“We’re seeing a premium of 20 to 30 percent on some sustainable goods compared with products that have a higher carbon or environmental footprint.”

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:56 - 25 Aug 2022

Freelance, side hustles, and gigs: Many more Americans have become independent workers

Harmony Internal - McKinsey

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Independent work is booming, the American Opportunity Survey shows. For these workers and society, the upsides and drawbacks are all part of the gig.

Edited by Sarah Skinner
Digital Editor, New York

Would you work a gig-style job? If so, you're not alone—a remarkable 36 percent of employed respondents in a US survey said they were independent workers, equivalent to 58 million Americans when extrapolated from the representative sample. Freelance and gig markets are gaining ground and many employees have "side hustles" on top of their regular jobs, but independent work’s unique character means it tends to be an understudied segment of the economy. Don’t miss a new report by McKinsey’s André Dua, Kweilin Ellingrud, Bryan Hancock, Anu Madgavkar, and their coauthors—it covers the challenges of going it on your own, whether freelancers desire traditional jobs, and why independent workers are far more optimistic about the future than the average 9-to-5ver.

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Freelance, side hustles, and gigs: Many more Americans have become independent workers

Understand the shift

Quote of the day

“Companies don’t exist for 150 years without reinventing themselves. As you reinvent yourself, in some ways you’re pressure-testing yourself as to your beliefs, your purpose, and how you’re going to act going forward.”

—Charles Lowrey, chairman and CEO of Prudential Financial, on defining purpose in a recent episode of the Inside the Strategy Room podcast

Chart of the day

Chart detailing the natural gas and Co2 proces have on on the competiveness of hydrogen-and natural-gas based steel production notes

Geopolitical and climatic events are impacting the food system’s resilience. Here’s what happened this year, what may come next year, potential consequences, and considerations that may mitigate the impact.

ALSO NEW

A reflection on global food security challenges amid the war in Ukraine and the early impact of climate change

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AI and the super app: An interview with Careem’s Selim Turki

Careem’s head of data and AI talks about how the Middle Eastern ride-hailing pioneer is using AI technology to simplify people’s lives.

Learn from an AI leader

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How data and analytics are transforming the wholesale bank at HSBC

James Bickerton describes how HSBC’s Global Banking division is achieving sustainable growth by giving frontline employees broad access to data and analytics so they can better serve customers.

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Many of these climate technologies are financially viable only when they’re at a certain production scale, too. In our experience, players that are able to scale quickly have the potential to reach cost-competitiveness faster and earn an early market position. For a technology that is not yet at a commercial scale, identifying a “scaling break point” could help leaders understand when cost advantages might be realized during the growth trajectory. In our analysis of a textile-recycling technology, for example, we learned that only when the average plant size and the number of plants reaches a critical scale could costs be expected to become competitive.

Of course, scaling quickly is easier said than done. It can be a challenge to validate new technologies while also planning for future capacity. This is why start-ups have typically been first to build and scale climate technologies. Start-ups tend to put more emphasis on technological innovation. They operate quickly. And they have a higher tolerance for risk. In many cases, it’s “scale or die.”

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:30 - 24 Aug 2022

A critical green moment

Re:think

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ON GREEN BUSINESS BUILDING

Doubling down on net zero

Anna Granskog

We’re at a critical and complex moment for building green businesses.

On one hand, we’re seeing an increasing urgency to scale climate technologies. As companies and governments continue to make net-zero commitments, demand for green products should continue to grow. According to our analysis, net-zero offerings could generate more than $12 trillion of annual sales by 2030 across 11 key value pools. There’s also the issue of energy security. In Europe, for example, there’s a real question around the sufficiency of both heating and electricity for the coming winter season due to gas supplies from Russia being at risk. The importance of alternative sources of energy—from renewables, for example—has never been more apparent.

At the same time, uncertainty in the financial markets and supply chain challenges may be creating a sense that launching or scaling a green business is more complicated. Funding may not be as easy to come by as it was six months or a year ago. Input materials for certain technologies, such as batteries or solar panels, might be costlier or in shorter supply. The growth potential and need for green businesses haven’t gone anywhere. But it’s even more important for green business builders to do the homework on cost positions and creating supply chains, for example, in order to scale.

One interesting way we’ve seen green business builders approach financing is to sign up customer demand before fully scaling—as a way to build production capacity against that demand. We’re seeing this in green steel, electric-vehicle batteries, and sustainable airline fuels. That way, others who are investing in these ventures may feel more confident in the business potential. Over time, these products could also fetch a green premium. Right now we’re seeing a premium of 20 to 30 percent on some sustainable goods compared with products that have a higher carbon or environmental footprint.

“We’re seeing a premium of 20 to 30 percent on some sustainable goods compared with products that have a higher carbon or environmental footprint.”

For corporates, the funding structure, risk profile, and timescales for growth are different. The objective is to deliver what has been promised to investors on a quarterly basis. Scaling quickly doesn’t come as naturally. But that’s beginning to change. In different energy and process-technology fields, for example, we are seeing corporate leaders asking, “What can we do?” One potential advantage for incumbents is resources. A big company might have the ability to build, say, $100 million to $300 million in green-tech investment into its P&L.

Leaders looking to build a green business might begin with a little soul-searching. It’s not easy for a CEO to say, “I’d like to be part of this revolution—which might require trillions of dollars of overall investment.” But a leader can start by asking, “What do we feel we have the courage to go after?” and start creating and testing hypotheses from there. You can start building courage with facts.

ABOUT THE AUTHOR

Anna Granskog is a partner in McKinsey’s Helsinki office.

MORE FROM THIS AUTHOR

Accelerating toward net zero: The green business building opportunity

Surging demand for zero-carbon technologies, materials, and services gives companies opportunities to build new green businesses. Leaders that move quickly could see exponential growth.

More →

How companies capture the value of sustainability: Survey findings

What makes the difference between a sustainability program that produces business value and one that doesn’t? A new survey identifies practices that distinguish value-creating companies from others.

More →

UP NEXT

Tiffany Burns on making equity real

Consumer-facing companies say they want to imbue services and offerings with equity, but what does that mean? Here’s what they need to think about.

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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 02:21 - 24 Aug 2022

Important update to New Relic UI. The changes you need to know.

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by "EMEA Marketing" <emeamarketing@newrelic.com> - 05:36 - 24 Aug 2022

Half of frontline retail workers are considering quitting. What might make them stay?

On Point

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

Edited by Belinda Yu
Editor, Atlanta

Frontline retail’s Great Attrition

The news

•

Turning to teens. Some American teenagers may be out of school, but they’re not idle. In June 2022, teens’ labor participation rate climbed to 43%, the highest level in more than a decade. The active summer job market for teens is welcome news for some sectors contending with ongoing labor shortages. Businesses added 884,000 jobs for 16- to 19-year-olds, an increase of 41% over the previous year. Leisure and hospitality, in addition to retail, hired the most teens, according to the June figures. [Bloomberg]

•

Return-happy shoppers. Retailers already dealing with high inflation and supply chain problems face an additional challenge: a glut of inventory. Rattled by rising prices, many consumers are buying essentials like food and fuel but limiting spending on discretionary items, such as clothing and gardening tools. Shoppers are also making more returns. US consumers sent back $761 billion in merchandise in 2021, an average of 16.6% of total sales. To offload merchandise, businesses are cutting in-store prices and turning to liquidators. [NYT]

“Retail and hospitality workers report an almost 30% higher likelihood to leave their jobs than we’ve seen in other sectors.”

Our insights

•

Retail’s revolving door. In the US, one in five employees—more than 30 million people—work in retail and hospitality. At least half of frontline retail workers want to quit, making this the part of the US economy that’s been most affected by the Great Attrition. Since turnover is linked to performance and to how consumers perceive brands, it’s a big problem. Yet businesses that manage this well can widen their lead over competitors, attracting workers who are more engaged and more satisfied with their jobs, reveal McKinsey’s Bryan Logan and colleagues.

•

Why they leave. A desire for flexibility is the number one reason US frontline retail workers want to leave, new McKinsey research shows. Employees crave greater independence and control over how they work, including deciding which days they work and what times they start shifts. Retail leaders that meet workers’ need for flexibility can reap big benefits. One big-box retailer saw “a massive improvement in retention rate” after it started letting workers choose their jobs each day, says Logan. See the top five drivers of attrition in US frontline retail.

Fight attrition in retail

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:10 - 23 Aug 2022

The public sector journey to net zero

Harmony Internal - McKinsey

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Combating climate change is top of mind for leaders all over the world. While 192 countries have committed to reducing greenhouse-gas emissions under the 2015 Paris Agreement, meeting these goals will require unprecedented collaboration across companies, countries, and economies. Public-sector organizations could play an increasingly critical role in this transformation, not only to shape decarbonization policies but also to help reduce emissions from their operations. A new article from Hauke Engel, Alastair Hamilton, Libbi Lee, and Jonathan Woetzel lays out five steps for decarbonizing the public sector—check it out and take the journey for a more sustainable future.

Edited by Joyce Yoo
Digital Editor, New York

Target net zero: A journey to decarbonizing the public sector

Government organizations can shape decarbonization policies but also help reduce global emissions by transforming their own operations and supply chains.

Read our insights

Quote of the day

“It’s all about the intersection of people, processes, and technology. That’s why one of the responsibilities of the hub is to help people upskill.”

—Mehnaz Mustafa, executive director of Healthcare Quality and Informatics at the New Jersey Department of Health, on the public-health data and analytics hub her team created in “Lessons in leadership: Using data to drive public-health decisions”

Chart of the day

Illustration and description of the space shuttle Vanguard 1

The chairman and CEO of Prudential Financial talks about what it takes to keep a transformation on track.

ALSO NEW

Charles Lowrey on putting purpose at the heart of Prudential Financial’s transformation

Put purpose at the heart of transformation

Using analytics to address inflation risks and strengthen competitive positioning

In the new inflationary environment, company leaders can protect their business and gain competitive advantage by deploying analytics-aided strategies.

Focus now

Quick commerce pushes the limits on grocery delivery

Just as food delivery is booming, the speed with which groceries can arrive at your door is taking off. Berker Yağci of Getir, one of the leading start-ups promising to deliver within just 10 or 15 minutes, talks about the challenges and opportunities in the dynamic sector.

Listen to the podcast

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:24 - 23 Aug 2022

Professional networks are shrinking. Can companies help workers reconnect?

On Point

Edited by Belinda Yu
Editor, Atlanta

The state of social capital

The news

•

Best friends forever. Have a best friend at work? If so, you’re probably more engaged in your role, while your employer is likelier to enjoy bigger profits and more satisfied customers. Companies benefit from workplace friendships, and yet those very friendships are now at risk. With three million jobs becoming work-from-home roles in 2021, some younger workers have not yet seen their colleagues face-to-face. Employers hope to boost relationships through holding fun events, such as nature walks and online trivia. [NYT]

•

Friends in high places. Friendships that transcend class lines are what enable people from disadvantaged backgrounds to move up the economic ladder, new research reveals. In America, areas that have the most upward mobility are also the ones where low-income and high-income residents are more likely to connect, finds a Harvard economist. Underprivileged kids that become a part of communities with more cross-class relationships earn a 20% higher salary, on average, when they’re adults. [NPR]

Our research shows that employees who feel more connected with people in their networks are 1.5 times more likely to report being engaged at work.

Our insights

•

Power of connection. Individuals, leaders, and teams that feel connected and trust one another tend to be more loyal, productive, and efficient. But professional networks have recently been shrinking, find McKinsey senior partners John Parsons, Bill Schaninger, and colleagues. A McKinsey survey of 5,500 US workers reveals that more than 75% of respondents in full-time roles report having less frequent connections, smaller networks, and putting less time and effort into relationships since the COVID-19 pandemic began.

•

Dwindling relationships. With employees continuing to leave jobs at unprecedented rates, the decline in social capital is concerning. When workers leave, companies can experience significant losses in productivity and knowledge, in addition to bearing the expense of replacing employees. Women and frontline workers are more likely than others to face a lack of access to networks, McKinsey research suggests. Discover how organizations can assess three dimensions of social capital and address any gaps.

Shore up social capital

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:14 - 22 Aug 2022

Can't join us tomorrow? Register and catch the full recording of the IoT and automation webinar

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by "Audrey Bogdanovic" <marketing-info@sumologic.com> - 09:00 - 22 Aug 2022

Designing for a better future

Harmony Internal - McKinsey

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What is design thinking? According to Danish design experts Christian Bason and Jens Martin Skibsted, it’s a human-centered approach to innovation and change, and often a process businesses use as “creativity in a bottle.” While design thinking has been widely adopted in the business world, how can it be used to address pressing global challenges—and can we design a future that benefits the human experience? Don’t miss a new Author Talks interview on how to expand the way we think about design thinking and solving problems. And if you’re a leader interested in how design can improve your strategy and performance, check out this blog post by McKinsey partner Melissa Dalrymple.

Edited by Katherine Tam
Digital Editor, New York

Expand: Stretching the Future By Design book cover

Author Talks: Design your future

Danish design experts Christian Bason and Jens Martin Skibsted say humanity needs a more expansive outlook on problem-solving—one that is less human-centered and more future-proof.

Make the time

Quote of the day

“As AI becomes more widely used across industries, the demand for specialists will continue to rise. We need to inspire the next generation of data and AI specialists to be curious and gain exposure to the workplace at an earlier age.”

—Selim Turki, head of data and AI at Careem on attracting cutting-edge AI practitioners in AI and the super app: An interview with Careem’s Selim Turki

Chart of the day

The integrated business planning of many organizations fall short

ALSO NEW

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:09 - 22 Aug 2022

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by "Sangoma Technologies" <apacmarketing@sangoma.com> - 06:31 - 22 Aug 2022

Taking the pulse: A leader’s guide to employee health

Harmony Internal - McKinsey

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Edited by Rama Ramaswami
Senior Editor, New York

The global health crisis wrought by COVID-19 has highlighted concerns about the long-term well-being of the workforce. As employees continue to quit, leaders are struggling on all fronts to stem the tide of attrition—and an important focus of their efforts is workers’ physical and mental health. Leaders want their employees to feel healthy, happy, and connected; they also want them to be productive in their roles. The American economy loses about $3.2 trillion annually from premature deaths and diminished productivity due to illness. Research shows a positive correlation between better employee health and higher productivity : even simple lifestyle changes can enable workers to get more done during the day. Here are some ways you can help your employees (and yourself) stave off health risks.

AN IDEA

Image of two women smiling at each other

Expand health benefits even if they cost more

Employers have traditionally been cost-conscious about providing health benefits, but that balance is changing as the growing exodus of talent pressures companies to offer incentives to hire and retain employees. McKinsey’s latest Employer Health Benefits Survey shows that despite the rising cost of healthcare, cost has become a less important factor for employers when choosing benefits carriers : the percentage of employers who consider total cost to be “extremely important” when selecting a benefits carrier fell by 14 percentage points between 2016 and 2021. Voluntary benefits such as dental, vision, and short-term disability are becoming more common in benefits packages. Companies are also investing in health management solutions for conditions such as diabetes or hypertension, as employees with such chronic diseases tend to experience losses in productivity .

A BIG NUMBER

$4 billion

That’s the approximate amount that the US Centers for Disease Control and Prevention (CDC) has allocated toward strengthening public-health departments across the country. About 75 percent of those funds are earmarked for public-health workforce hiring, retention, and professional development, a move that would help address losses in local public-health workforce capacity over the past decade. McKinsey research shows that globally, more people with a disease report low support from public-healthcare systems than those without a disease.

A QUOTE

“Health is a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity.”

That statement from the World Health Organization’s 1948 Constitution still applies today. “This definition encompasses the interconnectedness of health—a concept that goes back to ancient cultures,” says Harvard University psychiatrist Shekhar Saxena in a conversation with Kana Enomoto , director of brain health at the McKinsey Health Institute. When considering approaches to healthcare, “It’s important that we go back to this holistic and integrated concept of health rather than take each component separately,” Saxena says. For example, one way to improve mental-health outcomes may be to train all healthcare professionals in the basics of brain health. Training managers and supervisors to support mental health and positive relationships may have a significant impact on employee job satisfaction.

A SPOTLIGHT INTERVIEW

Universal and affordable healthcare may seem out of reach for many parts of the world. But collaboration across organizations can help address disparities , according to Dr. Akram Bouchenaki, CEO of Saudi Arabia–based Abdul Latif Jameel Health (ALJ). “The name of the game is partnerships,” he says in this discussion with McKinsey’s David Schwartz and Ahmed Youssef . Bouchenaki advocates “establishing as many partnerships as possible at different levels for training purposes, for funding, for screening campaigns, for awareness campaigns, for media support, and more.” For example, ALJ has partnered with a producer of low-cost handheld ultrasound devices that can be used to train medical students. “We absolutely love this opportunity that will democratize access to ultrasound imaging,” Bouchenaki says.

WE KNOW WHAT YOU’LL BE READING THIS SUMMER

“Reading maketh a full man,” said the philosopher Francis Bacon, alluding to the broad knowledge that it brings. Reading also boosts physical and mental health—it can, for example, reduce stress, alleviate depression, increase longevity, and help prevent cognitive decline . If you haven’t been reading much lately, it may be time to hit the books. Check out McKinsey’s 2022 summer reading guide, in which leaders around the world share what they’re reading. Whether your tastes run toward biography, history, politics, or fiction, there’s something here for you.

Leading Off will take an end-of-summer break, but we’ll be back on September 12. Stay healthy, and thanks for reading.

Lead in good health.

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:44 - 22 Aug 2022

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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 11:05 - 21 Aug 2022

In a crisis, what do top-performing companies do differently?

On Point

Edited by Belinda Yu
Editor, Atlanta

What’s next for US businesses

The news

•

Don’t say recession. Is the biggest economy in the world headed for a recession? It’s a politically sensitive question with a complex answer, thanks to inconsistent indicators. US GDP declined for the second quarter in a row, which often precedes an eventual recession. Yet the economy added 372,000 jobs in June, unemployment remains historically low, and mass layoffs are nowhere in sight. Most economists don’t believe that the US is in a serious slowdown, but consumers are glum, and spending has started to slow. [FT]

•

Corporate cheer. The US economy may be contracting, but many corporate executives are sharing buoyant earnings reports, with some even announcing record-high revenues. About half of the biggest US companies have reported earnings for the second quarter, and although some companies have underperformed, the disclosures don’t point to a collapsing economy. Analysts expect that companies in the S&P 500 will grow their earnings by 10% this year. Still, businesses face considerable headwinds, including strained supply chains. [NYT]

The moves companies make now could account for half of the difference in total shareholder returns between leaders and laggards over the next business cycle.

Our insights

•

Mixed signals. What’s going on with the US economy? Despite GDP contracting at an annual rate of 1.6% in early 2022, unemployment remains low, consumers and business defaults are at historic lows, and corporate cash balances are healthy. Since 2019, most sectors have expanded revenues and margins, putting businesses in a good place to enter a period of uncertainty, find McKinsey senior partners Stephan Görner, John Kelleher, Ida Kristensen, Asutosh Padhi, Alex Panas, and colleagues. But that could soon change.

•

Beating the odds. Top-performing companies take immediate steps in a crisis to build resilience, such as making roles more flexible and clarifying goals, McKinsey research shows. During the 2008 financial crisis, the most resilient companies outperformed in the months leading up to the crisis, during it, and then extended their lead in the years that followed. Explore three scenarios that capture a range of disruptions to the US economy, and learn how businesses can build resilience and outpace competitors.

See how the economy may evolve

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ยกเลิกการเป็นสมาชิก | นโยบายความเป็นส่วนตัว

by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:15 - 21 Aug 2022

12 เทคโนโลยีใหม่ที่สามารถขจัดการปล่อยคาร์บอน - ดาวน์โหลดรายงานฟรี

Schneider Electric

รายงานความยั่งยืน ‘Back to 2050’		ดูออนไลน์

จะลดการปล่อยก๊าซให้เป็นศูนย์ภายในปี 2050 ได้อย่างไร?

ในการจำกัดภาวะโลกร้อนไว้ที่ 1.5 องศา การปล่อยก๊าซคาร์บอนไดออกไซด์จะต้องมีค่าเป็นศูนย์ภายในปี 2050 และลดลง 30-50 เปอร์เซ็นต์ภายในปี 2573 ซึ่งการปล่อยก๊าซเรือนกระจกส่วนใหญ่มาจากการผลิตพลังงาน ในการเปลี่ยนผ่านไปสู่เศรษฐกิจสุทธิเป็นศูนย์จึงเป็นการเปลี่ยนแปลงด้านพลังงานในสัดส่วนที่สำคัญที่สุด ความเร็วและขอบเขตของการเผยแผ่นั้นไม่เคยมีแบบอย่างมาก่อนในประวัติศาสตร์ ซึ่งสิ่งนี้จะต้องเกิดขึ้นภายในช่วงระยะเวลาที่สั้นกว่าภายในอดีตถึงสองเท่าและในระดับโลก

สามารถทำสิ่งนี้ให้เป็นจริงได้อย่างไร?

อ้างอิงจากรายงาน ' Back to 2050' โดยครอบคลุมการเปลี่ยนแปลงที่สำคัญ 12 ประการในการขจัดคาร์บอนไดออกไซด์โดยรวม เช่น การขับขี่อัตโนมัติ การผลิตพลังงานสะอาดแบบกระจายศูนย์ และการชาร์จ EV อัจฉริยะที่จะส่งผลต่อการลดการใช้พลังงานและการปล่อย CO2 ในระยะยาว ค้นหารายงานฉบับเต็มได้ฟรี

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by "Schneider Electric" <reply@se.com> - 09:01 - 21 Aug 2022

The week in charts

The Week in Charts

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ALL THE WEEK’S DATA THAT’S FIT TO VISUALIZE

Our Charting the path to the next normal series offers a daily chart that helps explain a changing world—as we strive toward sustainable and inclusive growth. In case you missed them, this week’s graphics explored machine learning in higher education, biopharmaceutical outperformers, life insurers, black beauty brands, and retail media networks.

FEATURED CHART

Machine learning meets higher learning

This week’s other select charts

Doubling down on innovation 

A cost-efficiency conundrum

Underrepresented in revenues

Myth busting in marketing

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Understand the nuanced sentiments

by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:58 - 20 Aug 2022

Analytics, hiring frontline talent, and more reads for the weekend

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Joyce Yoo
Digital Editor, New York

The weekend is here, which means it’s time to get caught up on the week’s essential reads. Get the latest on US consumer confidence, using analytics to address inflation risks, retaining and attracting frontline talent and more.

Although US consumer confidence overall has declined, there are glimmers of hope. Tamara Charm, Kelsey Robinson and their coauthors break it down in eight charts.

See how analytics can be used to improve decision making in a high-inflation environment in a new article by Renzo Comolli, Arvind Govindarajan, Chetan Venkatesh, and Yushan Zhang.

Gain competitive advantage

How can retailers create a competitive advantage when hiring talent? David Fuller, Bryan Logan, Pollo Suarez, and Aneliya Valkova explore what frontline workers want in a job.

Check out the 6 charts

Our weekly briefing note on sustainable and inclusive growth dives into ESG (environmental, social, and governance), DEI (diversity, equity, and inclusion) and more.

Get the latest update

Quote of the day

“I have realized that managing diverging stakeholder interests is one of the most important things I can do as a CEO. I used to go around trying to convince people by giving speeches about what’s in the best interest of the company, but then I didn’t understand why I couldn’t win people over as much as I’d hoped to.”

—Patrick Hylton, CEO of NCB Financial Group on communicating with stakeholders in One CEO’s journey to becoming a business builder

Chart of the day

Chart of student impressions of learning technologies

Just as food delivery is booming, the speed with which groceries can arrive at your door is taking off. Berker Yağci of Getir, one of the leading start-ups promising to deliver within just 10 or 15 minutes, talks about the challenges and opportunities in the dynamic sector.

ready to unwind?

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Quick commerce pushes the limits on grocery delivery

Tune into the podcast

The new imperative for green commodities

The energy and materials transition is reshaping the strategic toolbox of commodity producers. Seven actions can help them master the transition.

New opportunities in de-commoditization

43-Down: Having pages with corners folded over

Know the answer? Test yourself with the latest McKinsey Crossword, Organized Animals | No. 89.

The world is your oyster

Follow our thinking

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Though its doubters are legion, ESG is more essential now than ever. Our weekly digest of McKinsey insights explores that topic.

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:46 - 19 Aug 2022

Sustainable and inclusive growth: Why ESG is more essential now than ever

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New from McKinsey & Company

Sustainable and inclusive growth: A weekly briefing

Get updated

Related Reading

Does ESG really matter—and why?

Forward Thinking on war in Ukraine, inflation, and cooperation in a fractured world with Jean Pisani-Ferry

McKinsey Insights - Get our latest thinking on your iPhone, iPad or Android.

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 12:45 - 19 Aug 2022

Be a change agent: Problems don’t get solved on their own

The Shortlist

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OUR BEST IDEAS, QUICK AND CURATED | AUGUST 19, 2022

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This week, how people with resources and networks (or just the will to change things) can give back. Plus, an interview with Morgan Stanley chairman and CEO James Gorman, and the plentiful picks on McKinsey’s annual summer reading list.

Illustration of many yellow butterflies and one pink butterfly

You’ve done it. After another busy year, you’ve made it to that beach—or mountain range, piazza, or ancient ruin—to stare at a beautiful vista and ponder . . . nothing at all. But once you’ve wound down, it might be time to take a little stock. You’re a lucky person. How can you give back?

Many people yearn to help minimize suffering and promote flourishing within their societies. Yet it can be difficult to figure out how to do that on an individual level. McKinsey and Ashoka, a leading global network of social entrepreneurs, recently joined with Echoing Green, Generation Pledge, and Catalyst 2030 to produce a new report—Influence for good: How highly resourced individuals could work towards positive systemic change.

Discovering. The report, as the title suggests, focuses on highly resourced individuals—those with the means and networks that make them well positioned to deliver impact. It highlights the Look–Envision–Build (LEB) model created by Generation Pledge, a community of individuals with inherited wealth who seek to mobilize their financial, social, career, and political capital to generate more significant change.

Changing. However, money doesn’t have to be a prerequisite; anyone who wants to participate in causes that matter to them can learn from the LEB framework. People may “look” at how their assets, investments, and conduct contribute to the status quo, especially on social issues. Then they can “envision” an action plan in areas where they feel they can do the most good. After that comes the “build” phase, when groundwork translates into action.

Amplifying. There’s no question that change management is hard for individuals, organizations, and governments alike. Most systems operate according to status quo—a natural equilibrium that is difficult to disturb without mighty efforts by individuals and teams. In a 2021 episode of the McKinsey on Government podcast, Kirk Rieckhoff , a McKinsey senior partner in Washington, DC, explains how to get people on board and achieve meaningful goals. “You’re only one person,” says Rieckhoff. “But you can amplify this aspiration if you have ten other people on board with you.”

Mindset is crucial. Maybe all the disturbing news out there is making you feel you can’t change anything. But it’s possible to reframe the root causes of mindsets that block change. It also helps to recognize that you have more influence on other people than you may think. In a 2021 Author Talks interview, the social psychologist Vanessa Bohns discusses why failing to recognize our ability to influence can lead us to miss opportunities. “We walk through our lives, and we don’t realize how many people notice us and, because they notice us, how many people might imitate our behavior, or change their behavior because of something we did or said,” Bohns notes. “And so we also have this sense of obliviousness at times about the trail of chaos or trail of positivity that we leave behind us.” A trail of positivity sounds a lot nicer.

OFF THE CHARTS

Retail banking gets ‘phygital’

Chart in growth of digital retail banking sales

In 2021, more than 40 percent of core retail banking sales originated digitally, representing a new high. At the same time, a 4 percent increase in digital sales was not enough to compensate for a 15 percent decline in the still-larger branch channel when facilities became inaccessible early in the pandemic. Accelerating digital and upgrading the physical experience to “phygital” offers a viable solution to the problem of banking distribution. But questions remain: Can digital channels replace branches as the dominant sales channel for financial services? Did COVID-19 really accelerate a permanent channel shift, or will customer behavior trend back toward historical habits when the pandemic recedes? The responses to McKinsey’s Retail Banking Survey offers banks some guidance on how to answer these questions.

Check out our chart of the day here.

PODCAST

‘Don’t do strategy by envy’

In a recent episode of McKinsey’s Inside the Strategy Room podcast, James Gorman, chairman and CEO of Morgan Stanley, explains how he reshaped the firm in the wake of the 2008–09 financial crisis by relying on his fundamental views of where the financial-services industry was heading. He also talks about reshaping Morgan Stanley’s strategy, why a company’s culture needs a stable foundation, and how to balance the chances of catastrophic risk with confidence in natural strengths. “It’s like playing poker,” Gorman notes. “When you’ve got the cards, you’re aggressive. You never know if you’re going to win, but if the odds are way in your favor, you get aggressive. It’s a combination of being extremely conservative managing against catastrophic risk and extremely aggressive when you’ve got the cards.”

More on McKinsey.com

It’s time to become a digital investing organization | AI and other digital technologies are ushering in the next horizon of performance differentiation in the investment sector. Here’s how to level up.

Industrial electrification and value creation | Electrification brings major opportunities for industrial companies across the value chain—from integrators to raw-material suppliers—but also requires timely actions and investments.

Why rising fuel prices might not be as bad for the airline sector as it seems | Fuel price hikes put the airline industry under strain—but may prompt airlines to limit overcapacity, leading to better returns and industry stability.

WHAT WE’RE READING

Image of several books stacked on each other

Your 2022 summer reading guide

It’s not too late to pick up a tome or two as the summer winds down. McKinsey asked a range of leaders around the world to share what they’re reading—and hope to read. They selected books on topics covering everything from politics, government, and history to science, technology, and workplace culture. It didn’t surprise us that CEOs and other leaders gravitated toward genres that offer not just possible answers to global challenges but also historical context and lessons. Plus, there is plenty of poetry, psychology, and fiction thrown in to provide a much-needed respite for readers. Check out our annual guide here.

— Edited by Barbara Tierney

SHARE THIS WHAT WE’RE READING

BACKTALK

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by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 01:20 - 19 Aug 2022

A reflection on global food security challenges amid the war in Ukraine and the early impact of climate change

Harmony Internal - McKinsey

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The global food system requires exquisite balance to maintain equilibrium, but this year has been rife with disruption. The war in Ukraine and consequent logistical constraints in the Black Sea have caused a drop in exports from one of the world’s six breadbaskets—and provoked a chain reaction of events that are being felt around the world. What can be done to prepare for and mitigate the impact of a food system at risk? A new article by Daniel Aminetzah, Artem Baroyan, Nicolas Denis, Nelson Ferreira and their coauthors dives into the current situation and lays out what we can expect next year. Get perspective on the unfolding crisis and learn what can be done to help reduce risks.

Edited by Joyce Yoo
Digital Editor, New York

A reflection on global food security challenges amid the war in Ukraine and the early impact of climate change

Geopolitical and climatic events are impacting the food system’s resilience. Here’s what happened this year, what may come next year, potential consequences, and considerations that may mitigate the impact.

Be prepared

Quote of the day

“It’s the meta-science, meaning ‘science of science.’ How do we apply the scientific method to how we’re funding science itself? That means more experimentation, randomization. We should probably be looking at a more diverse set of institutions and types of researchers we’re funding.”

—Alec Stapp, co-founder and co-CEO of the Institute for Progress on funding science in a recent episode of the McKinsey Global Institute’s Forward Thinking podcast

Chart of the day

Chart detailing performance, branding building, and ease of use are the key factors in retail media network choice

The co-founder and co-CEO of a new think tank, the Institute for Progress, talks about its mission to accelerate scientific, technological, and industrial progress while safeguarding the future of humanity.

ALSO NEW

Forward Thinking on progress in science funding, immigration, and biosecurity with Alec Stapp

Challenge yourself

The ten rules of growth

Empirical research reveals what it takes to generate value-creating growth today.

Follow a holistic blueprint

Illustration of a woman at work on laptop

People and places: How and where to work next

Selling, general, and administrative functions are integral to your organization’s success. What’s the best place for those people to work?

Rip up the rulebook

Follow our thinking

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