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The ‘other’ nuclear energy is a powerful climate solution. Is its time coming?

The Shortlist

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OUR BEST IDEAS, QUICK AND CURATED | NOVEMBER 4, 2022

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Edited by Barbara Tierney
Senior Editor, New York

This week, why the case for nuclear fusion is growing stronger. Plus, how a labor shortfall could affect plans to upgrade US infrastructure, and a McKinsey partner and former international sailing champion shares her favorite podcasts.

Illustration of a circular red fusion reaction

Power problems. Nearly one-third of the globe’s CO₂ emissions currently come from power generation. Many governments and utilities are trying to change that, which has helped renewable-power sources such as wind and solar to become cost-efficient and well established. But those zero-carbon alternatives have clear limits—generating electricity when the wind blows or the sun shines, not necessarily when the grid needs it.

No carbon. What if a technological breakthrough in another area could help the power sector decarbonize—and help prevent the worst effects of climate change? The potential exists, in nuclear-fusion energy. In a recent article, senior partner Miklós Dietz and his colleagues discuss how fusion could supply power and provide flexibility for zero-carbon electricity grids . This is different from nuclear fission, which releases energy by splitting atoms. Fusion creates energy by combining atoms, typically hydrogen isotopes. Unlike wind and solar power, nuclear-fusion energy is dispatchable, meaning it does not rely on environmental or other external variables to generate power. The process of producing fusion energy is remarkably clean, creating no carbon emissions or long-lived nuclear waste from spent fuel.

Really hot. Nuclear fusion has long been considered a too-distant clean-energy solution, given the complexities of heating, and containing, plasma to more than 100 million degrees. But recent technological advances have made it worth considering, both by policy makers and investors. Three things have happened. The development of enabling technologies has allowed fusion to break new barriers. There’s been a sea change in the orientation of fusion research programs. And investment in private fusion funding has greatly accelerated.

Clean disruption. Leaders in business, financial management, and government can start to plan for opportunities by first understanding how the development of a working fusion machine could disrupt energy investments. The potential upside could be great enough to make it worthwhile to evaluate whether fusion should have a place in corporate or national energy plans. A fusion-heavy grid would imply major shifts in investment over the next 30 years, including a partial shift away from wind and solar with battery storage and toward fusion machines. Such a grid will also require policy changes for the licensing of facilities.

Another contender. The vision in this area doesn’t need to be confined to scientific breakthroughs alone. It will also take support by government, and investors, to provide incentives and investments that will allow an industry to grow. That, by the way, is a path being traveled by another clean-energy contender, hydrogen. More than 680 large-scale hydrogen projects have been announced globally, amounting to $240 billion in direct investments, which could abate about 20 percent of human-driven emissions by 2050 if the world remains on its current global-warming trajectory.

Off the charts

Sticking with the P/E pack

Weighted average and median price-to-earnings (P/E) ratios rarely diverge significantly—and when they do, the gap soon closes. For a broad range of companies, median P/Es were relatively stable not only during 1997–2002 (the run-up of dot-com stocks) and 2020–22 (the heart of the COVID-19 crisis) but also during the nearly two decades in between. In fact, since the late 1980s, median P/E multiples have rarely moved outside a tight band of between 15 and 17 times earnings. The arithmetic mean from 1990 through June 2002 sits almost precisely in the middle: 15.9.

Chart of stock price multiples from January 1990 to June 2022

Check out our chart of the day here.

More on McKinsey.com

Will a labor crunch derail plans to upgrade US infrastructure? | A widening labor shortfall in the US construction sector extends far beyond jobsites. Because it varies by location, it demands tailored solutions.

How machine learning is helping the fight against money laundering | Money laundering has been an ongoing challenge for compliance, monitoring, and risk organizations, with the bad guys seemingly always a step ahead. Recent enhancements in machine learning are helping to change that.

Building greater resilience in vaccine manufacturing | The COVID-19 pandemic has highlighted the need for resilience in vaccine manufacturing. Five considerations can help national public-health leaders plan.

INTERVIEW

WHAT WE’RE LISTENING TO

Helen Mayhew

Helen Mayhew, a McKinsey partner based in Sydney and a leader of QuantumBlack, AI by McKinsey, helps organizations use advanced analytics to create business value. Passionate about sailing, Helen is a former world champion and was a training partner to team Great Britain at the Olympics. She fell in love with Australia after sailing the famed Sydney to Hobart yacht race.

I have always loved podcasts, but life during the pandemic brought my enjoyment to a whole new level. During lockdown, first in London and then in Sydney, podcasts became a portal to the outside world—and also a form of escapism. Now that the world is (mostly) back to normal, I still love to learn about how technology is changing the world or to dive into people’s life stories. Here are a few of my favorites:

One of the most exciting things about working in tech is the speed of change—the constant evolution and acceleration of what is possible. Azeem Azhar’s Exponential View dives fearlessly into the big conversation about how technology is affecting business and society, trying to separate hype from reality. He discusses hydrogen’s role in decarbonization and asks whether collective intelligence beats the market. The podcast is taking a hiatus at the moment, but there are more than 160 produced episodes to choose from.

There is a fantastic complementarity between the Masters of Scale podcast, which explores the ideas behind some of Big Tech’s most notable success stories, and How to Fail with Elizabeth Day, which focuses on the exact opposite: what failure teaches people. One of my favorite episodes was with Brené Brown, who speaks so powerfully about the positive impact of leading with humility and vulnerability. Her own podcast, Brené Brown’s Dare to Lead, inspired by her book of the same name, is also consistently thought-provoking. A recent two-part episode with Adam Grant and Simon Sinek is fantastic on the current shifts that we are seeing in the workplace, from the reality of hybrid models to quiet quitting and beyond.

As a former international sailor, I’ve always been intrigued by the mindset it takes to be at top of your game. The High Performance Podcast interviews world-class athletes and provides a glimpse into the lives and perspectives of the very best. Among my favorites are interviews with Ben Ainslie (sailing, of course), Jonny Wilkinson (rugby), and Tom Daley (diving).

Macroeconomic and political podcasts can be gloomy, so I try to find happier offerings, such as Reasons to be Cheerful with Ed Miliband and Geoff Lloyd, which takes a dogmatically positive perspective on ideas that would benefit society, from the environment and education to healthcare and philanthropy. For more general reflections on what happiness and purpose mean to people, I love the Happy Place podcast with Fearne Cotton. I was touched by an episode with Richard E. Grant on grief, when he reveals the mantra given to him by his late wife: “Try to find a pocketful of happiness each day.”

And finally, not only because it’s iconic but also because it was always on BBC Radio in our kitchen growing up: Desert Island Discs (particularly the archives). You can listen to the life stories of everyone from Margaret Thatcher to Maya Angelou, interspersed with their favorite tracks of all time. And who can resist the theme song, with its imagined backdrop of sun, sea, and sand? Sublime.

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BACKTALK

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by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:29 - 4 Nov 2022

When the next pandemic is here, will healthcare leaders be ready?

On Point

Edited by Belinda Yu
Editor, Atlanta

Pandemic preparedness

In the news

•

Enlisting experts. The COVID-19 pandemic isn’t over yet, but leaders are now examining how to refine a response to future health crises. The work to hone public-health messaging needs to take place well before the next pandemic strikes, and leaders should involve experts in human behavior, researchers say. One behavioral economist suggests that organizations make it easier for people to act responsibly. For example, adding hand sanitizer stations in accessible locations increases public willingness to follow hygiene advice. [Nature]

•

Monkeypox outbreak. Although the global monkeypox outbreak is slowing down, scientists say more research is needed to understand how the virus is transmitted and how to protect people. In the US, daily monkeypox cases hit around 440 in August 2022 and have since declined to around 40. Epidemiologists say increased immunity and changed behaviors have contributed to the decline. But even as the spread of monkeypox slows in some countries, international travel will probably reintroduce it, warns one infectious disease expert. [WSJ]

Many countries are investing in strengthening their pandemic preparedness. But how will they know if those investments will prove effective when the next crisis strikes?

On McKinsey.com

•

Unprepared. When COVID-19 was declared a pandemic, many countries found themselves unprepared. The public-health crisis exposed long-standing vulnerabilities, such as flawed communication between public-health officials and healthcare systems. In short, public-healthcare systems weren’t as resilient as had been assumed, explain McKinsey senior partners Lieven Van der Veken and Matt Wilson and their coauthors. To help leaders assess their state of readiness to tackle the next health crisis, McKinsey designed a Pandemic Preparedness Survey.

•

Responding to the next crisis. Global efforts to strengthen pandemic preparedness are under way now. The US has proposed billions of dollars in new related spending and is creating a center for epidemic forecasting. Meanwhile, Europe has launched the Health Emergency Preparedness and Response Authority. But attention spans can be short, and public-health leaders may need to show that new funding is creating measurable improvements. See a framework that public-health leaders can use to help direct investments to the areas of greatest need.

Strengthen pandemic preparedness

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

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:33 - 4 Nov 2022

Understanding good strategy and bad strategy

Harmony Internal - McKinsey

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What is strategy? Business leaders are often focused on ambitions and achieving results—and less about developing an action plan, according to Richard Rumelt, professor at the UCLA Anderson School of Management. But strategy is a journey that one takes by solving problems, he says. “It is how you overcome the obstacles that stand between where you are and what you want to achieve,” and the “gap between action and ambition is where most bad strategies come from.” Get into a problem-solving mindset and tune into a recent episode of the Inside the Strategy Room podcast to hear his conversation with McKinsey senior partner Yuval Atsmon and see how companies should reimage strategy amid a rapidly changing world.

Edited by Joyce Yoo
Editor, New York

Why bad strategy is a ‘social contagion’

Author and academic Richard Rumelt explains how to develop strategies that aim to solve problems rather than simply state ambitions.

Solve problems

Quote of the day

“What we find is when people hit the brakes, become short-termistic, and become very reactive, they’re no longer able to control their own destiny—be it as an organization, as a leader, or even as a parent.”

—Ari Wallach, founder and executive director of the futurist think tank Longpath Labs, on why it’s important to focus on the long term in a recent Author Talks interview

Chart of the day

Chart showcasing which various financial services are underserving Black communities

ALSO NEW

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DIVING INTO DIVERSITY, EQUITY, AND INCLUSION

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by "Sangoma Technologies" <webannounce@sangoma.com> - 05:01 - 3 Nov 2022

Women leaders are leaving jobs like never before. The next generation is set to follow.

Intersection

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

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

First, there was the Great Attrition. Now, there’s the “Great Breakup”: women leaders, already underrepresented in organizations, are quitting at the highest rates we’ve ever seen. In this issue, we explore the implications for organizations that are struggling to retain the relatively few women leaders they have, as well as how intersectionality deepens these dynamics. Check out our experts’ views on how companies can take action to support not only their current senior-level women but also the next generation of women leaders. Plus, a look at how to reestablish connections purposefully in today’s changed workplaces.

Women want more from work.
And they’re switching jobs to get it.

A phot of a woman looking into the camaera

SPOTLIGHT

Why are so many women leaving their jobs? They’re facing persistent and strong headwinds when it comes to advancement. And women—especially women of color, LGBTQ+ women, and women with disabilities—are more likely to experience harmful, belittling microaggressions in the workplace. Those are among the startling findings in Women in the Workplace 2022, the largest annual study of women in corporate America, conducted by McKinsey in partnership with LeanIn.Org. The report, coauthored by McKinsey senior partners Alexis Krivkovich and Lareina Yee and other McKinsey experts, presents information from 333 participating organizations employing more than 12 million people, surveys from more than 40,000 employees, and extensive interviews with women of diverse backgrounds to gain a better perspective on intersectionality at work. What the results reveal could have grave implications for organizations, which risk losing not just the women leaders they now have but also the next generation of women leaders—since our research shows that younger women are increasingly placing higher premiums on equitable, inclusive, and supportive workplaces.

DATA DROP

Chart detailing the reasons women leaders have switched jobs in the last 2 years

The factors that prompt current women leaders to leave their companies are even more important to the next generation of women leaders.

TAKE 3

We sat down with McKinsey partner Ishanaa Rambachan, coauthor of Women in the Workplace 2022, to delve deeper into the report’s findings.

1. What is your biggest takeaway from this report?

It’s the scale of the Great Breakup, with women leaders leaving their companies at rates we’ve never seen before, and at higher rates than men in leadership roles. To put the scale of this problem into perspective: for every one woman director getting promoted to the next level, two women directors are leaving their current jobs. But what’s interesting is that according to our data, these women aren’t leaving the workforce entirely. Instead, they’re making deliberate choices about where they are choosing to work—and some are even switching industries or perhaps becoming entrepreneurs.

2. Did anything in the results surprise you?

Women remain deeply underrepresented in technical roles, and this problem seems to be getting worse, with a lower relative representation of women in these jobs than in 2018. Women in technical roles today are twice as likely to say they’re the only woman in the room at work. Why does this matter? Engineering and technical roles are among corporate America’s fastest-growing and highest-paying jobs. It’s important that we increase the representation of women in technical roles, improve their experiences in these roles, and create equal paths to advancement in order to ultimately improve representation.

Another interesting and positive finding is that ambition remains high. Young women want the same things that are driving women leaders to leave at such high rates. It’s good to see that young women are ambitious, bold, and willing to take a stand for what they want in their workplaces. It’s encouraging for the future.

3. Are there any findings that particularly resonated with you?

So many, but two in particular.

The first is the experience of women of color. Only one in 20 C-suite leaders is a woman of color, compared with one in four C-suite leaders for all women. Additionally, for women of color, biases and microaggressions loom large. I hope to see progress on this important issue, not only for myself, my colleagues, and my team but also for my twin toddler daughters as they move forward in the world.

I’m also struck by the paradox of flexibility. The vast majority of employees, both men and women, appreciate flexibility. As a working parent, I especially do. At the same time, I find in-person presence valuable; I enjoy being able to spend time with clients, team members, and colleagues. Getting that balance right is a uniquely challenging opportunity for this particular time.

MAKE IT RIGHT

Our research shows that many women list remote- and hybrid-work options as top reasons for staying at or joining a company, and only one in ten women wants to work on-site. But these options aren’t just about flexibility. Women experience fewer microaggressions and feel more psychological safety when working remotely. And the decrease in microaggressions is especially magnified for women of color and LGBTQ+ women, as well as for women with disabilities, for whom remote-work options are especially important. Leaders may want to consider these issues when designing work arrangements.

LISTEN IN

Connectivity in the workplace, or social capital, can help employees learn, flex their creative and collaborative skills, and even advance. But in today’s postpandemic workplaces, where remote work is widespread, social capital can be in short supply. It can, however, be reestablished and rebuilt, according to McKinsey’s John Parsons and Brooke Weddle. Listen to a recent episode of The McKinsey Podcast to learn more about the state of social capital today and how leaders can intentionally and thoughtfully manage workplace interactions.

YOUR TURN

Do any of the findings from our Women in the Workplace research particularly resonate with you?

Tell us what you think

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> - 01:55 - 3 Nov 2022

Work in the public sector? What US civil servants want from their jobs is changing.

On Point

Edited by Belinda Yu
Editor, Atlanta

What government workers want

In the news

•

A tough job. US elections have grown so contentious that there’s a shortage of election officials before the November midterm elections. One in three poll workers and other officials has quit because of concerns over their safety, according to one senior leader in election security. Attacks over the validity of the 2020 presidential election have led people to verbally abuse, harass, and even make death threats against officials. More support for election workers is needed, including greater funding for safety training, says one expert. [The Hill]

•

Seeking public servants. At all levels of government, a scarcity of workers in the US is starting to affect critical services such as disaster-relief efforts, water treatment operations, and public transit. Lackluster salaries and difficult working conditions make it tough for agencies to compete with the private sector when recruiting workers, says one senior economist. From the onset of the COVID-19 pandemic to June 2022, more than 600,000 workers in state and local governments left their jobs, according to federal data. [Governing]

US civil servants who were planning to leave cited a lack of career development, unhappiness with leadership, and compensation as their top reasons for leaving.

On McKinsey.com

•

What US civil servants want. A lack of US public sector workers is felt in long airport security lines and ongoing teacher shortages. Increased funding for infrastructure and other projects will likely create more jobs at a time when the public sector already lags behind the private sector in the race for talent, explain senior partners Scott Blackburn and Nora Gardner and their coauthors. McKinsey’s survey of 1,500 government workers reveals that compensation, meaningful work, and workplace flexibility are the top three reasons US civil servants stay in their roles.

•

Craving meaning. Today’s employees are looking for purpose. In fact, 40% of survey respondents said that meaningful work is what keeps them committed to the civil service. And when it comes to providing meaningful, purposeful work, governments have a significant advantage. A well-crafted job description that emphasizes these qualities could help the next generation embrace public-sector work. See a two-phased approach to attracting, developing, and retaining talent in the public sector.

Explore the research

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by "Jignesh Pardeshi" <official@uffizio.in> - 11:02 - 2 Nov 2022

Deliberate calm: How leaders can learn how to change when change is hard

Harmony Internal - McKinsey

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Three McKinsey veterans condense decades of boardroom experience and cognitive science into a guide for learning proactively and leading dynamically amid the most uncertain circumstances.

Edited by Stephanie d’Arc Taylor
Editor, New York

Stress test: Leadership in a time of crisis is hard enough. But a situation of extreme volatility and uncertainty, when you don’t know how far things will fall, requires a special, more thoughtful kind of leadership—a kind that takes training and constant practice. “Deliberate calm is a personal toolkit to help leaders change and adapt when it’s the most important and hardest,” says McKinsey senior partner Aaron De Smet, who—along with senior knowledge expert Jacqueline Brassey and Imagine CEO Michiel Kruyt—is the author of the forthcoming book Deliberate Calm: How to Learn and Lead in a Volatile World. Steering a ship through a storm in today’s murky waters, they argue, requires leaders to build competencies previously dismissed as ‘soft’—skills like self-awareness, emotional intelligence, and mindfulness. Check out a new Author Talks interview to learn more, and preorder your copy of the book for concrete protocols on building resilience in times of uncertainty.

Author Talks: How to learn and lead calmly through volatile times

Truly transform

Quote of the day

“Understanding net zero means you understand climate risk. There are no returns on a dead planet.”

—Steve Howard, chief sustainability officer of Temasek, on the urgency for energy transition in “Getting to net-zero in Asia: No returns on a dead planet”

Chart of the day

Chart detailing that in the last recession, resilient distributors did better across key financial metrics

Public health leaders could take a more strategic approach to assess and track investments in preparedness for future infectious threats.

ALSO NEW

Female scientist working in the laboratory, using a microscope

Measuring preparedness: Are public health systems ready for the next pandemic?

Improve preparedness

Group of businesspeople in discussion during project meeting in office

In pursuit of value—not work

Are you working for work’s sake or creating value?

Be thoughtful

Solar panels and wind turbines, 3D rendering - stock photo

Renewable-energy development in a net-zero world

Global decarbonization will require a massive build-out of wind and solar farms. But can developers find enough land, secure the supply chain, and recruit workers while maintaining profitability?

Discover more

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:41 - 2 Nov 2022

6.6 billion mobile users. Are you prepared to monitor that?

As of 2022, there are more than 6.6 billion smartphone users in the world, roughly equivalent to 83.4% of the world’s population.
Smartphones have revolutionized the way companies advertise, communicate, and most importantly, interact with their consumers by way of mobile applications. And those consumers prefer using apps on iOS or Android devices. But it isn’t always easy to replicate a desired mobile application on another platform.

Developers need to keep up with the times and in our blog post "Cross-platform support with React Native and mobile monitoring" you can learn how to monitor your iOs and Android apps built with React Native.

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by "New Relic" <emeamarketing@newrelic.com> - 06:36 - 2 Nov 2022

Infrastructure investment means construction jobs galore—but not workers

On Point

Edited by Katy McLaughlin
Senior Editor, Southern California

Hunger for hard hats

In the news

•

Help wanted. Recent policies adopted by the US are likely to create millions of new construction jobs, according to academic and industry research. This will add to a backlog of 407,000 already-existing unfilled construction jobs. For generations, immigrant workers have contributed to major infrastructure projects, from skyscrapers to railroads. Now, ahead of an intensifying labor crunch, construction trade groups are calling for immigration reform in order to find workers. [Construction Dive]

•

Knock-on shortages. A shortfall in construction labor is contributing to a major shortage of housing in the US, according to a report released by a large home builder trade group. The US currently lacks at least one million homes for sale or rent, and more than two million net hires are needed in construction between 2022 and 2024. The difficulty in hiring workers is in part ironic because construction pays relatively well. Half of payroll workers in construction earn more than the US median wage, and the top quartile of earners make a minimum of $75,820. [Builder Online]

In the year of peak demand, we estimate a shortfall of more than 160,000 contractors and subcontractors, 145,000 materials sector workers, and 40,000 engineering and technical-services workers.

On McKinsey.com

•

A building problem. How can the US fill hundreds of thousands of construction jobs likely to be created annually between 2023 and 2033? The causes of the construction labor shortage include baby boomers leaving the workforce, record quit rates, low net migration, and a shrinking pipeline of new construction workers. The consequences are serious: a labor shortage could deprive the US of urgently needed upgrades to aging infrastructure, add to inflation, and jeopardize the opportunity to position the country for greater economic success, explain senior partner Adi Kumar and coauthors.

•

Laying the foundation. In light of labor challenges in construction, there are four ways to prepare for the infrastructure work ahead. First, focus on increasing the labor supply by reskilling workforces and hiring from nontraditional segments. Second, improve productivity through better technology, professionalized procurement methodologies, and improved jobsite management. The industry can also explore new ways to work with contractors and smarter approaches to prioritizing and sequencing jobs. See specific actions company leaders can take to combat the labor shortage and help the US capitalize on this transformational moment.

Dig into labor issues

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:05 - 1 Nov 2022

You are Invited! | Creative Cloud and its collaborative features

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Join Nelson, senior solutions consultant at Adobe, to hear how Adobe is helping customers navigate this new, screen-mediated reality, with updated software and tools to enable virtual, collaborative creative work. In this session, you will get to see live demos and application areas to gain in-depth knowledge on how your team can collaborate seamlessly on Creative Cloud apps.

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by "Adobe" <demand@info.adobe.com> - 09:05 - 1 Nov 2022

COOs are making a comeback

Harmony Internal - McKinsey

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Behind every great CEO, there’s a great COO. After a few years out of vogue—in 2018, only 32 percent of Fortune 500 companies had one—the COO is back in a big, bold way. Nearly half of Fortune 500 companies in the energy and financial sectors have COOs in 2022. And with CEOs increasingly serving as the external face of companies, COOs now more than ever are the internal ballast for organizations, especially as they face unprecedented operational disruptions. In a new article, McKinsey managing partner Darryl Piasecki reports on conversations with several current and former COOs on the skills they view as critical to the position. The old proficiencies, he writes, are no longer enough. In order to face the uncertainties of 2023 and beyond, COOs need to evolve their skillsets to prioritize resilience and agility.

Edited by Stephanie d’Arc Taylor
Editor, Southern California

Stepping up: What COOs will need to succeed in 2023 and beyond

COOs are increasingly important to corporations, but what skills will they need to perform at their best? Business leaders weigh in.

Top 5 proficiencies

Quote of the day

“We’re thirsty for interaction with others. We’re not meant to be isolated. Organizations should think of getting together in person as a dimmer switch, not an on/off switch.”

—McKinsey senior partner Bill Schaninger on quiet quitting and engaging employees in a recent episode of McKinsey Talks Talent

Chart of the day

Chart of estimated 2030 European circular-economy market size by consumer goods category

Cyberattacks are proliferating, causing trillions of dollars of damage every year. The cybersecurity industry has a chance to step up and seize the opportunity.

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New survey reveals $2 trillion market opportunity for cybersecurity technology and service providers

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The heat is on: How public-sector leaders could drive net-zero goals

Focusing on climate tech innovation, industrialization, and infrastructure could help public-sector leaders achieve national and global decarbonization goals.

Read our insights

Smartphones on wheels: New rules for automotive-product development

Software-driven cars need new agile, customer-centric processes along the entire product life cycle, with a software- and data-focused architecture, to bring product development into the 21st century.

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:20 - 1 Nov 2022

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by "Sangoma Technologies" <webannounce@sangoma.com> - 05:01 - 1 Nov 2022

Excited for end-of-year shopping? US consumers are feeling good about the holidays.

On Point

Edited by Belinda Yu
Editor, Atlanta

Happy holiday shopping

In the news

•

More holiday deals. The holiday season is a make-or-break time for many retailers. For department stores, the last two months of the year can make up to one-quarter of annual sales. But even as retailers confront a critical test, consumers contending with the rising prices of gas and groceries may be thinking about their budgets. According to a recent survey of 1,000 US consumers, nearly 60% said that they’d consider finances when making decisions about holiday shopping. Retailer leaders say that they expect to offer more deals to lure shoppers. [NYT]

•

Clearing out the old. Holiday pajamas, dresses for New Year’s Eve, artificial fir trees: US retailers are stocking their shelves with last year’s excess goods. In July, retail companies accumulated $548.8 billion in inventory, nearly 22% more than in 2021. Previous years have seen companies spending on cutting-edge gadgets, coveted toys, and fashionable clothes to increase store traffic. Now, some are working to clear out merchandise stockpiles instead. For consumers who are feeling the pinch of inflation, discounts will be most welcome. [Reuters]

Higher-income and younger consumers are especially excited, with about two-thirds eager or excited for holiday-shopping season.

On McKinsey.com

•

Happy holidays. As the holiday-shopping season draws nearer, US retailers face some big challenges. They’ve endured severe supply chain problems over the past few years, and now, consumer sentiment about the economy is historically low. Still, Americans are more enthusiastic about the holidays than they’ve been in years, find McKinsey senior partner Kelsey Robinson and colleagues. According to our latest Consumer Pulse Survey of more than 1,000 US consumers, 55% say they’re excited about holiday shopping in 2022, up from 34% last year.

•

Early bird shoppers. US consumers are doing their holiday shopping earlier than ever, with 56% shopping in October instead of waiting for Black Friday sales in November, our survey finds. More than half of the consumers who say they’re shopping earlier cite concerns about increasing prices or product availability. Several retailers have already moved their promotions to earlier in the year, such as one leading e-commerce company that held a mid-October holiday-shopping event. See three key discoveries about US consumers.

Explore US shoppers’ mindsets

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:45 - 1 Nov 2022

Decarbonising India: Charting a pathway for sustainable growth

Harmony Internal - McKinsey

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Let’s get the bad news out of the way: India is the world’s third-largest carbon emitter (though far behind the United States and China). The good news is that there’s plenty of room—and ambition—for green growth. In fact, India has the potential to contribute nearly half the carbon space needed globally to achieve a 1.5°C pathway. But change needs to come soon. The subcontinent is looking toward a period of rapid development: over three-quarters of the India of 2050 is yet to be built. Policies must be implemented in the next decade to ensure this infrastructure is developed more sustainably. The planet isn’t the only potential beneficiary of these policies: India’s transition from thermal power to renewables, to cite just one example, stands to significantly decrease the average cost of power supply, save the country a cumulative $1.7 trillion in the foreign exchange, and position India as a world leader in green technologies. For more actions to accelerate India’s decarbonization, check out a new report by Rajat Gupta, Shirish Sankhe, and their coauthors.

Edited by Stephanie d’Arc Taylor
Editor, Southern California

Decarbonising India: Charting a pathway for sustainable growth

This will be a decisive decade. With intentional action, India can accelerate decarbonisation at scale while pursuing economic growth.

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Quote of the day

“We see a lot going on in Florida, Colorado, and Texas—places that you wouldn’t necessarily think of as early adopters of environmentally friendly cars. But it is all happening.”

—Cathy Zoi, CEO of EVgo on EVgo’s role in the future of mobility in “Conversations in Mobility: Meeting consumer demand with EV charging infrastructure”

Chart of the day

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The Helix report: Is biopharma wired for future success?

The biopharmaceutical industry has made remarkable achievements in the past decade, but is it equipped to leap still further ahead in the coming one? Company leaders’ answers to nine questions could prove decisive.

Power forward

The Titanium Economy: How to overcome the challenge of filling high-quality jobs

Thriving industrial technology companies use apprenticeships, upskilling, and upward mobility to staff and retain their workforces.

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:38 - 31 Oct 2022

[October Global Update] Did you miss the latest news?

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How global benefits set companies apart in the new world of work (Report)

In a new study, Remote has found that over half of decision makers expect their teams to become more geographically distributed over the next five years. However, one thing has not kept up with this rate of change — employee benefits.

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by "Remote" <hello@remote-comms.com> - 06:00 - 31 Oct 2022

A leader’s guide to spotting and preparing for change

Harmony Internal - McKinsey

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Edited by Rama Ramaswami
Senior Editor, New York

When 19th-century pioneers set out for the American West, they made extreme preparations. They not only planned for obvious needs, such as food, clothing, and shelter, but also tried to forestall every possible contingency, taking along enough supplies to last them years if not the rest of their lives. Today’s technologies have removed much of that kind of guesswork, enabling us to model any number of what-if scenarios, but business success still depends on a leader’s own innate sense of where change is most likely to occur and how quickly the ground may shift. Here are some areas to keep an eye on.

AN IDEA

Image of a flower embedded in a square rock

Monitor changes in five domains

The business environment has always been subject to shifting cycles—typically, periods of turbulence are followed by eras of relative stability and progress. But today’s profound economic and political upheavals are directly challenging long-held beliefs about how the world works, according to a new report from experts at the McKinsey Global Institute . What the coming era will look like is uncertain, but leaders should watch for major changes across five domains: the world order, technology platforms, demographic forces, resource and energy systems, and capitalization. Each domain presents difficult questions, such as how to make energy systems resilient, feasible, and affordable, or where to find the next productivity engine to propel growth. “If we are indeed in the early throes of a seismic shift—as the evidence appears to suggest—leaders must both prepare for the possibility of a new era and position themselves to shape it,” the report’s authors suggest.

A BIG NUMBER

$1.7 billion

That’s the estimated amount of investments made in quantum-computing start-ups in 2021, more than double the amount raised in 2020. Don’t let that relatively modest sum fool you—as the powerful technology becomes commercially viable, the business value at stake for all industries could skyrocket; the pharmaceutical, finance, chemical, and automotive sectors alone could benefit to the tune of $700 billion. With several companies expecting to launch usable quantum systems as early as 2030, what can you do right now to be ready? Important first steps include figuring out potential partnerships, rounding up in-house talent, and building digital infrastructure that can meet the basic operating demands of quantum computing.

A QUOTE

“Acceleration in innovation will mean that companies can expect more disruptions from more sources.”

That’s McKinsey senior partner Steve Van Kuiken on the power of new technologies to enable faster and more far-reaching innovations. The sheer magnitude of the changes—in computing power, bandwidth, and analytical sophistication—now shaping the tech market may overwhelm organizations if they don’t take steps to adapt in the next three to five years. For example, leaders need to prepare for a shift from periodic to perpetual learning, which delivers varying skills across the entire organization. “In practice, that will mean orienting employee development around delivering skills,” Van Kuiken says. “This requires breaking down a capability into its smallest sets of composite skills.” Leaders could start by asking themselves what skills their organizations’ data managers and advanced users of analytics need to develop, and the levels of learning required for them to do so.

A SPOTLIGHT INTERVIEW

“Most business school courses don’t have a segment on prepared leadership,” says Simmons University President Lynn Perry Wooten in this conversation with McKinsey on how leaders can stay ahead of the next crisis. Prepared leadership is what Wooten calls the fourth “p,” a new pillar that complements the traditional lynchpins of profits, planet, and people. Many leaders tend to manage crises as individual occurrences and often don’t have a formula or recipe to follow the next time a disaster occurs . Developing a “resiliency muscle” can help to create such a recipe. One way for leaders to strengthen their resiliency is to scan the outside world regularly to make sense of events; another is to “ask how they are going to get out of the crisis and what their theories of change are,” says Wooten. “That might include learning about scenario planning, dialogue, or case studies. When we can combine growth and learning with a plan of action, this is that resiliency muscle.”

WONDERLAND

Illustration of a fairytale castle in the sky

It might just take a sorcerer’s spell to lure reluctant workers back to office buildings. As remote work becomes widespread, what to do with the vast expanses of empty office space will become a pressing problem. One solution may be to make offices into “places of magic,” in the view of McKinsey senior partners Rob Palter , Aditya Sanghvi , and colleagues. “Many questions are swirling in the minds of office occupiers about how work should be done in the next normal, how to think about talent, what the role of the workplace should be, and how much real estate companies need,” they say. “A food-and-beverage ecosystem of restaurants, lounges, cafeterias, pantries, all digitally accessible, has to emerge.”

Lead by preparing.

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