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[Moderator]: Now we learned from our get to know you session this morning that we have a lotof HR folks in the audience today, so this next panel is going to get to the heart of the practicalissues in terms of personnel this morning. What really works? What really motivates employeesthese days? And how do we work hard and stay focused with all the other demands on our lives?And how is that reflected and is it reflected in the bottom line? I would like introduce you, I amgoing to moderate this panel today, first Melinda Wolfe she heads professional development atBloomberg L.P. Melinda has lead talent management initiatives with a passionate focus on
diversity, which we‟re all a fan of, at five major global companies over her career,
MerrillLynch, Credit Suisse, Goldman Sachs, and American Express, welcome Melinda.[MW]: Thank YouAnd let
‟
s welcome Sylvia Hewlett
she‟s the founding president of the Center For Work 
-LifePolicy (this is a non-
 profit think tank), she‟s a bestselling author and runs the Gender and Pol
icy
 program at Columbia University. Sylvia Welcome. And Sylvia we‟ll start with you today.
 [SH]: Thank you. Well I want to start with a story, story often I think helps us really visualizewhat
‟
s going on. And I want to start in the spring of 2008. I got a call from John Thain the thenCEO of Merrill Lynch. And he had a whole lot of things on his mind, the most urgent being thata lot of his top talent were walking out the door, despite the fact that they had gotten used to thecream of the crop I think for many years. And the reason that they were walking out the door wasthat they felt neglected and abused. You know, teams were depleted everyone was doing muchmore with less. They had no idea what was happening with the business model it seemed to be
 
brok 
en. And he said look we don‟t make widgets, the only thing we‟ve got is brain power how
are we going to reinvent ourselves if our best folks walk out the door. So he wanted to knowwhat was really going on and what might enable him to hang on to his best p
eople. So I‟ll kindof tell you what was really going on at that company with a few figures and obviously I‟llaccompany these with questions and some stories so we‟re not just that was some more figures
but in order to put the kind of working dilemma of this great resection in context lets first goback to 2006. In 2006 which you know looking back were the good old days the time when wehad ebullient growth all kinds of good prospects for things we took a look at what was going on
with what we called “high
 
echelon talent:” Very well qualified folks in the professional work 
force and what we found there, in the good old days there was a great prevelance of what ewecalled extreme jobs, jobs that required 60 hours a week or more, jobs that had at least fiveperformance pressures you know whether it was you know 24/7 client demands or you know
 power breakfasts and extreme travel you know all kinds of pressures in people‟s lives, driven by
technology you know those neat cell phones that we all carie around allow our bosses and ourcolleagues to get at us Sunday morning as well as Friday night. So people were under a new setof pressures. And there were bid plusses and there were big minuses with extreme jobs. Just totalk about the plusses its extraordinary but you know 76% of these high echelon workers lovedtheir jobs, they really felt they were exhilarated by being global players by making a hugedifference in a field maybe innovating products, whether they be video games of new financialinstruments you know all kinds of exiting stuff going on. They also felt that they were not drivenby the big boss, about 70% of them said that the pressures were self inflicted you know we wantto be in these highly exhilarating fields. And if you look at this list its quite interestingcompensation was not the biggest drive it was the simulation and the challenge the sense that
 
you‟re working in these amazing teams and the recognition that you got from these jobs. And
women were alitlle less concerned with just the sheer size of the pay check than men but it isfascinating that work and motivation and engagement is not really driven by the sheer size of thepay check. But these jobs carried with them all kinds of minuses you know the figure I like isthat many extreme workers were so exhausted when they got home at night that they were
speechless they literally could not talk now you know whether that‟s good or bad for marriages
who knows there is a sense if your at that kind of stage at the end of the day maybe you
shouldn‟t be
talking but it is pretty hard to really connect say with children or with even your
significant other if you actually can‟t speak in your spare time you know it kind of gets in the
way. So the body blows the undermining of relationships in your life that went along with these jobs as well as you know the higher blood pressure you know the problems with fertility wereally mapped out some of the costs of these jobs and they were quite significant. And the thingthat we found and this was fascinating, stress at work very much you know shared by men andwomen, very equally felt, stress at home, women really took on the load here. And we found thatyou know many couples where both the man and the woman had an extreme job they reallywanted I think to link up with Care.com for starters you know they were really barely managingtheir lives at home but the men would see that sometimes the kids were not doing very well orthe extended family, but they did not necessarily blame themselves they blamed the TV theschool the culture the goventment. Women only blame themselves, you know there was a big redline called maternal guilt which connected anything going wrong in the lives of their childrenand their own extreme job. So definitely a very gendered picture. And just to kind of fast forwardhere this was the state of play we had a huge sample we looked right across sector we look at notfor profits we loked at universities you know as well as the private sector. This was the normal
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