: The Rise of Chronic Stress and How We Can Fix It”.
- According to Moss, create psychological safety and a safe space for employees through a diverse work team with different perspectives.
- “Instead of recycling the same content, brief weekly team meetings must provide transparent communication reflecting on how the team worked together that week and how to collectively improve moving forward,” states Moss.
- A certain comfort level must be established for employees to understand that their mental health is valued in the company. Therefore, executives must set the tone and display through their personal workstyle that mental health should be a priority for everyone. “Simple, thoughtful actions done with repetition equal positive well-being outcomes,” says Moss.
Recruiting, Retaining, and Returning to the Workplace
Host
Jen Geller, CNBC Senior Councils Editor
Speakers
DJ Casto, Synchrony EVP & Chief Human Resources Officer
Tanya Harris, RealTruck Executive Director, Human Resources
Nickle LaMoreaux, IBM Senior Vice President & Chief Human Resources Officer
Recruiting, Retaining, and Returning to the Workplace
The start of Septembr was critical in how companies navigate vaccine requirements, masking, and the return to the office. As summer winds down and fall kicks into action, we invite you to join us as we discuss the tight labor market and what some companies are doing to recruit and retain their employees. Watch live as CNBC Workforce Executive Council members DJ Casto of Synchrony, Tanya Harris of RealTruck and Nickle LaMoreaux of IBM participate in this panel addressing the challenges ahead and solutions we all should consider.
Key Points
- According to DJ Casto, Synchrony CHRO, satisfying employee needs is not a “one size fits all” situation. Offer flexibility and choice to fit the employees’ personal and professional needs for them to truly excel. "Offer competitive wages for all the roles which are important to drive the business forward.”
- During a labor shortage, Nickle LaMoreaux, IBM Senior Vice President & Chief Human Resources Officer advises that, “Companies must take a ‘skills first’ approach. To retain talent, focus less on how or where applicants learned a skill and more on if they actually have it."
- “As a smaller company, personal development is a key marketing point to sell. Not only can the company pay its workers competitively, but it will also provide a skill set that workers can use beyond their career at the company,” says Tanya Harris, RealTruck Executive Director of HR.
- The current labor shortage is not just a wage issue. Applicants are reflecting on why they want to work, therefore companies must also stay true to their values and establish policies and programs that continuously reinforce them.
Transforming the Workplace: Cracking the Hybrid Code
Host
Tyler Mathisen, “Power Lunch” Co-Anchor & Vice President, Events Strategy
Speakers
Cassandra Hatton, Sotheby's Global Head of Science & Popular Culture Dept.
Eric Yuan, Zoom Founder & CEO
Harry Moseley, Zoom Global CIO & TEC Member
Henrique Dubugras, Brex Co-Founder & Co-CEO
Transforming the Workplace: Cracking the Hybrid Code
A discussion on hybrid work, digital transformation, NFTs, and more
Key Points
- The next iteration of communication and collaboration tools includes smart galleries, AI-enabled meetings, and shareable virtual whiteboards that will help enable the “democratization of meetings” that emerged in the midst of the pandemic to continue.
- When considering a fully remote workplace, be willing to weather any of the downside of remote work in exchange for the opportunity to hire people anywhere in the world.
- NFT’s have gone mainstream and this is having an impact on the world of art and collectibles. These digital assets will likely impact the worlds of music, drawings, and video games in the years ahead.
Evolving the Workplace: How to Be an Agent of Change — Now
Host
Sharon Epperson, CNBC Senior Personal Finance Correspondent
Speakers
Katy Milkman, The Wharton School of the University of Pennsylvania Professor
Evolving the Workplace: How to Be an Agent of Change — Now
In her new book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, Wharton Professor Katy Milkman looks at the science of change and how to break through the barriers holding us back—be it within ourselves and organizations large and small. She joins the CNBC Workforce Executive Council as we discuss the changes we want to see in this next phase of work.
Key Points
- Vaccine convenience still matters. Employers can potentially increase vaccinations among employees through on-site vaccination centers.
- The majority of people who are unvaccinated are not extremely opposed to the vaccine, so there is still an opportunity to convince them about safety and convenience.
- In moments that seem like major turning points, such as switching from remote to in-office work, motivate individuals to be more productive and welcome change.
