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

by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:55 - 29 Aug 2022

The week in charts

The Week in Charts

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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 integrated business planning, space junk, green steel, the Black beauty industry, and supply chains.

FEATURED CHART

School yourself on space junk

This week’s other select charts

Next-level planning 

Getting to greener steel

VC funding and the Black beauty industry

Sustainable supply chains

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Melissa Daimler defines the formula for strong company culture: “Why are we in business? Why are we here? Why does it matter? Identifying that is important because we’re dealing with the Great Resignation and the Great Reset. A lot of this is because employees aren’t finding meaning in their jobs—they’re not finding an opportunity to grow. I often hear leaders say, ‘It doesn’t matter, that’s just the soft stuff,’ about culture—but it does.” Watch the full interview.

Andrew Leon Hanna shares a lucrative opportunity for purpose-based investors: “Refugees contribute about $63 billion in fiscal surplus to the US government. From an economic point of view, from a moral point of view, and really just from a cultural spirit and joy point of view, we’re missing out on quite a bit. Now is a better time than ever to reassess and say, ‘What are we doing to solve these issues?’” Watch the full interview.

Christian Bason and Jens Martin Skibsted aim to future-proof design thinking: “Building stuff for the near future for humans is what got us into this mess in the first point. And so, even though we’re not taking a big bash at design thinking, we are suggesting that we’re at a time now when we really need to go beyond the success of design thinking.” Watch the full interview.

by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:58 - 27 Aug 2022

Summer’s almost over—which of our book picks did you read?

Readers & Leaders

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THIS MONTH'S PAGE-TURNERS ON BUSINESS AND BEYOND

With more than 100 selections on our 2022 summer reading guide, it would be too difficult to pick favorites—thankfully, we didn’t have to. Among books on workplace culture, public health, and more, a few recurring recommendations united our contributors’ bookshelves (great minds, and all that). In a year of global challenge, leaders in business and media layered new wisdom on politics and management with the timeless comfort of classic and contemporary literature. See the most popular books and genres, and find out which publishing house dominated this year’s guide. You can also find out what McKinsey global managing partner Bob Sternfels, and senior partners Tracy Francis, Sven Smit, Gautam Kumra, and others had on their reading lists.

Plus, catch a roundup of this month’s Author Talks on entrepreneurship in refugee camps, design thinking for the future, and workplace culture in the remote age. Itching for more good reads? Head to McKinsey on Books for this month’s bestselling business books, prepared exclusively for McKinsey by NPD BookScan, plus more of the latest. To get Readers & Leaders in your inbox monthly, click here to subscribe.

WHO MADE THE TOP 5?

WHO MADE THE TOP FIVE? Which books, publishers, and genres were most popular on our 2022 summer reading list? Make your guesses and check out the rankings below.

Books (in alphabetical order after first place):

1.

Liberalism and Its Discontents by Francis Fukuyama (May 2022). Recommended by Mina Al-Oraibi, editor in chief of the National; Azeem Azhar, creator of Exponential View newsletter; and David Vélez, cofounder and CEO of Nubank.

2.

Citizens: Why the Key to Fixing Everything Is All of Us by Jon Alexander (March 2022). Recommended by Lisa Witter, CEO of the Apolitical Foundation; and Katherine Garrett-Cox, CEO of Gulf International Bank (UK).

3.

How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need by Bill Gates (August 2022). Recommended by Noel Quinn, CEO of HSBC; and Magnus Tyreman, senior partner at McKinsey.

4.

Leadership: Six Studies in World Strategy by Henry Kissinger (July 2022). Recommended by Laxman Narasimhan, CEO of Reckitt Benckiser; and Anjhula Mya Singh Bais, international board chair of Amnesty International.

5.

Think Again: The Power of Knowing What You Don’t Know by Adam Grant (February 2021). Recommended by Børge Brende, president of the World Economic Forum; and Gautam Kumra, senior partner at McKinsey.

Publishers:

1.

Penguin Random House – 47 books

2.

Hachette Book Group – 18 books

3.

Simon & Schuster – 14 books

4.

HarperCollins Publishers – 9 books

5.

TIE: Macmillan and W. W. Norton & Company – 8 books

Genres:

1.

History – 23 books

2.

Biography & memoir – 22 books

3.

Fiction, poetry & essays – 21 books

4.

Business & economics – 15 books

5.

Politics & government – 16 books

IN CASE YOU MISSED IT

BUSINESS BESTSELLERS TOP

8

It’s still not too late to squeeze in some summer reading. For more inspiration beyond our 2022 summer reading guide, check out this month’s selection of the top business bestsellers in eight categories, prepared exclusively for McKinsey by NPD BookScan. Explore the full lists on McKinsey on Books.

BUSINESS OVERALL

Atomic Habits: An Easy & Proven Way To Build Good Habits & Break Bad Ones by James Clear (Penguin Group USA)

BUSINESS HARDCOVER

Atomic Habits: An Easy & Proven Way To Build Good Habits & Break Bad Ones by James Clear (Penguin Group USA)

DECISION MAKING

Blink: The Power of Thinking Without Thinking by Malcolm Gladwell (Hachette Book Group)

ECONOMICS

Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by Steven D. Levitt (HarperCollins Publishers)

ORGANIZATIONAL BEHAVIOR

Atomic Habits: An Easy & Proven Way To Build Good Habits & Break Bad Ones by James Clear (Penguin Group USA)

WORKPLACE CULTURE

Who Moved My Cheese?: An Amazing Way to Deal with Change in Your Work and in Your Life by Spencer Johnson (Penguin Group USA)

DIVERSITY & INCLUSION

Caste (Oprah’s Book Club): The Origins of Our Discontents by Isabel Wilkerson (Random House)

SUSTAINABILITY

Net Positive: How Courageous Companies Thrive by Giving More than They Take by Paul Polman (Harvard Business Review Press)

BOOKMARK THIS

2022 summer reading guide

McKinsey’s annual book list from leaders, authors, and editors is back—with something for everyone.

Explore the list

The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America

McKinsey’s new #TitaniumEconomyBook explores industrial tech and reveals this underappreciated and undervalued sector for what it really is: a reliable source of high-paying, domestic jobs and soaring stock prices.

Preorder your copy now 

If you’d like to propose a book or author for #McKAuthorTalks, please email us at Author_Talks@Mckinsey.com. Due to the high volume of requests, we will respond only to those being considered.

—Edited by Molly Liebergall, a digial editor in McKinsey’s New York office

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McKinsey Classics | August 2022

by "McKinsey Readers & Leaders" <publishing@email.mckinsey.com> - 11:44 - 27 Aug 2022

Keeping customers happy in hard times

Harmony Internal - McKinsey

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Keeping customers happy in hard times

Some executives think it’s necessary to cope with challenging times by slashing customer service, and many of them did just that during the recession of 2008. They were clearly deluded, however, as e-commerce was making customer satisfaction even more important. Yet hard times call for creative solutions. How can companies maintain or improve their service levels while managing costs? A 2008 McKinsey article suggested that they should rigorously test their ideas about what makes customers
satisfied. In doing so, many find that their long-held ideas are simply wrong.

Consider time-to-answer, a metric used to calculate employment in call centers. Unfortunately, a 10 percent improvement requires much more than a 10 percent increase in staff. Some companies have carefully measured their customers’ attitudes on this subject. A wireless telecom provider found that answering phones immediately produced delight among customers and that leaving them on hold for a specific number of seconds—the patience threshold—produced strong dissatisfaction. Customers didn’t care about times in between these poles. The company relaxed its service levels but carefully avoided crossing the patience threshold. Customer satisfaction dropped negligibly, but the significant savings in staff costs were reinvested to raise it by making problems easier to resolve.

This isn’t an isolated example. Read our classic article “Maintaining the customer experience.”

— Roger Draper, editor, New York

Learn what’s really important to customers

Related Reading

CX without design only gets you halfway

Adapting customer experience in the time of coronavirus

Six customer experience pitfalls to avoid

Did You Miss Our Previous McKinsey Classics?

How the best organizations manage talent

Of the practices that influence an organization’s productivity, talent management is often the one most in need of improvement. Read our 2011 classic “How the best organizations manage talent.”

Improve your teams’ productivity

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by "McKinsey Classics" <publishing@email.mckinsey.com> - 09:28 - 27 Aug 2022

The metaverse, health system supply chains, and more big reads for the weekend

Harmony Internal - McKinsey

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Joyce Yoo
Digital Editor, New York

As we head into the final weekend in August, take the time to catch up on some of this week's big reads including the metaverse, technology and cyber risk, supply chains in health systems and more.

Image of various medical tools on a white table

The pandemic has forced health system supply chains to become more resilient. William Weinstein and his coauthors explore how to improve the function's performance and strategic value.

Move forward

Illustration of a long digital corridor with various blue dots flanking either side

McKinsey's new Metaverse Talks series includes interviews with leading executives about navigating the future of the virtual world.

Check out the Q&As

Illustration of a net with illuminated points

James Kaplan and his coauthors explain the importance of developing an end-to-end risk appetite framework for tech risk and cyber risk.

Reap the benefits

Our weekly briefing note on sustainable and inclusive growth explores sustainable production of commodities and more.

Get the latest update

Quote of the day

“You project a word or person in whichever direction you want to go, rather than conducting an analysis where you break things apart. You ideate, you come up with something, and you iterate and iterate. You have to start over many times. At the end, you can get to a result you’re happy with.”

—Jens Martin Skibsted, a global partner at Manyone, on design thinking in a recent Author Talks interview

Chart of the day

Graphic of supply chain components in industry-wide ESG initiatives

Multiple excavations for infrastructure improvements can be disruptive to the public. Coordinating projects could minimize negative impacts and help states manage supply chain and labor shortages.

ready to unwind?

Image of construction alongside a traffic jam

‘Dig once’ could help states manage material and worker shortages

Plan early

Image of a woman standing in flood waters, looking at a road

Building resilience: The history and future of US crisis management

The crisis management community has made great progress on building resilience in the past two decades, but much work remains to prepare for a future of more frequent and damaging disasters.

Be prepared

65-Across: Legislation from 50 years ago that strove for gender parity ... or how 1-, 25-, 35-, and 48-Across could be described?

Know the answer? Test yourself with the latest McKinsey Crossword, Gender Parity | No. 90.

Promote equality

Follow our thinking

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OUR BEST IDEAS, QUICK AND CURATED | AUGUST 26, 2022

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:06 - 26 Aug 2022

You’re busy all day long. But are you getting anything done?

The Shortlist

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Edited by Barbara Tierney
Senior Editor, New York

This week, how to un-master the art of being pointlessly busy. Plus, how CFOs can rebrand themselves as innovation allies, and Tech for Execs on paying down technical debt.

Busy bodies. The slow season is coming to a close for many of us, and that means the busy season is about to begin. And being busy is good—unless it’s not. One article that senior partner Aaron De Smet and colleagues published back in January that continues to resonate with McKinsey readers poses a simple question: “If we’re all so busy, why isn’t anything getting done?”

Energy drain. In our efforts to connect across our organizations, we’re drowning in real-time virtual-interaction technology, from Zoom to Slack to Teams, plus group texting, WeChat, WhatsApp, and everything in between. But while interacting is easy, value-creating collaboration is not. Every minute spent on low-quality engagement takes away from more important activities that create forward momentum, however you define it.

Telling versus delegating. Many organizations struggle to find ways to identify and pursue solutions. Bureaucracies and micromanagement (often part of “busy work”) slow down a company’s response to the market and to customers, preventing leaders from focusing on strategic priorities. They also make employees unaccountable and lacking in responsibility, leading not just to inefficiencies but also to workers feeling undervalued and disengaged. McKinsey research suggests that empowering employees and spending more time on high-quality coaching interactions are the way to go.

The empowerment mindset. To instill this dynamism in a culture , leaders can role-model mindsets and behavior that promote empowerment; managers can role-model, communicate, and build the coaching skills they want to see. In particular, managers and employees will need significant support to get comfortable with failure. To accommodate and even celebrate setbacks as a necessary step on the way to success, organizations can focus on reworking performance-management, investment, and training processes and structures.

Decision-making responsibilities, too, are obviously crucial, but they’re different from empowerment. Many organizations don’t delineate who gives input and who ultimately makes the decisions. Role clarity allows employees to navigate their jobs more easily, speeds up decision making, and can lead teams to be more customer focused, for example. To make this shift, leaders have to ensure that everyone is crystal clear about who has a voice and who has the actual power to vote or veto. This is harder than it sounds, but there is life after death by committee.

Mind melds. You have built a great team of skilled people who trust one another. They feel empowered. You have clarified roles. Yet meetings are still often unfocused and unproductive. To turn this workhorse of the modern organization into something you look forward to, not dread, ask these three questions: Should we even be meeting at all? What is this meeting for, anyway? And what is everyone’s role? These questions offer the meeting-challenged—from the C-suite to the smallest sales office—a way to help ensure that the session produces better business decisions.

OFF THE CHARTS

A promising source of decarbonization: heat pumps

Chart of estimated greenhouse gas emissions for common heating options in the Northeastern US

Reducing power sector emissions is key to most decarbonization pathways. On a grid that is primarily powered by fossil fuels, carbon emissions can be at their highest during peak load times, when fossil-fuel-powered auxiliary stations come online to meet sharp increases in demand. Our analysis shows that, for a typical North American grid, heat pumps powered by renewables could produce significantly lower emissions than those from other common heating methods.

Check out our chart of the day here.

PODCAST

Image of three colleagues talking in an office setting

The office gets a whole new (floor) plan

Where do companies stand with return-to-office mandates? Can companies even issue them successfully, given the resistance by many employees? In this episode of the McKinsey Talks Talent podcast, McKinsey experts discuss the office space of the future —including what workers want, what employers need, and how workplaces will need to change accordingly. “Some work needs to be done together, but not a spurious mandate—not a ‘We’re back in charge now’ orientation,” says Bill Schaninger , a senior partner and talent leader. “I think that’s a fool’s errand and will continue to destroy your value proposition.”

More on McKinsey.com

How CFOs can rebrand themselves as innovation allies | When it comes to the innovation process, research shows that many business unit leaders view the CFO and the finance team as obstacles, not allies. To change that perception, CFOs can take these five actions.

The strong job market isn’t benefiting all Americans | Many respondents to McKinsey’s latest American Opportunity Survey say that limited opportunities and a lack of skills are keeping them on the sidelines of the tightest labor market in 50 years.

Digging into global food security challenges | Geopolitical and climatic events are affecting 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.

TecH for execs

Image of three dimensional building blocks stacked on each other

It’s time to pay down your tech debt

Our experts serve up a periodic look at the technology concepts leaders need to understand to help their organizations grow and thrive in the digital age.

What it is. Technical debt is the price your business pays—literally—for writing bad code, deferring maintenance, or increasing the complexity of your IT systems through trade-offs, lack of investment, or a focus on short-term solutions. Each of these actions makes developing any future technology products or services more time consuming and expensive. It’s as if you were to take your car to a mechanic who did the bare minimum to keep your car running each time and ignored the more fundamental issues with your car. Then every time you bring your car in for servicing, it becomes more and more expensive because of all the issues that were ignored earlier.

Why it’s important. For any business that relies on technology to compete, technical debt is a silent stifler of innovation and progress. The bigger your technical debt, the more it acts as an anchor slowing down your technical advances . According to almost a third of the chief information officers we have surveyed, 20 percent of their technology budgets that are ostensibly dedicated to new products are diverted to resolving issues related to tech debt. They also estimate that tech debt amounts to 20 to 40 percent of the value of their entire technology estate (before depreciation). For larger organizations, this translates into hundreds of millions of dollars of unpaid debt, and it’s not getting any better; tech debt continues to rise in most of the organizations we examined.

Paying down your tech debt frees up tech dollars to go to business priorities, and has some big upsides for your people, too. We have found that actively managing tech debt can free up engineers to spend as much as 50 percent more of their time on work that directly supports business goals. Less maintenance, more productivity.

Where does technical debt live? That’s a good question, and one that many tech leaders have difficulty answering because the tech debt that lurks in systems is obvious only once work on it is needed. But some telltale signs include rising costs and numbers of people focused on doing maintenance work (often on legacy systems) and increasing delays and costs in developing new technology products and solutions.

What you can do about it. One of the reasons technical debt is so debilitating is that few companies know the extent of it or what parts of their IT stack are causing it. So a good place to start is to identify where your tech debt lives and measure its size, though get ready for a potential shock. One large North American bank learned that its more than 1,000 systems and applications together generated over $2 billion in tech-debt costs. Other successful actions we’ve seen include putting a cash value on the tech debt generated by each application (or providing discounts when tech debt is removed) so everyone understands the true cost of the decision, or reserving fixed team capacity to tackle tech debt . These actions create real incentives for teams to focus on the big technology picture and help make tech debt an integral part of decision making on tech.

What technology concepts would you like us to help explain next? Let us know.

Share this Tech for Execs

BACKTALK

Have feedback or other ideas? We’d love to hear from you.

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

by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:36 - 26 Aug 2022

The ‘wounded masculine’ is dominating the workplace. What’s the antidote?

On Point

Edited by Gwyn Herbein
Assistant Managing Editor, Atlanta

Lead like a girl

The news

•

Hit me in the feels. Empathy—showing genuine concern for employees’ lives—is becoming one of the trendiest skills in management. As companies try to help workers counteract the stress and burnout of the past two years, empathetic leadership is gaining traction in management training programs. Some senior leaders think that acknowledging workers’ perspectives and struggles leads to higher engagement and productivity. Others worry that an outsize focus on feelings may inhibit constructive feedback and growth. [WSJ]

•

The power of emojis. Workplace hierarchies aren’t as visible in remote work settings, so today’s managers can’t exercise authority solely on the basis of their formal roles. Emojis and GIFs can serve a higher purpose in the hybrid environment. Workers who use collaborative tech platforms to make emotional connections can acquire relational power, allowing them to influence others regardless of job title. Managers might consider using technology platforms to show off their personalities and share more casual information with teams. [MITSloan]

“In the midst of the Great Resignation crisis, it’s actually more feminine traits—like intuition and empathy—that are becoming critical.”

Our insights

•

The ‘wounded masculine.’ Workplaces are collapsing to the “wounded masculine—a world of competition over collaboration and power over people,” says former Procter & Gamble marketing executive Dalia Feldheim. Disengaged workers cost companies $7 trillion in lost productivity worldwide. But combining positive masculine traits, like thinking strategically, with positive feminine traits, like passion, empathy, and teamwork, can help managers combat workplace unhappiness, Feldheim suggests.

•

Embracing ‘feminine’ leadership. At a time of widespread attrition and burnout, it’s more important than ever for leaders to embrace conventionally feminine traits, shares Feldheim, author of Dare to Lead like a Girl: How to Survive and Thrive in the Corporate Jungle. Research shows that women and men are equally effective as leaders, yet women occupy fewer leadership roles. Learn five leadership areas that women excel at, and see how Feldheim’s “5P” leadership model can increase the effectiveness of all leaders, regardless of gender.

Explore a new leadership model

Or send us feedback — we’d love to hear from you.

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:39 - 26 Aug 2022

Technology trends that matter in 2022

Harmony Internal - McKinsey

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Technology has undeniably become a permanent fixture in our lives. With so many advancements and innovations that are reshaping the way we live, what are the trends that matter the most for companies in today’s rapidly accelerating world? In a new interactive, Michael Chui , Roger Roberts , Lareina Yee , along with other members of McKinsey’s Technology Council , break down 14 of the most significant technology trends that are unfolding today and their impact and applications across 20 industry sectors. The analysis is based on tangible measures, including search engine queries, news publications, patents, research publications, and investment, plus dozens of interviews. Dive into the research and see how these trends relate to your organization.

Edited by Joyce Yoo
Digital Editor, New York

McKinsey Technology Trends Outlook 2022

Which technology trends matter most for companies in 2022? New analysis by the McKinsey Technology Council highlights the development, possible uses, and industry effects of advanced technologies.

Explore the research

Quote of the day

“We can’t just pull one lever and suddenly the world is fixed. We’re upgrading and tweaking and adjusting every part of the overall coverage model, and the success of the program is landing in pockets across many of those different aspects now.”

—James Bickerton, global head of client development for HSBC, on the bank's transformation program in How data and analytics are transforming the wholesale bank at HSBC

Chart of the day

Graphic of notable lack of venture capital investment in Black beauty brands

The chairman and CEO of Telefónica S.A. and chairman of the GSMA Board offers his thoughts on organizational delayering, a powerful new connectivity platform, and sharing the cost of building smarter networks.

ALSO NEW

photograph of Jose Maria Alvarez-Pallete Lopez

Telecom’s future in the Web3 era: José María Álvarez-Pallete López

Read the interview

Three imperatives for R&D in biosimilars

Enter the next wave

Sewage treatment plant with solar power station in city

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

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by "Sangoma Technologies" <webannounce@sangoma.com> - 05:31 - 25 Aug 2022

Going for a drive? What the myth of the open road means to Americans.

On Point

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

Edited by Belinda Yu
Editor, Atlanta

The road to equality

The news

•

Ticket to ride. Soon, the price of a subway ride could be unbeatable. All over the world, cities are trialing free fares for public transit. Officials hope that slashing fares will reduce reliance on cars, enable more equitable access, and boost usage at a time when many public-transit systems are still struggling to attract passengers. Slashing fares is costly, but offering free rides allows transit groups to do away with pricey ticketing systems. Some experts also argue that, like libraries and schools, transportation is a public good. [Wired]

•

Wheelchair woes. Broken equipment, a lack of privacy, and bathrooms that aren’t accessible: for those with disabilities, traveling by plane can be risky and stressful. One wheelchair user, the president of a US-based advocacy group for military veterans and others with disabilities, said that he spent four months in a hospital after two airline workers dropped him while helping him into a smaller wheelchair. He and other supporters say that airports and planes ought to better accommodate people with disabilities. [NYT]

“People should have access to transportation that’s equitable. There shouldn’t be entire groups of people who are simply left out of mobility.”

Our insights

•

On the open road. The myth of the open road is central to the American experience, says author and academic Mia Bay, who teaches history at the University of Pennsylvania. Americans travel for work and leisure, live apart from relatives, and join and leave communities. But the notion of mobility also comes with the myth that everyone can travel safely and easily, says Bay, who wrote Traveling Black: A Story of Race and Resistance. In reality, only some people are welcome everywhere they go.

•

Traveling Black. Black Americans enthusiastically greeted the arrival of automobiles. But in the US, travel by car became more segregated over time, as gas stations, hotels, and restaurants were often off-limits to Blacks, notes Bay. For people of color, planning a trip frequently meant overnighting with friends, finding gas stations that would serve them, and sticking to the safest routes. Explore the history of segregation in travel, and how the past can inform our present quest for equitable mobility.

See mobility’s hidden history

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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.

Watch the interview

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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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Alert! Best practices for alert quality

Alerts help identify and address issues before they impact your customers. But too many alerts can be overwhelming, desensitize the team dealing with them, and can even slow down the team’s incident response.

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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.

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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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Don't miss this opportunity to hear from industry leaders about how early detection of possible IoT threats as well as automated notifications and corrections are critical to surviving and avoiding disruptions to production and services.

Join Sumo Logic and Semnet on Thursday, 24th August as they share their extensive experience and recently deployed use cases including how Sumo Logic Cloud SOAR technology can work together with IoT to improve security posture in various industries and organizations.

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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

Mehnaz Mustafa spearheaded the creation of an innovative public-health data and analytics hub to inform New Jersey’s COVID-19 response, advance health equity, and tackle public-health challenges.

ALSO NEW

Lessons in leadership: Using data to drive public-health decisions

Be consistent

Pricing during inflation: Active management can preserve sustainable value

Industrial players are paying more attention to their pricing strategies to cope with inflation and ensure sustainable impact.

Take action

Transforming global trade: Views from Tradeshift CEO Christian Lanng

The leader of the Danish-born fintech talks about modernizing B2B payments, the significance of global trade, and an early meeting with a Silicon Valley mentor that keeps him centered.

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