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The global economy is under serious pressure. What should be on your radar?
On Point
Edited by Katy McLaughlin
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:27 - 19 Sep 2022 -
The week in charts
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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:58 - 17 Sep 2022 -
Authentic leadership, climate and insurance, and more big reads: The Daily Read weekender
Harmony Internal - McKinsey
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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS
Joyce Yoo
Digital Editor, New YorkWe've made it to the weekend, so it's time to unwind with some of this week's big reads on leading authentically, the nuances of mentorship, net-zero, and more.
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—Poppy Jaman, CEO of the MindForward Alliance, talks about mental health and the importance of overcoming stigma with McKinsey senior partner, Ramesh Srinivasan in “‘Be brave, not perfect,’ says mental health advocate Poppy Jaman”
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:13 - 16 Sep 2022 -
These 14 technology trends matter most
The Shortlist
by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:34 - 16 Sep 2022 -
Did you or someone you know break into technology from a different field?
On Point
Edited by Katherine Tam
Digital Editor, New York• Hire for potential. Demand for technology skills is growing exponentially, and companies are straining to find talent. Even so, businesses are often reluctant to hire candidates with more unconventional backgrounds. However, McKinsey research finds that people are able to master entirely new skills, making tech hires who start out in other fields not so unconventional after all, say McKinsey senior partner Dana Maor and colleagues. Of those who pivoted into technical roles in our study, 70% began in professional services, healthcare, or other STEM fields.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:14 - 15 Sep 2022 -
Green Growth: Capturing Asia’s $5 trillion green business opportunity
Harmony Internal - McKinsey
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Edited by Joyce Yoo
Digital Editor, New YorkThere is no question that sustainability is a top priority for investors, customers, and employees around the world. Across the Asia-Pacific region, more than 15 countries and 670 companies are committed to emission-reduction targets and creating new investment opportunities in green technology. In fact, green business opportunities in the region could reach up to $5 trillion by 2030. In a new article, McKinsey’s Tomas Nauclér, Daniel Pacthod, and their coauthors take a look at Asia’s role in the global journey to net zero and identify opportunities such as decarbonizing the fossil-fuels core of the economy, leveraging green materials, leading next-generation climate technologies, and contributing to biodiversity and nature preservation. Give it a read and seize the opportunities.
Quote of the day
—Dave Burritt, President and CEO of U. S. Steel, on sustainability goals in a conversation with Asutosh Padhi, McKinsey senior partner and co-author of The Titanium Economy
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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> - 06:34 - 15 Sep 2022 -
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That produce you see at the grocery store? A lot of it never makes it to the shelves.
On Point
Edited by Belinda Yu
Editor, Atlanta• Barley by-products. Each year, more than two billion tons of food are lost or wasted. Half of the uneaten food, worth about $600 billion, is lost during or just after harvest. The hidden costs of food loss often equal or exceed retailers’ net profit, reveal McKinsey senior partners Clarisse Magnin-Mallez, Björn Timelin, and colleagues. But companies that cut down on food loss could capture $80 billion in new market potential. For example, one beverage company turned its barley by-products into a protein and fiber ingredient, launching two new businesses.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:45 - 15 Sep 2022 -
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by "Schneider Electric" <reply@se.com> - 11:03 - 14 Sep 2022 -
Why digital trust truly matters
Harmony Internal - McKinsey
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Edited by Emily Adeyanju
Digital Editor, CharlotteDid you know that organizations well-positioned to foster digital trust are more likely to see increased business growth? Consumers are generally confident that the companies they do business with provide the foundational elements of digital trust—but retaining that trust comes with its own reward. While roughly 90 percent of businesses believe they can effectively build digital trust, less than one-quarter of them actually walk the walk. To learn more about how you can build digital trust and set the stage to increase annual growth by 10 percent or more, check out this survey by McKinsey's Jim Boehm, Liz Grennan, Alex Singla, and Kate Smaje. Don’t miss out! And if you'd like to contribute to critical survey research like this, apply to join McKinsey’s Global Survey Panel.
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:11 - 14 Sep 2022 -
A new mindset for equity
Re:think
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ON MAKING EQUITY REAL
Shifting to a new mindset for equitable business outcomes
Tiffany BurnsOver the past couple of years, we’ve seen a heightened interest in supporting Black consumers and businesses—a direct result of the Black Lives Matter movement and protests after the murder of George Floyd. We’ve done a lot of research during this time to understand whether this support is helping and what drives continued equity gaps for Black consumers and Black founders. We’ve found that the support is not working as well as it should, and inequities persist.
From difficulties getting to a store to a lack of product availability to dealing with salespeople without relevant expertise or training, Black consumers feel a deep dissatisfaction. Black founders are frustrated too. Forty-five percent of American consumers think retailers should support Black-owned brands, vendors, and suppliers—but I’ve talked to more than 50 Black founders, and each one of them says every part of the founder experience is arduous. These founders have passion, vision, and excitement but face disproportionate obstacles to raising capital, testing products, and getting on shelves simply because they are Black.
In 2022, why should it feel so impossible? Often companies have a social-justice lens: they want to support Black enterprise efforts because it’s the right thing to do. So they donate funds or launch programs. These are both important actions, but to get things right and have an impact, companies that really want to make a sustainable difference in supporting and creating equity may need to change mindsets.
The first concept a retailer should adopt is an investor mindset for equity. Executives should be asking themselves, “How can we drive ROI and increase equity? What are the things my organization can do that will allow us to drive competitive advantage, create more value for our shareholders, and drive equity?” These things are not mutually exclusive. When we looked at venture capital investment in beauty companies, we found that only 4 percent of late-stage-funded companies were Black-founded. They received one-tenth the funding of their non-Black peers, yet their income was 89 times higher. The ROI here is powerful: imagine what the return would look like with parity levels of investment. The more you can align your overall business strategy where both increased equity and value creation are outcomes, the more it will become a sustainable operating model.“The research tells us a story of inequity, unmet needs, and opportunities. Companies that want to really make a sustainable difference when they think about equity may need to change mindsets.”
The second thing companies should do is take a data-driven mindset and reconsider the metrics being used to make business performance decisions. Traditional metrics can be myopic and embed bias into performance outcomes, leading to missed opportunities for profitable growth. Take, for example, retail footprints. For store location, there’s a historical reliance on the movement of people and foot traffic. Population density in an area might lead you to believe there’s an opportunity to locate a new restaurant somewhere. And you might dismiss neighborhoods that are less dense or look like they have less movement. But in those retail deserts, the unmet need is both significant and pervasive, which opens a potentially unseen opportunity. We have data that say Black consumers are willing to pay more for healthy food, so it would still make sense to locate there. If models tell us not to make certain moves, then maybe we need new models.
Finally, companies and investors need to go beyond surface-level support. It’s great that people are excited about Black brands and want to feature Black founders’ stories. Everyone showcasing what Black businesses are doing has good intentions. But race-based marketing is not enough. And we can’t tokenize Black founders and say they make products for only Black consumers. When companies do this, they leave significant value on the table. We have to treat Black consumers as core consumers, period, and ensure that their needs are met. It’s a $300 billion opportunity, and those who can figure this out will see real growth.At the end of the day, the Black brands that have had very significant success have had phenomenal products with resonance across the general consumer population. Product orientation also ensures that Black founders aren’t only pigeonholed into the Black consumer segment. The more we can lift up good products from Black founders and make sure they have their fair share of coverage across consumer segments, the more equitable the brand landscape.
ABOUT THE AUTHOR
Tiffany Burns is the managing partner of McKinsey’s Atlanta office and is a leader in shaping and executing on 10 actions, McKinsey’s efforts to improve racial equity within the firm and around the world.
MORE FROM THIS AUTHOR
UP NEXTNicolas Denis on managing a global food crisis
The world’s food system requires exquisite balance, but war and climate change are destabilizing it. Here’s what’s at stake and what could be done.
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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 02:01 - 14 Sep 2022 -
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by "Uffizio Technologies Pvt Ltd" <official@uffizio.in> - 08:44 - 14 Sep 2022 -
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by "New Relic" <emeamarketing@newrelic.com> - 05:36 - 14 Sep 2022 -
US manufacturing may be poised for a rebound. What would it take to make it happen?
On Point
Edited by Belinda Yu
Editor, Atlanta• A potential resurgence. At times, the US has seemed in danger of losing its position as one of the world’s manufacturing powerhouses. The number of manufacturing firms and factories in the US has fallen by about 25% since 1997. But today, some trends—including 1.3 million jobs added between 2010 and 2019—point to the potential for a resurgence of growth in manufacturing, note McKinsey senior partners Mike Doheny, Asutosh Padhi, and colleagues. This could boost US GDP by more than 15% over the rest of this decade.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 01:19 - 14 Sep 2022 -
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by "Schneider Electric" <reply@se.com> - 11:02 - 13 Sep 2022 -
Could this be a glimpse into life in the 2030s?
Harmony Internal - McKinsey
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Edited by Katherine Tam
Digital Editor, New YorkThe future is coming much sooner than we may think. The pandemic showed us that we are capable of adapting to (and creating!) rapid change, and at this rate, there could be more innovation in the next ten years than in any other decade in modern history. Since 2019, McKinsey experts have weighed in on what the future could look like in The Next Normal series. Prepare for the 2030s by exploring our experts’ predictions, including perspectives from Praveen Adhi, Jonathan Dunn, Sajal Kohli, Jessica Moulton, and Kelsey Robinson. From outer space to air mobility, shopping, wellness, and even video entertainment—change is coming, so be prepared.
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:15 - 13 Sep 2022 -
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September 2022
Read all our latest news as we prepare to celebrate our 21st birthday
We offer our customers payroll services and so much more…
Next month we’re celebrating our 21st birthday and we’re delighted that you’ve been part of our incredible journey. We’ve spent the last 21 years listening to our customers and developing our services to meet your needs. As we celebrate this significant milestone, we have taken time to reflect.
We are proud to have supported our global customers’ growth. Helping customers navigate global complexity remains an important mission for us. As your business needs change, our range of services are designed to support you every step of the way.
Our team is on hand to offer you the solutions you’ve told us you need when it comes to the key pillars of our business:
We have also recently invested in our Global HR Solutions to complement our existing services. We can now support you with all your Global HR needs giving you total peace of mind when it comes to protecting your most valuable resource – your people.
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by "Lynn Smith" <PR@activpayroll.com> - 05:14 - 13 Sep 2022 -
How to embrace uncertainty (and even have some fun)
On Point
Edited by Katherine Tam
Digital Editor, New YorkThis email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:47 - 13 Sep 2022 -
Titanium economy companies and the future of American manufacturing
Harmony Internal - McKinsey
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Edited by Joyce Yoo
Digital Editor, New YorkWhat’s the “titanium economy”? You may not know the names of titanium economy companies—but they’re some of the fastest-growing and most profitable in the US, say McKinsey leader Asutosh Padhi and his co-authors Gaurav Batra and Nick Santhanam. In a recent Author Talks interview, they discuss their forthcoming book, The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America, which trains a spotlight on the burgeoning industrial-tech sector and the companies at the forefront of driving innovation, job creation, and growth—and ultimately in creating a more inclusive economy in the US. Check it out for an advance look at where American manufacturing could be headed. Preorder #TitaniumEconomyBook
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:54 - 12 Sep 2022
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