Name: CEO Initiative 2019: Fortune CEOs Want To Make Business Work for Everyone
Uploaded: 2019-06-11
Duration: 11 min 39 s
Description: John Haley, Patrick Quinlan, and others want to make business work for everyone.

This part of the program has to move very quickly this is the report backs from the working groups that happen before lunch and each co chair gets one minute and I'm keeping the time. So this is an exercise in concision. Can you take all that conversation that happened for an hour and a half this morning and boil it down to the most important point. And we're gonna start with the report back from the group on employee engagement with John Haley and Patrick Quinlan. John, you going first? Thanks. They're starting the clock now. Hey, don't take away from his minute. Three things we wanted to talk about. One was Value, bringing together employees to define and interpret your values. So the sense that when you want to build the values for a corporation, they shouldn't be the values of the CEO, they shouldn't be the values of the board, they should be the values of the whole organization. And really dealing with your customers and your clients to do that. And a key part of that was we said Look, it really goes to it's not just values creation, it's values co- creation. Following on the theme that Lindsay had this morning about you have these five different generations they're working at once. You need to get them all involved. And part of the discussion was that you can write down values, but sometimes the words mean different things to different generations too. And so you have to work on interpreting them among all the different groups. Living the values and this really gets to the issue of building better managers. And we talked about the fact that the values of a corporation aren't what you have written down on some piece of paper somewhere, the values of the corporation or the way you comport yourself every day, what your employees feel what your customers feel how you do, and it really gets to what you reward And what your reward is largely a consequence of who your middle managers are. And I think I'm not allowed to say that somebody said some managers shouldn't meet humans. So I won't. [ LAUGH ] But we need to all work on holding them accountable for talent development, which is an important part of it. All right, then finally, we want to have benefits which are personalized to individuals. And the notion there was that, the idea that one size fits all, doesn't work. It's actually one size fits nobody. And what we need to work on, Is more things somethings will be for the Gen Xers, some for the Millennials etc. But, we have to have something that's more responsive to all the needs of all the employees. Great, Patrick you're gonna add to that? Yeah, so, I think, so again the overall topic was the contract between employees and employers. And we think one of the important things to think about that is that what employers are looking for is organizational justice. So what does organizational justice means it means that there needs to be a certain level of transparency. There needs to be a level of consistency and expectations. So if if x action if I see a leader do x action, that regardless of how successful that leader is, if x action is bad. There will be a consistent response to that. So organizational justice, consistency and transparency. And then the layer below that comes or the layer alongside that is that the leaders inside the organization are lit are living that justice on a day to day basis. And they're doing it in an inclusive way. [ CROSSTALK ] So thank you Patrick touched on not neither of you reported on the minority of one in the room who said that if somebody leaves his company they're never coming back. But I can't tell you who. Penny Pennington and Tom Wilson. Go, Tom. There you go, Tom. Excellent. So, Penny and I had delivering economic inclusion and investing in employee financial health. As we all know that financial health of Americans in abysmal and it's worse around the world. It's hidden by the macro statistics, being 3. 6 % unemployement rate, yet a whole bunch of people, over half the people don't have $ 400 for emergencies. And a tremendous amount of work has gone on, on educating people creating more transparency. So we felt like that needed to continue but we needed to do more and businesses needed to do more. So we had two ideas for business. Business one for the government for business was to for businesses to commit to significant reductions, let's say half of the people in of the employees use your company who are financially fragile. And we toyed, we said we need to come up with a definition on what financially fragile is the Fed has a measure where 37 % of the people in the United States are financially fragile today don't have 400, 000 on this right measure We said we should get a measure. We should have that measure applied to all of our employees. And we whatever your measure is at your company, if you're at 70, get to 35. If you're 20 get to 10. That if in fact we commit to do that will come up with processes to improve. They get people, more included. We do think we need a coalition of companies to do that so that if you're interested you should feel free to reach out to use and see if we can't come up what to measure and then what goals would we set for ourselves. The second was to increase business commitment to creating jobs, making it equal to profit. We talked about that at lunch Are creating a job's standards creation board so actually putting measurement around job creation at the same level we measure profit because it's as important. And then we can hold ourselves accountable for did we create jobs. The concept being it's no help being educated if you don't have any money. So, first thing we got to do is get people money. We get them money. Then they'll get educated, educating them when they don't have any money doesn't really make any sense. The third thing is government tax policy, perhaps to be changed so that we could give employees tax free money to pay off their student loans, or their save for retirement, just like we gave them tax free money for their medical benefits today. Good, and Penny ran out on us? Penny delegated this to me. You deligated all to Tom? You're happy with this report? I'd be happy to give her- Did she represent you? She; s got a mic, all right. Hee represented Australia where the only thing that I would add about the jobs, the job creation is creating good jobs. And so the idea of what is a good job, there are standards. Jane was talking about certain standards that are in the market place around what a good job is And holding ourselves accountable really creating more of those. Great, thank you Penny. Technology for good. We got three coaches on this one so that means you'll each get, I don't know, somebody to divide two minutes by three. Yeah go ahead Tiger. Talk started off. Great team. First start with values. Every company has values, use those as your North Star. And then anytime you think about building new products with AI and machine learning etc. Apply that principle of your values and make sure it qualifies. Number two, very strong governance structure around how do you make sure unconscious decision making biases are also visible, which is a really strange discussion but even unconscious decisions have to become visible and a governance structure around that which often means you have to include outsiders in that governance. And I'll build on that, we spent a lot of time talking about how we mitigate and reduce bias in our AI systems and algorithms that starts with the data, the diversity of the data al throughout the framework formation learning which includes training of the models validation and deployment. The second topic we spent a lot of time discussing was about diversity and inclusion. Very important to we solve for the problems we know. So it's really critical that we have different diverse voices around the table as we build and deploy these AI systems, not just age diversity, or ethnic diversity or gender diversity, but also cognitive diversity, people with different backgrounds, even the history majors and the room [ LAUGH ] Big debate around that Good Simon. So related to the skills of the people doing the work. Universities right now producing a lot of graduates who have great skills in writing Python and understanding the math behind A. I.. That in itself if everyone is trained in the same way he's going to lead to everybody producing the same answer. We talked a lot about ethics. And so a conclusion was, that we should kind of work on the universities to make sure that they are producing graduates who have that as part of their training, before they go into this field, given it's gonna apply to so many different industries, and affects so many different people. The other thing we talked about was regulation. Tech industry hates regulation has a view that the government or a bunch of idiots. Nevertheless, despite if you think that regulation is probably coming your way if you work anywhere in the field of AI, and so we believe it's incumbent on industry, to start working with the people in power, who are gonna define that regulation to make sure they do it in the right way. Great, thank you. And finally workforce development. Margaret Kane, Sarah Franklin. Great. So we had an overarching theme that we just need to think bigger. I think all of us felt we're all doing things in pockets but we need to just really think big work towards achieving scale and really push the old system off the cliff. That was kind of the overarching thing. The other couple of things we talked about is really starting early, teaching life skills, public speaking, financial literacy to kids at the high school level, expose students to the working world. I think we all talked about, you can't be what you can't See? So trying to get them engaged at that level and encourage more project based internships and apprenticeships. And then the second is really we just really need a better level of engagement from the private and public and community organizations together. How do we bring folks together, give the private sector a greater chance to shape the curriculum around job skills. I think there was a lot of discussion that There's stuff we can do to help whether it's a community college or other programs where we can say these are the kind of skills we're looking for. It has to be a living thing so it can't be static and then let employees shape the curriculum as it involves expand the role of the community organizations serving as mentors in reaching particularly lower income opportunity youth. So. Great. Margaret takes us back to where we started the day this morning with Ragram Raja and the importance of community and business and community working together. Sarah. Yes and two more things to add on to first reinvent credentials. So really create pathways into the workforce that aren't necessarily just a four year degree. And also to not screen only for the four year degrees when you're hiring. And for companies to collaborate to make sure that our credentials are industry recognized and and validated. And also when we're reporting that credentials to ensure that it's not just academic performance but also like on the job type of performance that can you know lead to the achievement and the second thing is having the courage to land our brands. Recognize that people can be credentialed in delivering your technology or product that don't necessarily work at your company. So that can give that to other people. So those are the two other additions to the topic. Good insights out of all of those discussions today. I hope You're all getting something from that. [ BLANK_AUDIO ]

CEO Initiative 2019: Fortune CEOs Want To Make Business Work for Everyone

Fortune CEOs Want To Make Business Work for Everyone

Careers

John Haley, Patrick Quinlan, and others want to make business work for everyone.