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Asian Americans are a diverse and fast-growing workforce—with the highest income inequality in the US
Intersection
Diverse outcomes, hidden challenges Edited by Justine Jablonska
(she/her/hers)
Editor, New YorkInsights and strategies to nurture diversity, equity, and inclusion in the workplace. In your mailbox every two weeks.
Asian Americans are a rapidly growing segment of the workforce—and one that is subject to pervasive and potentially harmful myths. In this issue, we explore McKinsey’s first-of-its-kind report on Asian Americans in the workplace, which counters these misconceptions. We also examine how leaders can better support advancement and inclusion for Asian American workers. Plus, a new approach to attracting and retaining talent as the Great Attrition continues, and our take on one reader’s question about how to introduce diversity, equity, and inclusion into the workplace.
SPOTLIGHT
DATA DROP
TAKE 3
We recently sat down with Kewilin Ellingrud, McKinsey Global Institute director, senior partner, and coauthor of the new report Asian American workers: Diverse outcomes and hidden challenges, to learn more about her latest research.
1. What is your biggest takeaway from this report?
It’s how varied the outcomes are across Asian American communities. There’s this notion that Asian Americans are a model minority that is doing very well both in relation to Whites and other underrepresented groups. And while that’s true in pockets, our research revealed enormous variability in educational outcomes and income, including a surprising number of Asian Americans in poverty. Asian Americans come from countries that make up more than half the population of the world, and they are a rapidly growing part of the US population. Employers need to figure out how to best use this incredible source of talent in their workplaces.
2. Did anything in the results surprise you?
The most surprising piece to me was that Asian Americans still have substantial gaps in the workplace. Even before they enter the workforce, Asian Americans are overachieving and earning a higher level of education degrees, which should translate into work progression but doesn’t. And even while they’re overrepresented in higher-paying professions—but also overrepresented in lower-paid professions—there’s a significant wage gap compared with White peers even in the higher-paying occupations. Asian Americans are, even in higher-paying professions, earning 93 cents on the dollar compared with their White peers.
And Asian Americans in those professions are not advancing as much in the talent pipeline as their White peers. Asian Americans are fairly well represented from the entry level up through even senior vice president. But there’s a dramatic drop-off in the C-suite, which also means that far fewer Asian Americans report to a CEO. Asian Americans account for only 8 percent of C-suite executives, and Asian American women account for just 2 percent. So in terms of intersectionality, if you’re a woman and a minority, it’s doubly hard, and we’re certainly seeing that play out for Asian American women and their slower career progression.
3. Are there any findings that particularly resonated with you?
I was also struck with our findings that Asian Americans are less likely to feel sponsored, to feel that they can be their authentic selves at work. And especially recently, with a huge rise in Asian American hate crimes, they’re more likely to feel not welcome.
Our data also shows that Asian Americans are less likely to have sponsors at work; part of that may be due to a lack of comfort in asking for something for yourself, and, as surfaced in our interviews for the report, a feeling of, “This doesn’t quite feel right according to how I was raised.” Understanding these types of barriers is critical in equalizing the playing field. As we found in our report, for Asian Americans, even if you’re equally educated and skilled, you’re less likely to have the sponsorship to tell you the unwritten rules, to help you get ahead and get that next opportunity.MAKE IT RIGHT: WHAT CAN LEADERS DO?
Senior partner Kweilin Ellingrud: First, understand your company’s data better. You can’t take the majority of the world’s population and lump it into one group without the granularity of understanding that an immigrant from Burma is very different from an IT leader from India, who is very different from a third-generation Chinese American—all very different populations with different needs.
Just as important is widening the aperture on the perception of leadership. Leadership does not have to be just tall, White, and male. The definition of what it means to be a leader should be much broader.
Finally, it’s having awareness that some aspects of American corporate culture may be countercultural for those who were raised in a traditionally Asian way; there are equivalents in many other cultures as well. I’ve had to unlearn some behaviors in order to be more mainstream and accepted in the workplace and to move ahead. That includes getting more comfortable with talking about myself, speaking confidently about what I can do, disagreeing with those who may be older and more experienced than I am—these are all skills that are important in some workplaces. I would encourage leaders and organizations to be mindful of that.LISTEN IN
As the Great Attrition continues, it’s more important than ever that leaders understand what makes their employees tick. Tune in to a recent episode of The McKinsey Podcast to learn about five employee personas that companies can reach in their search for talent (and also figure out which one you are!). As the authors of “‘Great Attrition’ or ‘Great Attraction’? The choice is yours” note, the business-as-usual approach of finding and keeping employees simply isn’t working anymore.
ASK INTERSECTION
One of our readers asks: ‘How can I effectively introduce DEI into my workplace?’
Thank you for taking the time to write in! Our research has shown that many employees want their organizations to do more to advance diversity, equity, and inclusion (DEI) in the workplace. But where to start? Each workplace is unique and comes with its own specific challenges—and opportunities. Four key factors, along with plenty of data, can help employers and employees understand the benefits of DEI in the workplace. Next, organizations can take three steps to supercharge DEI capability building, which can help to create thoughtfully designed DEI programs around the behaviors and moments that matter most. And as companies work to design and deliver DEI programs, leaders should be aware of three common pitfalls to avoid. Also, check out our collection of blog posts on why inclusion matters and how to foster it: the information here ranges from the educational to the practical, including a case study of how one company used hard data to develop an actionable road map for its ongoing DEI journey.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> - 02:03 - 20 Oct 2022 -
Languishing at work? There are many ways leaders can improve workplace mental health.
On Point
The qualities today’s leaders need Edited by Katherine Tam
McKinsey Global Publishing, New York• Struggling with burnout. Employers are now struggling to deal with growing levels of employee burnout. In an interview with senior partner and McKinsey Health Institute coleader Martin Dewhurst, MindForward Alliance global CEO and mental-health advocate Poppy Jaman says that when leaders prioritize mental health and well-being in the workplace, it creates a framework for a revised business strategy—one that at its very heart anchors compassion and support.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:25 - 20 Oct 2022 -
This year's Creativity Conference has started - attend online now.
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สัมผัสประสบการณ์การเป็นพันธมิตรแห่งอนาคตกับ mySchneider IT Partner Program
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สัมผัสประสบการณ์การเป็นพันธมิตรแห่งอนาคตที่ชไนเดอร์ อิเล็คทริค เราตระหนักดีถึงการปฏิวัติทางดิจิทัลอย่างต่อเนื่องและความต้องการที่เพิ่มขึ้นซึ่งสร้างแรงกดดันต่อธุรกิจของพันธมิตรของเรา ดังนั้น mySchneider IT Partner Program จึงสร้างขึ้นจากประวัติโปรแกรมที่ได้รับรางวัลของพันธมิตรของเรา เพื่อช่วยให้คุณติดตามความสามารถด้านไอทีที่หลากหลาย และช่วยให้สามารถพัฒนารูปแบบธุรกิจใหม่ๆได้
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by "Schneider Electric" <reply@se.com> - 11:01 - 19 Oct 2022 -
Driving growth by closing the gap between US labor demand and supply
Harmony Internal - McKinsey
Read our insights Edited by Stephanie d’Arc Taylor
Digital Editor, Southern CaliforniaA site to behold. The Bipartisan Infrastructure Law is poised to inject $383 billion into US infrastructure over the next ten years. But right now, there aren’t enough construction workers to engineer and build the proposed infrastructure, or factory workers to manufacture the materials. Shortages at any point along the construction value chain can trigger delays, drive up costs, or even result in projects being scaled back or scrapped—which could have far-reaching ramifications for future US economic success. But all is not lost. By working in creative cooperation, the public, private, and social sectors could close the gap between construction labor supply and demand—and help the US fully embrace this once-in-a-generation opportunity. For four concrete actions, check out this article by McKinsey senior partner Adi Kumar and his coauthors.
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:52 - 19 Oct 2022 -
1 DAY LEFT! Enterprise metaverse insights at your fingertips!
Schneider Electric
Analyze, visualize, and act faster than everInnovation Summit World Tour 2022 continues tomorrow at 2:00 PM CEST with "Building the Enterprise Metaverse," a future-oriented Innovation Talk. We've got a spot waiting for you!
Join Peter Weckesser (EVP, Schneider Digital & Chief Digital Officer, Schneider Electric) and Caspar Herzberg (COO, AVEVA) as they discuss what the future holds for companies like yours.
- Explore tools for the integration of data across all enterprise areas
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- Discover how the metaverse will reshape today’s business landscape
When?Thursday, October 20
at 2:00 PM CESTWhere?Live stream on LinkedIn+ Lifecycle Services From energy and sustainability consulting to optimizing the life cycle of your assets, we have services to meet your business needs. Schneider Electric
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by "Schneider Electric" <reply@se.com> - 04:04 - 19 Oct 2022 -
Is your business at risk of financial fraud? Here’s a powerful way to fight back.
On Point
Using machine learning to fight fraud Edited by Alexandra Mondalek
Associate Editor, New York• Putting machines to work. There’s growing momentum across the financial-services industry to prevent fraud and money laundering, creating strong interest in machine learning (ML) among leaders, say McKinsey partners Pankaj Kumar, Adrian Murphy, and coauthors. ML—which leverages granular, behavior-focused data to build sophisticated algorithms—can nimbly adjust to new money laundering trends and help companies reduce the risk of financial crimes. By replacing existing tools with ML models, one leading financial institution improved its ability to identify suspicious activity by up to 40%.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:15 - 18 Oct 2022 -
The Creativity Conference starts tomorrow at 12.30pm (AEDT)/9.30am (SGT)
Adobe
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Adobe and the Adobe logo are either registered trademarks or trademarks of Adobe in the United States and/or other countries. All other trademarks are the property of their respective owners.By clicking on some of the links in this email, you might be redirected to forms that will be pre-populated with your contact information.
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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 09:13 - 18 Oct 2022 -
The big break: How retailers can break habits to support diverse-owned businesses
Harmony Internal - McKinsey
Embrace inclusivity in retail Edited by Joyce Yoo
Digital Editor, New YorkShopping with purpose is a priority for consumers today. In fact, whether a brand is minority or Black owned is an important part of the purchase decisions for Gen Z and millennials, who account for $800 billion in retail spending. And while diverse-owned brands face many unique challenges, there are opportunities for retailers to fulfill consumer demand for inclusivity and access the growing spending power of the inclusive consumer market, according to McKinsey senior partner Tiffany Burns and her coauthors. In a new article, they outline the seven habits retailers should break—and new ones to adopt—in order to drive diversity and help diverse brands scale their businesses. See how to stand out in the crowded retail landscape and support diverse-owned brands.
Quote of the day
—McKinsey consultant Jackie Wong on fostering inclusion and better representation across the entire talent pipeline in a recent episode of the Future of America podcast
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:31 - 18 Oct 2022 -
You're invited!🎙️The Productive Power of Friendships at Work Webinar hosted by Welcome.
You're invited!🎙️The Productive Power of Friendships at Work Webinar hosted by Welcome.
Register today to save your spot. Can't make the live event? Register anyway and we'll send you the recording after!Hi MD,
You are invited to join Remote's VP of People, Nadia Vatalidis, alongside Laura Hart, VP of Marketing at Loom, Rodrigo de la Sotta, People Success Manager at Torch, and Jena Andres, Head of Marketing at Welcome for...
🎙️ Webinar: The Productive Power of Friendships at Work
Wednesday, October 19, 2022
12:00pm–1:00pm EST
4:00pm–5:00pm UTC
What will you learn?
- Ways to build strong workplace relationships throughout the employee lifecycle
- How leaders can intentionally champion friendships at work
- Tools, systems, processes, or activities that encourage remote or in-person healthy relationship-building
Speakers:
- Nadia Vatalidis, VP of People at Remote
- Laura Hart, VP of Marketing at Loom
- Rodrigo de la Sotta, People Success Manager at Torch
- Jena Andres, Head of Marketing at Welcome
Please note: This webinar is hosted by our friends at Welcome.
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by "Remote" <hello@remote-comms.com> - 12:32 - 18 Oct 2022 -
Will you join us? 🎙Webinar: Getting more from your HR tech stack.
Will you join us? 🎙Webinar: Getting more from your HR tech stack.
There is still time to register your spot for our next webinar.Hi MD,
You are invited to join our next webinar!
Webinar: Getting more from your HR tech stack
Date and times:October 25th, 20225:00pm UTC7:00pm CST1:00pm ESTThe world of work has changed forever. Where people used to commute to offices, more people than ever are working from home, from the road, and from new locations all over the world. More than 53% of companies have shifted their growth strategy to focus on remote international talent, and that figure will only grow as more companies recognize the immense potential of an international workforce.
New growth means new challenges — but also new solutions. But how do you get more out of your HR tech stack? What should you look for when choosing to add to it?
Join Remote's VP of People, Nadia Vatalidis, along with our partners from HiBob and AngelList Talent as we discuss the world of HR tech and reveal why now is such an exciting time to use your HR tech in a more strategic way. From integrations to API’s, this is an exciting time to use the flexibility and power of your HR tech stack to grow your business.
What will you learn?
- How to integrate multiple HR tools to get more done with fewer logins
- Tips to use your tech to automate and scale recruitment, onboarding, hiring, payroll, and benefits administration
- How the most efficient companies construct their HR tech stacks
- Which tools to prioritize according to your unique needs
- Practical usage tips and common mistakes to avoid
Your speakers:
- Alyssa Previti - Head of People at AngelList Talent
- Will Smith - Sales Engineering Manager at HiBob
- Nadia Vatalidis - VP of People at Remote
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by "Remote" <hello@remote-comms.com> - 08:15 - 18 Oct 2022 -
Missing out on mobile? Unlock key insights with New Relic's mobile monitoring capabilities
In a world full of noisy data, have your entire cross-platform mobile stack in one view with New Relic’s mobile monitoring. We can help you gain deeper visibility into how to analyze your Android and iOS application performance and troubleshoot crashes. You can also examine HTTP and other network performance for unexpected lag, which will in turn help you collaborate more efficiently with your backend teams.
Not sure where to start? Find out more in our introduction to mobile monitoring
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by "New Relic" <emeamarketing@newrelic.com> - 05:36 - 18 Oct 2022 -
Announcement: Sangoma at Africa Com
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by "Sangoma Technologies" <webannounce@sangoma.com> - 04:46 - 18 Oct 2022 -
Expense Management - White Label GPS Tracking Software
Expense Management - White Label GPS Tracking Software
Start your profitable GPS tracking business.Expense Management
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Uffizio India Software Consultant Pvt Ltd, A27, 29, 2nd floor, Pramukh Sanidhya, Dharampur Road Abrama, Valsad, Gujarat 396001, India, +91-7285855104
by "Jignesh Pardeshi" <official@uffizio.in> - 01:14 - 18 Oct 2022 -
What are the greatest perceived risks to global economic growth?
On Point
Our latest survey on economic conditions Edited by Alexandra Mondalek
Associate Editor, New York• Top risks to growth. Respondents worldwide are generally downbeat about the economy, with those in most regions citing inflation as the main risk to growth in their home economies, according to McKinsey senior partner Sven Smit and colleagues. Nine out of ten respondents say their companies have experienced cost increases in the past six months, found the latest McKinsey Global Survey on economic conditions. Geopolitical instability and conflicts remain a top concern, most often cited as the greatest risk to global growth.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:09 - 17 Oct 2022 -
Why businesses thrive when women lead
Harmony Internal - McKinsey
Understand the value Edited by Stephanie d'Arc Taylor
Digital Editor, Southern CaliforniaIt’s not easy being a woman in business. Female executives represent just eight percent of CEOs leading Fortune 500 companies. What’s more, in 2021, female-led companies won just two percent of the $330 billion invested in startups by venture capital firms. But because they surmount such great odds to reach the top, female leaders are, by definition, exceptional. And there’s a lot we all can learn from their journeys, according to Julia Boorstin in a new Author Talks interview. See why Boorstin is “incredibly optimistic” for the future of women in the workplace despite the continuing challenges—and why companies with women in leadership positions are more successful—by catching her full interview. And for more on why diverse companies perform better, check out this article by Sundiatu Dixon-Fyle, Sara Prince, and their coauthors.
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:33 - 17 Oct 2022 -
[Webinar with Forrester] RESTful and Event-Driven APIs: Better Together
SmartBear
Join us for a special webinar hosted with Forrester!Join us on October 25th to learn about Event-Driven APIs from Forrester!
Registration is now open for our upcoming webinar, RESTful and Event-Driven APIs: Better Together, featuring Forrester Senior Analyst, David Mooter.
RESTful APIs have maintained steady growth and popularity as APIs have become increasingly central to business operations and strategy. Many architects and developers, however, have realized that RESTful APIs simply cannot fulfill all API use cases.
Event-Driven Architectures add a backbone to an organization's internal services, satisfying the need to rapidly deploy new services, engage in real-time communications and deliver more value both internally and to end-users.
From a developer's point of view, having a single API catalog for both RESTful and event-driven APIs enables better discovery, reuse and governance across the organization.
What We Will Cover:- Trends in APIs and Microservices
- Why - and how – event-driven APIs have grown in popularity
- How RESTful and event-driven systems can succeed in concert
- How to enhance developer experience across both RESTful and event-driven APIs
- Which protocols are emerging to add governance and precision to event-driven APIs
Hope to see you there!
P.S. Feel free to complete our State of Software Quality | API survey to help shape the future of software development!
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by "Andrew from SwaggerHub" <swaggerhub-team@smartbearmail.com> - 02:25 - 17 Oct 2022 -
A leader’s guide to building digital trust—and growth
Harmony Internal - McKinsey
A trusted relationship Edited by Rama Ramaswami
Senior Editor, New YorkWorld events today may not give much cause for optimism, but businesses can take comfort in at least one thing: research shows that they are the most trusted institution. People also view societal leadership as a core business function. All the more reason, then, for organizations to invest in building digital trust—the confidence of customers, employees, and stakeholders that their online interactions are secure, their data is protected and used ethically, and the digital products and services they use are trustworthy. “The stakes for companies could not be higher,” say McKinsey’s Kayvaun Rowshankish and others in this article on data management traps to avoid. “Organizations that fail to walk the walk on data ethics risk losing their customers’ trust and destroying value.”
Often shadowed by tracking technologies, consumers are highly wary of how brands use their personal information; many will buy only from companies that have a reputation for protecting consumer data. Organizations that lead in digital trust—defined as those companies with employees who follow codified data, AI, and general ethics policies and that engage in cybersecurity best practices—are more likely than others to see annual growth rates of at least 10 percent on their top and bottom lines, according to research by McKinsey’s Alex Singla, Kate Smaje, and colleagues. But while nearly 90 percent of companies believe that they are somewhat effective at mitigating digital risks, 57 percent have suffered at least one data breach in the past three years. This is where digital-trust leaders come out ahead: 41 percent have experienced an adverse event in the past three years, compared with 53 percent of all other institutions. “Achieving digital trust is a major strategic imperative and a huge business differentiator,” says McKinsey’s Jim Boehm.
That’s McKinsey senior partner Kevin Buehler and other experts on managing the unwanted consequences of AI, such as privacy violations, discrimination, accidents, and even manipulation of political systems. Leaders can keep some incidents at bay by creating a risk prioritization and mitigation framework based on legal guidance and technical best practices. One way to do this is to map specific AI risk categories against possible business contexts. For example, privacy breaches usually occur in the context of data capture, collection, extraction, or engineering; therefore, any mitigation efforts should be directed to these areas. Alongside this framework, organizations should consider reviewing past failures in risk mitigation, since AI draws its predictive power from past events.
“A cyberattack tends to elevate and exacerbate tensions that already exist within an organization,” says McKinsey’s Wolf Richter in this podcast on how boards of directors can help shore up their organizations’ digital trust. “The board’s responsibility is to make sure that the executive team has a plan, is prepared, and is preparing the whole organization for the eventuality of an attack.” That means targeting particular vulnerabilities—such as field-service agents and customer service representatives—and balancing cybersecurity investments with investments in other parts of the business. “If I was a board member, I would ask which assets or parts of the organization the cybersecurity team and the leadership team focus their attention on,” Richter says. “The more specific they are in targeting initiatives toward specific systems, infrastructures, processes, and people, the better I would feel as a director.”
Phishing, pharming, sandboxing, island hopping—far from being things you’d do on vacation, these are just a few of the kinds of cyberattacks unleashed on organizations with alarming frequency. Incidents of cybercriminals holding data for ransom surged 105 percent worldwide in 2021, with governments and the healthcare industry bearing the brunt of the attacks. The large-scale adoption of work-from-home technologies following the pandemic makes it harder for companies to maintain security, but leadership teams should consider bolstering four key areas of vulnerability, including conducting a quantitative risk analysis and enhancing response and recovery capabilities.
Lead with digital trust.
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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:28 - 17 Oct 2022
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