WEBVTT - The People Who Defined Global Business in 2022 0:00:01.840 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanabek. We're here every day bringing 0:00:07.320 --> 0:00:09.800 you the latest news from the world of business and finance, 0:00:09.880 --> 0:00:13.680 plus technology, politics, economics, all furnishing the power of Business 0:00:13.680 --> 0:00:17.160 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:20.040 analysts in more than one twenty countries. You can download 0:00:20.040 --> 0:00:23.239 Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.880 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.920 --> 0:00:49.000 YouTube and now also on Bloomberg Quick Take. Yes, alright, 0:00:49.040 --> 0:00:51.279 so I've got to say it's the most wonderful time 0:00:51.280 --> 0:00:54.040 of the year for many many many reasons, including it's 0:00:54.040 --> 0:00:56.320 when Bloomberg Business Week comes out with the Bloomberg fifty, 0:00:56.400 --> 0:01:00.520 a list of those who define business in too. It's 0:01:00.520 --> 0:01:02.800 a list we're both the real and the reality world 0:01:02.800 --> 0:01:05.720 can co exist, so that puts both the President of 0:01:05.840 --> 0:01:08.320 Ukraine and Kim Kardashian on the list. It's one. We're 0:01:08.319 --> 0:01:11.080 a Bad Bunny and the James Webb Space Telescope make 0:01:11.120 --> 0:01:13.399 the cut, as do Tom Cruise and John Ray the 0:01:13.480 --> 0:01:16.399 third both in storing roles this year. So let's get 0:01:16.440 --> 0:01:18.600 into it. It is really a list I love to 0:01:18.640 --> 0:01:21.000 go over. We got with us Bloomberg business Week Senior 0:01:21.080 --> 0:01:23.679 editor Brett Vegan and Bloomberg Business Week Editor Joel Webber, 0:01:23.840 --> 0:01:27.039 both joining us this afternoon from Brooklyn. Joel, I want 0:01:27.040 --> 0:01:29.920 to start with you and give us the overarching theme 0:01:30.000 --> 0:01:32.520 for for for the year that was two if we 0:01:32.560 --> 0:01:34.759 can say this, two weeks before the end of the year, 0:01:34.760 --> 0:01:36.200 when you look back on the year and put in 0:01:36.240 --> 0:01:38.440 together this list, what was top of mind for you? 0:01:39.400 --> 0:01:42.400 Oh geez, that's a big question. Um hard hard not 0:01:42.520 --> 0:01:45.440 to talk about Crypto right now, I think you know. 0:01:45.560 --> 0:01:48.440 And and uh, we have a certain someone on the 0:01:48.520 --> 0:01:52.160 list who, um has really emerged as the dominant figure 0:01:52.200 --> 0:01:54.720 in sort of the f X, and that's the new 0:01:54.880 --> 0:01:58.240 CEO of the X. But of course, like the beauty 0:01:58.280 --> 0:02:00.320 of this list is that you have to kind of 0:02:00.360 --> 0:02:03.040 like rewind the clock and start from the beginning of 0:02:03.080 --> 0:02:05.559 the year. And I don't think that there's any more 0:02:06.280 --> 0:02:10.040 dominant theme across this list than Russia's invasion of Ukraine. 0:02:10.080 --> 0:02:13.440 And again and again and again people emerged from that situation. 0:02:13.760 --> 0:02:15.880 One Dames the Lynskey and how could you not talk 0:02:15.919 --> 0:02:20.240 about when you talk about two? But there are many, 0:02:20.280 --> 0:02:23.560 many more, And Brett Vegan is pass lift on the 0:02:23.600 --> 0:02:26.720 Business Week team is canvassing the newsroom to help put 0:02:26.800 --> 0:02:29.880 spotlights on important people, some of which you probably know. 0:02:30.080 --> 0:02:32.320 And then a lot of people the special part of 0:02:32.360 --> 0:02:34.480 this list, like Carol said, it's like this little cross 0:02:34.520 --> 0:02:37.120 section that happens when you bring together a lot of 0:02:37.280 --> 0:02:41.080 various people in themes, and there's just there's these gyms 0:02:41.120 --> 0:02:44.760 that sort of emerge that are not household names. And 0:02:44.840 --> 0:02:46.680 that's what I love is like you take a Lynskey 0:02:46.800 --> 0:02:48.880 and you put them next to bread. Take your pick. 0:02:48.919 --> 0:02:51.720 Who's who's an unheralded name that people will surprise people. 0:02:53.400 --> 0:02:57.320 Let's see, someone like Pinky Cole is probably someone that 0:02:57.400 --> 0:03:01.240 a lot of listeners haven't heard of. So Pinky Um 0:03:01.360 --> 0:03:07.160 is the founder of a vegan fast food restaurant chain 0:03:07.320 --> 0:03:09.760 called I think I'm allowed to say this on the air, 0:03:09.880 --> 0:03:15.800 Slutty Vegan. She started the year with four restaurants and 0:03:15.840 --> 0:03:18.880 by the end the next year, we'll have more than twenty. 0:03:18.960 --> 0:03:23.600 These are vegan fast food burger chains. Um and she's 0:03:23.639 --> 0:03:27.240 just a great story. Basically raised million dollars this year 0:03:27.600 --> 0:03:31.440 with the help of Danny Meyer. UM, famous of course 0:03:31.440 --> 0:03:36.080 for many reasons, including shake shack and valuing the company 0:03:36.080 --> 0:03:39.280 now at about a hundred million dollars. She's undergoing a 0:03:39.360 --> 0:03:42.480 massive expansion. I don't know. And then another name is 0:03:42.480 --> 0:03:47.280 someone like Tom Oxley, who founded synchron Uh. Tom is 0:03:47.320 --> 0:03:51.440 both an entrepreneur but also someone with a deep medical background, 0:03:51.880 --> 0:03:54.120 and they did something kind of crazy this year where 0:03:54.160 --> 0:03:59.320 they were able to implant something in someone's brain that 0:03:59.400 --> 0:04:04.840 allowed them essentially to communicate via bluetooth and share their thoughts. 0:04:04.880 --> 0:04:09.440 This is a patient who was suffering from Luke Garrig's disease. Hey, Brett, UH, 0:04:09.600 --> 0:04:11.040 you know, I want to know about how you put 0:04:11.080 --> 0:04:12.800 the list together. And I know a lot goes into this, 0:04:12.880 --> 0:04:15.640 and I know you reach across the newsroom. My experience 0:04:15.680 --> 0:04:18.239 with sending you names over the last few months is like, thanks, 0:04:18.279 --> 0:04:22.000 but no thanks because and there's always a great reason why. 0:04:22.120 --> 0:04:24.280 You know, somebody I spent hours thinking about and I 0:04:24.360 --> 0:04:26.440 write you up this little bio and you know, and 0:04:26.520 --> 0:04:28.400 I get this email back that's, you know, a gentle 0:04:28.440 --> 0:04:31.800 sort of let down. UM. It's pretty incredible though, to 0:04:32.279 --> 0:04:35.240 see this list and how it comes together. Um, how 0:04:35.240 --> 0:04:38.000 many people do you think you consider before you're coming 0:04:38.040 --> 0:04:41.120 up with getting it down to fifty? Well, I just 0:04:41.160 --> 0:04:43.440 want to say thank you, of course for your country. 0:04:43.520 --> 0:04:47.600 I'll try again next year. Okay. We are always always 0:04:47.600 --> 0:04:51.919 looking for uh people next year. So, um, I don't know. 0:04:52.000 --> 0:04:55.920 I would say that probably we wind up giving about 0:04:55.960 --> 0:04:59.479 a hundred and fifty or so people will look. And 0:04:59.560 --> 0:05:02.640 the thing it really separates those who wind up on 0:05:02.680 --> 0:05:06.159 the list from those who don't is data. We look 0:05:06.240 --> 0:05:08.960 for a hard data point, We look for a metric. 0:05:09.400 --> 0:05:13.599 We look for something that underpins the nomination, something that 0:05:13.640 --> 0:05:18.280 we can point to and say in this is a 0:05:18.320 --> 0:05:23.560 fact that really deserves recognition. And um merritt. There are 0:05:23.560 --> 0:05:25.880 a lot of people that we consider who had good 0:05:25.960 --> 0:05:29.800 years maybe last year, or expected to have good years 0:05:29.880 --> 0:05:33.440 next year. But we don't have that sort of hard metric, 0:05:33.800 --> 0:05:36.520 and without that it is really hard to sort of 0:05:36.800 --> 0:05:38.520 get on the list. But now you know, right, so 0:05:38.600 --> 0:05:41.640 we know for for next year. Thank you. Well, you know, 0:05:41.880 --> 0:05:46.080 and sometimes it's Popeye's chicken sandwich or something that makes 0:05:46.120 --> 0:05:49.720 the list. You always have something that's not quite human 0:05:49.920 --> 0:05:55.400 and thank you, Joel Weber, I kind of always loved 0:05:55.440 --> 0:05:56.919 Joel that you can include these kind of things on 0:05:56.920 --> 0:06:00.360 the list. I think it makes it charming. But Brett, 0:06:00.440 --> 0:06:03.880 how did how did we approached the inanimate object in 0:06:03.880 --> 0:06:07.120 the wake of Meme Stock last year? You know, you 0:06:07.160 --> 0:06:09.159 would think that this would be the hardest one to 0:06:09.240 --> 0:06:12.080 find every year, and for some reason, it's always one 0:06:12.120 --> 0:06:14.560 of the first things that I think of every year 0:06:14.600 --> 0:06:16.640 and get very excited once I figured it out. So, 0:06:16.640 --> 0:06:19.520 as Joel said, we did the Meme Stock last year, 0:06:19.680 --> 0:06:23.560 we did SPACs H two years ago, we did the 0:06:23.560 --> 0:06:26.960 Popeye's Chicken Sandwich year before that. Um, this year, it 0:06:27.040 --> 0:06:29.200 was kind of a no brainer to put the James 0:06:29.279 --> 0:06:32.719 Webb Telescope on the list in July. I think we 0:06:32.760 --> 0:06:35.839 can all think back and remember just how loud we 0:06:35.839 --> 0:06:38.000 were by some of these, uh, some of the first 0:06:38.040 --> 0:06:40.560 pictures that we saw, which were some of the deepest 0:06:40.680 --> 0:06:46.360 and sharpest ever taken of the universe, and um, we 0:06:46.440 --> 0:06:48.880 are I actually was when I was in the office 0:06:48.920 --> 0:06:51.760 the other day. I'm noticing now that and some of 0:06:51.839 --> 0:06:54.880 the TVs and computers were using some of these photos 0:06:55.040 --> 0:06:57.680 as screensavers. So if you can imagine, that's the impact 0:06:57.760 --> 0:06:59.720 that this has had so that to me was kind 0:06:59.720 --> 0:07:02.920 of kind of our no brainer inanimate object. Although I 0:07:02.920 --> 0:07:07.400 guess technically it is moving right because it's in space. Yeah, 0:07:07.600 --> 0:07:12.520 but it's not alive. It is not a line that's correct. Correct. Okay, 0:07:12.520 --> 0:07:16.600 So I think we can't really talk about two without 0:07:17.480 --> 0:07:20.360 a certain blockbuster that it was actually kind of decades 0:07:20.400 --> 0:07:22.760 in the making. Uh, you want to bring us up 0:07:22.760 --> 0:07:26.160 to speed on why a certain Maverick filmmaker ended up 0:07:26.160 --> 0:07:29.360 on the list. Yeah, I mean this is a great 0:07:29.400 --> 0:07:33.160 example of I think someone who everybody knows. Everybody knows 0:07:33.200 --> 0:07:37.040 Tom Cruise, and everybody knows the movie Top Gun. What 0:07:37.200 --> 0:07:40.280 you may not know is that Top Gun Maverick is 0:07:40.320 --> 0:07:42.440 actually the biggest movie of his career. And if you 0:07:42.480 --> 0:07:45.840 think back to all of the huge movies he's been in, 0:07:45.880 --> 0:07:49.600 the Mission Impossible, Risky Business, the original Top Gun, this 0:07:49.680 --> 0:07:53.120 is actually number one and it's the biggest movie all year. 0:07:53.520 --> 0:07:55.160 And the thing that I think is kind of cool 0:07:55.200 --> 0:07:59.440 about including someone like Tom Cruise for this is that 0:08:00.120 --> 0:08:02.840 you know, this is actually a story about COVID in 0:08:02.880 --> 0:08:06.760 many ways a story about the pandemic, because many streaming 0:08:06.840 --> 0:08:11.320 services attempted to buy this movie during the early days 0:08:11.320 --> 0:08:14.760 of the pandemic. When there wasn't. Uh, we're a ton 0:08:14.800 --> 0:08:18.520 of blockbusters coming out, obviously, people weren't going to theaters, 0:08:18.880 --> 0:08:22.800 and Tom Cruise, because of his power in Hollywood, basically 0:08:22.880 --> 0:08:27.000 said no, I make movies for the big screen and 0:08:27.080 --> 0:08:30.120 this is gonna be in movie theaters when the time 0:08:30.160 --> 0:08:33.160 is right. And he got his wish. And that's kind 0:08:33.160 --> 0:08:35.720 of a story that I like, where you have a celebrity, 0:08:35.960 --> 0:08:39.120 but it actually touches on a much sort of larger story. Well, 0:08:39.160 --> 0:08:41.440 and we just got about thirty seconds left, just quickly. 0:08:41.720 --> 0:08:44.319 We know you guys are down in the last second 0:08:44.320 --> 0:08:46.560 when you put this list together, because on it is 0:08:46.679 --> 0:08:50.760 John Red the Third. Yeah, I don't I know, Joel 0:08:50.840 --> 0:08:53.120 and I did not expect that John Read the Third 0:08:53.160 --> 0:08:56.280 would wind up on this list about a little more 0:08:56.280 --> 0:09:00.199 than a month ago. Um, somebody. We might have been 0:09:00.200 --> 0:09:03.040 considering somebody else for the list at that point. Um, 0:09:03.080 --> 0:09:04.880 but yeah, you know, we have to be reactive to 0:09:04.920 --> 0:09:07.720 the news. And he deserved the spot and wound up 0:09:07.760 --> 0:09:10.760 being just about the last one on. It is such 0:09:10.800 --> 0:09:13.320 a fun list and always fun to go through. Okay, 0:09:13.320 --> 0:09:16.240 one more Brett, who who's one to watch? In ten seconds? 0:09:16.280 --> 0:09:18.000 Who's one to watch? Keep an eye on these people 0:09:18.040 --> 0:09:21.040 because they could be on next year's Bloomberg fifty. Oh 0:09:21.160 --> 0:09:23.520 you know, I love Jimmy O'Brien from John Boy Media. 0:09:23.520 --> 0:09:25.240 I don't know if you guys ever follow them, but 0:09:25.559 --> 0:09:28.880 they do these meticulous reconstructions of sports plays that are 0:09:28.920 --> 0:09:32.360 so fun to watch on one. Alright, great stuff as always, guys, 0:09:32.360 --> 0:09:35.600 Thank you so much. Brett Began, Senior Editor Bloomberg Business 0:09:35.679 --> 0:09:37.600 Week via zoom in New York City, Joe Weber. He's 0:09:37.600 --> 0:09:39.960 the editor of Bloomberg Business Week on the Access Line 0:09:39.960 --> 0:09:42.400 in Brooklyn. The Bloomberg Fifty is featured on The Big 0:09:42.440 --> 0:09:45.160 Take podcast at Bloomberg dot com or wherever you get 0:09:45.160 --> 0:09:47.320 your podcasts, and do not miss The Big Take on 0:09:47.320 --> 0:09:50.720 Bloomberg Radio weeknights at eleven pm Wall Street Time. This 0:09:50.760 --> 0:09:54.200 is Bloomberg Business Week, Carol Master, Jimsdanovich. This is Bloomberg Radio. 0:09:58.800 --> 0:10:02.839 This is Bloomberg Business Week with Carol Messer and Bloomberg 0:10:02.920 --> 0:10:07.040 Quick Takes Tim Stenovic on Bloomberg Radio. Earlier this year, 0:10:07.080 --> 0:10:09.360 as the world began to reopen, Bloomberg Live hosted its 0:10:09.360 --> 0:10:12.480 first in person event in New York City. Since that 0:10:12.559 --> 0:10:14.400 was back in March, we're kind of reminded that at 0:10:14.440 --> 0:10:17.439 a media town hall today. Uh, the event was called 0:10:17.480 --> 0:10:20.760 work Shifting two point a Redefining Normal. And at that event, Tim, 0:10:20.880 --> 0:10:23.760 you talked with our next guest, Rob Thousand, vice chair 0:10:23.840 --> 0:10:26.760 Prudential Financial. We talked about the state of the American workforce. 0:10:26.800 --> 0:10:28.800 And I remember that one, Carol, because back in March 0:10:28.800 --> 0:10:31.960 of one, when was it, I think it was probably 0:10:32.160 --> 0:10:35.120 March of I did I did an event with Rob 0:10:35.160 --> 0:10:36.880 that was virtual, so this was actually the first time 0:10:36.880 --> 0:10:38.800 I got to meet him in person, and to us, 0:10:38.800 --> 0:10:41.319 it really represented, you know, a reopening and look how 0:10:41.360 --> 0:10:44.520 far we've come since then. This discussion though, about reopening, 0:10:44.520 --> 0:10:47.280 it's ongoing, it's debated, it's in terms of how we 0:10:47.280 --> 0:10:50.800 work post pandemic. Rob Thousand is Prudential as a vice chairman, 0:10:50.800 --> 0:10:52.280 and he joins us once again with an update on 0:10:52.320 --> 0:10:55.000 the latest Prudential Pulse survey. He joins us via zoom 0:10:55.040 --> 0:10:57.760 from New Jersey. Rob, How are you, um well, Tim, 0:10:57.760 --> 0:10:59.760 how are you doing that? We're doing really pol Thanks 0:10:59.760 --> 0:11:01.440 some for joining us. It's good to talk with you 0:11:01.480 --> 0:11:03.800 again as well. So take us into the high level 0:11:03.840 --> 0:11:05.679 stuff when it comes to the new poll survey here, 0:11:05.679 --> 0:11:07.800 because you guys get a great view on the American 0:11:07.840 --> 0:11:11.000 workforce and the American worker. What did you find this year? Well, 0:11:11.040 --> 0:11:12.439 you know, we've been doing it for a long time, 0:11:12.480 --> 0:11:13.960 as you know, it goes back to two thousand seven 0:11:13.960 --> 0:11:15.960 team when we started doing this, and we've been trying 0:11:15.960 --> 0:11:18.440 to get insights around you know, two themes around how 0:11:18.480 --> 0:11:22.120 people are thinking about career and career development and trajectory, 0:11:22.120 --> 0:11:25.480 and then around financial security. And so in this particular survey, 0:11:25.559 --> 0:11:27.840 what we did is we actually doubled the population size 0:11:27.840 --> 0:11:29.679 that we were you know, sample population size that we're 0:11:29.720 --> 0:11:32.480 looking at, and wanted to get better insights on what 0:11:32.559 --> 0:11:37.520 was happening from a demographic slicing standpoint, and particularly focused 0:11:37.520 --> 0:11:41.080 on sort of the younger generations millennials UH and Gen 0:11:41.280 --> 0:11:44.720 gen zers UM there the you know, they're the largest 0:11:44.760 --> 0:11:48.400 cohort in our workforce today, UH, and so understanding what's 0:11:48.440 --> 0:11:50.720 going through their minds and UH and how they're faring 0:11:50.720 --> 0:11:52.840 and sort of we thought was an important set of 0:11:53.000 --> 0:11:56.280 observations to be able to get UH And and what 0:11:56.360 --> 0:12:00.439 we found, uh sort of interestingly is um they are 0:12:00.880 --> 0:12:04.840 their their experiencing some pretty notable shifts in their attitudes 0:12:05.240 --> 0:12:11.640 towards work UM less loyal, more mobile um than prior generations. 0:12:12.200 --> 0:12:16.320 Uh and uh, and they're also quite financially insecure, and 0:12:16.360 --> 0:12:20.760 it's it's leading to sort of behavior um that Uh. 0:12:21.000 --> 0:12:24.199 You know that that is also challenging from from a 0:12:24.280 --> 0:12:26.880 risk standpoint as well, and trying to make up some 0:12:26.960 --> 0:12:30.079 of the ground that they that they've lost by virtue 0:12:30.080 --> 0:12:31.599 of sort of when they came into the workforce and 0:12:31.640 --> 0:12:35.200 the experience that they've had since they've been in the workforce. So, 0:12:36.040 --> 0:12:37.720 you know, one of the things we love, Rob, Rob 0:12:37.840 --> 0:12:40.120 is that you have kind of been a gut check 0:12:40.200 --> 0:12:42.439 for us in terms of how we think about work 0:12:42.480 --> 0:12:46.520 and what it means post pandemic. What are the trends 0:12:46.520 --> 0:12:50.600 that you think are going to stay with us based 0:12:50.640 --> 0:12:55.360 on some of the survey results. Well, it's it's really clear, Carol, 0:12:55.559 --> 0:12:58.560 as I've talked about before, We've talked about before that 0:12:58.640 --> 0:13:02.199 the most must a trend going forward is going to 0:13:02.280 --> 0:13:05.319 be this hybrid work environment. As I've lost and reflected 0:13:05.320 --> 0:13:07.439 on before. In two thousand and nineteen, we all knew 0:13:07.480 --> 0:13:10.280 how to work in the office and that worked okay, Uh, 0:13:10.320 --> 0:13:13.120 and then in two thousand and twenties through through you 0:13:13.160 --> 0:13:17.160 know earlier this year, Um, we learned how to work remotely. 0:13:17.200 --> 0:13:19.440 It started pretty rough, but but by the end of 0:13:19.440 --> 0:13:21.640 that period of time, not only learn to do it, 0:13:21.960 --> 0:13:24.760 people learn to enjoy doing it that way. And so 0:13:25.160 --> 0:13:27.960 the challenge we have going forward is how do we 0:13:28.000 --> 0:13:31.360 create an environment, a work environment going forward where we 0:13:31.440 --> 0:13:33.360 get the best of what we did have in two 0:13:33.400 --> 0:13:35.920 thousand nineteen combined with the best of what we've learned 0:13:36.040 --> 0:13:39.160 during the pandemic and people have have developed remote skills 0:13:39.160 --> 0:13:42.080 and have enjoyed the flexibility that's associated with being able 0:13:42.080 --> 0:13:44.000 to work remotely, in order to come up with a 0:13:44.000 --> 0:13:46.040 new model going forward so that we get the best 0:13:46.040 --> 0:13:49.280 of all that. I believe that we believe that that 0:13:49.440 --> 0:13:52.400 is h an absolute critical component to sort of the 0:13:52.440 --> 0:13:55.840 future of the workplace going forward and success at doing that. 0:13:55.840 --> 0:13:58.280 It's going to help you to attract talent and retain it. 0:13:58.440 --> 0:14:00.360 And if you're not successful in doing it, you're gonna 0:14:00.400 --> 0:14:02.719 lose talent. Well, and when you say best, is it 0:14:02.840 --> 0:14:05.840 best from the employee's perspective or from the employer's perspective, 0:14:05.880 --> 0:14:07.319 or a little bit about I don't, I don't, Yeah, 0:14:07.400 --> 0:14:08.920 I don't. I don't think it's a it's an either 0:14:09.080 --> 0:14:11.199 or I think it can be both. Um. You know, 0:14:11.240 --> 0:14:14.000 it's interesting. I was just having a talk with a 0:14:14.080 --> 0:14:17.240 number of our employees in the town hall earlier this week. Uh, 0:14:17.280 --> 0:14:19.080 and I was I was calling. I was saying, you know, listen, 0:14:19.120 --> 0:14:21.920 what we learned is that the remote does work. You 0:14:21.960 --> 0:14:26.240 guys were very productive remotely productive. Productivity went up. Productivity 0:14:26.240 --> 0:14:28.280 went up across the country, but productivity and our company 0:14:28.320 --> 0:14:30.360 went up. We saw it. I mean, is that because 0:14:30.400 --> 0:14:32.440 people are commuting and they're spending that extra time working 0:14:32.480 --> 0:14:35.320 what is absolutely Jim absolutely, and and they're more focused 0:14:35.320 --> 0:14:37.240 when they're home once they got through that initial period 0:14:37.240 --> 0:14:38.920 of the distraction to the kids and all that kind 0:14:38.920 --> 0:14:41.480 of stuff. When instructions, I don't know who these people are, 0:14:42.040 --> 0:14:43.920 these once who are more focused when they're at home. 0:14:44.520 --> 0:14:46.920 I'm like, oh, I guess I gotta put the laundry 0:14:46.920 --> 0:14:50.880 in the dryer. I guess I gotta make myself some lunch. 0:14:51.680 --> 0:14:55.160 I'm sure there are actually they're absolutely aspects of that. 0:14:55.200 --> 0:14:56.680 But the reality is there are a lot of distractions 0:14:56.720 --> 0:14:58.080 during their workplace if you're trying to be at the 0:14:58.120 --> 0:15:00.600 computer getting things done. And what we saw is productivity 0:15:00.640 --> 0:15:04.000 held up despite concerns that we would dramatically lose productivity. 0:15:04.040 --> 0:15:06.640 Some of its sustainable because it came about tim because 0:15:06.680 --> 0:15:10.600 we enhanced technology to enable people to work remotely. That's sustainable. 0:15:10.840 --> 0:15:13.520 Some of it's by the longer work day they reinvested 0:15:13.560 --> 0:15:17.520 their commute, plus some in many instances not all that sustainable. Right, 0:15:17.520 --> 0:15:20.840 people need to realty regain balance. But but the point 0:15:20.840 --> 0:15:23.280 being at the end of day they were increase their productivity. 0:15:23.480 --> 0:15:26.840 The challenges that short term productivity. Um, what we're concerned 0:15:26.840 --> 0:15:28.600 about is not only productivity in the short term, but 0:15:28.640 --> 0:15:31.440 productivity in the long term. We need to ensure that 0:15:31.480 --> 0:15:35.800 we're having the sort of creativity, ideation, strategic planning that 0:15:35.800 --> 0:15:38.000 that that was going to make us competitive and successful 0:15:38.040 --> 0:15:41.800 in the future. That doesn't happen as well remotely. Learning 0:15:41.800 --> 0:15:45.680 for junior employees is stifled on a fully remote basis. 0:15:45.760 --> 0:15:47.880 They learned better in person when they get the benefit 0:15:47.880 --> 0:15:50.880 of apprenticeships and mentorships and can see and talk to people. 0:15:50.880 --> 0:15:52.920 And so we've got to find the right balance between 0:15:52.960 --> 0:15:55.560 the two. They're not mutually exclusive. We can get great 0:15:55.640 --> 0:15:58.920 enhancements and productivity by giving people flexibility. We can develop 0:15:59.000 --> 0:16:01.280 loyalty and one of the statistics that came through which 0:16:01.280 --> 0:16:05.720 I found really quite interesting. Loyalty scoring UM hybrid workers 0:16:05.800 --> 0:16:08.400 have the highest loyalty to their employers. It was like 0:16:09.920 --> 0:16:13.840 UM the fully remote workers UM so at ten point 0:16:13.880 --> 0:16:15.920 differential between the two, and full time workers were in 0:16:15.920 --> 0:16:19.000 between the two. So you can create loyalty by adopting 0:16:19.040 --> 0:16:20.880 that hybrid model that will be to the benefit of 0:16:20.880 --> 0:16:23.240 the company in terms of retaining your talent. You're gonna 0:16:23.280 --> 0:16:26.120 get They're gonna they're gonna enjoy that flexibility, they'll have loyalty, 0:16:26.160 --> 0:16:29.280 they'll stay with you. They have high productivity when they're remote, 0:16:29.400 --> 0:16:31.560 but bringing them in can also be a win for 0:16:31.600 --> 0:16:33.320 the company and a win for them because it gives 0:16:33.320 --> 0:16:36.880 them that socialization, that culture that they need, helps with 0:16:36.920 --> 0:16:39.520 retention and that will help with the long term productivity 0:16:39.520 --> 0:16:41.960 of the company. Hey, I want to go back to 0:16:42.000 --> 0:16:44.800 something that you said Rob at the beginning of our conversation, 0:16:44.840 --> 0:16:48.280 and it's about the decisions that the youngest people you survey, 0:16:48.360 --> 0:16:50.360 the gen z and millennials, are making when it comes 0:16:50.400 --> 0:16:54.480 to UH their finances. It got me a little concerned 0:16:54.480 --> 0:16:56.360 about the way that that gen zers are thinking about 0:16:56.360 --> 0:16:58.880 their finances and where they are in terms of how 0:16:58.920 --> 0:17:02.280 stable they are, what are they doing so. UM, so 0:17:02.360 --> 0:17:05.040 they're not very stable. Um. Less than half have any 0:17:05.080 --> 0:17:07.760 sort of emergency savings. Um, you don't listen. We have 0:17:07.760 --> 0:17:10.720 a lack of emergency saving savings across the entire population. 0:17:11.359 --> 0:17:15.399 But it's it's it's more acute in the younger generations. Uh, 0:17:15.720 --> 0:17:18.000 it's the bank of mom and dad when it comes 0:17:18.000 --> 0:17:20.560 to those emergency savings. Is what the surveys? Could you 0:17:20.560 --> 0:17:22.639 have said the same thing though about millennials, you know, 0:17:22.760 --> 0:17:25.280 fifteen years ago and then you know, jen X twenty 0:17:25.359 --> 0:17:28.040 five years ago. I didn't do the survey then, but 0:17:28.080 --> 0:17:29.640 could you have said the same We didn't know those 0:17:29.640 --> 0:17:31.639 service you don't know. I'm sure there was some aspect 0:17:31.720 --> 0:17:34.760 of that. It seems to be more acute now and 0:17:34.880 --> 0:17:38.440 that uh that you know, there's a because that's kind 0:17:38.440 --> 0:17:41.600 of more horrible. They're more vulnerable. It's a little scary. 0:17:41.920 --> 0:17:44.240 We think it is scary. And what's more scary is 0:17:44.240 --> 0:17:47.360 that there's this risky behavior that's occurring. That the only 0:17:47.359 --> 0:17:49.320 way I'm able to rationalize it is it's sort of 0:17:49.320 --> 0:17:51.960 like it's a gambling phenomena. When you've got nothing to lose, 0:17:52.160 --> 0:17:54.680 there's not really risk associated with gambling, you know, they're 0:17:54.680 --> 0:17:56.840 in such a state of being behind on their own 0:17:56.840 --> 0:17:59.359 career development because you know, they came out of school 0:17:59.600 --> 0:18:02.520 either right at or right after the the the the 0:18:02.520 --> 0:18:06.720 the the Great Financial crisis. UM. So they were dislocated 0:18:06.760 --> 0:18:08.359 in the starts of their careers just as they're getting 0:18:08.359 --> 0:18:10.520 to what you're supposed to be their highest earning years. 0:18:10.800 --> 0:18:13.240 You know, we hit a recession, we hit a pandemic 0:18:13.440 --> 0:18:16.200 where we could be hitting another recession, and so they've 0:18:16.240 --> 0:18:19.679 been they've been disenfranchised from what has otherwise been a 0:18:19.720 --> 0:18:22.600 social contract of you know, work hard, go to a 0:18:22.600 --> 0:18:24.520 good school, get good grades, you'll get a good job, 0:18:24.560 --> 0:18:26.440 and you'll get financial security or like, you know, none 0:18:26.440 --> 0:18:29.119 of that's happening for us. Uh. And so what you know, 0:18:29.119 --> 0:18:31.840 we're gonna try something different. Uh. And something different is 0:18:31.840 --> 0:18:36.239 they're not using traditional financial advice um. Uh. Prior to 0:18:36.359 --> 0:18:38.919 what we've seen in the last several weeks, UM, they 0:18:38.920 --> 0:18:42.040 owned more bitcoin than they did make neutral funds. UM. 0:18:42.320 --> 0:18:46.520 That's probably been um, you know, rebalanced quite materially from markets. UM. 0:18:46.760 --> 0:18:48.560 So it's it's it's a little bit of kind of 0:18:48.640 --> 0:18:52.680 risky behavior and how they're managing their finances because they're 0:18:52.680 --> 0:18:55.440 so far behind Hey, Rob, just thirty seconds left here. Um. 0:18:55.560 --> 0:18:58.320 Tim and I are like, wow, this is really rough. Um. 0:18:58.359 --> 0:19:00.440 If we get we just came off the FED meeting 0:19:00.520 --> 0:19:03.320 J Powell. You know, possibility of a recession couldn't get 0:19:03.320 --> 0:19:06.960 worse next year? And just again really quickly if you could. Yeah, 0:19:07.000 --> 0:19:09.560 I think there's a there's a risk of recession is 0:19:09.600 --> 0:19:12.119 going to take that financial security that's already on the 0:19:12.200 --> 0:19:15.200 edge and push it over the edge for many. Uh. 0:19:15.200 --> 0:19:18.440 And the combination of recession with ongoing high inflation would 0:19:18.440 --> 0:19:21.320 be particularly disastrous because you know, to date, well wages 0:19:21.359 --> 0:19:23.439 have been increasing, they've not kept up with inflation. So 0:19:23.480 --> 0:19:26.159 I think that's a really bad outcome for you know, 0:19:26.560 --> 0:19:30.040 for for workers across the country. Fifteen seconds you guys, 0:19:30.080 --> 0:19:33.760 do you guys are you expecting a recession next year? Uh. 0:19:34.160 --> 0:19:36.439 We have a variety of views on that. It's gonna be. 0:19:36.600 --> 0:19:38.520 It's a high wire act for the Fed to avoid one. 0:19:38.560 --> 0:19:41.120 I'll say that all right, Rob. Always good to get 0:19:41.160 --> 0:19:42.960 some time with you. Tim and I both appreciate it. 0:19:43.040 --> 0:19:46.320 Happy holidays, be well, Happy New Year. Rob thousand. He's 0:19:46.400 --> 0:19:48.639 vice here at Prudential Financial, joining s v A Zoom 0:19:48.680 --> 0:19:51.240 from New Jersey. Some sobering comments though right, yeah, I 0:19:51.320 --> 0:19:55.240 really are. You're listening to Bloomberg Business Week with Carol 0:19:55.280 --> 0:20:00.400 Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Earlier. 0:20:00.440 --> 0:20:02.720 You know, we talked with Brett Began and Jill Weber 0:20:02.760 --> 0:20:05.760 Bloomberg Business Week about the Bloomberg Fifty, the sixth annual 0:20:05.800 --> 0:20:09.240 look at those in business, politics, science and technology, finance, 0:20:09.280 --> 0:20:14.080 and entertainment whose accomplishments deserve recognition. Our next guest is 0:20:14.119 --> 0:20:16.400 on that list. We're talking about Michelle Eisen, a lead 0:20:16.480 --> 0:20:19.640 organizer of Starbucks Workers United. She joins us this afternoon 0:20:19.720 --> 0:20:21.760 via zoom from Buffalo. Michelle, it's good to have you 0:20:21.800 --> 0:20:24.800 on the program. How are you. I'm great, It's great 0:20:24.800 --> 0:20:27.120 to be here. Thank you so much. Welcome. Well, let's 0:20:27.119 --> 0:20:29.040 talk about what the past year has has been like 0:20:29.160 --> 0:20:31.639 for you, uh, and and and your efforts and in 0:20:31.920 --> 0:20:35.760