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by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:19 - 7 Oct 2022

Bikes, mopeds, e-scooters: What’s driving increased usage of micromobility?

On Point

Edited by Seth Stevenson
Senior Editor, New York

On the move with micromobility

In the news

•

Rocky roads. Enjoy biking on unpaved roads? Bikes designed for gravel cycling are quickly gaining popularity, with sales leaping by more than 109% from 2019 to 2021. These bikes have lightweight frames, wide tires, and gearing designed for ascending steep hills. Gravel cycling is a great workout for the whole body, fans say, and there are more than two million miles of unpaved roads in the US. A few technique tips: lower the air pressure in your tires to improve their grip, slow down when approaching a turn to avoid skidding on loose ground, and remain seated—even while climbing hills—to keep your bike balanced. [NYT]

•

E-biking in style. Delivery workers whizzing by on e-bikes may be a familiar sight, but electric bicycles are also becoming more common among urban commuters of all stripes in the US. Increasingly stylish designs are driving some of the interest in e-bikes, with some deluxe brands selling them for up to $4,000. American cities—which often have sprawling geographies and hilly terrain—seem particularly suited for e-biking. In 2020, sales of e-bikes outpaced sales of conventional bicycles in the US. Building more dedicated bicycling lanes in cities might give e-bikes another boost. [Quartz]

“There’s a massive increase in micromobility usage, in micromobility ownership, and in micromobility that is shared. People want fresh air.”

On McKinsey.com

•

The two-wheeled commute. Micromobility is the only mode of urban transit that’s increased in use post-COVID-19, says McKinsey partner Kersten Heineke. The pandemic has spurred a significant amount of adoption of e-bikes and other lightweight vehicles, as more people choose to commute in the open air. In addition, stressors on cars, such as gas being more expensive, are also accelerating adoption of micromobility. E-bikes and other micromobility options will likely continue to grow more widespread—particularly if cities create more dedicated bike lanes.

•

The bike of the future. Heineke foresees e-bikes and traditional cars converging into a vehicle somewhere in the middle. In Europe, there might be larger three- or four-wheeled vehicles that are still small enough to drive in bike lanes but offer more seating, weather protection, and carrying capacity. In addition to larger bikes, microcars are also coming, Heineke says. And ownership models may also look different in the future, as many vehicles will be accessed via subscription. Explore the biggest trends in micromobility.

See the future of micromobility

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:56 - 7 Oct 2022

Hungry and confused: The winding road to conscious eating

Harmony Internal - McKinsey

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The facts of nutrition are changing: half of customers call healthy eating a top priority, and a third say sustainable eating is too. Research on the dining and shopping habits of 8,000+ consumers in the United States, the United Kingdom, France, and Germany found that a growing population is interested in conscious eating but frustrated at the limited menu when they search the shelves. Buyers are more likely to shop sustainably if it’s easy and requires little change to their routine, and increased prevalence of food intolerances—and alternative dining styles, like “flexitarianism”—mean that more people are looking for more options. Knowing how to cater to the rising numbers of conscious eaters and producers will be key, so don’t miss our new article by Anne Grimmelt, Jessica Moulton , Nadya Snezhkova, and Chirag Pandya on how to keep stock of the evolving world of grocery.

Edited by Sarah Skinner
Digital Editor, New York

Hungry and confused: The winding road to conscious eating

Half of consumers call healthy eating a top priority; one-third say sustainable eating is too. But to satisfy consumers’ commitment to eating more healthily, food producers and retailers need to get innovative.

Dig in

Quote of the day

“Even if you’re good at communication, you always have to remember that when there’s a power difference, people are not likely to give you negative information about yourself or anyone else. Power will always serve as a barrier.”

—Tessa West, professor of psychology at New York University, on how leaders should communicate and ask the right questions in “Toxic workplace behavior and employee burnout: Fix one, fix both”

Chart of the day

Chart of trend lines of credit-card and point-of-sale financing accounts in Australia

Holaluz cofounder Carlota Pi Amorós details her ambition for the start-up to become a decentralized energy-as-a-service green-tech company.

ALSO NEW

How a Spanish scale-up became a leader in green energy

Lead in green

Forward Thinking on talent, state capacity, and being hopeful with Tyler Cowen

A prominent economist, author, podcaster, and talent investor discusses how to better match human talent to opportunities, de-bureaucratize philanthropy, achieve higher-quality governance, and identify fields of likely progress, and how to get it all done.

Discover and innovate

‘If you’re going to build something from scratch, this might be as good a time as in a decade’

In the second episode of our series The Quarterly Interview: Provocations to Ponder, venture capitalist Bill Gurley explains the promise and perils facing start-ups at a moment of economic uncertainty and reveals why hybrid work may be the most interesting technology of all.

Be ambitious

Follow our thinking

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:21 - 6 Oct 2022

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by "Schneider Electric" <reply@se.com> - 04:04 - 6 Oct 2022

The front line is vital to the US economy. But for too many workers, it’s a dead end.

Intersection

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DIVING INTO DIVERSITY, EQUITY, AND INCLUSION

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.

The front line is where most Americans enter the workforce, and it’s where the majority of the US workforce is concentrated. But while the front line is a key part of the US economy and a career starting point for many, it’s also an end point, especially for workers of color. Organizations can circumvent that stalemate by taking concrete steps to support their frontline workers. Also in this issue: the untapped potential of Latino economic power, and a celebration of Hispanic Heritage Month.

The front line: Crucial, expansive,
and for too many workers, a dead
end

SPOTLIGHT

The front line comprises about 70 percent of the entire US workforce, or 112 million workers. It’s also a segment of the workforce that has traditionally been disconnected from opportunities for advancement. A recent McKinsey report on race in the workplace that focuses specifically on the experiences of Asian, Black, and Latino workers finds that these employees of color are not moving up the career ladder. And while they are motivated to advance, they are missing out on opportunities to do so. The majority report a lack of career sponsors, and many say they do not feel a sense of belonging or inclusion at work. Workers of color are not being promoted to higher-paying jobs even if they are in entry-level roles that have an overrepresentation of workers of color (for example, security guards and light-truck drivers). Employers can support frontline workers of color by creating more opportunities for them to transition into higher-wage jobs and by helping them develop the skills they need to step into these new roles.

DATA DROP

Chart detailing the representation of people of color in moving from origin job to next role in the United States

Q&A

McKinsey senior partner Lareina Yee and partner Monne Williams worked with McKinsey associate partner Chris Copeland and other colleagues on the data that underpins this report. We sat down with Chris to ask him three questions about his work.

1. What is your biggest takeaway from this report?

That Black and Latino frontline workers make on average 20 percent less than White frontline workers. This translates to about a quarter of a million dollars in lost lifetime earnings per person. That could be a mortgage. It could be your retirement. It could be the earnings that send your child to school for improved job opportunities. We also looked at the industry makeup of frontline workers of color and found that they tend to be overly represented in lower-wage frontline industries like arts, entertainment and recreation, and hospitality and food services. White frontline workers are overrepresented in higher-wage frontline industries like utilities, mining, and oil and gas extraction. Prior to joining McKinsey, I worked at a nuclear power plant and was the only Black person on the frontline team. So the data from this report rang true as far as my own personal experience goes. It was also fascinating to see what I’ve experienced being reflected in the report data.

2. Did anything in the results surprise you?

Originally, we were looking at how to move frontline workers into higher-paying roles and onto the corporate ladder. But in our company sample, we saw that just 4 percent of frontline workers were being promoted to the corporate level. And when we looked deeper into the data, we saw the much larger challenge: employees of color aren’t making the first step to frontline-manager roles. As an example, Black employees experience their first broken rung when moving from the hourly role to the hourly manager role, where their representation in these roles drops from 17 to 9 percent.

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

We found that more than half of all frontline employees of color have at least one mentor in their workspace, very much in line with their White peers. But what I found pretty interesting is that these relationships aren’t translating into sponsorships. [Mentors help colleagues by sharing knowledge and advice. Sponsors use their positions of power to help colleagues advance.] Black and Latino frontline workers report the lowest levels of sponsorship, and the majority, nearly six in ten, have no sponsor at all. That stunts their career progress even though these employees want to move up.

We looked at the gap between the desire for career advancement versus the opportunity for it across racial and ethnic groups. The largest was in Hispanic/Latino workers, about 30 percentage points, and Asian and Black workers weren’t too far behind, at 28 and 22 points, respectively. The gap was lowest for White workers, at about six percentage points. We also found that limited career development is one of the top reasons that Black and Hispanic/Latino workers plan to leave their companies. This is super important, and given the current conversations around the Great Resignation, it’s a crucial point for employers to pay attention to.

LISTEN IN

One in 200 Latinos opens a new business each month, the highest degree of entrepreneurship of any demographic group in the United States. That data point surprised—and delighted—McKinsey senior partner Lucy Pérez as she was working on a first-of-its-kind McKinsey report about the barriers to Latino economic power. “My dad was one of those Latinos opening new businesses,” Pérez says in an episode of The McKinsey Podcast on boosting Latino economic participation. “I was the first one in my dad’s family to go to college. That was possible because of the growth and opportunity my dad created for us through his business.” Pérez emphasizes that closing the gap in capital for Latino-owned companies can have substantive impact that results in a stronger US economy for all.

CELEBRATING HISPANIC HERITAGE MONTH

National Hispanic Heritage Month is observed in the United States from September 15 through October 15. This celebration of the contributions, cultures, and histories of Americans from the Caribbean, Central and South America, Mexico, and Spain began on September 15, 1968, as Hispanic Heritage Week. That date in September was chosen because it is the anniversary of independence for various Latin American countries, including Guatemala and Costa Rica; Mexico’s independence day occurs the next day, on September 16, followed by Chile’s, on September 18. The observance, expanded into a month by federal law in 1988, highlights Hispanic heritage through music, food, the visual arts, and the written and spoken word. Visit the US Library of Congress’s official National Hispanic Heritage Month website to learn more. And for audiophiles, ¿Quién Are We?—a Colorado Public Radio podcast that explores what it means to be Hispanic and Latino—is a fascinating listen that explores the core of human identity.

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> - 01:08 - 6 Oct 2022

Do you understand how to manage data ethically (and what’s at stake if you don’t)?

On Point

Edited by Katherine Tam
McKinsey Global Publishing

Ethical data management

In the news

•

Pragmatists and visionaries. The field of artificial intelligence needs “blue-sky visionaries” who offer utopian visions of the future and “muddy-boots pragmatists” who want to overhaul biased systems that may spread lies, violate privacy, or are racist or sexist, says author and computer science professor Ben Shneiderman. Women, nonbinary people, and people of color are among the realists who are working to guarantee that there will be diversity and equality when developing the algorithms running people’s everyday lives. [Scientific American]

•

Chatbots with no chill. Machines are getting remarkably smarter and speedier. Large language models (also called foundation models) employ machine learning to analyze huge sets of data and recognize word patterns. These models are becoming ever more powerful, and their use has moved beyond text to include images and video. But the technology is advancing so quickly that experts are asking if tighter controls are needed to prevent potential abuse, such as threatening an individual’s privacy by collecting detailed digital information. [FT]

In a 2021 McKinsey survey, only 27% of some 1,000 respondents said that their data professionals actively check for skewed or biased data during data ingestion.

On McKinsey.com

•

Why data ethics matters. With data growing exponentially, every company is a data company, say McKinsey senior partner Kayvaun Rowshankish and colleagues. Every organization must therefore establish its own best practices for managing data. But although most have started to address the operational aspects of data management, fewer have considered the ethical aspects. For example, if data sets are breached, sold without consent, or otherwise mishandled, firms can take a significant hit to their reputations and financial health.

•

Five potential challenges. McKinsey spoke with about a dozen global business leaders and data ethics experts and uncovered some common data management traps that leaders and organizations can fall into. These include thinking that data ethics doesn’t apply to your organization; thinking in silos (for instance, believing that hiring a few data scientists has got data ethics covered); or chasing short-term ROI at all costs. Explore all five data management traps and strategies for avoiding them.

See data management traps

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:43 - 6 Oct 2022

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by "Jignesh Pardeshi" <official@uffizio.in> - 10:30 - 5 Oct 2022

How to deal with—and work with—your work enemies

Harmony Internal - McKinsey

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Conflicts at work are relatively common but dealing with a difficult colleague day in and day out is stressful and takes up lot of energy. How can we best handle these negative interactions and create more positive relationships in the workplace? According to Amy Gallo of Harvard Business Review and the Women at Work podcast, there are eight archetypes of some of the most difficult people we deal with at work—the insecure boss, the pessimist, the victim, the passive-aggressive peer, the know-it-all, the tormentor, the biased coworker, and the political operator. In a new Author Talks interview, she explains that approaching these personalities with empathy, compassion, and kindness can often turn potential enemies into allies. Give it a read and see what she has to say. And for more insights on cultivating empathy and compassion in leadership, check out this article by McKinsey senior partner Gemma D’Auria and her coauthors.

Edited by Katherine Tam
Digital Editor, New York

Author Talks: Turn your work enemies into allies

Whether you’re being interrupted in meetings or challenged at every turn, Amy Gallo shares tactics for getting value out of difficult work relationships.

Focus on your goals

Quote of the day

“Talent requires development. If all you end up with is what you start out with, you’re not going to be good, really, at anything.”

—Tyler Cowen of George Mason University on how talent can develop over time in a recent episode of McKinsey Global Institute’s Forward Thinking podcast

Chart of the day

ALSO NEW

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:40 - 5 Oct 2022

Building the Enterprise Metaverse - An exclusive invitation

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by "Schneider Electric" <reply@se.com> - 04:14 - 5 Oct 2022

Where in the world is deal making dominant?

On Point

TODAY’S NEWS. TOMORROW’S INSIGHTS.
A daily newsletter from McKinsey & Company

Edited by Belinda Yu
Editor, Atlanta

Make me a match (in M&A)

In the news

•

Transatlantic bargain hunting. As the pound plummets and the euro slouches against a strong dollar, US buyers looking for bargains might be attracted to British and European companies, M&A advisers say. That could relieve sluggish M&A activity that’s been set off by rising energy costs, increased borrowing rates, and risks of a global recession. Since early September, roughly $300 billion in market capitalization has vanished from one UK-based stock market index. But currency shifts can typically take half a year to affect global deal volumes. [Bloomberg]

•

Overseas takeovers. Listed companies in the UK have been struck by a wave of acquisitions at the same time that IPOs have declined, raising concerns about the UK stock market’s strength. The total value of UK companies acquired by foreign competitors in 2022 has topped £41 billion so far. Meanwhile, new firms have received an anemic £574 million from investors over the first three quarters of 2022. As the sterling flags, expect to see further deal making targeting UK companies, bankers say. [FT]

Logic suggests that an uncertain market would encourage more small and fewer megadeals. But megadeals account for 28% of 2022 deal value versus 23% a year earlier.

On McKinsey.com

•

Global M&A slows. After reaching an all-time high in 2021, the global M&A market is slowing. The value of large deals in early 2022, about $25 million, is 24% down from the prior year. At the same time, deal volume has fallen 12%. But it’s natural for decision making to slow in an uncertain environment, notes McKinsey senior partner Andy West. Although overall M&A activity has declined, private-equity firms are actually outpacing their record-high 2021 performance, delivering 26% of deal value in the first half of the year, up from 25% for all of 2021.

•

Where deal making dominates. The slightly slower pace of deal making means that business leaders can “take [the] time to really understand the drivers of the assets that [they’re] considering,” says McKinsey senior partner Oliver Engert . That includes cultivating the management team and the newly acquired employees to go beyond a mere transaction, Engert adds. See which regions lead the world in the most M&A activity, along with the sector that dominates deal making, accounting for 30% of total deal value worldwide.

Get the global M&A research

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:15 - 5 Oct 2022

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by "WooCommerce" <noreply@woocommerce.com> - 10:30 - 4 Oct 2022

How to provide offerings that benefit, not burden, US employees

Harmony Internal - McKinsey

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How important are workplace benefits to employees? Very. In fact, countless Americans rank work benefits as important as salary. Despite the value that they add to their work experience, many employees do not understand the full scope of their benefits. Too often, employers may miss the mark in clearly defining offerings. Benefits provided through multiple sources leave employees to navigate a maze of HR teams, employer-sponsored providers, and outside vendors. So how can employers avoid a web of complexity that leaves unclaimed benefits on the table? To learn more about accessing benefits and making informed choices for US employees and their families, check out this new article from McKinsey partners Mathew Lee, Matthew Scally, and their coauthors.

Edited by Emily Adeyanju
Digital Editor, Charlotte

US workplace benefits: Connecting health, wealth, and wellness

Who will crack the code and create an integrated experience in the employer-sponsored benefits ecosystem?

Reap the benefits

Quote of the day

“Latino economic mobility is no longer a Latino issue, it’s an American one. If we really want, as a country, to achieve our goals in the decades to come, we need to improve in a significant way the Latino participation in our economy.”

—McKinsey partner Bernardo Sichel on the economic experiences of Latinos in the US in a recent episode of the Future of America podcast

Chart of the day

7 in 10 people live in societies with growing inequality. That’s why we’re taking action to create a more inclusive economy through our work with clients, and in local communities.

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We’re helping build an economy that works for all.

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Author Talks: People, planet, profits, and …

Simmons University President Lynn Perry Wooten refreshes the triple bottom line with a fourth pillar for leading through compounding crises.

Embrace opportunity

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Digital twins: What could they do for your business?

Less waste, shorter times to market, constant customer insights: the advantages of applying digital twins are many—if you get the conditions right.

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:41 - 4 Oct 2022

Record numbers of workers are still quitting. What do employees say they really need?

On Point

Edited by Grace Ivey
Digital Proofreader, Atlanta

Attracting all talent

In the news

•

Hiring all workers. Individuals who typically have a hard time finding work are facing greater success in today’s job market, economists and employment experts say. With nearly twice as many job openings as job seekers, today’s recruiters are more willing to consider hiring marginalized groups of people, such as those with disabilities, criminal records, and housing challenges. The number of job postings that say they’re open to nontraditional workers has increased by about 10% in the past three years, according to a leading job search website. [CNN]

•

Questioning ‘quiet quitting.’ At the core of quiet quitting—when employees do only the bare minimum requirements of their job—is dissatisfaction with work–life balance. But modest disengagement at work isn’t anything new. The percentage of engaged workers has fluctuated only slightly over the past ten years, according to ongoing Gallup polling. For decades, quiet quitting has just meant “having a job.” But it’s now a convenient term that helps burned-out, anxious workers describe their feelings, and it’s an easy explanation for poor performance. [Atlantic]

“What’s interesting right now is we can’t afford to ignore those who have stepped out of the workforce. Why? Because there are not enough people looking for jobs.”

On McKinsey.com

•

Still leaving. Despite the changing economy, workers are still quitting their jobs at record rates, say McKinsey’s Bonnie Dowling, who along with senior partners Aaron De Smet, Bill Schaninger, and partner Bryan Hancock, surveyed more than 13,000 individuals in six countries to learn more about labor trends. In August 2021 and April 2022, 40% of workers said they were at least somewhat likely to leave their jobs in the next three to six months. This is a fundamental shift that’s happening across all levels, from frontline employees to executives, adds Dowling.

•

Five personalities. In a tight labor market, offering a competitive wage just isn’t enough anymore, Dowling says. Companies seeking to attract and retain talent must understand what different types of workers want. This could mean tailoring benefits packages to offer what employees really need, such as on-site childcare for working parents. From “traditionalists” who desire a clear path to advancement to “idealists” who prioritize flexibility and purposeful work, explore our analysis of five types of worker personalities and what matters most to each.

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 01:07 - 4 Oct 2022

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by "Jignesh Pardeshi" <official@uffizio.in> - 10:30 - 3 Oct 2022

Economic conditions outlook, September 2022

Harmony Internal - McKinsey

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What are some of the top economic issues on the minds of respondents in the latest McKinsey Global Survey? While the general sentiment on economic conditions continues to be downbeat, with inflation and geopolitical instability among the top concerns, different regions have shown varying outlooks. Respondents in Europe remain particularly grim about both current and future domestic conditions, while those in North America share more positive assessments than in the previous survey. Dive into the analysis led by Sven Smit and get informed.

Edited by Joyce Yoo
Digital Editor, New York

Economic conditions outlook, September 2022

In stormy weather, survey respondents maintain realism about the global economy. While geopolitical conflicts and inflation remain top of mind, concerns about energy volatility predominate in Europe.

Be prepared

Quote of the day

“Many times we gravitate to the notion of excellence or exceptional performance, but, in a crisis situation, we also have to understand how we can learn from failure.”

—Lynn Perry Wooten, president of Simmons University, on learning from failures in a recent Author Talks interview

Chart of the day

Chart detailing that white employees are overrepresented in the US industries with the highest-paying frontline roles.

Inflation is the gradual loss of purchasing power, reflected in a broad rise in prices for goods and services. This is just one entry in our McKinsey Explainer series.

ALSO NEW

What is inflation?

Understand the current moment

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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Toxic workplace behavior and employee burnout: Fix one, fix both

Jerks at Work author Tessa West shares research and insights about the damaging effect of toxic behavior in the workplace and offers strategies for effectively coping with it.

Decipher the signs

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:33 - 3 Oct 2022

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by "Sangoma Technologies" <webannounce@sangoma.com> - 03:31 - 3 Oct 2022

Beyond the basics: A leader’s guide to understanding technology

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Edited by Rama Ramaswami
Senior Editor, New York

It’s been decades since technology was the sole province of the ‘IT department,’ but even today’s more digitally savvy business leaders are finding that their knowledge of technology must go beyond the fundamentals. Nontechnical executives may not need to know the specifics of programming or network engineering, but it is critical for them to know what applications to deploy to grow their businesses. Technical leaders are pressured to move beyond simply managing IT to leveraging technology to create value for the organization; for example, the best chief information officer plays an active role in educating other leaders about technologies and their applications for the business. Here’s a roundup of the latest ideas and developments in technology that may help advance your organization.

AN IDEA

Illustration of a woman scratching her chin

Explore the emerging technology landscape

The pandemic sped up the adoption of digital technologies and highlighted their importance to business transformation. As new technologies emerge, leaders may want to consider anticipating their possible uses in their own organizations. In McKinsey’s Technology Trends Outlook 2022, Michael Chui , Roger Roberts , and Lareina Yee , along with other experts, identify and interpret 14 of today’s most significant technology trends based on five measures of activity: search-engine queries, news publications, patents, research publications, and investment. The results fall into two thematic groups—the Silicon Age, comprising digital and IT technologies, and Engineering Tomorrow, which includes physical technologies in domains such as energy and mobility. For example, Web3, a model for a decentralized internet, is a Silicon Age technology whose interest and investment scores rank in the top five of all the trends we studied. Leaders may find it helpful to view these trends in a global context: while some countries, such as the United States, have focused heavily on technological innovation, corporate Europe is facing tech gaps in several sectors.

A BIG NUMBER

4

That’s the number of technology trends to which senior leaders must pay special attention, suggests McKinsey senior partner Steve Van Kuiken . Taken together, these developments have the potential to reshape the way leaders run their companies. “I’d put them under the heading ‘innovation at the edge,’” says Van Kuiken. A key trend is that innovation—formerly confined to IT or centralized innovation groups—is now emerging everywhere, particularly among frontline workers. “If innovation is arising on the periphery, your people there have to have the confidence to embrace innovation, experiment with it, and imagine how it can be used to deliver better products and services,” Van Kuiken says.

A QUOTE

“Tech talent think and act differently.”

That’s McKinsey senior partner Sven Blumberg and other McKinsey experts on what candidates for technology jobs want and how organizations can provide it. Skill areas most in demand—such as DevOps (software development and IT operations), automation, customer experience, and the cloud—are experiencing acute shortfalls that will only worsen over time. Want a tech rock star to work for you? Be prepared to provide, at the very least, a culture that values technology, opportunities to solve interesting and inspiring problems, and a purpose that the candidate will find meaningful.

A SPOTLIGHT INTERVIEW

You don’t need an encyclopedic knowledge of technology to make effective business decisions. Thirty percent is the minimum threshold of digital fluency needed to succeed in a digital context, according to Harvard Business School professor Tsedal Neeley. In this McKinsey Author Talks interview, Neeley explains that the 30 percent rule was inspired by her study of English as the common language of global work. “Nonnative speakers of the English language need only 30 percent of what a native speaker has in order to fully contribute and participate in a global organization,” she says. “We applied this logic to identify exactly what people need [to understand the digital mindset],” which includes not only technical skills but also “a way of thinking about data, devices, and technologies as well as how we operate in an organization.”

HEAVY METAL

Image of the bookjacket of The Titanium Economy

When thinking about technology, high-profile consumer-oriented companies often come to mind first. But lesser-known industrial technology propels some of the best performers in the US economy, as McKinsey senior partner Asutosh Padhi and coauthors Gaurav Batra and Nick Santhanam reveal in their forthcoming book, The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America (Public Affairs, October 2022). These companies make products such as recycled plastic lumber and aerospace parts that support the United States’ largest industries. “I believe titanium economy companies are not well understood and not well appreciated,” says Padhi in this Author Talks interview. “I was hoping to shine a spotlight on what I think is truly an amazing set of companies that drive a lot of innovation and therefore job creation.”

Lead with technology.

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:36 - 3 Oct 2022

All over the world, inequality persists. How do leaders create an inclusive economy?

On Point

Edited by Katherine Tam
Digital Editor, New York

Building an inclusive economy

In the news

•

Sustainable growth. Over the past two centuries, the world economy has expanded. Usually, people consider this to be a positive. However, the idea that infinite growth benefits all countries is being called into question more and more as the Earth’s resources wane and as poverty escalates. As a result, some economists are proposing remaking the world economy so that countries improve only what is necessary, such as green energy, healthcare, and public transit. This could make global economic growth more sustainable, they argue. [WEF]

•

When parents pitch in. The gap in wealth between White Americans and people of color has lasted for generations. One way that happens is through the intergenerational transfer of wealth. White adults are more than two times likelier than Black and Latino adults to receive gifts or loans of $10,000 or more from parents or older family members, according to a recent poll. This finding points to decades of racism, particularly in housing policies that prevented Black families from buying or renting homes from White ones, says one law professor. [NPR]

Seven in ten people live in societies with growing inequality.

On McKinsey.com

•

Persistent inequality. Global inequality is a problem that persists. For example, in the US, there are large gaps in workforce participation, wages, and higher-education attainment across different demographic groups, find McKinsey senior partner Asutosh Padhi, senior partner emeritus James Manyika, and colleagues. The participation rate of women in the US, at 56%, is the lowest that it’s been in three decades. In addition, US economic growth is, geographically speaking, lopsided, with 6% of US counties accounting for two-thirds of GDP output.

•

Inclusive economic growth. Creating the conditions for an economy that grows robustly and, at the same time, grows in an inclusive and sustainable way will be difficult for the US and for the global economy. But the benefits of such an economy are that it delivers prosperity, leaves behind fewer people, and protects the environment for future generations. Visit our collection page to see efforts to build an inclusive economy through increasing economic mobility and access to jobs, accelerating racial equity, and making training and education accessible.

Learn more

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