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More Americans are working independently. What does that mean for employers?
The Shortlist
An optimistic group
by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 01:13 - 30 Sep 2022 -
What’s the ‘titanium economy’? It could be the key to future US economic growth.
On Point
Innovation in industrial tech Edited by Belinda Yu
Editor, Atlanta• Valuable but unfamiliar. There’s a vibrant “titanium economy” made up of companies that you’ve likely never heard of, even though they routinely outperform major stock indexes like the S&P 500. McKinsey senior partner Asutosh Padhi and coauthors Gaurav Batra and Nick Santhanam highlight 35 firms—makers of aerospace parts, color enamels, and other products—that fly under the radar and yet bring immense value to the US economy in their book, The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America.
• A critical sector. In the US, about 5,000 companies have spurred growth in the industrial tech sector for the past century, providing high-paying jobs, investing in employee development, and powering innovation in manufacturing. But that’s just scraping the surface of what the industry could be, says Padhi. In time, the sector could grow to two or three times what it is today, helping to create good jobs, a cleaner planet, and a more inclusive economy. Read the full interview to learn more about industrial technology, an understated but critical sector.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:28 - 30 Sep 2022 -
Mining for tech-talent gold: Seven ways to find and keep diverse talent
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Build a diverse talent pool Edited by Joyce Yoo
Digital Editor, New YorkFinding and retaining diverse talent for technical roles is an ongoing challenge. While companies have made efforts to diversify their talent pools, studies have shown that women and Black employees are underrepresented in technical positions. The benefits of more diverse work forces have been well documented, but progress has been halting and often disappointing even with the best of intentions. While there are no easy fixes, a series of practices is emerging that are showing signs of success in addressing the diversity gap, giving companies an opportunity to rethink how companies approach their talent strategy, according to McKinsey’s Kathryn Kuhn, Eric Lamarre, Chris Perkins, and Suman Thareja. In a new article, they lay out seven practices to help find and keep diverse tech talent. Give it a read to learn how to break through on this critical topic.
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:28 - 29 Sep 2022 -
Manufacturing enhances innovation and competitiveness. How can leaders support it?
On Point
What’s next for US manufacturing Edited by Seth Stevenson
Senior Editor, New York• Making stuff matters. Since 1997, the US has lost about 25% of its manufacturing firms and about 4.5 million manufacturing jobs, says McKinsey partner Eric Chewning. A lack of manufacturing hinders technical innovation and could make America particularly susceptible to supply chain disruption. In his previous work at the US Department of Defense, Chewning also saw that there was a single supplier for many components of military equipment—this lack of resilience could potentially lead to security vulnerabilities. A resurgent US manufacturing sector would be a valuable national resource.
• Skills to pay the bills. Americans in the middle of the country who do not have college degrees could benefit greatly from an influx of good manufacturing jobs. But in a conversation with McKinsey senior partner André Dua, Chewning notes that tens of thousands of jobs may require new digital capabilities that many workers don’t currently have. Before America can build more products such as computer ships or naval submarines, an infusion of resources could be needed to reskill the manufacturing workforce. See four goals for the future of America where manufacturing plays an important role.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:32 - 29 Sep 2022 -
Look who’s coming to MAX this year
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Introducing Remote’s Global Benefits Report 2022.
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Get more out of Adobe Creative Cloud for enterprise business
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How Gen Z sees mental health—and how we can help
Harmony Internal - McKinsey
Get the latest Edited by Katherine Tam
Digital Editor, New YorkIt’s a tough time to be young. And when it comes to mental health, we can all do better to help Gen Z. According to a recent McKinsey Health Institute survey by McKinsey’s Léa Arora, Erica Coe, Martin Dewhurst, and Kana Enomoto, European Gen Z respondents report poorer mental health compared to older generations, including millennials, citing climate change, the Ukraine war, and COVID-19 as the major causes of distress. While many Gen Z respondents report stigmatizing themselves on mental health, they are also less likely to stigmatize or discriminate against others with mental illness—and that can open the door to help this generation get the care and support that they need. Dive into the data and make mental health a priority.
Quote of the day
—McKinsey senior partner Asutosh Padhi on his first international experience in the latest episode of My Rookie Moment
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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> - 06:32 - 28 Sep 2022 -
Converging crises test the global food system
Re:think
Food system risks A combination of factors is disrupting the global food supply. There have been other food crises in the past, but I think there are a couple of elements that make this different. We have more people to feed in a system that is global, but where there is more geopolitical constraint. And at the same time, emerging trends show a progressive increase of the risk of simultaneous breadbasket failure due to climate change.
There are six breadbaskets in the world. Combined, Ukraine and Russia are a big one. The region produces 28 percent of the world’s exported wheat and 15 percent of its corn. The current war in Ukraine has two implications. Besides being a region where you produce of lot of commodities, it’s also where some of the world’s fertilizer is produced. That’s contributed to the price of fertilizer going up, which impacts farmers’ ability to pay for those fertilizers, which can potentially have an impact on yield.
It’s happening at a time when grain stocks are relatively low in many countries. That’s because since 2020, we saw a spike in the price of agricultural commodities, and countries tend to deplete their stocks more aggressively when the price of commodities is high. The combination of relatively low stocks with a disruption in one of the breadbaskets has a further impact on price.
COVID-19 was a disruption to the food system mostly on a demand level, because people stopped going to restaurants and food service was mostly closed, and those areas are where a lot of fish and red meat are sold. That, in turn, had an impact on the demand for corn. Many people lost jobs, so they had less income, which also had an impact on demand. So, farmers adjusted to that lower demand. Then suddenly, some sectors reopened, creating a bit of a shock on demand.
Add to this an ongoing drought in India and in most places on the planet, including some of the breadbasket regions, for the past few months. That’s led to low production compared with the historical level.“There are six breadbaskets in the world. Combined, Ukraine and Russia are a big one. The region produces 28 percent of the world’s exported wheat and 15 percent of its corn.”
So, there are currently more shocks to the food system than usual.
On July 22, an agreement was signed between Russia and Ukraine and the prices of some commodities have come down. But it only partly solves the problem as there are indicators that planted and likely harvested areas could be 15 to 25 percent lower than historical levels. Current conditions may not produce the same yield as in previous years. In Ukraine, emerging trends show that 30 million to 44 million fewer tons of row crops are likely to be produced in 2023 compared with a typical year. There is less insight into what is happening in Russia, but some of the companies providing seeds and crop nutrition may not be operating under ideal conditions.
What has not been planted has not been planted. No one can change that.To deal with these problems in the shorter term, we must ask: How do we rebuild strategic stocks for the different commodities? And we have to also reflect on how could we protect populations most vulnerable to food insecurity and make food affordable for them? In the medium to long term, private- and public-sector stakeholders can think about how to build more resilience into the food supply chain. One way may be through diversification of the sources of supply—being less dependent on just a few countries. Another could be by trying to eliminate losses and waste, including by using effective seeds and using irrigation efficiently. Roughly 30 percent of all food globally is wasted across the value chain. And then there’s getting both the right level of protein consumption in diets and thinking about the protein mix. There is a factor of ten or more between the least and most efficient ways of producing protein. Focusing on the most efficient proteins can relieve some pressure on the food system.
Use energy as an analogy: the more energy efficiency you create, the more you create resilience in your energy system. The food system is very similar.
ABOUT THE AUTHOR
Nicolas Denis is a partner in McKinsey’s Brussels office. He advises government institutions on sustainable economic development and serves leading companies in agribusiness, fisheries, forestry, and biotech.
MORE FROM THIS AUTHOR
UP NEXTKweilin Ellingrud on how Americans view their economic opportunities
Americans are reporting more pessimism about their economic futures than in the past. Dig into the numbers and nuances of McKinsey’s latest American Opportunity Survey.
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Heat pumps have been around for decades. What’s significant about today’s models?
On Point
Four trends in heat pumps Edited by Andrew Simon
Senior Editor, Seattle• The potential of heat pumps? The net-zero transition calls for the decarbonization of buildings, and electrifying heating systems is one way to reduce emissions. Because of the cost and complexity of converting current systems, electrifying building heat has usually been challenging. But as electric heat pumps have become more efficient and cost-competitive, they have emerged as an increasingly viable solution, find McKinsey partners Blake Houghton, Evan Polymeneas, and colleagues. Heat pumps may be poised for widespread adoption in the decades to come, making up approximately 90% of new heating unit sales by 2050, up from 35% today.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:51 - 28 Sep 2022 -
Understanding Web3
Harmony Internal - McKinsey
Understand the potential Edited by Joyce Yoo
Digital Editor, New YorkWhat are the fundamentals of Web3? Digital technologies such as cryptocurrencies and non-fungible tokens (NFTs) have been gaining a lot of traction in recent years, but the use cases, applications, and adoption across industries still remain to be seen. In a new article, Matt Higginson and his coauthors break down the basics of Web3: what it is, how it is built, what it can and cannot do, the risks, and implications for stakeholders. Be in the know and understand the core features of this new digital wave—and the potential disruption it could bring.
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—McKinsey associate partner Bonnie Dowling on confronting long-term attrition in a recent episode of The McKinsey Podcast
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:41 - 27 Sep 2022 -
Don’t forget to check out the cheer in our Holiday Hub
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Inflation (and fighting it) is upon us. Here’s how US companies can cope.
On Point
Operating in a slowing economy Edited by Katy McLaughlin
Senior Editor, Southern California• How high? How long? The US Federal Reserve aims to bring inflation back down to 2% a year. For consumers, the mission is critical: over the past 12 months, prices have increased in more than 90% of categories, according to analysis by McKinsey senior partners Stephan Görner, John Kelleher, Ida Kristensen, Asutosh Padhi, Alex Panas, and fellow authors. Many economists currently expect the Fed’s key lending rate to top out at about 4%. In 11 rounds of Fed tightening since 1965, most lasted from one to three years and resulted in a recession.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:04 - 26 Sep 2022 -
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by "Jignesh Pardeshi" <official@uffizio.in> - 10:00 - 26 Sep 2022 -
Discover the world of Adobe Creative Cloud for enterprise business
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My Rookie Moment: Teamwork
Harmony Internal - McKinsey
Watch episode 10 Edited by Joyce Yoo
Digital Editor, New YorkWorking in teams has many benefits, but the power of teamwork can truly be felt when we are going through something challenging, whether it’s trying to fix a mistake, dealing with tough feedback, or embarking on a new and unfamiliar project. In the latest episode of My Rookie Moment, Michael Birshan, Brian Elliott, Alok Kshirsagar, Asutosh Padhi, Michael Park, and Jennifer Stanley talk about what they’ve learned from working with different types of teams—and how having a collaborative mindset brought out the best in them. Tune in and see what they have to say. And be sure to check out Asutosh Padhi and his coauthors’ forthcoming book, The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America, which shines a spotlight on the industrial-tech sector.
We all know the value of teamwork. As seasoned consultants, our colleagues understand that working in teams and dealing with different types of people in diverse contexts require flexibility, sensitivity, an open mind, and a collaborative mindset. In this episode, Michael Birshan, Brian Elliott, Alok Kshirsagar, Asutosh Padhi, Michael Park, and Jennifer Stanley, look back on learning from mistakes, being a part of diverse teams, overcoming challenges through teamwork, and appreciating what each team member brings to the table—while meeting them where they are.
Quote of the day
Chart of the day
ALSO NEW
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> - 06:32 - 26 Sep 2022 -
‘If you’re going to build something from scratch, this might be as good a time as in a decade’
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Be ambitious New from McKinsey Quarterly
‘If you’re going to build something from scratch, this might be as good a time as in a decade’
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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 04:46 - 26 Sep 2022 -
Buy Sangoma A-Series phones for maximum productivity at lowest price
Buy Sangoma A-Series phones for maximum productivity at lowest price
Sangoma brings you the best of value based communication [ Image ]Contact Us NowContact Us Now [[https://info.sangoma.com/A_Series_Phones_LP-ContactSales.html?utm_source=sangoma&utm_medium=email&utm_campaign=apac_nl_a22_series_campaign_ndia_09_2022]][ Image ]Sangoma Technologies
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by "Sangoma Technologies" <webannounce@sangoma.com> - 03:16 - 26 Sep 2022