TFN Touchpoint with David Faber: The Future of Work
On June 25, TFN hosted its first virtual event – TFN Touchpoint – a new series hosted by award-winning journalist, New York Times best-selling author, and co-anchor of CNBC’s “Squawk on the Street” David Faber, A85, A24P. During this series, Faber will interview professionals and experts to gather their perspectives on contemporary themes in business, finance, and the global economy.
The first Touchpoint focused on the future of work in a post-pandemic world and Faber interviewed three distinguished guests in 15-minute segments on a range of topics. The panel also convened at the end to take questions from the audience. Speakers included:
- Peter M. Fasolo, A18P, E22P, Executive Vice President, Chief Human Resources Officer, Johnson & Johnson (Peter is also a Trustee at Tufts.)
- Jivko Sinapov, The James Schmolze Assistant Professor in Computer Science, Tufts University
- Liz Hilton Segel, Managing Partner, North America, McKinsey & Company
The Return to Work
“The first eight to ten weeks were all about resolve and making sure employees were safe and had what they needed, both at home and at work,” said Johnson & Johnson Executive Peter Fasolo when describing the outset of the pandemic. The organization, with 140,000 employees worldwide, ramped up quickly to meet needs, including protecting pay, providing technology resources, and ensuring support in areas like mental health and childcare access.
Johnson & Johnson is now shifting its focus to the return to work, which includes reimagining what the workplace will look like post pandemic. The company is learning a great deal from China, he said, where 65 percent of their employees are back in the workplace with personal protective equipment, social distancing, contact tracing and testing. Ultimately, Johnson & Johnson’s goal is to have employees return to the physical workplace.
“Our ultimate north star is to get people back to the workplace because we are driven off innovation, which is fueled by collaboration and social connections,” he said. “We also recognize that people working from home right now are incredibly efficient.” As for the future workplace, Johnson & Johnson is focused on what it has learned about collaboration and connection over the last four months, and how to implement policies that can provide employees the support and balance they need.
Fasolo also provided an update on Johnson & Johnson’s vaccine development, sharing that the organization is entering human trials quicker than expected due to the success of animal studies. By September, they hope to scale up to a large clinical trial. He credited the unbelievable cooperation in the pharmaceutical industry with the accelerated development of several vaccine candidates.
Impact of Artificial Intelligence
With Professor Jivko Sinapov, Faber discussed the future of artificial intelligence and robotics in the workplace with Sinapov easing anxieties that robots will simply replace humans. “The good news is there are many things that humans can do that robots and AI systems generally cannot,” he said. “Robotics is interested in complementing the human in the workplace so the human and robot can both do what they know best.”
He stressed the benefits of collaborative environments between machines and people. “We’re going to see greater presence of robots in workplaces, but they will help make us more productive and eliminate parts of our jobs that we don’t want to do.”
Some industries, he noted, will be more affected than others as fewer employees may be needed to do the same amount of work, but as technology becomes available it can also create opportunities in other areas and sectors. One plus, he noted, “robots cannot transmit diseases.”
Reimagining the Future
Reimagining how their businesses will operate in the future is exactly what most executives are doing right now, according to Liz Hilton Segel, Managing Partner, North America, McKinsey & Company. “We’re shifting to greater use of technology,” she said. “This was already underway, but the pace of change and the ambition for the scale of change has increased.”
For example, she pointed to the quick and radical shift consumers made from buying groceries in stores to buying digitally. Recent data also shows that 87 percent of consumers now prefer touchless or self-service checkout, a trend that is likely to keep growing.
When asked the big question, “will work ever be the same?” Hilton Segel emphatically said no. “This is a moment in history that we will look back on; 2020 will be studied in depth and there will be permanent change.”
To watch the first TFN Touchpoint in its entirety, click here.
TFN Touchpoint with David Faber: The Election and the Economy
On October 19, 2020, TFN presented the second episode of TFN Touchpoint – a virtual series hosted by award-winning journalist, New York Times best-selling author, and co-anchor of CNBC’s “Squawk on the Street” David Faber, A85, A24P. During the series, Faber interviews professionals and experts to gather their perspectives on contemporary themes in business, finance, and the global economy.
Bringing together Tufts alumni, parents, and friends from around the world, the second Touchpoint focused on the 2020 U.S. presidential election and the economy. Faber interviewed three distinguished guests in 15-minute segments on a range of related topics. The panel convened at the end to take questions from the audience. Featured guests (in order of appearance) included:
- Doug Harris, A81, Tufts University Trustee and CEO, the Kaleidoscope Group
- Gilbert E. Metcalf, John DiBiaggio Professor of Citizenship and Public Service, Professor of Economics, Tufts University
- Sue Decker, J84, A19P, CEO and Founder, Raftr
How Corporate America Responds to Societal Challenges
With the rise of Black Lives Matter, many corporations have become increasingly vocal about their moral obligations toward society. Together, Faber and Doug Harris examined companies’ diversity, equity, and inclusion efforts in a wide-ranging discussion focused on board development, executive leadership, and recruitment.
Harris described significant external pressure on companies ranging from Blue Cross/Blue Shield to McDonalds but emphasized that the desire to change must come from within. Still, he is optimistic.
“I think people are looking for action and change at a level that hasn’t been there before. There’s a lot of momentum; a lot of motion; and a lot of passion.” And as a result, Harris notes, a lot of strategy, adding that one of the driving forces of change that he finds most exciting is the shift in who is engaging in DEI work and the potential for long-term growth as a result.
The State of the Pre-Election Economy
Faber and Gib Metcalf kicked off their interview on the U.S. economy by discussing the potential for a new aid package. Metcalf regarded one as critical, noting that at the time of recording, GDP had fallen by 8% in the third quarter, representing a more than 30% annual decline should it continue to drop at the same rate. He credits the CARES Act with playing a crucial role in preventing further economic destruction.
They subsequently unpacked the idea of “two economies,” explaining how big retail and tech companies have come out ahead while small and medium businesses suffer. At the individual level, Metcalf noted that “low-income households continue to spend because they have to, but upper-income households have largely cut back on their spending.” While jobs held by those in the highest quartile of earners have largely bounced back, those in the lowest quartile remain down 20%, furthering wealth inequality.
They closed their conversation with a focus on the U.S. deficit, the importance of a new stimulus package, and the likelihood of an infrastructure bill under a Biden administration.
The Global Economy
Businesswoman and entrepreneur Sue Decker offered a glimpse into Raftr, a social networking, event and communications platform for college campuses that she co-founded and then piloted at Tufts in 2017. She also shared her experiences as a board member at Berkshire Hathaway, Costco, and Vail Resorts, and stressed that each company has been impacted differently by the pandemic.
Sue describes Costco as in “an economy by itself,” crediting its success, in part, to the company’s early adoption of social distancing in its warehouses and stores. Similarly, Vail Resorts is in the process of implementing reservations with priority for season pass holders. Berkshire Hathaway has seen gains in its regulated holdings, including energy, insurance, and transportation, with some offsets from consumer companies impacted by the closure of malls around the country. Reminding viewers that “even though revenue is down for many companies, so is cost,” she cited low interest rates and the potential for a vaccine as reasons to remain optimistic.
To watch this episode of TFN Touchpoint in its entirety, click here.