Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Tim Stenebek on Bloomberg Radio.
Speaker 2: So our next guest works with many Fortune one hundred
Speaker 2: companies around the globe, working with them on HR programs.
Speaker 2: We're talking about health, wellness, wealth programs. She's got a
Speaker 2: great vantage point her company does too in terms of
Speaker 2: what's going on in the overall business and it environment.
Speaker 2: So great to have back with us. The chief financial
Speaker 2: officer of the publicly held a light Katie Rooney with
Speaker 2: us in studio. It really is great to have you here.
Speaker 2: I said to you, it's like not been that long,
Speaker 2: but it feels like because every day is so dense.
Speaker 1: How are you you know, it's it's been a crazy,
Speaker 1: crazy quarter. Although I feel like within in a light
Speaker 1: years that's normal.
Speaker 3: So true, it's.
Speaker 2: True, like our perspective has changed. Let's just start broad
Speaker 2: and Macro talk to a little bit about the business environment,
Speaker 2: because you do have a great window. And forgive me
Speaker 2: for those who don't know exactly what you're doing. You
Speaker 2: do work globally, You're working with lots of companies. Remind
Speaker 2: our audience what you.
Speaker 1: Do, yes, of course, so we serve thirty six million
Speaker 1: people across the globe doing basically human capital around health,
Speaker 1: well being, payroll and.
Speaker 2: So what types of programs that companies have right.
Speaker 1: Absolutely, when you think about employee wellbeing, everything we're trying
Speaker 1: to do for the employee in today's day and age,
Speaker 1: Given everything we're seeing, we are taking a different approach
Speaker 1: across the industry to say we have to engage with
Speaker 1: people differently to help drive a different outcome. We've done
Speaker 1: that a lot for clients, We've done that a lot
Speaker 1: kind of in the front office. We really haven't done
Speaker 1: that for our talent, and so we're trying to take
Speaker 1: a platform approach with a light work life, where it's
Speaker 1: one place to go where we can help you basically
Speaker 1: solve more complex issues to keep your for the employer
Speaker 1: and the employee, to keep them financially secure and healthy.
Speaker 2: Katie, do you feel like post pandemic that employees companies
Speaker 2: are looking at their workers differently or do you feel like,
Speaker 2: because it's a tight labor force that maybe companies are
Speaker 2: looking at their workers differently.
Speaker 1: Honestly, I think either way you are yes, yes, it is.
Speaker 1: I mean it's a little bit of yes. Yes, I
Speaker 1: think you have to.
Speaker 3: We we did a.
Speaker 1: Global mindset survey and we said eighty percent of workers
Speaker 1: say they feel moderate to high levels of stress. I mean,
Speaker 1: it doesn't matter if it's you know, the pandemic, if
Speaker 1: it's macroeconomy. There's so much in our environment today and
Speaker 1: that I think employers have to play a different role
Speaker 1: in terms of how they're helping their employees.
Speaker 4: Well, you've been in this role for six years ish.
Speaker 3: A little bit longer, A little bit longer. I'm so sorry.
Speaker 1: I don't know, because a light actually carved out in
Speaker 1: twenty seventeen from a on So I've been technically with
Speaker 1: the Legacy company a little longer.
Speaker 4: And so I'm curious about how you've seen employee demands.
Speaker 3: Change over the course of your tenure there.
Speaker 4: What would you say is the single biggest shift in
Speaker 4: ask from employees.
Speaker 1: Honestly, I think they found a voice. I just think
Speaker 1: we didn't, you know, And again i've you know, as
Speaker 1: an employer, I'm not sure we took the time to listen.
Speaker 1: And I think employees are now found a stronger voice.
Speaker 1: That it starts with their leaving right, higher turnover. They're
Speaker 1: requesting more and so we have to help them in
Speaker 1: a different way. I don't think it's one specific thing.
Speaker 1: I just think when you think about overall well being,
Speaker 1: what they're feeling, what they're seeing, we have to take
Speaker 1: a different approach, hear them and support them in a
Speaker 1: different way. They want to build trust with their employer.
Speaker 1: It's got to be a two way street, whereas historically
Speaker 1: I think it was a little bit more one way.
Speaker 2: Well when it comes to the services that you guy
Speaker 2: guys provide for your clients. So I said health, wealth
Speaker 2: and wellness, right, Did I catch them off?
Speaker 3: Yeah?
Speaker 2: Yeah?
Speaker 3: So what is it?
Speaker 2: Where are you seeing the most growth or more demand
Speaker 2: that like this is what my employees want? Or is
Speaker 2: it everything?
Speaker 1: I think it's interconnected. I think that's the important thing
Speaker 1: for the employee. Again, think about it, they I mean,
Speaker 1: think about what you potentially do today. Just you figure
Speaker 1: out where your paycheck is, and where your health coverages
Speaker 1: and where your four one K coverages? How many systems
Speaker 1: are you going to? Where are you going right? And
Speaker 1: how do you know what to use right? And what
Speaker 1: the right decisions are? We say, should you be investing
Speaker 1: in your HSA, a health savings account or your four
Speaker 1: to oh one K? Like those are actually complex questions
Speaker 1: that we really haven't helped our employees answer. And so
Speaker 1: I think it's more the combination of all of them
Speaker 1: to help people make a better decision. You got to
Speaker 1: pay raise, what.
Speaker 3: Should you do?
Speaker 1: Right? Of course, yes you want to make a different decision,
Speaker 1: but bring it all together for them?
Speaker 2: Well, how does AI and generative AI change this? Because
Speaker 2: I do think about think about the question, right, the
Speaker 2: conversation I could have with a system a platform that
Speaker 2: is integrated, but it seems like it could make it
Speaker 2: so much easier to use.
Speaker 1: Right, I love that question because I think there's so
Speaker 1: much opportunity. It starts with the data. So think about it.
Speaker 1: There's a million searches today on Google for a doctor.
Speaker 1: Where do I find a doctor? I mean, do you
Speaker 1: think Google knows what health plan you're in, what's in network,
Speaker 1: where you're located, who's the highest quality, lowest cost, and
Speaker 1: helps you make a decision and can schedule an appointment
Speaker 1: and get you a second opinion and right, So like
Speaker 1: you need the AI in terms of the underlying data
Speaker 1: to help drive those personalized recommendations. But it has to
Speaker 1: be when you think about in a trusted source who
Speaker 1: has access.
Speaker 2: To that, So how do you do that? So how
Speaker 2: do you make it comprehensive, smart, accurate?
Speaker 3: Right? And then secure?
Speaker 2: I mean are you working on it?
Speaker 1: No? We start there today. I mean security is table stakes. Yeah,
Speaker 1: I mean that just you can't have an employee concerned
Speaker 1: or thinking about that. We spend a ton of time, resources,
Speaker 1: money on that full stop. Put that aside. Then the
Speaker 1: next piece is why we think this integrated platform is important.
Speaker 1: We know your pay, we know your claim's history, we
Speaker 1: know how you're saving. A mom just had a baby, right, Well,
Speaker 1: they might have a different need than somebody who's retiring.
Speaker 1: So I think it's more about taking that data to
Speaker 1: use kind of provide a recommendation engine up one because
Speaker 1: everyone's unique.
Speaker 2: Right exactly.
Speaker 1: That's the power of it.
Speaker 3: Okay, is their risk at all? And decrease jobs because
Speaker 3: of the AI impact?
Speaker 4: I know that's like the basic obvious question, but how
Speaker 4: are you thinking about it?
Speaker 1: I just think it's different. Again, AI is only as
Speaker 1: good as the data, but it's not going to drive
Speaker 1: a decision. So you know, we have people calling us
Speaker 1: because they need to check the status, but they don't
Speaker 1: need to call us for that. Like that's fine, but Listen,
Speaker 1: if somebody has a cancer diagnosis, they want to talk
Speaker 1: to someone, right, that's never going to go away. So
Speaker 1: I think it's more that jobs are changing, and we,
Speaker 1: I think have a social responsibility to figure that out,
Speaker 1: and hopefully I mean in the finance function in particular.
Speaker 1: I think that's a huge opportunity to play a bigger
Speaker 1: role strategically in the business.
Speaker 2: Because you know, I think about the services that you offer,
Speaker 2: and I even think about my own experience with and
Speaker 2: we have a company with incredible benefits and we do
Speaker 2: have some really great usable programs and so on. But
Speaker 2: I do think about if sometimes and if Matt Miller
Speaker 2: was here, another one of our TV and radio anchors,
Speaker 2: he'll go on and on about like the chatbots and
Speaker 2: how they drive him crazy, and you're on a.
Speaker 1: Site and he's not wrong.
Speaker 2: Sometimes where I just want to get on with the
Speaker 2: human and say help me out here, walk me through it.
Speaker 2: And so there is this balance.
Speaker 1: There's a balance, But there's.
Speaker 2: Also other times where I love it where I can
Speaker 2: just kind of whittle through a bunch of information, figure
Speaker 2: it out.
Speaker 1: There are times you don't want to talk to someone, Yeah,
Speaker 1: absolutely right, And it's you know, I have a mental
Speaker 1: health issue. I just need to figure out where to go.
Speaker 1: I don't I don't want to have to have that
Speaker 1: conversation yet, just direct me at the same time. Okay,
Speaker 1: now I have a diagnosis, tell me what this means. Right,
Speaker 1: So I think you just have to meet people where
Speaker 1: they are.
Speaker 2: Is though, chat or generative AI a big boost for
Speaker 2: what you guys ultimately do, Like do you see that
Speaker 2: as a big growth driver?
Speaker 1: I think it's a huge opportunity. And it's not just
Speaker 1: generative AI, it's AI more broadly because.
Speaker 2: You're already using that.
Speaker 1: Yeah, right, absolutely, we have to be right when you
Speaker 1: think about I think about it, there's predictive, there's a
Speaker 1: general there's just in essence driving an informed decision for someone.
Speaker 1: It will only continue to get better.
Speaker 2: So then what do you say to And we're gonna
Speaker 2: got about a minute. Then we'll come back and talk
Speaker 2: some more. But there is this kind of wait. I'm
Speaker 2: terrified by it, and I'm also like, well, wait, we've
Speaker 2: been using it for a long time already, so how
Speaker 2: do you you know, what would you be saying to
Speaker 2: someone who was asking you, like, oh my god, what
Speaker 2: is this?
Speaker 1: I mean? I love the analogy. Someone told the other day,
Speaker 1: I'm in finance. You know, the calculator came along. It's
Speaker 1: not like all the finance jobs went away, right, I mean,
Speaker 1: it's just we have to just think differently. Even with
Speaker 1: generative AI, at the end of the day, there's still
Speaker 1: a judgment call. So I think it's it's changing that
Speaker 1: mindset around how we benefit and use it in a
Speaker 1: more proactive way.
Speaker 3: Yeah.
Speaker 2: I just think it's yeah, And I love that you're
Speaker 2: being smart about it and very specific and just saying
Speaker 2: technology can be so terrifying, right, I feel like and
Speaker 2: people have have kind of run in that direction, and
Speaker 2: I think there's been some great reporting showing how it
Speaker 2: can go astray. But there's also a potential if you
Speaker 2: think about online when it all started, right, or the Internet.
Speaker 1: I think there's always and I think it's exciting, like
Speaker 1: that's next chapter.
Speaker 3: It always story every time, and then it's right. You know,
Speaker 3: it's always right. We just have to learn as we
Speaker 3: go along.
Speaker 2: We do want to get back to our guest Carol
Speaker 2: Master along with Madison Mills here we're talking with the
Speaker 2: CFO of like Katie Rooney here in our studio. I
Speaker 2: want to go back to some business stuff. Is it
Speaker 2: easy being a CFO right now, especially when we talk
Speaker 2: about credit crunches, markets tightening, questions about recessions and slow downs.
Speaker 1: I don't know that I'd say EASi or hard. I
Speaker 1: just think I think it's a really important time to
Speaker 1: be a CFO.
Speaker 3: There's so much that hasn't been important.
Speaker 1: Well, I think I think that's a fair story. No,
Speaker 1: it's a fair point. But in terms of the magnitude
Speaker 1: of risk and volatility and so I think, you know,
Speaker 1: we spend a lot of time focusing on balance sheet,
Speaker 1: right and having kind of that visibility into revenue, profitability,
Speaker 1: cash flow so that we can weather any scenario, right,
Speaker 1: because I think even over the past couple of years,
Speaker 1: right with COVID, with everything we've been through, there's just
Speaker 1: been so much more volatility and uncertainty that you just
Speaker 1: you have to have a bigger role in managing through that.
Speaker 2: Do you feel more uncertain about the outlook? Do you
Speaker 2: think more about recession based on things that you're seeing
Speaker 2: or conversations because you do have a great as I
Speaker 2: said at the top, like a great window because you
Speaker 2: talked you have so many corporate clients.
Speaker 1: Yeah, I think that's right, and I think, I mean
Speaker 1: the good news is for us, it's an opportunity because
Speaker 1: we do serve you know, fifty percent of the fortune
Speaker 1: five hundred. They are focusing more on cost. We can
Speaker 1: help address a bigger aid. When you think about the
Speaker 1: solutions we can provide end, Yeah, I mean, you know, fortunately,
Speaker 1: unfortunately you're going to provide healthcare, you're going to do payroll, right,
Speaker 1: and actually we can help provide a better solution to
Speaker 1: maximize how you're using those services. So I think the
Speaker 1: conversation doesn't change. I think it's more I actually think
Speaker 1: about it as how do you make it an opportunity
Speaker 1: where we can actually invest more during this cycle to
Speaker 1: get ahead because we are coming at it from a
Speaker 1: position of strength.
Speaker 3: So what do you look at when making that decision?
Speaker 1: Yeah, I mean I think it starts with just healthy
Speaker 1: balance sheet, right, having that flexibility to weather different scenarios,
Speaker 1: so and being thoughtful about what those those could look like.
Speaker 2: Katie, did you see any impact from the collapse of
Speaker 2: like Silicon Valley and the four regional banks? Did that
Speaker 2: in any way?
Speaker 3: I don't know. Yeah, I'm just curious.
Speaker 1: We really didn't, Okay, you know, and I think just
Speaker 1: how quickly the government stepped in. I think you know
Speaker 1: that supported so many different companies, so we really didn't.
Speaker 1: But you had to be prepared in case. Right, we
Speaker 1: serve companies that have paid roll with those banks, Like,
Speaker 1: how do.
Speaker 2: You make sure what I was thinking along the line.
Speaker 1: Right, you're you're prepared and you can you can step
Speaker 1: in and help your clients, Like this moment of need
Speaker 1: is for our clients, right, if we can step in
Speaker 1: and that trusted resource, like it builds such goodwill in
Speaker 1: other macro environments. So I think that's that's the opportunity.
Speaker 2: So can we talk about working from home? We just
Speaker 2: didn't talk about retail and real estate and some of
Speaker 2: the cities we see it outside our door of some
Speaker 2: retail that still hasn't come back post pandemic. One of
Speaker 2: the things I loved when we have talked in the past,
Speaker 2: as you said, how you were flying all your workers
Speaker 2: in for a week.
Speaker 1: Right, Yeah, I think I think are you still doing that?
Speaker 1: We do?
Speaker 3: We do?
Speaker 1: I think again, this is what works for me, particularly
Speaker 1: in finance. Quarter aand is such an important time and
Speaker 1: we still need development, we still need face to face time,
Speaker 1: but trying to get people there one day a week
Speaker 1: or two. Like one day a week, you spend that
Speaker 1: day just catching up with everyone. Yet like it's not
Speaker 1: which is great, but if you do.
Speaker 2: It a week, we're not productive.
Speaker 1: It's not terribly productive, right, so we need a full week.
Speaker 1: It's one week. We're committed, we're all together, we do
Speaker 1: lunches together, we go out together. So there's you know,
Speaker 1: work hard, play hard. We kind of get that balance in.
Speaker 1: I think it builds. It's a lot of camaraderie for
Speaker 1: the team, and honestly it helps develop the team, which
Speaker 1: I think is so critical.
Speaker 2: So you're still doing that so they'll be home, we're
Speaker 2: like three weeks and then they come in for a week.
Speaker 4: And I wonder if you see to the extent that
Speaker 4: you can talk about this a gender impact on that,
Speaker 4: because the thing that I worry about so much is
Speaker 4: that when you force people push people back to work,
Speaker 4: a lot of women are staying at home still. They're
Speaker 4: the ones taking advantage of the work from home capabilities
Speaker 4: of companies, and that freaks me out.
Speaker 1: You know, yeah, no, I get it, But I think
Speaker 1: that's why the strategy works for us because they can
Speaker 1: plan I can plan for one week. It's hard when
Speaker 1: it's one. You know, it's hard to find childcare for
Speaker 1: one day a week two days a week. So that again,
Speaker 1: that's what's worked for us there. I do have people
Speaker 1: come in a lot more. I love it. I'm in
Speaker 1: a lot more. That works for me. So I think
Speaker 1: it's just trying to get that balance right.
Speaker 2: What about the tightness of the labor force. What are
Speaker 2: you seeing on that front? Is it easy at all
Speaker 2: if you're hiring and you're looking.
Speaker 1: Yeah, I'm not sure it's it's easy. Dramatically, I think though,
Speaker 1: that the conversation is changing in terms of what employees want.
Speaker 1: So it used to be you know, I will I
Speaker 1: can only find someone who would work from home in
Speaker 1: this location. I think because we've grown more flexible in
Speaker 1: terms of the talent pool, in terms of the skill
Speaker 1: set we're looking for, we want more diverse skill sets.
Speaker 1: I think that's helping. But it's still I know, it's
Speaker 1: still a tough.
Speaker 2: Market and people still want to work from home. They
Speaker 2: do absolutely, So what do you say to the debate,
Speaker 2: because it does see I mean, it's still out there
Speaker 2: and we're still trying to figure it out, and we
Speaker 2: certainly hear from CEOs, who I think from the pandemic
Speaker 2: initially were like, yeah, we're going to be flexible, and
Speaker 2: then they're like, no, we're not flexible anymore. So what
Speaker 2: is the reality of it? Are we still trying to
Speaker 2: figure it out?
Speaker 1: I think the reality is we have to find some
Speaker 1: time for people to be in the office, but it
Speaker 1: has to be meaningful. I don't need people coming into
Speaker 1: the office to sit in a cube all day and
Speaker 1: be on zoom calls. Yeah we don't, right, I mean,
Speaker 1: I agree, so I think, but we need training programs,
Speaker 1: we need mentorship, we need team building, we need so
Speaker 1: I think it's making those in person experiences meaningful and
Speaker 1: having enough of them, you know, I think I think
Speaker 1: that's what matters.
Speaker 4: We've got like a minute and a half in our
Speaker 4: final minutes with you. You're a woman who's a CFO.
Speaker 4: I hate to do that whole thing, but just meeting
Speaker 4: you and how cool you are. Can you talk about
Speaker 4: any advice you have for other women that are in
Speaker 4: male dominated.
Speaker 2: Roles because was it easy getting here?
Speaker 3: Yeah?
Speaker 1: It was not easy. I think you have you have
Speaker 1: to be true to yourself. I got pushed a lot
Speaker 1: in times in my career, have a stronger voice, be louder,
Speaker 1: do this Like that wouldn't have worked for me. Oh interesting,
Speaker 1: And so I think I do have a strong voice
Speaker 1: when I need to, I won't be the loudest in
Speaker 1: the room. And but I know you have to figure
Speaker 1: out how to influence in your own way to drive
Speaker 1: progress and drive change. And I think being comfortable with
Speaker 1: that is really important because then you can develop that
Speaker 1: confidence to succeed in any environment and find I write
Speaker 1: support network. I mean, you know, men and women, it's
Speaker 1: incredibly powerful.
Speaker 3: That's so good.
Speaker 2: Yeah, no, it makes sense, it's no. But the whole
Speaker 2: concept of because I think there was for a while,
Speaker 2: like you know, you gotta be strong, lean yeah, lean
Speaker 2: in and I think you at times you do yes,
Speaker 2: but you also have to be true to yourself. Yeah,
Speaker 2: thank you so much. We know you had a busy
Speaker 2: trek while you were here in New York and you
Speaker 2: found some time for us, So thank you.
Speaker 3: Thank you for having always.
Speaker 2: Safe travels back home. Just so glad to kind of
Speaker 2: cover so much with you. Katie Rooney, CFO, Chief financial
Speaker 2: Officer at a LIGHTE, thank you so much. A Light
Speaker 2: Solutions here in our interactive Brokers Studio