WEBVTT - Businessweek Extra Extra - Tim Ryan

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. I'm Jason

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<v Speaker 1>Kelly and I'm Carol Masser. Welcome to the Bloomberg Business

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<v Speaker 1>Week Extra. It's a weekly podcast bringing you an in

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<v Speaker 1>depth interview you will not hear anywhere else. And this

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<v Speaker 1>one man took us to places I think that we

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<v Speaker 1>weren't expecting. Jason, absolutely, I have to say, and I

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<v Speaker 1>would say this if we were talking to him right now.

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<v Speaker 1>Get on the phone with the chair and senior partner

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<v Speaker 1>at a big consulting firm. You think, all right, he's

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<v Speaker 1>gonna talk to us about consulting, right Yeah, Tim Ryant,

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<v Speaker 1>he's a different sort of leader. And I've heard that

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<v Speaker 1>from a number of people who work with him, and

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<v Speaker 1>we spoke with him at a time where he was

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<v Speaker 1>coming out of a weekend of having a lot of

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<v Speaker 1>very serious and very intense conversations with his employees. He

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<v Speaker 1>is thoughtful, and he's thinking a lot about what his

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<v Speaker 1>company looks like going forward. And keep in mind, he

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<v Speaker 1>and his team are consulting with the leaders across the world,

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<v Speaker 1>so what they think and how they act has a

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<v Speaker 1>lot of influence. The most important right now is to communicate,

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<v Speaker 1>to be open minded and committed to change that. The

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<v Speaker 1>reality is we have huge segments of our population, including

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<v Speaker 1>my workforce, that are hurting um in many cases they've

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<v Speaker 1>been hurting for a long long time. And it's important

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<v Speaker 1>that we are vulnerable, we are open, going to communicate, speak,

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<v Speaker 1>and being committed to change. I have. I have in

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<v Speaker 1>the last weekend responded personally over three thousand emails. I've

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<v Speaker 1>spoken to dozens and dozens of people individually to hear

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<v Speaker 1>what's in their mind in addition to my team, and

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<v Speaker 1>it is heartbreaking and to acknowledge and being committed to

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<v Speaker 1>driving it is a good start. So how does the

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<v Speaker 1>how does this affect policy going forward? And how does

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<v Speaker 1>it bring about change? Yeah, Carol, thank you. Important question.

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<v Speaker 1>I look at it from two perspectives and let me

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<v Speaker 1>let me start up by saying GTBC nor me do

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<v Speaker 1>we have all the answers, But we look at it

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<v Speaker 1>from two perspectives. For the last four years, we've been

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<v Speaker 1>taking very aggressive steps to improve our inclusion withinside the

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<v Speaker 1>full walls of p WC, and and it starts at home.

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<v Speaker 1>We all can be better and we need to be better.

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<v Speaker 1>And myself and over a thousand executives who are part

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<v Speaker 1>of CEO actions for diversity inclusion. We have committed to

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<v Speaker 1>make our organizations better, safer, more aware, and more understanding.

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<v Speaker 1>But as you point out or asking your question, policy

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<v Speaker 1>making also plays an important part. The reality is that

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<v Speaker 1>we need more thoughtful policy at the city, state, and

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<v Speaker 1>federal level to make sure that we get some we

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<v Speaker 1>get at some of the more important parts or equally

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<v Speaker 1>important parts around inclusion if we're to get to a

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<v Speaker 1>better performance at a sustaining level. So, for example, we

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<v Speaker 1>think about the economic inequalities that exists in our country,

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<v Speaker 1>policy the policy making plays an important role there as well.

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<v Speaker 1>You know, it's interesting tempted to hear your response to

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<v Speaker 1>the to the first question because it does feel like

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<v Speaker 1>we're in a different moment where I dare say, and

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<v Speaker 1>this is no judgment on any of your predecessors or

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<v Speaker 1>any predecessors of current CEOs, but I have a hard

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<v Speaker 1>time believing that in a previous generation of leaders it

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<v Speaker 1>would be almost acceptable in some ways for a leader

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<v Speaker 1>of your stature to personally respond to all of those things.

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<v Speaker 1>Do you feel like you bear more of a responsibility

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<v Speaker 1>to show a level of transparency and I dare say

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<v Speaker 1>authenticity to a broader spectrum of people. Yeah, it's a

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<v Speaker 1>it's a fair question. I am. I certainly sincerely believe

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<v Speaker 1>I have a responsibility to the fifty five thousand people

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<v Speaker 1>who trust me with their leadership than that. That is

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<v Speaker 1>very personal to me. I was speaking with somebody over

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<v Speaker 1>the weekend or many many people. On one conversation, I asked, su,

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<v Speaker 1>do you think everybody's getting three thousand emails? And I

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<v Speaker 1>honestly don't know the answer. What I am proud of

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<v Speaker 1>is the culture is that people expect to have immediate

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<v Speaker 1>access at PBC to the talk. And I and I

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<v Speaker 1>take that response us to believe very seriously. I think

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<v Speaker 1>some of it to sign of times, I think some

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<v Speaker 1>of it is the culture of the organization. And we

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<v Speaker 1>look at those three thousand emails and over and and

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<v Speaker 1>I'm behind today to be clear, because it's the message

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<v Speaker 1>out today. But I think part part of it is

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<v Speaker 1>many thousands just saying thank you, thank you. I shot

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<v Speaker 1>a video on Friday morning and saying how sick I was.

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<v Speaker 1>Part of it is thank you for the commitment and leadership.

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<v Speaker 1>But hundreds were here are suggestions and and and we're

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<v Speaker 1>going through them like we to think that in in

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<v Speaker 1>a world where leadership is looked up to, we don't

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<v Speaker 1>have all the answers, and I think part of it

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<v Speaker 1>is part of it is we need to get it

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<v Speaker 1>at all levels in our organization. One of our black

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<v Speaker 1>associates I spoke to today, he has three years experience

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<v Speaker 1>with us. He was both um. He was both excited

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<v Speaker 1>but also angry that society is not making more progress,

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<v Speaker 1>is it, Tim, You need to listen to not only

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<v Speaker 1>the years of partners and people in the middle and

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<v Speaker 1>leadership polls, you need to listen to our views as well.

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<v Speaker 1>I think it's I think it's incredibly important that we

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<v Speaker 1>do that. I think today more than ever, well, you know,

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<v Speaker 1>going back to oh Man, you just kind of chills

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<v Speaker 1>my spine. We spoke with John Hopebryant Um Sherman and

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<v Speaker 1>CEO of of UM Hope and what's interesting is he

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<v Speaker 1>said he was talking to a lot of young people, Tim,

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<v Speaker 1>who said, you know, because everybody's like please, you know,

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<v Speaker 1>looting doesn't solve anything. But these young people said to him, listen,

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<v Speaker 1>you get to be you have a seat at the table.

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<v Speaker 1>You know, you're in the room where it all happens.

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<v Speaker 1>You go to the white house. You talked to CEO

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<v Speaker 1>for us, our voices aren't heard unless we take these

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<v Speaker 1>drastic actions, and we need to figure out a way

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<v Speaker 1>to make sure everyone is heard. And Tim, I feel

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<v Speaker 1>like we have a lot of conversations about this and

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<v Speaker 1>yet nothing happens. And forgive me, We've got about forty

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<v Speaker 1>five seconds and then we'll come back and continue the

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<v Speaker 1>com versation. But your thoughts on that, Yeah, I think.

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<v Speaker 1>I think, um, it is really important for us to

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<v Speaker 1>understand to our black and brown citizens of the United States,

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<v Speaker 1>what happened last Monday is not new. What happened in

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<v Speaker 1>Central Park is not new. Too many. It feels new

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<v Speaker 1>because we start on a video, but it is not new.

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<v Speaker 1>And as I speak with my and I'm not black,

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<v Speaker 1>I cannot say I've walked in people's shoes. But as

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<v Speaker 1>I've listened to hundreds, what they will tell you is

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<v Speaker 1>that this is not new. And four years ago we

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<v Speaker 1>had shootings in Dallas, we had violence in Louisville, two

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<v Speaker 1>years ago we had violence in Charlottesville. We have it again.

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<v Speaker 1>And it's incumbent on people in my role and other

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<v Speaker 1>roles to say enough is enough and we're going to

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<v Speaker 1>fix it. And we have to work together to do that.

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<v Speaker 1>So Tim, I want to talk about the return to

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<v Speaker 1>work at that. One more question for you about sort

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<v Speaker 1>of where we are at this particular moment having to

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<v Speaker 1>do with protests. You've got curfews happening at major cities

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<v Speaker 1>around the country, including here in the Tri State area,

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<v Speaker 1>and I do want how do you balance sort of

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<v Speaker 1>the safety of your employees with the notion that you

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<v Speaker 1>want them to be able to express themselves at times

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<v Speaker 1>like this. Yeah, we we encourage our people to make

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<v Speaker 1>sure their point of view is heard, and protesting is

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<v Speaker 1>an important part of expressing ourselves. We obviously want to

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<v Speaker 1>make sure they're safe as well, so we've encouraged people

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<v Speaker 1>to do that and use the dust judgment and cities

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<v Speaker 1>where we have had protests, we've used our Nation Wanted

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<v Speaker 1>security team to make sure we're checking out on people

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<v Speaker 1>that they're safe. If we've had a few instances, we

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<v Speaker 1>simply had to move people because they were in very

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<v Speaker 1>closely affected areas. But freedom of speech and the ability

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<v Speaker 1>to get your views heard both internally within the firm

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<v Speaker 1>and outside is something that we think is really important. Obviously,

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<v Speaker 1>we wanted to be peaceful, we want our people to

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<v Speaker 1>be safe, but getting our emotions out and getting our

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<v Speaker 1>feelings out is important, and the numbers really speak to

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<v Speaker 1>the importance of getting those views out and having voices heard.

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<v Speaker 1>So it is a very important part of our nation

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<v Speaker 1>and the freedom to get your view out there and

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<v Speaker 1>something we're supportive of, you know, Tims. Something that Jason

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<v Speaker 1>and I've been asking with a lot of the leaders

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<v Speaker 1>that have been coming on our air CEO s, you know,

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<v Speaker 1>folks similar to you in you know, top positions, is

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<v Speaker 1>how does our world change? And we've been asking it

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<v Speaker 1>in the context of the virus specifically, you know, what's

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<v Speaker 1>what's the most important in your view underappreciated way that

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<v Speaker 1>the world, at least your world that you work within,

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<v Speaker 1>will be different. And I feel like I want to

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<v Speaker 1>ask it both of what's happening, you know, as a

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<v Speaker 1>result of what happened in Minneapolis, and also as of

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<v Speaker 1>the virus, because it just feels like, you know, our

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<v Speaker 1>world has definitely been turned upside down in many different ways. Um,

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<v Speaker 1>certainly in the past week and certainly in the past

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<v Speaker 1>three months or so. Yeah, Carol, thank you. I would

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<v Speaker 1>start out by saying, I'm obviously very upset and sick

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<v Speaker 1>by the events over the last week. But I but

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<v Speaker 1>I also start by saying I'm an optimist, and I

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<v Speaker 1>think when I look at the COVID nineteen situation, and

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<v Speaker 1>I look at the events of us couple weeks, I

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<v Speaker 1>think we're we are giving a great opportunity to be

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<v Speaker 1>driving as a change. And I think that's the way

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<v Speaker 1>we have to look at things, because it is important

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<v Speaker 1>as we as we go forward. And there's a couple

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<v Speaker 1>of key things that I would say will change. First one,

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<v Speaker 1>I think just about basic work, and this is something

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<v Speaker 1>as I've heard from dozens of CEOs, I think one

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<v Speaker 1>thing is safe to say work will not look the

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<v Speaker 1>way that twelve or thirteen weeks ago and will not

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<v Speaker 1>look the way it does today. Like there there's an

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<v Speaker 1>opportunity to reimagine how work is done. And when I

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<v Speaker 1>think about the office space, so I think about industries

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<v Speaker 1>like financial services, technology, professional services, that we have a

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<v Speaker 1>fundamental way to reimagine work. The way we reimagine work

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<v Speaker 1>hopefully will align with opportunities. Some people desperately want to

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<v Speaker 1>get back to the office, and other people like the

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<v Speaker 1>way of working now. You need the ecosystem around called

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<v Speaker 1>schools and daycare and the like to work as well,

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<v Speaker 1>and we will get there over time. But we're seeing

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<v Speaker 1>tremendous opportunity to reimagine how work is done where some

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<v Speaker 1>some roles have done permanently remotely, some work is done

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<v Speaker 1>on a hybrid basis, and some work is done fully

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<v Speaker 1>back in the office space, which then should hopefully allow

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<v Speaker 1>people who who like either end of that spectrum in

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<v Speaker 1>the middle to match up with those roles. That's a

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<v Speaker 1>tremendous opportunity we never had before. And they shared experience

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<v Speaker 1>that everybody has gone through creates a great platform for

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<v Speaker 1>change and and I'm seeing meeting companies go after that

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<v Speaker 1>platform from a change with the sense of it's a

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<v Speaker 1>great opportunity. By the way, it should also draw that

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<v Speaker 1>a diversity inclusion when we think of certain people who

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<v Speaker 1>maybe couldn't afford to live near an office, if we

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<v Speaker 1>couldn't get a job, when we think about women and

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<v Speaker 1>children or men and children to that matter, the ability

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<v Speaker 1>to do things differently as well. So I view it

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<v Speaker 1>as a great opportunity and shame on us well miss it.

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<v Speaker 1>And so tim from from your businesses perspective, like even

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<v Speaker 1>just the logistics of sort of getting people back to work.

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<v Speaker 1>What have you guys found as sort of the biggest

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<v Speaker 1>say go challenger or maybe opportunity to depending on how

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<v Speaker 1>you want to take it in terms of just the

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<v Speaker 1>physical act of you know, kind of moving people back

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<v Speaker 1>into some semblance of normalcy there. We're we're very fortunate

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<v Speaker 1>because of the last four years we've been investing massively technology.

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<v Speaker 1>We've been investing not only in getting our business in

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<v Speaker 1>the cloud, but we've also been investing in fifty five

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<v Speaker 1>people with digital obscaling and awareness that digital obscaling has

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<v Speaker 1>become an employee benefit at PTBC, no different than fown

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<v Speaker 1>Ka health Care, So our people are constantly being invested

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<v Speaker 1>in now. We didn't plan for a pandemic, but when

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<v Speaker 1>we had to shift to a remote we were able

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<v Speaker 1>to make it very quickly, in large part because not

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<v Speaker 1>only the broad transformation into the cloud, but also the

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<v Speaker 1>skills that are people have had that has allowed us

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<v Speaker 1>to meet our clients needs virtually And what we're hearing

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<v Speaker 1>from most of our clients is they don't need us

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<v Speaker 1>back right now. So the biggest opportunity we have right

0:11:57.880 --> 0:12:00.120
<v Speaker 1>now is to meet our clients where they want to

0:12:00.160 --> 0:12:02.800
<v Speaker 1>be met. And for the most part right now, it's

0:12:02.920 --> 0:12:06.640
<v Speaker 1>virtual that will change over time. Our opportunity is to

0:12:06.720 --> 0:12:10.240
<v Speaker 1>help help meet our clients needs over time with less

0:12:10.320 --> 0:12:13.400
<v Speaker 1>face to face, not not zero face to face, but

0:12:13.720 --> 0:12:16.280
<v Speaker 1>less face to face, which then results in a better

0:12:16.280 --> 0:12:18.520
<v Speaker 1>work expence for our people because we have less travel,

0:12:18.960 --> 0:12:21.480
<v Speaker 1>and that also will benefit our environment as well. So again,

0:12:22.040 --> 0:12:24.960
<v Speaker 1>every every challenge is an opportunity. We're looking at this

0:12:25.000 --> 0:12:27.240
<v Speaker 1>as a major opportunity to meet our clients needs in

0:12:27.280 --> 0:12:29.680
<v Speaker 1>a very different way, just quickly to not less travel.

0:12:29.760 --> 0:12:32.480
<v Speaker 1>Does that stick? I think some will like you. Of those,

0:12:32.520 --> 0:12:34.600
<v Speaker 1>I don't see a world where we're not doing zero

0:12:34.640 --> 0:12:36.839
<v Speaker 1>travelge you're talking to someone for twenty five years. It's

0:12:36.840 --> 0:12:40.720
<v Speaker 1>been a road warrior. I literally the last thirteen weeks.

0:12:40.720 --> 0:12:43.000
<v Speaker 1>I've never been home in my adult life that long.

0:12:44.320 --> 0:12:47.600
<v Speaker 1>I don't I don't see us needing to travel as much.

0:12:47.720 --> 0:12:49.640
<v Speaker 1>But I also don't see if they are wearing this today.

0:12:50.000 --> 0:12:52.320
<v Speaker 1>There's still a big need to be at our clients,

0:12:52.600 --> 0:12:55.360
<v Speaker 1>but we're also learning some role, some functions, some task

0:12:55.720 --> 0:12:58.720
<v Speaker 1>can be done virtually and without having people go there,

0:12:59.000 --> 0:13:01.040
<v Speaker 1>and that's a good thing for good body. So I

0:13:01.080 --> 0:13:03.600
<v Speaker 1>think is everything. I don't see it everything going back

0:13:03.600 --> 0:13:05.439
<v Speaker 1>to the way it was. I don't see the ways today.

0:13:05.480 --> 0:13:08.000
<v Speaker 1>It'll be somewhere between. That's Tim Ryan, the chair and

0:13:08.000 --> 0:13:10.679
<v Speaker 1>senior partner at p w c US. Jason and I

0:13:10.720 --> 0:13:12.520
<v Speaker 1>thought it was so lucky that we were able to

0:13:12.559 --> 0:13:15.320
<v Speaker 1>catch up with the head of a global consulting firm.

0:13:15.400 --> 0:13:18.400
<v Speaker 1>Talking to CEO is talking to leaders around the globe.

0:13:18.679 --> 0:13:20.439
<v Speaker 1>One of the things that struck me, you know, he

0:13:20.520 --> 0:13:21.959
<v Speaker 1>talked about what it's going to be like to get

0:13:22.000 --> 0:13:23.920
<v Speaker 1>back to the office. That was one issue we talked

0:13:23.920 --> 0:13:26.480
<v Speaker 1>to him about, you know, the viruses impact and you know,

0:13:26.520 --> 0:13:28.720
<v Speaker 1>how we're reorganizing, how we're going to work. But he

0:13:28.760 --> 0:13:31.240
<v Speaker 1>also talked about the shared experience of all that we're

0:13:31.240 --> 0:13:34.160
<v Speaker 1>all going through right now together and how it can

0:13:34.200 --> 0:13:37.040
<v Speaker 1>be a great agent for a change, of course, addressing

0:13:37.200 --> 0:13:39.880
<v Speaker 1>the civic unrest that we're seeing around the country. You've

0:13:39.880 --> 0:13:42.319
<v Speaker 1>been listening to Bloomberg Business Week Extra be short of

0:13:42.360 --> 0:13:45.080
<v Speaker 1>tune into Bloomberg Business Week Radio Live Monday through Friday

0:13:45.120 --> 0:13:47.640
<v Speaker 1>at tpm Wall Street Time on Bloomberg Radio. I'm Carol

0:13:47.720 --> 0:13:50.040
<v Speaker 1>Masser and I'm Jason Kelly. This is Bloomberg