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A new era, Gen Z, social capital, and more big reads for the weekend
Harmony Internal - McKinsey
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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS
Joyce Yoo
Digital Editor, New YorkAs you unwind this weekend, catch up on the week’s essential reads on transitioning to a new era, social capital, Gen Z mental health, and more.
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—Dr. Andrew Steer, president and CEO of the Bezos Earth Fund, on Asia’s transition towards net zero in “Decarbonization: The new frontier for investment and innovation”
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:25 - 21 Oct 2022 -
Team InfodriveIndia wishes you Happy Diwali
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by "Raakesh Saraff" <prashant.kumar@infodriveindia.com> - 02:42 - 21 Oct 2022 -
On the cusp of a new era?
Harmony Internal - McKinsey
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New from McKinsey Global Institute
On the cusp of a new era?
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by "McKinsey Global Institute" <publishing@email.mckinsey.com> - 12:58 - 21 Oct 2022 -
Companies that build digital trust outperform their peers
The Shortlist
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Edited by Barbara Tierney
Senior Editor, New YorkThis week, we delve into why digital trust matters so much. Plus, a peripatetic podcast with the economist Tyler Cowen, and a look back at the Stanley Steamer and how its demise offers lessons for the car market of today.
What would you imagine as the “car of the future,” if you were imagining it 125 years ago? At the end of the 19th century, the Stanley brothers—twins Francis and Freelan—imagined an automobile that would be aesthetically pleasing. They aspired for high but safe speeds. They strove for a vehicle that was intuitive and reliable. And, inculcated by 19th-century industry, they imagined a car that would run on steam. They created their automobile in a rapidly industrializing United States, in 1897, and five years later branded it the Stanley Steamer. For two remarkable years, in the days before the Ford Model T, it was the highest-selling car in the country.
When the Stanleys put their working model on the road, steam dominated commerce: it propelled the world’s navies and gave rise to an intricate network of coaling stations, coaling islands, tugboats, cruise ships, battleships, and dreadnoughts.
The success of steam-powered railroads did not make steam-powered automobiles a sure thing in 1897. Just like today, multiple powertrains—including internal-combustion engines (ICE) and electric motors—were available. Records show that in 1900, US companies manufactured about 4,200 automobiles: 40 percent were steam-powered, 38 percent were electric, and 22 percent were ICE.
Steam cars, which could be powered by a variety of fuels—from coal and charcoal to kerosene and wood—had an uneven range, at least from the driver’s perspective. One steam car reached 1,500 miles on a single load of fuel. Practically speaking, however, steam automobile range was restricted by the requirement to keep adding more water. Drivers needed to stop for water-tank top offs to keep their car kettles boiling.
The Stanleys produced about 500 cars in 1917; the four-passenger touring car was priced at $2,550. However, a gentleman by the name of Henry Ford produced more than 600,000 Model Ts that same year; its five-passenger touring car was priced at $360. Unlike the Stanleys, Ford thought relentlessly in systems—when developing the assembly line, when thinking of costs, and when imagining consumer expectations on speed power, range, reliability, and, especially, price.
There are remarkable parallels between the dawn of the 20th century’s transition from steam to ICE, and the 21st century’s challenges of moving from ICE to electric (or possibly, or in tandem, to hydrogen or to other non-carbon-emitting fuels). First is the challenge of form and function: What exactly does a great car mean? It should be a reliable, well-running vehicle to move people and goods. But increasingly, a great car is a platform, bringing technologies to bear that enhance driving safety and efficiency.
Second is the challenge of resources. As Henry Ford recognized, but the Stanleys seemingly never fully grasped, making a great car requires not only operating a great factory but also considering infrastructure. Even as market demand for electric vehicles today catches up to forecast expectations, leaders know that they must do everything they can to advance investment in effective supporting infrastructure. This means connecting cars to the electric power grid for refueling convenience, bolstering the grid’s resilience, and providing new electric-power utility via the power plant within each vehicle.
As these two epochs show, a great car can create great change, but the future always has the last word. Imagine the ecosystem of the future, and you can imagine the car of the future. In exactly that order.
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by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:24 - 21 Oct 2022 -
Consumers still crave digital services. Where are the biggest opportunities for companies?
On Point
Edited by Alexandra Mondalek
Associate Editor, New York• Five surging sectors. Banking, telecommunications, insurance, entertainment, and utilities have all seen the biggest increase in digital adoption in the past year, according to a new McKinsey survey. Indeed, 90% of consumers in these sectors are digital adopters. But McKinsey’s Neira Hajro, senior partner Kate Smaje, and coauthors explain that even in strong sectors with high rates of digital adoption, there’s still room for growth. By digitizing more complex transactions, such as mortgage applications, companies can further grow revenue.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:55 - 21 Oct 2022 -
Women in the Workplace 2022
Harmony Internal - McKinsey
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Edited by Emily Adeyanju
Digital Editor, CharlotteDid you know that for every 100 men promoted to managerial levels, only 87 women experience similar advancement? That number drops to 82 for women of color. The latest Women in the Workplace report conducted by McKinsey in partnership with LeanIn.org offers insight into the three main reasons women leaders are changing jobs at record rates: they are experiencing barriers to advancement, feeling undervalued, and seeking a more inclusive work culture. So what can companies do to make meaningful progress toward gender equality and retain women leaders? Check out this year’s report, with insights from McKinsey’s Alexis Krivkovich, Ishanaa Rambachan, Monne Williams, Lareina Yee, and their coauthors to learn how your company can develop a road map to gender equality. You don’t want to miss this important update.
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The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America
Asutosh Padhi, Gaurav Batra, and Nick Santhanam reveal manufacturing, an under-appreciated and under-valued sector of the economy, for what it really is: a reliable source of high-paying, domestic jobs and soaring stock prices—a bright spot in an economy that has too often been buffeted by external shocks. #TitaniumEconomyBook
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:37 - 20 Oct 2022 -
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by "Intel Corporation" <subscriptions@plan.intel.com> - 01:50 - 20 Oct 2022 -
[Webinar Reminder] Event-Driven Architectures with Forrester
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Haven't made plans for October 25th yet? Good!
Forrester is joining us for an extra special webinar event highlighting event-driven architectures.
Hi Abul,
I wanted to make sure you had a chance to register for our upcoming webinar with Forrester Senior Analyst, David Mooter.
David will be joined by SmartBear’s Josh Ponelat – they have an exciting agenda planned!
Check out the full agenda below:
What We Will Cover:- 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> - 09:07 - 20 Oct 2022 -
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by "Sangoma Technologies" <webannounce@sangoma.com> - 04:16 - 20 Oct 2022 -
Asian Americans are a diverse and fast-growing workforce—with the highest income inequality in the US
Intersection
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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
Asian Americans comprise about 6 percent of the US population; they are a nearly 20-million-strong group, with immense diversity. In a new report, Asian American workers: Diverse outcomes and hidden challenges, McKinsey partner Michael Chui, senior partner Kweilin Ellingrud, and partner Ishanaa Rambachan examine this group’s wide-ranging distribution across roles and industries. Asian Americans are overrepresented in higher-wage technical fields, the report finds—and overrepresented in low-wage jobs such as cooks and skin care specialists. As a race, Asian Americans have the highest income inequality in the US, which translates to vastly different economic outcomes. Often regarded as a “model minority”—a stereotype highlighting the group’s perceived success—Asian Americans tend to sputter up the career ladder, even in industries and roles where they have high levels of representation. “Our goal is to spark an expansive, ongoing conversation about better inclusion and advancement for Asian Americans at work,” say the report’s authors. That goal is especially urgent given the increased violence against Asian Americans in recent years, with one in six Asian Americans reporting that they’ve experienced a hate crime or hate incident in 2021.
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
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 -
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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
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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!
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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
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 -
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The big break: How retailers can break habits to support diverse-owned businesses
Harmony Internal - McKinsey
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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.
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—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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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.
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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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