Digitizing the risk function

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Taboo talk. Addressing burnout—for which online searches reached a record high in May—means first understanding what causes it and then creating a safe environment for employees to share their experiences with it. Even then, discussions about burnout can be difficult to have. One contributor to burnout is a perceived lack of control, which can lead to learned helplessness. Asking how the organization might redesign work to give employees more flexibility in accomplishing goals could help. [HBR]

Edited by Alexandra Mondalek
Editor, New York

Burn notice

In the news

•

•

The caring crisis. Nurses, teachers, and childcare workers—caring professions that may often involve some level of self-sacrificing behaviors—face a burnout crisis of their own. Nine in ten nurses in the US say they are considering quitting their jobs, adding to the 300,000 nurses who have already left in recent years. US public-school vacancies have reached 40,000, and there are about 100,000 fewer workers in childcare. Meanwhile, conditions for these positions are worsening, with increased incidents of violence on the jobs. [Atlantic]

“Burnout rates are continuing to increase, despite many organizations committing to this, making it a C-suite priority, and trying to find ways to support employees.”

On McKinsey.com

•

No words. Burnout is a condition plaguing people across the world, according to a McKinsey Health Institute (MHI) survey of 15,000 employees in 15 countries. But where people’s experiences differ is based on the cultural context around burnout. For example, in translating the McKinsey survey to local languages, researchers discovered that there may not always be a word that relates to mental health at work, showing one way that stigmas may exist in communities, McKinsey partner and MHI coleader Erica Coe explains.

•

Holistic health. While employers are investing in employee wellness, burnout rates continue to rise, which suggests that the root causes of burnout—such as toxic workplace behavior or corporate culture—are left unaddressed. In taking a company-wide approach to fighting burnout, businesses have a better chance of tackling toxicity in the workplace, which is the biggest driver of burnout, our survey reveals. Find out what other strategies—such as destigmatizing the mental-health conversation—are effective in reducing burnout.

Learn ways to combat burnout

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ALL THE WEEK’S DATA THAT’S FIT TO VISUALIZE

by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:31 - 21 Nov 2022

The week in charts

The Week in Charts

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Our Charting the path to the next normal series offers a daily chart that helps explain a changing world—as we strive toward sustainable and inclusive growth. In case you missed them, this week’s graphics explored the underrepresentation of women in leadership roles, why the Gulf of Mexico holds a lower-carbon potential, how innovation in payments could help airlines, the climate opportunity in insurance, and financial-services revenues in Africa.

FEATURED CHART

More women needed in leadership roles

This week’s other select charts

Emissions advantage

Sky-high payments costs

Putting a premium on net zero

Cashing in on a banking boom

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:09 - 19 Nov 2022

Digitizing the risk function

Harmony Internal - McKinsey

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McKinsey Classics | November 2022

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Digitizing the risk function

Our readers well know that digital technologies are blazing a trail through all corporate functions. Risk is no exception, but the extreme sensitivity required to manage it has some important implications: tolerance for bugs and errors is necessarily low, and the cost of errors may be unacceptably high. Progress in digitizing the risk function and its processes has therefore proceeded slowly. But “slowly” doesn’t mean “never.”

The most fundamental challenge is managing a culture of innovation in a way that’s appropriate for risk. Robust controls must constrain the test-and-learn pilot projects common in digital transformations. Minimum viable products refined over successive iterations generally aren’t appropriate. And organizations must build digital risk management processes incrementally: specific capabilities are usually developed and released one by one. For all these reasons, it takes longer to digitize the risk function than, say, customer service. Yet at a time of rising costs, it really must be digitized.

To learn more, read our classic 2017 article “Digital risk: Transforming risk management for the 2020s,” which focuses on the banking industry but has many lessons for every kind of business.

—Roger Draper, Editor, New York

Learn how to digitize risk

Related Reading

Jim Boehm, Lama Sabbagh, Jan Shelly Brown, and Karim Thomas, “Lessons from banking to improve risk and compliance and speed up digital transformations”

Andreas Hefter, Olivia Loadwick, Thomas Poppensieker, and Anke Raufuss, “Risk transformations: The heart, the art, and the science”

Ignacio Crespo, Pankaj Kumar, Peter Noteboom, and Marc Taymans, “The evolution of model risk management”

Did You Miss Our Previous McKinsey Classics?

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The real meaning of shareholder value

Creating shareholder value doesn’t mean maximizing short-term profits. Read “The real business of business” and the other articles in the 20th-anniversary edition of McKinsey on Finance.

Learn why shareholder capitalism is still the best path for economic prosperity

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by "McKinsey Classics" <publishing@email.mckinsey.com> - 11:34 - 19 Nov 2022

How AI can help drug discovery, digital twins, recycling more types of plastic, and more: The Daily Read weekender

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Edited by Joyce Yoo
Editor, New York

As we approach the Thanksgiving holiday in the US, take a moment to catch up on the week’s big reads on how AI can speed up drug discovery, digital methods that help transform product development, investing in space, and more.

Molly Gibson of Generate Biomedicines talks to McKinsey partner Lydia The about how AI and machine learning can speed up drug discovery—and what it could mean for patients everywhere.

Master the complexity

Digital image of a doughnut-shaped object

Tune into a conversation with McKinsey partner Kimberly Borden and senior adviser Dr. Will Roper about the value of digital technologies in production applications—and how digital approaches are used in Formula One racing.

Increase innovation

The horizon line of planet Earth as seen from space

McKinsey senior partners Rob Bland, Ryan Brukardt, and their coauthors explore how companies can embrace a disruptor’s mindset by identifying creative ways of accessing and deploying capital in the space sector.

Boost organic growth

Our weekly briefing note on sustainable and inclusive growth explores how recycling more types of plastic could not only help the planet but also create a market opportunity, and more.

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Quote of the day

“The truck is, first of all, a productivity tool in a critical industry. Trucks may not be as sexy as robotaxis, but their economic impact is equally big, if not bigger.”

—David Liu, CEO and founder of Plus, on why his company is focused on automating driving for trucks instead of cars in “Logistics Disruptors: Plus CEO David Liu on why AI should take the wheel in the trucking industry”

Chart of the day

Chart of financial-services revenues in Africa by service type

How well do you know the numbers behind the changes in business, society, and the world? Take the McKinsey weekly quiz to find out.

ready to unwind?

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Data Points: Your weekly quiz

Take the quiz

Forward Thinking on the fragility of the world’s food systems and how to fix them with Jessica Fanzo

Many people think that hunger and climate change happen to poor people in faraway countries and won’t affect them, says a leading food systems expert. “But that is a naïve perception of the world.”

Fix fragile food systems

48-Across: Agriculture school, informally

Know the answer? Test yourself with the latest McKinsey Crossword, Animal Alliteration | No. 102.

Get busy like a bee

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OUR BEST IDEAS, QUICK AND CURATED | NOVEMBER 18, 2022

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:30 - 18 Nov 2022

Managing out? Women leaders are leaving the workplace in droves

The Shortlist

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Edited by Barbara Tierney
Senior Editor, New York

This week, we look at some sobering trends facing women leaders in the workplace. Plus, an interview with the Spanish-born chef José Andrés on what working in emergencies has taught him, and a McKinsey technology expert on how business leaders can harness innovation.

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The ‘great breakup.’ Women leaders are switching jobs at the highest rates we’ve ever seen—and at higher rates than men in leadership. This year’s Women in the Workplace report by McKinsey, in partnership with LeanIn.Org, highlights how this trend affects gender equality in business, as well as the ability of organizations to hold onto the few women leaders they do have.

Playing catch-up. Women—and especially women of color—are dramatically underrepresented in corporate America, particularly in senior leadership. Only one in four C-suite leaders is a woman, and only one in 20 is a woman of color. For the eighth consecutive year of the report, a “broken rung ” at the first step up to manager is holding women back. For every 100 men who are promoted from entry level to manager, only 87 women are promoted, and only 82 women of color are promoted. As a result, men significantly outnumber women at the manager level, preventing women from catching up.

Watching from the wings. Now, with women leaders leaving at the highest rates in years, companies have a new pipeline problem. As McKinsey senior partners Alexis Krivkovich and Lareina Yee and their colleagues note, if organizations don’t take action, they won’t lose just their women leaders—they risk losing the next generation of women too. Young women are even more ambitious, and they place a higher premium on working in an equitable, supportive, and inclusive workplace.

Still ‘the only.’ Women’s relative representation among jobs in engineering and technical fields is lower than it was in 2018. As a result, women in technical roles are twice as likely as women overall to say that they are frequently the only woman in the room at work. These trends have troubling implications for gender equality. Engineering and technical roles are among corporate America’s fastest-growing and highest-paying job categories. If women in these roles don’t see an equal path to advancement , it could lead to larger gaps in both representation and earnings between women and men overall.

The importance of managers. Managers play an essential role in shaping all employees’ work experiences. But to women especially, having a manager who cares about their well-being really matters—it’s one of the top three factors they consider when deciding whether to join or stay with a company. When managers invest in people management and diversity, equity, and inclusion (DEI), women are happier and less burned out. They are also less likely to think about leaving their jobs and more likely to recommend their company as a good place to work—which translates to higher retention and better recruiting.

From nice-to-have to must-have. Relatively few companies recognize people management and DEI efforts in managers’ performance reviews. Companies are effectively treating this work as a nice-to-have—as opposed to a core part of a manager’s job—and this disconnect is apparent in the way managers are showing up. Less than half of women say their manager shows interest in their career and helps them manage their workload. Until companies take these duties seriously, women leaders are going to continue to feel undervalued, and they are going to continue to leave their companies in unprecedented numbers to get the recognition they feel they deserve.

To discover data-driven best practices for advancing and retaining women employees, read the full Women in the Workplace 2022 report.

Off the charts

Semiconductors: A path to net zero

Growing demand for semiconductors means industry emissions are likely to increase. Semiconductor companies are making sustainability commitments, but more is needed to achieve net zero. The steps they are taking will not be enough to get the industry on a 1.5°C trajectory by 2030. In fact, Scope 1 and 2 emissions may rise significantly above current levels as semiconductor production volume increases and the industry moves to advanced nodes with an expected higher emissions intensity. To gain more clarity about the extent of the increase, we created three different scenarios to estimate future emissions.

Chart of CO2 emissions and 2030 projections by type

Check out our chart of the day here.

INTERVIEW

A chef who can stand the global heat

José Andrés, the Spanish-born chef whose company encompasses nearly 40 restaurants globally, offers unique expertise on how to deal with pressure. In 2010, he founded World Central Kitchen, a nonprofit whose mission is to deliver fresh meals to people in need during emergencies including tornados, hurricanes, pandemics, and wars. This year, the nonprofit estimates that it raised and spent $420 million, including on more than 170 million meals distributed to Ukrainians since the invasion of Ukraine. In a recent interview with McKinsey Quarterly, Andrés spoke about how responding to emergencies has helped him to prioritize action over meticulous planning, test short-term solutions, and apply emergency-level intensity to long-term challenges.

More on McKinsey.com

Europe’s EV opportunity—and the charging infrastructure needed to meet it | To go carbon neutral by 2050, Europe needs more electric vehicles (EVs) on the road—and many more EV chargers too. We look at what this build-out might look like and what it might cost.

Shipping rates are finally falling. Will they reach prepandemic levels? | McKinsey partner Steve Saxon explores why container rates have fallen and how shippers and carriers can safeguard themselves against future uncertainty.

Prioritizing brain health: Scaling what works to add years to life and life to years | How many more years can be spent in optimal health if society viewed mental and substance-use disorders as we do other conditions? We look at potential answers.

INTERVIEW

Three questions for

Steve Van Kuiken

Steve Van Kuiken, a senior partner and the global leader of McKinsey Technology, helps organizations undergo major technology-enabled performance transformations. The following is a condensed version of a recent Harvard Business Review article .

In the next few years, new and expanded technologies will change the business landscape at unprecedented pace and scale. How can business leaders prepare to harness innovation?

Companies need to look to the edge of the organization, where the business interfaces with its customers, suppliers, and other stakeholders and where small-scale innovations are happening. They should focus on empowering the hands-on experts—engineers, chemists, product developers, and scientists—who are working on the most complex problems for the business.

The question is how to bring in the best of what these experts develop so that the entire organization can benefit. This is more than a matter of providing these would-be entrepreneurs with sufficient seed capital. Companies instead have to invest in an innovation model. Tech companies have been developing the muscle to innovate at the edge for years, and larger incumbents can borrow a page or two from their book.

What are the common practices to this approach?

To empower these edge workers, companies need to form a portfolio of small teams and give them the freedom to work independently along with clear goals and responsibilities. That means, for example, that if the business doesn’t have people with the skills they need, the team can go out and hire them directly. They can spend their allocated budget as they see fit, experiment and fail without penalty—within boundaries—and decide on technologies to meet their goals—within proscribed guidelines.

Some businesses are already practicing this kind of approach. For example, Haier, the appliance and consumer electronics company, has 4,000 “microenterprises”—as they call these teams—each with ten to 15 employees. These teams have the freedom to self-organize to address a specific opportunity that someone has identified. Teams need to convince people to join, and then need to show actual customer adoption to get funding. To enable this system, Haier reduced middle-management oversight to give teams the necessary freedom to operate.

How can IT play a role in building up a scaling capability to funnel innovations to make them work for the business?

At Google, for instance, product managers across the entire business had to report in every Friday on the percentage of user growth for their particular product. This made it easier to track progress. Initiatives that weren’t growing were quickly defunded. Those that did well attracted more resources.

Google also developed a uniform build system—a set of tools and practices around CI/CD, or continuous integration and continuous delivery—that every product team can use, as well as shared and scalable infrastructure resources that support the common needs of products and businesses. This approach made authentication much simpler and faster. Because all code followed through this model, it was easier to spread it throughout the organization. This is a good example of how establishing mechanisms to support experts and scaling winning innovations helps the entire organization to keep pace.

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BACKTALK

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TODAY’S NEWS. TOMORROW’S INSIGHTS.
A daily newsletter from McKinsey & Company

by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 01:18 - 18 Nov 2022

The industries that make up the built environment are fragmented. Can these industries accelerate green growth?

On Point

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A material difference. The built environment—which encompasses all processes within constructing residential and commercial buildings and infrastructure—heavily relies on carbon-intensive materials such as aluminum, cement, and steel. Making the industry greener depends on establishing a supply of circular material: building materials that are low carbon, recyclable, or used. Public and private sectors must work together to identify alternative materials and produce them at a large enough scale to encourage use. [WEF]

Edited by Alexandra Mondalek
Editor, New York

Building a greener future

In the news

•

•

Net win. The jaali structure that makes up parts of one of India’s most famous and beautiful buildings, characterized by perforated lattice screens, is a recognizable design feature found across Asia. The term, which translates to “net,” is also a crafty cooling solution, allowing for better air circulation and shielding buildings from the sun. Modern-day architects are bringing back the age-old design as they look for new ways to cool buildings without relying on carbon-intensive energy sources. [BBC]

Decarbonizing the built environment can create as much as $800 billion to $1.9 trillion in new green value pools across sectors.

On McKinsey.com

•

A cleaner future. The built environment is directly or indirectly responsible for about 40% of global carbon dioxide emissions from fuel combustion and 25% of overall greenhouse-gas emissions. As such, it is among the highest-emitting industries. Decarbonizing could help shift the built environment into a cleaner future while building new businesses, according to McKinsey partner Anna Moore and coauthors. This includes primary value pools of more than $320 billion in resilient materials and systems and more than $240 billion in retrofitting existing assets.

•

Collaborating on construction. It is difficult to tackle the emissions problem in the built environment because the industry is highly fragmented, project based, and hyperlocal. The result is a siloed ecosystem that makes it tough for good solutions to achieve scale. Greater collaboration among manufacturers, distributors, developers, and investors could help the industry realize new green processes, materials, and technologies in a cost-efficient way. Learn what it will take for the industry to accelerate the green transition in the built environment.

Create a greener built environment

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:41 - 18 Nov 2022

90 percent of CEOs regret how they handled their transition to power—here’s how to turn that time into a win

Harmony Internal - McKinsey

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The best CEOs use the first six to 12 months of their tenure as a moment of great personal transition and institutional renewal. There are four keys to success.

Edited by Sarah Skinner
Editor, New York

Becoming CEO might be one of the most defining moments of your life: you've climbed the corporate ladder and are about to step into a whole new era. But the best CEOs make this not just a time of personal transition, but an institutional one; a new CEO is naturally a shock to company systems and that shock can be used to catalyze major change. Up to 90 percent of CEOs confess that they wish they'd managed their transition differently. According to a new McKinsey Quarterly article, the CEOs that make the right big moves at the start of their tenure can be up to six times more successful, and there are four major changes that can turn your first six to twelve months from a difficult time into a crowning success. Don’t miss this in-depth piece by senior partners and CEO experts Carolyn Dewar, Scott Keller, Vikram Malhotra, and Kurt Strovink that goes behind the scenes of the first months in the top job, including perspectives from more than a dozen current and former CEOs of some of the world’s biggest companies.

Starting strong: Making your CEO transition a catalyst for renewal

Don’t make it about you

Quote of the day

“As more and more platforms adopt blockchain technology, it will allow for token-gated experiences, where you can bring your digital persona inside a virtual space. So as more companies adopt it, people’s wallets can become containers for them to carry around all of their assets.”

—Irene-Marie Seelig, co-founder and CEO of AnamXR, on how the metaverse can create value for fashion brands in “Fashion-forward in the metaverse”

Chart of the day

Chart detailing that despite modest progress, women are still dramatically underrepresented in leadership roles

Growth rebounds in the United States and China; eurozone inflation reaches new heights as tightening continues; energy, climate reports paint a sober picture.

ALSO NEW

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Global Economics Intelligence executive summary, October 2022

Get updated

Solar water heating thermal collector system

Net-zero heat: Long-duration energy storage to accelerate energy system decarbonization

Thermal energy storage has the potential to greatly contribute to decarbonizing global heat and power, while helping to ensure the energy system operates affordably, reliably, and efficiently.

Read the report

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More for less: Five ways to lower cloud costs without destroying value

Companies can often find significant savings in their cloud programs—if they know where to look.

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:17 - 17 Nov 2022

‘It will be a paradigm shift’: Daphne Koller on machine learning in drug discovery

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We’re entering a “new era of science”—we finally have enough data and technology to truly enable better drugs for patients, says insitro CEO Daphne Koller.

New from McKinsey & Company

‘It will be a paradigm shift’: Daphne Koller on machine learning in drug discovery

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Related Reading

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The future of biotech: AI-driven drug discovery

Reimagining the future of biopharma manufacturing

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 12:04 - 17 Nov 2022

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activpayroll Newsletter

Welcome to our November newsletter

This month we are taking a look a one of the hot topics facing businesses across the globe - the Great Resignation. Kirsten Wright our Head of Global HR Solutions shares her views on the challenges it presents to business.

In this edition we are also featuring feedback from our first Client Advisory Group and introducing you to our sales team.

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The Great Resignation

The Great Resignation has been a highly topical issue in recent times, and it is still very much to the forefront of HR professionals’ minds, despite the outlook on the economy.

In today’s post pandemic world, the pillars of 9 to 5 office working are deteriorating, with employees no longer willing to sacrifice quite as much of their lives for work as generations before them were. People have changed their view of work, with a greater emphasis on working to live and they are subsequently placing more value on a happy fulfilling life. Find out how Kirsten Wright Head of Global HR Solutions views the challenges and solutions for your business.

Update - Client Advisory Forum

Industry experts from our customer base attended our first Client Advisory Group with participants from across the globe this October.

Discussions focused on:

Current market opportunities and challenges
Listening to the voice of the customers in informing our outcome based roadmap
Features of great Client Experience

Stephen Wratten, our Head of Product Management said: ‘We saw strong alignment with customer needs and our roadmap. Key themes included a need for global tax advice in the ever changing global payroll world, real time reporting for decision making, automation, and the power of building professional networks

‘We will be including the feedback into our roadmap and service decisions and are already planning the next session!’

If you are interested in being part of future Advisory Group sessions please get in touch

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by "Lynn Smith" <PR@activpayroll.com> - 06:14 - 17 Nov 2022

The rewards of hybrid work are myriad, especially for diverse teams

Intersection

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DIVING INTO DIVERSITY, EQUITY, AND INCLUSION

Edited by Justine Jablonska
(she/her/hers)
Editor, New York

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Two out of three employees say they are likely to look for other opportunities if asked to return to the office five days a week. But employees’ experiences with hybrid work varies when it comes to inclusion—and that variability is even more pronounced for workers in traditionally underrepresented groups. There is little doubt that hybrid work enhances organizations’ diversity, equity, and inclusion (DEI) efforts by providing more flexibility, better work–life balance, and more personalized employee experiences. But it can also create an unequal playing field by amplifying differences among groups. In workplaces that are already struggling to diversify and retain their employees, poorly executed hybrid work models could harm employee performance, decrease inclusion, and speed up departures. Leaders seeking to build inclusion can focus on three foundational practices: mutual respect, support, and team building.

Insights and strategies to nurture diversity, equity, and inclusion in the workplace. In your mailbox every two weeks.

Hybrid work isn’t going away. That’s great for diverse workforces, but not so great for building a more inclusive work culture, as we reveal in this issue. We also examine the workplace perk that employees want most (hint: it’s not coffee or free lunches), and why setting a vision for flexible work is so important. Plus, a celebration of Native American Heritage Month, and our take on one reader’s question about managing resistance to change.

Hybrid work may create an
unequal playing field

SPOTLIGHT

DATA DROP

Chart detailing that elite organizations are turning the 'Great Attrition' into the 'Great Attraction' with inclusivity

To attract and retain top talent, an inclusive culture is increasingly becoming a competitive advantage.

LISTEN IN

What do workers really want? Flexibility—especially as workplaces become more diverse. The purpose and design of the office of the future may need to change accordingly. While this shift in workplace design largely took hold during the COVID-19 pandemic, it had been in the works for a decade prior, according to McKinsey’s Phil Kirschner. Now, with so many workers untethered from their desks and managers rethinking how to best measure productivity, organizations have an opportunity to embrace a wider variety of spaces than ever before. Listen to a recent episode of the McKinsey Talks Talent podcast to learn more about designing and configuring offices that match your organization’s tasks, roles, and culture.

MAKE IT RIGHT

The nature of work has changed—and so have expectations about work. Most employees don’t want to work in the office five days a week, and executives are listening. But managing in a hybrid environment marks a considerable shift for most leaders. McKinsey has found that four management shifts, which include managing performance through impact, outcomes, and ownership, are proving helpful for both employers and employees. And since our research shows that two-thirds of companies don’t have a detailed plan or approach for hybrid work, setting a vision for hybrid work is another critical area for leaders to consider.

CELEBRATING NATIVE AMERICAN HERITAGE MONTH

Native American Heritage Month is observed in the United States throughout November. This monthlong tribute to the rich ancestry and traditions of Native Americans began in 1915 as a single and unofficial day of recognition for “First Americans.” It wasn’t until 1990 that a joint Congressional resolution designated November as National American Indian Heritage Month. Visit the US Library of Congress’s Native American Heritage Month website to explore digital exhibits and collections: you can listen to panels from events like the Mother Tongue Film Festival, hear a song in Yup’ik (one of the languages spoken by Indigenous people of western and southwestern Alaska) that dates back to 1777 about a vision of a sailing ship, find local in-person events, and explore historical and modern-day images. And for audiophiles, a new podcast from Bloomberg, In Trust, explores the Native American tribe Osage Nation, which, in 1872, purchased a prairie in northeast Oklahoma the size of Delaware. Today, much of this land, known as Osage County, no longer belongs to the Osage Nation people. Learn more about what happened in this wonderfully complex and thoroughly engrossing series.

ASK INTERSECTION

One of our readers asks, ‘How can I get buy-in—and manage resistance—when driving cultural change in my organization?’

Thank you for writing in! Let’s start by acknowledging that change is never easy. And resistance, while part and parcel of the change process, can add to the difficulty of enacting substantive change. The good news is that there are plenty of resources for leaders seeking to bring their people on board. To start, senior partner Kirk Rieckhoff shares broadly applicable insights about organizing change within federal government—and challenges the notion that change should ever be easy. Next, learn how to prepare for and lead a change journey, which, as journeys go, often don’t go according to plan (an important insight in itself!). Along the way, it will be essential to harness positive influence for good, especially as you’re addressing the causes (rather than the symptoms) of the problems you’re trying to solve. Finally, our collection of insights about change management addresses areas such as harnessing resources effectively, engaging team members efficiently, and tapping into your ability to influence change.

For McKinsey’s latest thinking on diversity, equity, and inclusion, visit our Diversity, Equity & Inclusion collection page.

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by "McKinsey Intersection" <publishing@email.mckinsey.com> - 01:11 - 17 Nov 2022

What will it take to reach net zero in the most emission-intensive industries?

On Point

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The great transition. Seven sectors in heavy industries make up 30% of worldwide greenhouse gas (GHG) emissions. To speed up the transition toward a cleaner future, public and private organizations must collaborate more to cut emissions in five key areas: agriculture, hydrogen, power, road transport, and steel. A new report lays out 25 ways that industries can move toward net zero, including establishing energy performance standards for power-hungry appliances and increasing organizational commitments to buy sustainable steel. [WEF]

Edited by Alexandra Mondalek
Editor, New York

On decarbonizing industries

In the news

•

•

Cleaning up shipping. The shipping industry accounts for roughly 3% of worldwide GHG emissions, with the majority of those emissions produced by around 100,000 large, fossil-fuel-burning ocean vessels. More than $1 trillion in investments are needed to decarbonize the shipping industry by 2050, according to a new report. To reach net zero, improving energy efficiency might help, but ships must ultimately use zero-emission fuels, says one of the report’s lead authors. [New Scientist]

The industries that produce the majority of global greenhouse gas emissions face a steep challenge to decarbonize, but our research shows that solutions are within reach.

On McKinsey.com

•

Green light, go. One of the critical sectors to decarbonize is the automotive industry, which is experiencing a sea change. By 2035, nearly 100% of sales of new passenger vehicles in the world’s largest auto markets will be electric. But even with existing momentum, producers and manufacturers must create supporting infrastructure, such as charging stations and hydrogen-fueling stations. New supply chains and manufacturing capabilities are also needed to make low-emission vehicles, say McKinsey senior partner Andreas Cornet and coauthors.

•

Getting to net zero. In addition to the auto industry, several sectors have already begun their transformation to a greener future. Consider the steel industry: demand for low-emission steel could rise to almost all steel production by 2050. But it will also require investments in technological and operational advances to get there, say senior partner Michel Van Hoey, partner Benedikt Zeumer, and colleagues. See our collection page for a net-zero guide for nine key industries.

Explore our net-zero guide

Or send us feedback—we’d love to hear from you.

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:29 - 17 Nov 2022

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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 09:08 - 16 Nov 2022

How a skills-based approach can strengthen the workforce

Harmony Internal - McKinsey

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Our work with the Rework America Alliance highlights how a skills-based approach can help US employers expand talent pools and retain great workers—even through economic uncertainty.

Edited by Stephanie d’Arc Taylor
Editor, Southern California

Replenishing the labor pool. It’s well understood by now that the pandemic rewrote the rules of the labor market. COVID-19 ushered in a whole new lexicon we use to talk about work in the modern era: the Great Attrition, quiet quitting, WFH, video call shirt. The shakeup has been difficult for many. But it’s also an opportunity to reexamine the way we work, from hiring, to mentoring, training, and promoting. A new, skills-based approach—rather than the traditional reliance on degrees and job titles—can help organizations not only sustain a more inclusive workforce, but build resilience through economic uncertainty. In a new article, McKinsey partner Bryan Hancock, senior partner Jonathan Law, and their coauthors analyze research McKinsey conducted in partnership with the Rework America Alliance to offer organizations lessons on how to build a skills-based employment approach. Check it out and see how employers and workers can both benefit from this new workforce normal.

Taking a skills-based approach to building the future workforce

Break the mold

Quote of the day

“Another way to improve decisions is separating debate from decision making. Social science suggests that rigorous debate leads to better decisions, so when you are evaluating initiatives, you should include everyone who has a stake in the outcome in the debate.”

—McKinsey partner Tim Koller on how companies can improve their decisions in a recent episode of the Inside the Strategy Room podcast

Chart of the day

Chart detailing that growth in decarbonization technologies and renewables represents a significant growth opportunity for insurers

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Maria Valdivieso de Uster is a partner in McKinsey’s Growth, Marketing & Sales Practice and is based in the Miami office.

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:08 - 16 Nov 2022

How to accelerate B2B sales growth during turbulent times

Re:think

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ON ACCELERATING B2B SALES GROWTH

Being fast and flexible during times of economic uncertainty

Maria Valdivieso de Uster

Many senior sales executives of B2B companies—including manufacturing, financial services, and consumer goods—are struggling with uncertainty right now. What do all the changes in the economic environment mean? What about logistics disruption and all the challenges of supply chain management?

In sales, your performance is measured by hitting your quotas and targets. Often, the ability to do that is not due to a new partnership or new business idea. It’s about understanding where there’s enough momentum for rapid revenue acceleration.

The first thing B2B sales leaders should do is to truly understand where their deals stand. Which are the most important? The most likely to close? The most profitable? What, if anything, is delaying them? Look at the facts and the data. Once you do that, you can identify and prioritize maybe ten, 15, or 20 attractive deals in the pipeline that are pretty advanced, but not quite ready to close. Those are the deals where you might accelerate a decision and affect the outcome.

Tactically, what does that mean? There are a couple actions you can take. The first one is to adjust your value proposition. In times of uncertainty, many buyers are hesitant because they want to keep options open. Sellers can provide flexibility for their customers. The value proposition might be that a client is not ready to sign a large contract, but they might be OK with signing something smaller. A client might not be ready to buy all 15 elements of an offering, but they might be ready to buy five or ten. The client might not be ready to commit to a long-term payment plan. Instead, they might want flexibility to make some decisions now and leave the door open to make other decisions later. Adjusting the value proposition means potentially changing an actual offering itself, as well as some of the terms and conditions. You need to meet your customer where they are right now.

“In times of uncertainty, many buyers are hesitant because they want to keep options open. Sellers can provide flexibility for their customers.”

The other thing to do is to create a “win room.” Select a group of cross-functional colleagues—from pricing, marketing, and product, plus some leaders of the organization. Get them together in a room, say, on Tuesdays and Thursdays for one hour each time. And bring in the 15 deals. The account executive who owns the deal will come to the table and say, “This is the deal. This is what we need. These are the decision makers, and these are the roadblocks that we’re running into.” Roadblocks can be that the deal is not the right size, or the deal is too expensive. Maybe you’re not meeting the buyers’ needs, or there’s an incumbent vendor already in there and it’s hard for you to replace them.

Internal sales cycles take a tremendous amount of time and energy. Lots of homework needs to happen beforehand. By having a win room, you’re accelerating the sales cycle. When you get the right set of decision makers in the room to talk about the top deals that are the most time-pressing and critical, you create a cadence where you’re accelerating that momentum by several weeks. You can have a huge impact, both in the terms and the timing of a deal.

You can make quick and dirty changes. You don’t have to have beautiful dashboards that pop up. One client had supply chain issues and products that were out of stock. They came up with a simple rule that when a product came back in stock, an email would be generated and sent to every seller saying, “The product’s back in stock. Here are customers who were interested in this product. Call them now and sell it.” Over time, they integrated that into the CRM system with all the fancy bells and whistles. But don’t wait to have the pretty system before you start activating plans.

The difference between now and previous times of uncertainty is that all of us have learned that things change, and we need to be more agile and nimble. Organizations are now much more sophisticated at identifying and trusting the data that truly matter. We know that customer expectations continue to increase: customers expect to have an omnichannel experience where they can go to a website, talk on the phone, or have access to the head of sales. In a B2B sales world where you add complexity to uncertainty, how do you keep all the pieces of the puzzle together? The sales executives I work with today have gotten much closer to the customer. More leadership engagement and cross-functional ways of working, along with better data, make for a much better sales experience.

ABOUT THE AUTHOR

MORE FROM THIS AUTHOR

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Future of B2B sales: The big reframe

The new era of B2B sales is upon us and sales leaders are quickly making moves to adapt. We spoke with 50 global leaders to learn their game plan—and this is what we heard.

More →

The domino effect: How sales leaders are reinventing go-to-market in the next normal

Top sales innovators are embedding data and technology throughout their organizations to reimagine sales. Here’s how they do it.

More →

UP NEXT

David Hamilton on operational excellence

How can companies achieve operational excellence? It starts by taking a deep look at how organizations set up teams to deliver on purpose, strategy, and vision.

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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 01:18 - 16 Nov 2022

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The world has entered a new phase of climate finance. What new goals must be met?

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Rising borrowing costs. For more than a decade, the costs of borrowing in many countries have remained very low. From 2009 to 2021, a time of rock-bottom interest rates, investors funneled more than $3.6 trillion into clean-energy assets. But now, lending rates around the world are surging as central banks battle high inflation. That may make financing the world’s clean-energy shift more challenging. Even so, lenders can take steps to keep borrowing costs down. Extending loan terms to a longer period of time can reduce fixed payments. [Bloomberg]

Edited by Belinda Yu
Editor, Atlanta

Green-investment growth

In the news

•

•

A gap in funding. In some economies, the clean-energy-investment gap is especially big. Africa, for example, represents nearly 40% of the world’s potential for renewable energy. In the past ten years, however, it has only collected 2% of global clean-energy investments. This is in part because long-term investments in certain countries are seen as highly risky. A better understanding of risks related to geographies, climate projects, and technologies could make it easier for stakeholders to collaborate and for officials to develop policies. [WEF]

Cumulative capital spending on physical assets for the net-zero transition would need to change from today’s annual average of $5.7 trillion to an estimated $9.2 trillion through 2050.

On McKinsey.com

•

A new phase. Over several panels held around the 2022 UN Climate Change Conference (COP27), McKinsey experts and special guests explored opportunities and challenges around financing the net-zero transition. The world has entered into a new phase of climate finance, said McKinsey senior partner Dan Stephens. Climate finance during the past decade has been focused on renewable power, setting standards, and getting commitments from the private and public sectors. This new phase of climate finance will need to accomplish new goals, including advancing climate tech.

•

Trillions to transition. An additional $3.5 trillion of capital a year through 2050 is needed to help decarbonize hard-to-abate sectors and accelerate climate technologies. Yet investors recognize that the energy transition remains a stable long-term investment. In 2022, renewable energy attracted roughly $500 billion in investment, exceeding fossil-fuel investment for the first time ever, noted senior partner Jukka Maksimainen. See more highlights from our COP27 panels, including how government policies can help accelerate green investment.

Invest in net zero

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:34 - 16 Nov 2022

New-business building is top of mind in 2022 despite volatile times

Harmony Internal - McKinsey

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A new global survey finds that new-business building can boost growth and value. However, to meet revenue expectations in the future, companies must dramatically increase their efforts.

Edited by Joyce Yoo
Editor, New York

It’s an exciting time for new-business building. According to a new McKinsey Global Survey, building new businesses is a top priority for CEOs despite economic volatility, and more new businesses are being built per year now than in the past two to five years. While this presents new opportunities for innovation and growth, companies will need to ramp up the number of businesses they build—and do it quickly—to meet the revenue expectations for the years ahead. Explore the survey led by Markus Berger-de León, Shaun Collins, Ari Libarikian, Ralf Dreischmeier, and Belkis Vasquez-McCall, and learn what over 1,000 business leaders in 75 countries are planning.

New-business building in 2022: Driving growth in volatile times

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Quote of the day

“When we talk about dual awareness, it is not only the focus of what is happening. It is also being always in communication with what’s going on for ourselves and asking, ‘How can I take care of myself to sustainably serve in this situation?’”

—Jacqueline Brassey, senior knowledge expert and coauthor of the new book Deliberate Calm, on the two types of necessary awareness in a recent episode of The McKinsey Podcast

Chart of the day

Chart detailing the payments could create an additional $14 billion in value, while achieving the full potential of $40 billion form airline retailing

As many individuals live well past retirement age, stakeholders are examining how interventions, data, and innovation can transform aging.

ALSO NEW

Senior father and adult son having a good time on beach at sunset

Living longer in better health: Six shifts needed for healthy aging

Embrace it

Mountaineer standing on a peak, wearing a harness

Scaling up: How founder CEOs and teams can go beyond aspiration to ascent

For many start-ups, the challenge is no longer about securing capital—it’s about learning how to restructure themselves as fast as their products or organizations can evolve.

Be resilient

A blue padlock made to resemble a circuit board and placed on binary computer code

A new approach to fighting fraud while enhancing customer experience

Fraud has escalated as digital adoption has increased. The situation requires that organizations simultaneously combat fraud and provide customers with a seamless digital experience.

Strengthen core capabilities

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