WEBVTT - Weekend-July 10, 2021 0:00:01.040 --> 0:00:05.440 This is Bloomberg Business Week inside from the reporters and 0:00:05.600 --> 0:00:09.200 editors who bring you America's most trusted business magazine, plus 0:00:09.240 --> 0:00:13.160 global business, finance and tech news As it happened. Bloomberg 0:00:13.240 --> 0:00:16.759 Business Week with Carol Messer and Bloomberg Quick Takes. Tim 0:00:16.800 --> 0:00:21.479 Stinevink on Bloomberg Radio. Hi, everyone, Welcome to the weekend 0:00:21.600 --> 0:00:24.400 edition of Bloomberg Business Week. It was a shortened trading 0:00:24.440 --> 0:00:27.280 week coming off the July four holiday, and yet one 0:00:27.320 --> 0:00:29.360 where we were still trying to get to the bottom 0:00:29.400 --> 0:00:31.880 of the most recent round of cyber attacks. More on 0:00:31.960 --> 0:00:34.479 that in a moment. Also trying to impact a massive 0:00:34.520 --> 0:00:39.000 infrastructure spending proposal in the US. Former US Transportation Secretary 0:00:39.159 --> 0:00:41.440 Rodney Slater weighs in on how we need to think 0:00:41.479 --> 0:00:44.519 about it. We're also being pretty thoughtful about the reality 0:00:44.600 --> 0:00:48.120 of what post pandemic work is like, right Tim, Especially 0:00:48.159 --> 0:00:50.800 if you cannot work from home, it's going to be different. 0:00:51.080 --> 0:00:53.640 We'll do that though with the Chief people officer over 0:00:53.680 --> 0:00:57.160 at Waste Management. Plus the bitcoin dilemma, what really is 0:00:57.240 --> 0:01:00.440 the future of cryptocurrency and the blockchain? All that to come, 0:01:00.520 --> 0:01:03.560 but we begin with the latest targets of international cyber 0:01:03.560 --> 0:01:06.119 criminals and tim We know there are lots of moving 0:01:06.160 --> 0:01:09.560 parts and questions regarding cyber attacks and Russian involvement and 0:01:09.680 --> 0:01:12.880 Russian government awareness. Lots of questions, yet one thing we 0:01:12.880 --> 0:01:16.640 know for certain. They're happening more frequently and getting more sophisticated. 0:01:16.760 --> 0:01:20.279 Caroline I spoke with Bloomberg News cybersecurity reporter William Turton 0:01:20.400 --> 0:01:23.720 to help break them all down. We reported that hackers 0:01:23.760 --> 0:01:26.959 that are aligned with the Russian State Russian Intelligence Service 0:01:27.319 --> 0:01:30.039 reached the Republican National Committee. Now we don't know what 0:01:30.120 --> 0:01:32.560 they did once they were inside or what data they took. 0:01:32.760 --> 0:01:34.880 We're still working to find out more about that. But 0:01:34.959 --> 0:01:37.880 the really interesting thing is that happened on this backdrop 0:01:38.280 --> 0:01:41.520 of a massive ransomware campaign. So there's there's two things 0:01:41.560 --> 0:01:44.760 happening here. There's an espionage campaign happening and there's a 0:01:44.840 --> 0:01:48.640 ransomware campaign happening, and they're both originating from Russia. So 0:01:49.000 --> 0:01:53.080 Russian criminals, this criminal hacker group called Reval is conducting 0:01:53.120 --> 0:01:57.800 a ransomware campaign and very wide scale skill that we 0:01:57.840 --> 0:02:01.320 haven't really seen before where they have automated their attack. 0:02:01.400 --> 0:02:04.760 They hit one company that makes technology for a lot 0:02:04.800 --> 0:02:09.920 of companies in order to encrypt nearly eight hundred businesses 0:02:09.960 --> 0:02:12.600 as the estimate right now. So at the same time, 0:02:13.000 --> 0:02:15.960 the Russian intelligence services use the chaos created by that 0:02:16.240 --> 0:02:19.120 attack to then go and breach the RNC. So where's 0:02:19.120 --> 0:02:22.079 the Russian government and all of this despite President Biden 0:02:22.160 --> 0:02:25.880 saying to President Putin, like, knock it off. So, you know, 0:02:26.080 --> 0:02:29.640 Russian state hackers hacking the r NC is just sort 0:02:29.680 --> 0:02:32.480 of your normal espion. Actually, I mean, we do the 0:02:32.520 --> 0:02:35.560 same thing. That's standard. That's not that surprising. It's certainly 0:02:35.560 --> 0:02:38.960 interesting and newsworthy. But the combination of the two is 0:02:39.000 --> 0:02:42.320 what's really raising people's eyebrows here because the question for 0:02:42.360 --> 0:02:45.480 a long time has been to what degree are the 0:02:45.520 --> 0:02:49.840 criminals and the intelligence hackers in Russia aligned and how 0:02:49.919 --> 0:02:52.920 much are they collaborating And is it a tacit approval 0:02:52.960 --> 0:02:56.240 from the Russian state or they're getting more instructions And 0:02:56.280 --> 0:02:58.240 that's just something that we don't know right now, But 0:02:58.320 --> 0:03:01.160 that's kind of one of the questions is being raised 0:03:01.160 --> 0:03:03.120 by these things happening at the same time. When you 0:03:03.200 --> 0:03:06.680 also say, just to follow is that we the US 0:03:06.760 --> 0:03:09.359 government and other governments are doing it on other governments too. 0:03:09.360 --> 0:03:13.960 Are we somehow doing something on a similar level. Obviously 0:03:14.000 --> 0:03:17.320 maybe not the ransom ransomware side being part of it. Well, 0:03:17.480 --> 0:03:20.440 espionage and ransomware are two very different things. Espionage has 0:03:20.600 --> 0:03:23.359 gone on forever and will go on forever. But it's 0:03:23.440 --> 0:03:26.720 it's really the backdrop of the espionage happening at the 0:03:26.800 --> 0:03:30.200 same time of this global ransomware, right because the cybersecurity 0:03:30.200 --> 0:03:33.359 professionals they're worn out. I mean, ever since Solar wins, 0:03:33.400 --> 0:03:37.280 there's been one huge hack after another, so people are 0:03:37.320 --> 0:03:40.600 just really lacking the resources to respond. And and when 0:03:40.600 --> 0:03:43.760 you have a big systemic ransomware event like this, I mean, 0:03:43.760 --> 0:03:45.560 people really have their eye off the ball and you're 0:03:45.560 --> 0:03:48.480 not going to be looking for something like espionage. What 0:03:48.640 --> 0:03:51.240 is the weak link here? Because these security systems, they 0:03:51.280 --> 0:03:54.440 seem to be this reoccurring theme, right, they're only as 0:03:54.480 --> 0:03:57.840 strong as the weakest link, and employee clicks a bad link, 0:03:57.880 --> 0:04:00.680 gives some information, enters his or her password, and boom 0:04:00.920 --> 0:04:04.160 therein what's the weak link here? Well, it's it's hard 0:04:04.200 --> 0:04:08.680 to know. I think the problem is extremely complex, um 0:04:08.720 --> 0:04:11.600 and there's sort of new threats that are evolving all 0:04:11.640 --> 0:04:15.960 the time, and it's like the pace of innovation and 0:04:15.960 --> 0:04:19.320 and how we're kind of integrating ourselves even deeper into 0:04:19.320 --> 0:04:23.400 computers and networks. Isn't really keeping up with security, And 0:04:23.440 --> 0:04:26.200 I mean the Internet fundamentally was not built with security 0:04:26.200 --> 0:04:29.039 in mind. No one really anticipated that these things would 0:04:29.200 --> 0:04:32.800 ever happen. So, you know, I just don't know. There's 0:04:32.880 --> 0:04:35.880 so many week wins. But William, they are getting more sophisticated. 0:04:35.920 --> 0:04:37.800 I mean you think about how they got into the 0:04:37.800 --> 0:04:40.280 global software supply chain, Like when you start to do this, 0:04:40.839 --> 0:04:42.560 that makes it that you can kind of do one 0:04:42.600 --> 0:04:45.799 thing but potentially impact so much more. Right, So, in December, 0:04:45.839 --> 0:04:49.000 we learned about Russian intelligence hackers doing this with solar winds, 0:04:49.000 --> 0:04:50.920 and it was amazing. I mean, it was the sort 0:04:50.920 --> 0:04:53.000 of tradecraft that you would expect from some of the 0:04:53.000 --> 0:04:55.960 best hackers in the world. Right, But now we're seeing 0:04:56.040 --> 0:04:59.120 criminal groups do this. That's what's really interesting. They're they're 0:04:59.240 --> 0:05:02.440 kind of upping their tradecraft and they're making it so 0:05:02.480 --> 0:05:05.200 they don't just hit one company, they hit hundreds or 0:05:05.240 --> 0:05:08.040 thousands of companies all at once. You know, one thing 0:05:08.080 --> 0:05:09.960 that's interesting, Tim and I think on air on our 0:05:10.000 --> 0:05:13.000 daily show, we are constantly talking with cybersecurity firms who 0:05:13.000 --> 0:05:16.200 are saying we're protecting everything, and yet it seems like 0:05:16.200 --> 0:05:18.480 the criminals are the bad guys are the folks who 0:05:18.480 --> 0:05:20.960 are involved in ransomware are always a couple of steps ahead. 0:05:21.000 --> 0:05:23.120 Is it always going to be like that? Well, you 0:05:23.160 --> 0:05:24.880 have there are I mean, think about it. There are 0:05:24.920 --> 0:05:27.600 some companies that haven't been hit by ransomware right, and 0:05:27.640 --> 0:05:29.479 there are companies that are doing things right. I think 0:05:29.680 --> 0:05:32.440 you know, everyone will agree. Financial institutions, for example, are 0:05:32.560 --> 0:05:37.000 sort of very far ahead on cybersecurity where their industries 0:05:37.120 --> 0:05:40.720 are not right exactly. And um, you know, it's really 0:05:41.400 --> 0:05:43.760 it's it's there's just so much that we don't hear 0:05:43.800 --> 0:05:47.560 about because most of these hacks go unreported. Um, you know, 0:05:47.640 --> 0:05:49.560 you can have great security tools, you can buy all 0:05:49.560 --> 0:05:51.159 the products, but if you don't have a team that 0:05:51.200 --> 0:05:53.600 implements them correctly, then it's not gonna work. So what's 0:05:53.600 --> 0:05:55.760 a government to do? What's what's a business to do? 0:05:55.839 --> 0:05:57.320 I mean, it sounds like this is something that that 0:05:57.520 --> 0:06:00.359 has to have the support of private public partner ships 0:06:00.440 --> 0:06:03.760 right in order to actually prevent it from from happening again. 0:06:03.760 --> 0:06:05.000 And we saw this in the wake of I think 0:06:05.000 --> 0:06:08.160 it was the JBS in colonial pipeline attacks, right where 0:06:08.200 --> 0:06:12.240 these companies paid these large millions of dollars in big coin, 0:06:12.640 --> 0:06:15.560 and it seems provide some sort of incentive for that 0:06:15.720 --> 0:06:17.799 actors to go out and continue to do this because 0:06:17.920 --> 0:06:19.919 the will is there for these companies to get their 0:06:19.960 --> 0:06:22.240 systems back online and they'll pay to do it. Yeah, 0:06:22.279 --> 0:06:24.279 I mean the option of your like a colonial pipeline, 0:06:24.279 --> 0:06:25.560 it makes sense to pay. And a lot of these 0:06:25.560 --> 0:06:28.719 companies a cyber insurance, so you know, what's the point 0:06:28.720 --> 0:06:31.080 of paying the premium if you don't invoke your cyber 0:06:31.120 --> 0:06:34.039 insurance to pay the ransom. That was Bloomberg News cybersecurity 0:06:34.040 --> 0:06:36.560 reporter William Turton tim Every time we talk with him, 0:06:36.600 --> 0:06:38.360 I just realized there's still so much we don't know, 0:06:38.520 --> 0:06:40.719 and folks get ready for even more of this to 0:06:40.800 --> 0:06:43.479 go on. Well, like you said, and it's just it 0:06:43.560 --> 0:06:46.400 seems like the cyber criminals are one step ahead of 0:06:46.400 --> 0:06:48.680 everyone else right now. Yeah, and it's worrisome. So far, 0:06:48.760 --> 0:06:51.640 the financial industry has been really good, as you mentioned, 0:06:51.720 --> 0:06:55.359 you know, right, but it just makes me a little nervous, 0:06:55.440 --> 0:06:59.159 all right, coming up securing our future infrastructure security and needs. 0:06:59.200 --> 0:07:01.919 We check in with a former U S Transportation secretary. 0:07:02.000 --> 0:07:11.120 You're listening to Bloomberg Business Week. This is Bloomberg. This 0:07:11.520 --> 0:07:15.200 is Bloomberg Business Week with Carol Messer and Bloomberg Quick 0:07:15.240 --> 0:07:21.040 Takes Tim Stinevik from Bloomberg Radio. So bipartisan group of 0:07:21.080 --> 0:07:24.280 House lawmakers have publicly endorsed President Joe Biden's five hundred 0:07:24.400 --> 0:07:27.520 seventy nine billion dollar infrastructure deal with a number of 0:07:27.520 --> 0:07:31.040 Republican and Democratic senators. We're talking about the hard infrastructure 0:07:31.080 --> 0:07:34.000 part of his deal, and that's giving the compromise fresh 0:07:34.000 --> 0:07:36.240 momentum at the start of a crucial month for the 0:07:36.240 --> 0:07:40.960 administration's agenda. The possibility of infrastructure spending has fascinated investors 0:07:41.000 --> 0:07:43.600 for years. Joining us with some thoughts this week former 0:07:43.680 --> 0:07:47.400 US Transportation Secretary Rodney Slater. He served under President Bill 0:07:47.440 --> 0:07:50.160 Clinton and before that he was administrator of the Federal 0:07:50.240 --> 0:07:52.520 Highway Administration. I feel like we've been talking about an 0:07:52.520 --> 0:07:55.560 infrastructure spend forever today. Rodney is a partner at the 0:07:55.560 --> 0:07:59.160 international well known law firm and lobbyist squire Patent Boggs, 0:07:59.560 --> 0:08:03.080 based in Washington, d C. Clearly, President Biden had a 0:08:03.160 --> 0:08:07.200 much larger bill, and I think ultimately even this measure 0:08:07.240 --> 0:08:11.680 will be beyond um that amount because I think when 0:08:11.720 --> 0:08:15.680 you consider courage spending levels with new spending levels, it's 0:08:15.720 --> 0:08:19.560 going to be an excess of one trillion dollars. But 0:08:20.680 --> 0:08:23.960 we've got significant transportation needs. I think this is a 0:08:24.120 --> 0:08:27.520 very very important step. And I think, just as is 0:08:27.560 --> 0:08:31.640 the case with all transportation measures, you have to have 0:08:32.040 --> 0:08:36.960 bills that are continuously reauthorized. Uh. And it's just unfortunate 0:08:37.040 --> 0:08:40.880 that in the last you know, decade or so, we 0:08:41.040 --> 0:08:46.000 just have not been as um uh forth right in 0:08:46.320 --> 0:08:49.120 spending the kinds of dollars we have to spend to 0:08:49.360 --> 0:08:52.840 ensure that our system remains in good shape and that 0:08:52.960 --> 0:08:56.719 we're also investing in things of the future like um 0:08:57.200 --> 0:09:03.520 electric vehicles, autonomous vehicles, high speed trains, maglev trains, those 0:09:03.559 --> 0:09:06.760 sorts of things. So I'm excited about the bill traditional 0:09:06.800 --> 0:09:11.520 infrastructure primarily, though with some significant investment in broadband uh. 0:09:11.559 --> 0:09:14.640 And I think it's a very important first step. Well, 0:09:14.640 --> 0:09:17.959 Secretary Slater, and that's something I wanted to get into about. 0:09:18.040 --> 0:09:21.480 You know, there's different types of infrastructure out there. You 0:09:21.520 --> 0:09:24.600 were Transportation secretary under President Bill Clinton. Before that, your 0:09:24.600 --> 0:09:27.640 administrator of the Federal Highway Administration. I mean, you have 0:09:28.679 --> 0:09:32.120 seen our infrastructure for many years the comings and goings. 0:09:32.360 --> 0:09:34.559 Are we thinking about infrastructure in a bit of an 0:09:34.559 --> 0:09:37.000 outmoded way and old model? Should we be thinking about 0:09:37.000 --> 0:09:40.400 ways to actually cut back on the use of roads 0:09:40.400 --> 0:09:43.160 and highways rather than just building it back. And I'm 0:09:43.200 --> 0:09:46.520 thinking about things like efficient congestion pricing for cars and trucks, 0:09:46.840 --> 0:09:49.880 or efficient payment and bridge wear pricing for trucks, because 0:09:49.880 --> 0:09:53.559 trucks really kill our roads and highways, you know, should 0:09:53.640 --> 0:09:57.160 we have them be paying more that that will hopefully 0:09:57.240 --> 0:10:01.120 ultimately bring about better design, if you will. When it 0:10:01.200 --> 0:10:05.319 comes to trucks, well, uh, you know, first of all, 0:10:05.400 --> 0:10:07.960 let me just I want to step in and supportive 0:10:07.960 --> 0:10:11.280 state trucks and trains because that's really what keeps our 0:10:12.000 --> 0:10:16.160 economy moving. We are the most mobile society in the world, 0:10:16.200 --> 0:10:21.160 and we moved significant amounts of freight and all the 0:10:21.320 --> 0:10:23.920 kinds of products that we take for granted when we 0:10:23.960 --> 0:10:25.960 go to a grocery store, when we go to a 0:10:26.000 --> 0:10:28.680 department store, that sort of thing, and many of those 0:10:28.720 --> 0:10:31.160 good to move by trucks, many move by trains, and 0:10:31.200 --> 0:10:34.240 even during the pandemic, Uh, these workers were on the 0:10:34.280 --> 0:10:38.800 front lines again keeping our economy going. But you're right, transportation, 0:10:38.880 --> 0:10:42.360 I've always said is about more than concrete asphalt to steal. 0:10:42.760 --> 0:10:46.520 We have to look at new means of investing in transportation. 0:10:47.000 --> 0:10:50.679 We have to uh frankly, wean ourselves from a dependence 0:10:50.840 --> 0:10:55.800 on fossil fuels and look at new renewed energy sources. 0:10:56.360 --> 0:10:59.760 I think um the President has challenged us in that 0:11:00.040 --> 0:11:03.480 guard even with his campaign theme of building back better, 0:11:03.840 --> 0:11:07.319 not just building back, but building back better and shoring 0:11:07.440 --> 0:11:10.800 up our infrastructure so as to withstand some of the 0:11:10.880 --> 0:11:14.360 natural disasters that we're facing, especially on the coast. So 0:11:14.400 --> 0:11:16.840 we've got a lot of work to do. I think 0:11:16.840 --> 0:11:19.960 we've got some professionals to get that work done. The 0:11:19.960 --> 0:11:23.560 American people want it done, and it's key to our 0:11:23.640 --> 0:11:26.440 pursuit of happiness. So I think that there is much 0:11:26.600 --> 0:11:29.080 about the new that has to be done, but also 0:11:29.160 --> 0:11:31.880 we have to maintain the system that we have currently. Well, 0:11:31.880 --> 0:11:33.480 it's interesting that you bring up the coast to and 0:11:33.520 --> 0:11:35.720 I do wonder about that. With climate change, we talked 0:11:35.720 --> 0:11:38.360 about Florida a lot here on Bloomberg. It's caught the 0:11:38.360 --> 0:11:41.720 attention of investors. You know, should we continue to build 0:11:41.760 --> 0:11:44.520 back and shore up if we're not going to really 0:11:44.640 --> 0:11:47.600 equally do something about climate change, because it's just a 0:11:47.600 --> 0:11:50.480 case of rebuilding the castle only to see the shoreline 0:11:50.559 --> 0:11:54.160 take it down again. Yeah. Well, you know, the President 0:11:54.200 --> 0:11:56.760 has been very clear about that, and I think he's 0:11:56.880 --> 0:11:59.599 really hit on three words that I believe will ultimately 0:11:59.679 --> 0:12:03.080 define line uh, the effort that he's proposed and the 0:12:03.120 --> 0:12:08.360 effort that the Congress will actually pass. He's talked about resilience, 0:12:08.360 --> 0:12:11.760 He's talked about sustainability, and equity, and all of those 0:12:12.320 --> 0:12:16.640 issues go to the transportation system of the future being 0:12:16.679 --> 0:12:20.959 more resilient where it's showed up where it's building back, better, 0:12:21.320 --> 0:12:25.640 being sustainable, meaning a system that can withstand the challenges 0:12:25.640 --> 0:12:28.920 of freight with then the challenges of natural disasters, those 0:12:28.920 --> 0:12:32.559 sorts of things, and then more equitable, ensuring that everyone 0:12:32.679 --> 0:12:35.800 is included, that no one is left behind. And so 0:12:36.040 --> 0:12:39.920 I'm excited about what we can anticipate. I think that 0:12:39.960 --> 0:12:44.400 we've seen the system really um tested in this fourth 0:12:44.440 --> 0:12:48.920 of July holiday weekend where we've enjoyed m the opportunity 0:12:48.960 --> 0:12:52.240 as Americans to see America come back, if you will, 0:12:52.320 --> 0:12:54.760 and and it's sort of get back to a period 0:12:54.760 --> 0:12:59.800 of normalcy, especially hopefully as we've sort of put COVID 0:12:59.800 --> 0:13:02.840 in review mirror. But again that has been the number 0:13:02.840 --> 0:13:05.880 one objective of the President, freeing us from that, and 0:13:05.920 --> 0:13:10.000 then dealing with our economic pandemic, our economic challenges, UH, 0:13:10.040 --> 0:13:12.439 and then investing in the future. And I just feel 0:13:12.480 --> 0:13:15.320 good about where we are. But we've got much more 0:13:15.360 --> 0:13:18.600 to do as the Congress returns from the holiday and 0:13:18.640 --> 0:13:21.920 sort of nears the August recess and then frankly the 0:13:22.000 --> 0:13:24.680 end of the fiscal year, UH the end of September. 0:13:24.800 --> 0:13:27.960 So a lot to do, but I think we're on 0:13:28.000 --> 0:13:30.960 the right track, to be sure. I think here again, 0:13:31.120 --> 0:13:35.040 we've seen some good signs. I mean clearly, UH, this 0:13:35.160 --> 0:13:38.079 effort is not only an effort that's being pushed by 0:13:38.120 --> 0:13:41.720 the President, but you've got a bipartisan group of Senators 0:13:42.360 --> 0:13:47.320 who have responded quite admirably as well. And then more recently, 0:13:48.000 --> 0:13:52.920 the House Problem Solvers cause has stepped forward. That's roughly 0:13:53.080 --> 0:13:57.679 six members of UH, sixty members of Congress, both Republicans 0:13:57.720 --> 0:14:01.000 and Democrats. So I think that's that's a good son. 0:14:01.120 --> 0:14:03.960 I can tell you in years past, UH, those of 0:14:04.040 --> 0:14:06.400 us who have had the honor of serving as Secretary 0:14:06.400 --> 0:14:11.520 of Transportation, we've enjoyed significant bipartisan support. I was just 0:14:11.720 --> 0:14:17.880 with Sam Skinner, a secretary during the Bush administration. Bush one, 0:14:17.960 --> 0:14:21.120 I'll sit that way, uh and UM gave us a 0:14:21.120 --> 0:14:24.800 wonderful piece of legislation that was bipartisan. We came in 0:14:24.960 --> 0:14:29.760 shortly after that, took advantage of that gift. UH. During reauthorization, 0:14:29.880 --> 0:14:33.920 added additional resources. And really it's that piece of legislation 0:14:34.000 --> 0:14:38.600 that's governed transportation policy for about thirty years. We now 0:14:38.720 --> 0:14:41.600 have a need to build on that and to go 0:14:41.760 --> 0:14:46.000 beyond that, and that's why this current opportunity is so critical. 0:14:46.320 --> 0:14:49.200 That was former U S Transportation Secretary and former administrator 0:14:49.200 --> 0:14:52.200 of the Federal Highway Administration that Rodney Slater. Still ahead 0:14:52.240 --> 0:14:54.760 on Bloomberg Business Week as Congress tries to figure out 0:14:54.800 --> 0:14:57.560 passage of an infrastructure plan, the world is working on 0:14:57.720 --> 0:15:00.560 figuring out how we work in a post panda the world. 0:15:00.720 --> 0:15:02.800 We get some thoughts from the chief people Officer at 0:15:02.800 --> 0:15:11.200 Waste Management. This is Bloomberg broadcasting from the financial capital 0:15:11.200 --> 0:15:15.040 of the World, Bloomberg eleven Frio in New York to Washington, 0:15:15.120 --> 0:15:19.200 d C. Bloomberg to Boston, Bloomberg one oh six one 0:15:19.320 --> 0:15:23.200 to San Francisco, Bloomberg nine sixty to the country Sirius XM, 0:15:23.240 --> 0:15:26.120 Chado one nine team and around the globe, the Bloomberg 0:15:26.120 --> 0:15:30.520 Business app and Bloomberg Radio dot com. This is Bloomberg 0:15:30.560 --> 0:15:34.600 Business Week. Recently, I moderated a Bloomberg panel on how 0:15:34.640 --> 0:15:37.280 we work, how leaders are leading and organizing for the 0:15:37.400 --> 0:15:39.960 future to make sure companies and their teams have what 0:15:40.040 --> 0:15:42.040 they need. Tim listen, how many times do we have 0:15:42.080 --> 0:15:45.520 this conversation? Yeah? I mean the big question is what 0:15:45.600 --> 0:15:48.520 does it look like? And nobody really knows the answer. 0:15:48.560 --> 0:15:50.640 I think it's a big experiment that's playing out right 0:15:50.720 --> 0:15:53.640 exactly in real time. All of this, too, is impacting 0:15:53.640 --> 0:15:56.880 employer relationships with their own employees, with their clients, with 0:15:57.000 --> 0:16:00.440 their customers, their business strategies, and their tools for tracting 0:16:00.480 --> 0:16:03.840 new talent. Well. One participant on your panel, tomlaw Oates Forny, 0:16:03.920 --> 0:16:06.880 Senior vice president and Chief People Officer for Waste Management, 0:16:06.960 --> 0:16:08.960 was kind enough to stop by our daily show to 0:16:09.000 --> 0:16:12.880 continue the conversation and how she sees work life post pandemic. 0:16:13.040 --> 0:16:17.160 We recently launched this new program known as Your Tomorrow, 0:16:17.160 --> 0:16:21.119 where we're providing debt free educational benefits for our employees 0:16:21.560 --> 0:16:24.480 and beginning in January two, it's going to be a 0:16:24.520 --> 0:16:28.320 benefit that's not only intelligible for employees, but their dependence 0:16:28.360 --> 0:16:30.480 as well, meeting their spouses and their children. And we 0:16:30.520 --> 0:16:34.720 think this is a creative and innovative and competitive way 0:16:35.120 --> 0:16:38.600 to one attract people to waste Management, but not only 0:16:38.640 --> 0:16:41.600 attract them, but we came them, tell them this is 0:16:42.080 --> 0:16:43.840 a big deal. Why did you do it? And and 0:16:43.960 --> 0:16:48.720 can anybody access this? And anybody's family access this? So 0:16:49.040 --> 0:16:50.840 why did we do it? One? Because there are a 0:16:50.880 --> 0:16:54.280 couple of things. One, our employees were asking about educational 0:16:54.360 --> 0:16:57.320 reimbursement benefit in its traditional senses, but it's something that 0:16:57.400 --> 0:16:59.880 our employees were interested in. But when we looked at 0:16:59.880 --> 0:17:03.600 the old model, it was more of a reimbursement, so 0:17:03.840 --> 0:17:06.080 the burden was on the employee to find the school 0:17:06.080 --> 0:17:09.040 and university and they would have to come out of 0:17:09.119 --> 0:17:11.920 pocket upfront and the company would pay for that. So 0:17:12.480 --> 0:17:15.480 we were looking at options for an educational benefit and 0:17:15.600 --> 0:17:18.919 we discovered Guild Education, which has been a phenomenal partner 0:17:18.960 --> 0:17:23.000 for us. And with Guild Education, every employee that's the 0:17:23.080 --> 0:17:26.880 full time employee waste Management is eligible for the benefit 0:17:27.000 --> 0:17:30.080 so long as they've completed ninety days ninety days of 0:17:30.160 --> 0:17:32.480 free employments, they have to go to a probation area period, 0:17:32.720 --> 0:17:35.800 but on the ninety first day. This is yet another 0:17:36.040 --> 0:17:39.480 benefit that we offer and through Guild, once they apply 0:17:39.640 --> 0:17:42.920 for the benefit, they get an education coach right and 0:17:43.080 --> 0:17:47.520 they will help them determine what opportunities are best aligned 0:17:47.560 --> 0:17:50.919 with their interest and also their career aspiration that's aligned 0:17:51.000 --> 0:17:53.879 with us at Waste Management. So once they come on 0:17:54.400 --> 0:17:56.600 they are eligible for the benefit and the next year 0:17:56.640 --> 0:17:58.680 their family members will be eligible for the benefit. And 0:17:58.720 --> 0:18:00.680 we looked at this for a couple of different reasons. One, 0:18:01.080 --> 0:18:03.760 we know that we're going to have to repeal really fast, 0:18:04.280 --> 0:18:06.800 and we needed an educational partner that could help us 0:18:06.960 --> 0:18:10.119 up steal and refeal the workforce to be aligned with 0:18:10.240 --> 0:18:13.040 the changes that are happening in the workforce. So we 0:18:13.160 --> 0:18:15.159 were I would like to say we were proactive and 0:18:15.240 --> 0:18:18.800 we were ahead of COVID, but once COVID hit, it 0:18:18.920 --> 0:18:23.240 really just exacerbated the need. And this was a really 0:18:23.320 --> 0:18:25.240 a good program that we're offering. We launched it in 0:18:25.320 --> 0:18:28.320 April of this year. Well, and as you said, I 0:18:28.359 --> 0:18:30.760 mean we saw this pre pandemic. You know, employers were 0:18:30.800 --> 0:18:32.879 beginning to fight for workers. You don't want to lose workers. 0:18:32.920 --> 0:18:37.520 It cost the company when that happens, absolutely absolutely on average. 0:18:37.520 --> 0:18:39.959 If we look at the our drivers and technicians, if 0:18:40.000 --> 0:18:41.920 you will, those are the ones that are most critical 0:18:42.040 --> 0:18:44.880 to our our survival as a company, if you will, 0:18:45.160 --> 0:18:48.119 And we were seeing that on average it's about twenty 0:18:48.160 --> 0:18:51.080 three thou dollars or more a year to when we 0:18:51.240 --> 0:18:53.440 lose a driver. So we can't afford to do that. 0:18:53.600 --> 0:18:57.160 And you think about COVID and the demand for drivers 0:18:57.240 --> 0:19:01.080 and technicians have increased exponentially. You have bunnies that big 0:19:01.160 --> 0:19:04.320 box stores that are you know, um, they have more customers, 0:19:04.400 --> 0:19:07.200 and more customers generate more products that they have to 0:19:07.240 --> 0:19:09.240 deliver and ship from different places, so they have to 0:19:09.320 --> 0:19:12.280 hire truck drivers and so the demand has gone up, 0:19:12.359 --> 0:19:14.920 but the supply is somewhat dwindling. I'm the mother of 0:19:15.000 --> 0:19:18.040 two gen zs, and most gen Zs are not thinking 0:19:18.080 --> 0:19:21.920 about a career driving a truck. And so what we're 0:19:21.920 --> 0:19:25.040 trying to do is bring them into our organization. We're 0:19:25.280 --> 0:19:27.959 looking at them not just for a job, for the career. 0:19:28.119 --> 0:19:30.520 And our program has called you or Tomorrow because it 0:19:30.600 --> 0:19:34.040 talks about how we're planning and supporting you on having 0:19:34.119 --> 0:19:36.720 a career not just for today, before tomorrow. We have 0:19:36.800 --> 0:19:38.680 to have a way of getting them in. And this 0:19:38.880 --> 0:19:41.600 is something that is addressing a need that a lot 0:19:41.640 --> 0:19:44.800 of people have in terms of education, and we're solving 0:19:44.880 --> 0:19:46.359 that for them. And I think this is going to 0:19:46.440 --> 0:19:50.880 put us at a competitive advantage. Tamila's you know from 0:19:50.880 --> 0:19:52.360 the panel, we talked for an hour, and I could 0:19:52.359 --> 0:19:54.920 have talked for more hours because several more, because there's 0:19:55.000 --> 0:19:58.040 so much to unpack. We just have about forty seconds 0:19:58.119 --> 0:20:01.480 left here. Help me with the debate between workers staying 0:20:01.520 --> 0:20:04.800 at home workers in the office. There feels like a disconnect. 0:20:04.840 --> 0:20:07.680 The financial sector really wants all the workers back in 0:20:07.760 --> 0:20:10.000 the office, but when I talk with the broader corporate America, 0:20:10.040 --> 0:20:11.560 it feels like it's a bit of mixed. How do 0:20:11.640 --> 0:20:13.440 you think it's going to plan? Again? Just got about 0:20:13.480 --> 0:20:17.239 thirty five seconds, Sorry, so no, I think it's going 0:20:17.320 --> 0:20:18.840 to be a hybrid. I think it's going to be 0:20:18.960 --> 0:20:21.480 all the above and not one or the other. I 0:20:21.600 --> 0:20:24.320 was on a panel with another panelist and what they 0:20:24.359 --> 0:20:26.119 were saying. I say, I'm gonna talent war, and they 0:20:26.160 --> 0:20:28.120 said it's not a war any longer. That talent has 0:20:28.160 --> 0:20:30.080 won the war, which means that they have more say 0:20:30.359 --> 0:20:32.399 in terms of how they work, and so to the 0:20:32.440 --> 0:20:35.120 extent the companies can be flexible and adaptable to meet 0:20:35.119 --> 0:20:37.560 the needs of the workforce, that's what's going to make 0:20:37.600 --> 0:20:39.719 them an attractive employer of choice. So I think it's 0:20:39.720 --> 0:20:41.760 going to be all the above. Tumla Oh, it's Forny, 0:20:41.920 --> 0:20:44.720 Senior vice president and Chief people Officer for Waste Management. 0:20:44.840 --> 0:20:47.520 You're listening to Bloomberg Business Week. From figuring out how 0:20:47.600 --> 0:20:51.120 we work to figuring out cryptocurrencies and the blockchain. Up next, 0:20:51.200 --> 0:20:54.800 the Bitcoin dilemma with technology futurist ian con We're figuring 0:20:54.840 --> 0:20:56.879 it out, aren't we we? Certainly? I'm I don't, I 0:20:57.040 --> 0:21:00.920 don't know. Still clear as mother Rose, but I like that. 0:21:01.440 --> 0:21:14.960 This is Bloomberg. You're listening to Bloomberg Business Week with 0:21:15.160 --> 0:21:19.720 Carol Messer and Bloomberg Quick Takes. Tim Stinovic from Bloomberg Radio. 0:21:23.440 --> 0:21:25.439 A great piece on the Bloomberg Terminal this week by 0:21:25.440 --> 0:21:28.720 our Charlie Wells. He says his bitcoin turned twelve years 0:21:28.760 --> 0:21:31.160 old this January. Kind of hard to believe. It's certainly 0:21:31.200 --> 0:21:33.960 been acting like it's in middle school. Is that tween? This? 0:21:35.160 --> 0:21:36.920 I think it is a tweet Well, earlier this week 0:21:36.920 --> 0:21:38.840 I got a chance to speak with someone deep into 0:21:38.920 --> 0:21:42.720 the crypto and blockchain scene, Carol. It's technology futurist Ian Cohn. 0:21:43.080 --> 0:21:46.000 But we started the conversation talking about the promise of blockchain. 0:21:46.600 --> 0:21:48.880 What is the future going to look like? Well, blockchain, 0:21:49.000 --> 0:21:53.440 I think is the most confused technology. But really it's 0:21:53.680 --> 0:21:58.080 for me, what blockchain significant signifies is peace of mind. 0:21:58.280 --> 0:22:01.199