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- Rich, welcome.

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In the current uncertain
economic environment,

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how should CEOs be approaching
talent development?

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- I think we're living through
a period of massive change,

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and in those kinds of environments,

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even more than in the past,

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the caliber of people that you
bring into the organization,

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that you're able to retain,
and equally importantly,

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how you're able to
develop them and get them

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to work together in different
and ever-changing ways

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becomes fundamental to
the ability to drive value

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in the business.

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So in any environment, go back 50 years,

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CEOs will say people are
their most important asset.

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I heard that when I first
joined another company

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38 years ago.

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But I think in the world
we're living in right now,

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the priority just keeps going
up because we need our people

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to be able to adapt to
the world we're living in

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that will keep changing faster and faster.

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- So you're seeing a
difference now, do you think

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in the way that leaders
are prioritizing talent

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over say cost transformation,
or compared to it?

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- I think we've seen a
substantial difference.

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I mean, let's be clear.

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We've been reading
extremely negative headlines

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almost every day about
the economic outlook

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and uncertainty and
inflation and recession

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for about a year now,
a little more actually.

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And yet, the unemployment rate

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is at historically low levels.

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Yes, there have been some
layoffs in a few sectors.

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We hear about the tech sector all the time

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but I think across many, many industries,

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companies worked so hard to
rebuild their talent base

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after Covid and have seen the challenges

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of developing people and changing,

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and helping their people to change,

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that they're reluctant to do things

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that will undermine trust

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and undermine their ability
to grow in the medium term.

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The cost pressures are substantial.

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I do think we'll see some companies

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and some sectors taking a
more conservative posture,

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whether it's on the hiring side

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or maybe in some cases
workforce reductions.

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But I think that they will be
more reluctant to go too far

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on that because of the times
we're living in right now.

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- In your experience and
in any economic times,

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how important is it to have
the right people strategy?

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- Oh, I think, again, it's
fundamental across all periods.

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I think leaders have to recognize just

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how different that strategy
needs to be right now.

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To quote Satya Nadella, "we've gone from

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a know-it-all world to
a learn-it-all world."

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I think that's what we're seeing

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in a world of more data and AI.

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We're seeing a world that
requires more rapid change

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in response, we're seeing
adaptive organizations

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being not just a nice thing to have

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but actually essential
to sustained success,

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and people underpin that and therefore,

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robust people strategies,
how you attract, develop,

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retain talent, how you deploy people,

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how you get collaboration
across the enterprise

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and how you allow people and
technology to work together

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in ways that will continue to change,

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because technology capabilities
will continue to grow.

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Those elements just take

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on such a heightened
importance for leaders today.

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- Rich, thank you so much.

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- Pleasure.