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What can top CEOs teach you about making tough decisions?
Only McKinsey Perspectives
by "Only McKinsey Perspectives" <publishing@email.mckinsey.com> - 01:23 - 5 Nov 2024 -
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How to tackle 21st-century challenges: A leader’s guide
Leading Off
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Brought to you by Alex Panas, global leader of industries, & Axel Karlsson, global leader of functional practices and growth platforms
Welcome to the latest edition of Leading Off. We hope you find our insights useful. Let us know what you think at Alex_Panas@McKinsey.com and Axel_Karlsson@McKinsey.com.
—Alex and Axel
The biggest hurdle to creating resilient and high-performing teams is developing a deep bench of leaders who can excel in a turbulent world, according to McKinsey global managing partner Bob Sternfels, senior partners Daniel Pacthod and Kurt Strovink, and senior adviser Wyman Howard. They note that CEOs face a growing number of critical issues to manage, and the personal attributes and best practices associated with strong leadership have changed substantially over time. Some of the most important traits for current and future leaders include maintaining positive energy, selflessness, curiosity, grit, and even a sense of humor. CEOs should also be able to convey vision and possibilities both inside and outside of the organization and engage authentically with employees, customers, and other stakeholders. Companies should prioritize investing in their own “leadership factories” and providing on-the-job training for 21st-century leaders to develop these skills. The authors say: “The organizations that treat leadership development as a core capability and proactively address the needs of both existing and aspiring leaders can raise their overall resilience and substantially improve the odds that they will be able to withstand disruption—whatever it is, and whenever it appears next.”
That’s how much more likely companies are to be healthy when they emphasize an empowering leadership style, according to recent data from McKinsey’s Organizational Health Index. “Leaders should make sure those closest to the work have the autonomy to make their own decisions,” say senior partners Aaron De Smet and Arne Gast and their coauthors. Leaders must also recognize that the classic model of “Do it because I said so” no longer applies. The authors note: “In this era of disruption, leaders can be challenging and decisive while being supportive, consultative, and empowering. But badgering people, micromanaging them, and applying positional authority to pressure people to do more and do better is no longer effective.”
Lead yourself before you lead others. That’s a fundamental lesson for current and future leaders, says McKinsey senior partner Ramesh Srinivasan, coauthor of The Journey of Leadership: How CEOs Can Learn to Lead from the Inside Out. In a recent episode of The McKinsey Podcast, Srinivasan and one of his coauthors, senior partner emeritus Hans-Werner Kaas, emphasize that leaders must be self-aware and learn how to balance contrasting qualities, such as courage and curiosity or confidence and humility, so they can be more effective in guiding their organizations and employees. “We call it human-centric leadership,” Srinivasan says. “Our belief is that leaders need to reflect on their purpose, who they are, how they show up in the world, and how they can inspire their teams and the institutions they’re leading.”
Fostering an inclusive culture is an essential step to motivate today’s employees, many of whom are yearning for greater connection to their work. Senior partners Brooke Weddle and John Parsons and their coauthors identify several “power moves” that leaders can take to involve employees in culture changes that make them feel more engaged, purposeful, and productive. These include exposing their teams to new ideas and best practices that may not have been previously considered, encouraging employees to volunteer for culture-change roles, and embedding new rituals and routines into the workplace to break old, unproductive habits. The authors note that it’s critical “for leaders in culture transformations to widen the aperture for teams and individuals in their organizations. They must find space for creativity, build enthusiasm for it, and inject it into employees’ everyday activities.”
Lead by embracing a new approach.
— Edited by Eric Quiñones, senior editor, New York
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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 04:55 - 4 Nov 2024 -
What are Gen Z employees really like?
Only McKinsey Perspectives
Brought to you by Alex Panas, global leader of industries, & Axel Karlsson, global leader of functional practices and growth platforms
Welcome to the latest edition of Only McKinsey Perspectives. We hope you find our insights useful. Let us know what you think at Alex_Panas@McKinsey.com and Axel_Karlsson@McKinsey.com.
—Alex and Axel
•
A generation of change. Born between 1996 and 2010, Gen Z has been shaped by digital technology, climate-related anxiety, and economic uncertainty. As McKinsey’s managing partner for Latin America, Tracy Francis, and partner Fernanda Hoefel note, Gen Z is the first generation to grow up with the internet as a part of daily life. This generation is also known for its social consciousness and activism. As more Gen Zers enter the workforce, they are disrupting traditional workplace norms and pushing for a more flexible and purpose-driven work environment.
•
Tough times. Gen Zers face a range of work-related challenges, including a mental health crisis, financial insecurity, and a rapidly changing job market. They report the highest prevalence of mental health issues of any generation, research by McKinsey partner Erica Hutchins Coe and coauthors find. Many Gen Zers are also pessimistic about their chances of ever buying a home or retiring. Read our McKinsey Explainer “What is Gen Z?” to learn more about this generation’s characteristics and their role in today’s workplace.
—Edited by Jana Zabkova, senior editor, New York
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by "Only McKinsey Perspectives" <publishing@email.mckinsey.com> - 01:50 - 4 Nov 2024 -
The week in charts
The Week in Charts
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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:30 - 2 Nov 2024 -
EP136: The Ultimate DevOps Developer Roadmap
EP136: The Ultimate DevOps Developer Roadmap
Forwarded this email? Subscribe here for moreGenerate Handwritten SDKs (Sponsored)
Invest hundreds of hours your team doesn't have in maintaining SDKs by hand or generate crappy SDKs that leave a bad impression on your users. That's two bad options. Fortunately, you can now use Speakeasy to create ergonomic type-safe SDKs in over 10 languages. We've worked with language experts to create a generator that gets the details right. With Speakeasy, you can build SDKs that your team is proud of and offer code-native API docs as well.
This week’s system design refresher:
Everything You NEED to KNOW About Web Applications (Youtube video)
The Ultimate DevOps Developer Roadmap
6 Software Architectural Patterns You Must Know
Top Eventual Consistency Patterns You Must Know
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Everything You NEED to KNOW About Web Applications
The Ultimate DevOps Developer Roadmap
Programming Languages
Pick and master one or two programming languages. Choose from options like Python, JavaScript, Go, Ruby, etc.Operating Systems
Master the ins and outs of major operating systems like Linux, Windows, Mac, and so on.Source Control Management
Learn about source control management tools such as Git, GitHub, GitLab, and Bitbucket.Networking
Master the basics of networking concepts such as DNS, IP, TCP, and SSH.CI/CD
Pick tools like GitHub Actions, Jenkins, or CircleCI to learn about continuous integration and continuous delivery.Scripting and Terminals
Learn scripting in bash, and PowerShell along with knowledge of various terminals and editors.Hosting and Platforms
Master multiple hosting platforms such as AWS, Azure, GCP, Docker, Kubernetes, Digital Ocean, Lambda, Azure Functions, etc.Infrastructure as Code
Learn infrastructure as code tools like Terraform, Pulumi, Ansible, Chef, Puppet, Kubernetes, etc.Monitoring and Logging
Master the key tools for monitoring and logging for infrastructure and applications such as Prometheus, Elasticsearch, Logstash, Kibana, etc.Basics of Software Development
Learn the basics of software development such as system availability, data management, design patterns, and team collaboration.
Over to you: What else would you add to this roadmap?
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The Ultimate Redis 101
Redis is one of the most popular data stores in the world and is packed with features.
Here are 8 simple steps that can help you understand the fundamentals of Redis.
What is Redis?
Redis (Remote Dictionary Server) is a multi-modal database that provides sub-millisecond latency. The core idea behind Redis is that a cache can also act as a full-fledged database.Redis Adoption
High-traffic internet websites like Airbnb, Uber, Slack, and many others have adopted Redis in their technology stack.How Redis Changed the Database Game?
Redis supported main memory read/writes while still supporting fully durable storage. Read and writes are served from the main memory but the data is also persisted to the disk. This is done using snapshots (RDB) and AOF.Redis Data Structures
Redis stores data in key-value format. It supports various data structures such as strings, bitmaps, lists, sets, sorted sets, hash, JSON, etc.Basic Redis Commands
Some of the most used Redis commands are SET, GET, DELETE, INCR, HSET, etc. There are many more commands available.Redis Modules
Redis modules are add-ons that extend Redis functionality beyond its core features. Some prominent modules are RediSearch, RedisJSON, RedisGraph, RedisBloom, RedisAI, RedisTimeSeries, RedisGears, RedisML, and so on.Redis Pub/Sub
Redis also supports even-driven architecture using a publish-subscribe communication model.Redis Use Cases
Top Redis use cases are Distributed Caching, Session Storage, Message Queue, Rate Limiting, High-Speed Database, etc.
Over to you: What else will you add to get a better understanding of Redis?
6 Software Architectural Patterns You Must Know
Choosing the right software architecture pattern is essential for solving problems efficiently.
Layered Architecture
Each layer plays a distinct and clear role within the application context.
Great for applications that need to be built quickly. On the downside, source code can become unorganized if proper rules aren’t followedMicroservices Architecture
Break down a large system into smaller and more manageable components.
Systems built with microservices architecture are fault tolerant. Also, each component can be scaled individually. On the downside, it might increase the complexity of the application.Event-Driven Architecture
Services talk to each other by emitting events that other services may or may not consume.
This style promotes loose coupling between components. However, testing individual components becomes challengingClient-Server Architecture
It comprises two main components - clients and servers communicating over a network.
Great for real-time services. However, servers can become a single point of failure.Plugin-based Architecture
This pattern consists of two types of components - a core system and plugins. The plugin modules are independent components providing a specialized functionality.
Great for applications that have to be expanded over time like IDEs. However, changing the core is difficult.Hexagonal Architecture
This pattern creates an abstraction layer that protects the core of an application and isolates it from external integrations for better modularity. Also known as ports and adapters architecture.
On the downside, this pattern can lead to increased development time and learning curve.
Over to you: Which other architectural pattern have you seen?
Top Eventual Consistency Patterns You Must Know
Eventual consistency is a data consistency model that ensures that updates to a distributed database are eventually reflected across all nodes. Techniques like async replication help achieve eventual consistency.
However, eventual consistency can also result in data inconsistency. Here are 4 patterns that can help you design applications.
Pattern#1 - Event-based Eventual Consistency
Services emit events and other services listen to these events to update their database instances. This makes services loosely coupled but delays data consistency.
Pattern#2 - Background Sync Eventual Consistency
In this pattern, a background job makes the data across databases consistent. It results in slower eventual consistency since the background job runs on a specific schedule.
Pattern#3 - Saga-based Eventual Consistency
Saga is a sequence of local transactions where each transaction updates data with a single service. It is used to manage long-lived transactions that are eventually consistent.
Pattern#4 - CQRS-based Eventual Consistency
Separate read and write operations into different databases that are eventually consistent. Read and write models can be optimized for specific requirements.
Over to you: Which other eventual consistency patterns have you seen?SPONSOR US
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by "ByteByteGo" <bytebytego@substack.com> - 11:35 - 2 Nov 2024 -
How to future-proof your leadership
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In an era of unprecedented uncertainty, leaders can no longer rely on outdated playbooks. In our first featured story, McKinsey’s Bob Sternfels, Daniel Pacthod, Kurt Strovink, and Wyman Howard explore what it will take to be a leader for this century and how organizations can build a leadership factory that shapes, develops, and mentors the next generation of managers. Our second featured story is a survey that looks at how CEOs are fueling growth by developing new ventures. Other highlights include the following topics:
Global Banking Annual Review 2024: Attaining escape velocity
In coming years, the “management quotient” will spell the difference between industry leaders and laggards.
Where to compete
Rewiring for the era of gen AI
It’s easy to fall in love with gen AI—but recent research suggests that realizing its value is harder than the hype. Rewired offers a playbook that can help.
A play-by-play guide
The next big arenas of competition
Arenas are industries that transform the business landscape. Eighteen future arenas could reshape the global economy and generate $29 trillion to $48 trillion in revenues by 2040.
Dive into the report
Managing carbon: A new role for the CFO
Better carbon management can be a competitive advantage. Here’s how CFOs across industries and markets can move beyond “check the box” compliance and enable strategy-driven, carbon-based decision making.
Turn vision into action
Reinventing Rolls-Royce: A conversation with CEO Tufan Erginbilgiç
Since Tufan Erginbilgiç took the helm of the iconic brand, its share price has surged. Profits have more than doubled. How he did it is a case study in the art of corporate transformation.
Get out of your comfort zone
Supply chains: Still vulnerable
When it comes to supply chain resilience, have companies taken their eyes off the ball?
See why
McKinsey Explainers
Find direct answers to complex questions, backed by McKinsey’s expert insights.
Learn more
McKinsey Themes
Browse our essential reading on the topics that matter.
Get up to speed
McKinsey on Lives & Legacies
Monthly obituaries from business and society, highlighting the lasting legacies of executives and leaders from around the globe.
Explore the latest obituaries— Edited by Eleni Kostopoulos, managing editor, New York
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by "McKinsey Highlights" <publishing@email.mckinsey.com> - 11:09 - 2 Nov 2024 -
The new arenas of competition
The Shortlist
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Curated by Alex Panas, global leader of industries, & Axel Karlsson, global leader of functional practices and growth platforms
Welcome to the latest edition of the CEO Shortlist, a biweekly newsletter of our best ideas for the C-suite. This week, we feature our latest research on leadership and the emerging industries that will define dynamic growth in the coming years. We appreciate the opportunity to connect and hope you find our perspectives novel and insightful. Please let us know what you think! You can reach us at Alex_Panas@McKinsey.com and Axel_Karlsson@McKinsey.com. Thank you.
—Alex and Axel
Ten years ago, CEOs and top teams typically focused on four or five critical issues at any one point in time. Today, it’s eight or ten. In this fragmented landscape, leading a global organization takes a new kind of focus. Our latest research highlights two important ways CEOs can level up. First, recognize that the personal attributes and best practices of leadership are distinctly different from what they used to be. Second, build a deep bench of talented leaders, using new leadership development approaches to shape, develop, and mentor the next generation of managers.
Certain industries create more value and have a greater impact than others. We call these outperforming industries arenas of competition. A new report from the McKinsey Global Institute identifies 18 future arenas that could reshape the global economy between now and 2040, including AI software and services, future air mobility, drugs for obesity, and robotics. All told, they could generate up to $6 trillion in profits. These fast-growth industries are also defined by high dynamism, meaning market share within them changes hands to an outsize degree. This spells opportunity for modern, focused leadership teams.
We hope you find these ideas inspiring and helpful. See you next time with more McKinsey ideas for the CEO and others in the C-suite.
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by "McKinsey CEO Shortlist" <publishing@email.mckinsey.com> - 04:57 - 1 Nov 2024 -
How much could the space economy be worth in 2035?
Only McKinsey Perspectives
Brought to you by Alex Panas, global leader of industries, & Axel Karlsson, global leader of functional practices and growth platforms
Welcome to the latest edition of Only McKinsey Perspectives. We hope you find our insights useful. Let us know what you think at Alex_Panas@McKinsey.com and Axel_Karlsson@McKinsey.com.
—Alex and Axel
•
The expanding space economy. Activity in space is accelerating, and along with it, growth in the burgeoning space economy. By 2035, the global space economy could be worth $1.8 trillion, according to senior partner Ryan Brukardt, who leads McKinsey’s work in the space sector, and coauthors. That’s up from $630 billion in 2023. Key factors propelling this growth include higher demand for greater internet connectivity through satellites, positioning and navigation services on mobile phones, and AI-based insights.
—Edited by Belinda Yu, editor, Atlanta
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by "Only McKinsey Perspectives" <publishing@email.mckinsey.com> - 01:36 - 1 Nov 2024 -
You're invited! Join us for a virtual event on the next big arenas of competition
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New from McKinsey & Company
Which industries will reshape the global economy in the next 15 years? Over the past two decades, a remarkably small number of industries have significantly transformed the global business landscape. These ‘arenas of competition’ are marked by their outsized growth and shifts in market share.
In a new report, the McKinsey Global Institute used the criteria of high growth and dynamism to identify 18 industries with potential to become the arenas of competition by 2040, spanning AI, space, modular construction, and nonmedical biotech. These arenas are set to reshape many aspects of the global economy and society, including data consumption, health, communication, and mobility, with broader implications for ethics, data privacy, and sustainability. By 2040, these arenas could generate $29-$48 trillion in revenues, $2-$6 trillion in profits, and as much as one-third of global GDP growth.
Join us on Wednesday, November 13 at 12:30PM-1:30PM ET (6:30PM-7:30PM CET) for a virtual event to explore the findings of a new report, The next big arenas of competition, featuring a presentation by the report authors and leading McKinsey experts. The session will explore:•
The specific factors that contribute to the extraordinary growth and dynamism of arenas of competition compared to other industries
•
What strategies companies should adopt to effectively navigate and compete within these emerging arenas of competition, considering the key ingredients of arena creation
•
Lessons learned from the performance of the 12 arenas of today that can be applied to understanding and leveraging the future arenas
•
How the emergence of these 18 future arenas will impact global economic trends and societal structures over the next 15 years
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by "McKinsey & Company" <publishing@email.mckinsey.com> - 12:25 - 31 Oct 2024 -
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by "Jonson Grey" <jonson.globalbids@gmail.com> - 11:43 - 31 Oct 2024 -
Why Executives Seem Out of Touch, and How to Reach Them
Why Executives Seem Out of Touch, and How to Reach Them
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For this week's issue, I am pleased to introduce our guest author, Ethan Evans, an ex-Amazon VP who played a pivotal role in creating some of the groundbreaking services we use today, such as Prime Video, Amazon Video, the Amazon Appstore, Prime Gaming (formerly Twitch Prime), and Twitch Commerce.
Beyond his experience as an engineering leader, Ethan is also a career growth coach who has assisted numerous individuals to get unstuck and level up their careers.
If you would like to connect with Ethan, you can do so on Twitter and LinkedIn. Also, be sure to check out his newsletter and career community, Level Up (ByteByteGo readers get a 25% discount off the annual subscription—highly recommended for more deep executive insights), and consider his highly rated live course on how to get unstuck and break through to the next level in your career.
Employees in larger organizations often feel surprised and disconnected from the actions and decisions of their leaders. The bigger the organization and the more distance to the leader, the more likely it is that their choices will be surprising and seem “out of touch.”
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by "ByteByteGo" <bytebytego@substack.com> - 11:35 - 31 Oct 2024 -
Do your company’s operations help it reach peak productivity?
Only McKinsey Perspectives
Brought to you by Alex Panas, global leader of industries, & Axel Karlsson, global leader of functional practices and growth platforms
Welcome to the latest edition of Only McKinsey Perspectives. We hope you find our insights useful. Let us know what you think at Alex_Panas@McKinsey.com and Axel_Karlsson@McKinsey.com.
—Alex and Axel
•
Declining productivity. Simply put, the world needs more productivity growth; it’s the best antidote to wealth inequality, inflation, and debt. But productivity growth has declined since the 2008 global financial crisis. McKinsey senior partner Richard Sellschop and partners Erik Schaefer and Joris Wijpkema explain some reasons why. Technological improvements may be becoming more incremental, while the returns from companies’ investments in restructuring and offshoring have been declining.
—Edited by Belinda Yu, editor, Atlanta
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by "Only McKinsey Perspectives" <publishing@email.mckinsey.com> - 01:35 - 31 Oct 2024
