The Global Drive for Talent - Clip 8: Transcript

GARRICK UTLEY

Valerie, we won't ask you to be a historian, but at least to what extent should be worried for talent, as you look for talent, the global talent, vis-a-vis the fact that the other major American cities are major powerhouses now?

VALERIE GERMAIN:
Well, it's interesting, because if you - some of that starts to tap into industry differences. So part of the reason for talking about New York and London and Singapore is because New York is first and foremost a financial center, financial institution center. And New York does not compete as much today with Chicago in a broad financial institution way as it does with London or, increasingly, in Asia.

So when you start to get away from some of the industry differences and look more broadly across industries, then there is, I think, the point is a strong and a positive message in terms of talent, in terms of the power of Chicago, Los Angeles and elsewhere.

But America, we can't forget that there has been, over the last couple of years, an enormous focus on emerging markets, not just major markets but emerging markets. Over the last two years, the growth of what's happening in Russia has been extraordinary. The number of executives that I know who are interested in now going to Russia is amazing.

And two years ago, 24 months ago, if they were going to go overseas they were going to London or Singapore or Dubai, somewhere else.

So I think there's a real question there with regards to the broader strength of the U.S. But really that's more of a question around the financial markets as opposed to necessarily some pressing [?] other industries.

PAUL TAGLIABUE:
I guess I would say that, having had teams in 30 cities or whatever we had teams - I spent a lot of time in my former job for 17 years, and also I chaired the National Board of the United Way and went all over the country listening people in the not-for-profit sector - I think that 10 years ago, 12 year ago, early to mid-'90s, there was tremendous energy in the Southeast, in the Southwest and in places other than New York and other than the industrial rust belt, if that's what you want to call it.

And I think that has changed dramatically for the better in the last 10 years. I think that leaders like we heard from here today, in both the public sector and the private sector, understand that New York's dominant position in American life was not guaranteed, it is not guaranteed; that many, many places were competing harder. They were offering qualities of life that were very attractive.

I think a lot of that has changed. First of all, they have traffic jams that are worse than ours. Denver's got traffic that'll rival anyplace. So I think their growth in some ways has leveled [LAUGHING] the playing field.

But I think the biggest factor is that people - and Nancy Peretsman is one of them - Nancy is one of those people who, you know, has been an interlocutor between New York and the rest of the country and has brought back the emphasis on innovation and on technology, which is so critical to the future of the country.

And I think much more of this is level throughout American now, but the global competition is so much more intense that we're still in a real battle.