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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:24 - 25 Jul 2022

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by "Zoho | Mani" <onlineevents-apac@zohocorp.com> - 11:48 - 24 Jul 2022

The week in charts

the Daily read

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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 for sustainable and inclusive growth. In case you missed them, this week’s graphics explored inflation’s effects on food, commodities, housing prices, and real wages.

FEATURED CHART

This week’s other select charts

Double Trouble

Commodities costs see widespread gains

Prices through the roof

Paycheck pinch

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:16 - 23 Jul 2022

Feminine leadership traits, the future of the US healthcare industry, and more: The Daily Read weekender

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Joyce Yoo
Digital Editor, New York

As you get ready for the weekend, catch up on the essential reads from the week and explore topics including leading like a girl, a low-emissions materials transition, the future of healthcare, and more:

Embracing conventionally feminine leadership traits such as collaboration, empathy, and intuition can benefit corporate leaders according to corporate consultant, Dalia Feldheim.

Improve your leadership style

Image of several large bundles of aluminum tubes in a warehouse

Industrial materials account for almost a quarter of all global CO2 emissions. Advances toward low-emissions materials and the circular economy—a materials transition—can speed progress to net zero.

On a path to net zero

Now is the time to make strategic choices and potentially big bets on the US healthcare industry.

Look to the future

Our weekly briefing note on sustainable and inclusive growth explores how the aviation sector can achieve net-zero emissions by 2050.

Get the latest update

Quote of the day

“Almost half of a worker’s lifetime earnings are attributable to the skills that they acquire through work experience. Therefore, human capital is intimately connected with the whole experience of being in the workforce and working with other people.”

—McKinsey senior partner Bill Schaninger on how we accumulate human capital in a recent episode of The McKinsey Podcast

Chart of the day

Chart of inflation impacting wage growth

Sustainable fuels are key to meeting 2030 decarbonization targets

ready to unwind?

Image of two people reviewing a textbook

Follow our thinking

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:33 - 22 Jul 2022

MD, last chance to let us know your opinion. don’t miss out!

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by "Remote" <hello@remote-comms.com> - 12:32 - 22 Jul 2022

Asia’s business leaders on navigating choppy economic waters

The Shortlist

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Our best ideas, quick and curated | July 22, 2022

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This week, snippets of wisdom from a wide range of Asia’s business leaders interviewed by McKinsey since the pandemic began. Plus, the future of health equity, and six secrets of profitable airlines (yes, there are a few).

Image of several white folded napkins behind a red folded napkin

Stepping back. Business leaders in Asia have been focusing on some big issues, from the threat of climate change to sluggish infrastructure development to the rise of a new, digitally savvy generation. While the region’s dynamism is a given, leaders have had to navigate these challenges against the backdrop of a pandemic that has left no aspect of business or society untouched. In the video series Leading Asia, McKinsey asks some of Asia’s most influential business voices what they have learned from navigating the past few years of choppy waters and what they see as the greatest opportunities ahead for the region.

New ground. Top of mind now for the business leaders McKinsey has spoken with are how to tackle the weaknesses in performance among Asian companies that preceded the pandemic and how to position themselves for success in an era shaped by accelerating technological change. There is no question that in such a competitive region, new opportunities are arising in services, digitization, and technology that demand new capabilities. Against this backdrop, CEOs are shifting priorities and revisiting their own leadership journeys.

Reconnecting with purpose. Sumant Sinha, managing director of ReNew Power, India’s largest renewable-energy company, discusses his company’s position amid Asia’s energy transition: “We’re working to further our purpose and expand our role in civil society by starting more conversations about the need for a clean-energy transition and creating more pressure to make that transition.” India’s success will hinge on equality, Sinha notes: “I feel a personal responsibility to advance gender equality, but this is not just about doing the right thing. India will not realize its growth potential without achieving gender equality, including in the workplace.”

ESG as a core value. Karen Wood, chairwoman of South32, has devoted much of her time to environmental, social, and governance (ESG) issues, including what steps the Australian diversified resources company is taking to prepare for a low-carbon future and the opportunities for multistakeholder collaboration to tackle some of the world’s pressing challenges. “A clear purpose statement is a unifying statement and a benchmark to test decisions,” Wood tells McKinsey. “Ours is built off of three planks. First, to make a difference by developing natural resources to improve people’s lives. Second, to [consider the impact] on future generations. Third, to earn the trust of our owners and our partners so they know that we realize the value of their resources.”

Digital past, present, and future. Jessica Tan, co-CEO of Ping An, has been an architect of the Chinese conglomerate’s digital-ecosystem-based business model. In an interview, Tan discusses how the digital transformation in Asia is affecting professional services, as well as the synergies that big and small companies can share in digital ecosystems. When asked to picture Asian business in 2030, she says that we can expect digital to continue to blur industry lines, supercharge scalability, and loosen geographical restraints for professional services.

OFF THE CHARTS

Even in a world with fast electric-vehicle uptake, reaching regulatory greenhouse-gas-reduction targets for transportation could require a significant contribution from sustainable fuels. While the growth of battery electric vehicles in the passenger vehicle segment is strong, electrification of commercial-heavy transportation, such as trucks and buses, is expected only in the longer term.

Chart of projected source contribution to transport greenhouse-gas reductions among various EU countries in 2030

Check out our chart of the day here.

PODCAST

The future of health equity

“Health equity means all of us having equal access to healthcare, regardless of one’s circumstances, zip code, economic situation, or level of support.” So says Daniel E. Greenleaf, president and CEO of healthcare services company ModivCare. US-based ModivCare provides a platform of integrated supportive-care solutions, including nonemergency medical transportation, personal-care services, remote monitoring, and meals, for public and private payers and their patients. In this episode of the McKinsey on Healthcare podcast, Greenleaf talks about his family’s emphasis on service and how that shaped his mindset.

Catching up on your favorite show this weekend? See the future of video entertainment.

On Point

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

Edited by Belinda Yu
Editor, Atlanta

The future of video entertainment

The news

•

Gaming with empathy. A young Muslim fleeing civil war; a warrior striving to save a loved one; a Black PhD student navigating discrimination: these are all stories featured in a growing number of video games focusing on empathy. A US medical school uses one game, about a couple grieving the loss of their child to cancer, to help staff members relate with care to their patients. Gaming can help promote cognitive empathy, or the ability to imagine the world from another person’s perspective, according to one video game designer. [WaPo]

•

Streaming draws older viewers. Overall usage of streaming video is growing in the US, but older audiences are increasingly propelling that growth. As of May 2022, viewers aged 50 and over accounted for nearly 40% of streaming watch times, more than any other age group. Streaming audiences have grown during the COVID-19 era, and for some older adults, the conversion was inspired by dinnertime conversations with relatives. For the first time, Americans aged 50 to 64 spent more time streaming content than people aged 35 to 49. [WSJ]

“There’ll be a blurring of the lines between things we watch and things we play.”

Our insights

•

You’re in the movie. Sensory experiences will increasingly transform the way that people experience and create stories, says McKinsey senior partner Jonathan Dunn. Technologies such as augmented reality and haptics allow audiences to become deeply immersed in the unfolding story. At the theater, if there’s an explosion in the video, everyone watching might feel the force of the blast or even the wind on their faces, explains partner Jacomo Corbo. “You’re in the movie with the actors and experiencing it with them more than we really do today,” says expert Kristi Tausk.

•

Gamified and connected. A decade from now, imagine going to a movie theater and seeing a film that turns into a gaming experience, suggests partner Tom Svrcek. With a game console, you’d play this game with people not just in your theater but across 20 connected theaters. Then, returning home to your game console, you’d keep gaming with that same group over the next several months. Most storytelling is moving in the direction of video games and interactive entertainment, says Dunn. Explore three trends powering the future of video entertainment.

See what’s next in video

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:47 - 22 Jul 2022

How can individuals use their influence for positive change?

Harmony Internal - McKinsey

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Edited by Joyce Yoo
Digital Editor, New York

As the world grapples with multiple global crises, we are living through challenging times. How can we as individuals effect positive change and help build a better future? Becoming a change agent is certainly no easy feat but a new report—produced by McKinsey and Ashoka, in partnership with Echoing Green, Generation Pledge, and Catalyst 2030—explores how highly resourced individuals can use many different forms of engagement to work towards systemic change. Take the journey to create a more sustainable, equitable, and prosperous world and see how you can maximize your impact. You don't want to miss it.

Duck swimming in still water reflecting the sky

How can individuals use their influence for positive change?

Collaborative action across multiple sectors could help solve society’s most complex challenges.

Download the full report

Quote of the day

“We believe there are three states in the digital world that must be kept separate: the create stage, where you do deep work, thinking, and writing; the curate stage, where you browse and pick up information; and the communicate stage, which is about talking to people or messaging.”

—Nandan Nilekani, cofounder and nonexecutive chairman of Infosys in a new interview in the Leading Asia series

Chart of the day

Graph about real house prices in OECD countries during the pandemic

Banking distribution needs to account for the evolving interdependencies between channels. Accelerating digital and upgrading the physical experience to “phygital” offers a viable solution.

ALSO NEW

Person putting coin into digital piggy bank

Best of both worlds: Balancing digital and physical channels in retail banking

Make it work

Shot of a group of young businesspeople chatting while walking through the city

Learning and earning: The bold moves that change careers

McKinsey’s report on human capital highlights the importance of internal mobility in organizations. Here’s how to encourage your employees to try more new things.

Enhance knowledge

photo view of plane's wing flying over clouds and blue sky

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.

Learn from the past

Follow our thinking

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:42 - 21 Jul 2022

You're' invited 🎙Webinar: The Practical Approach to Growing Remote Teams

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You are invited to join Remote's VP of People, Nadia Vatalidis, alongside Christie Grix VP of People at LOOM and Sanam Shah, Communications Manager, at LOOM for...

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by "Remote" <hello@remote-comms.com> - 10:02 - 21 Jul 2022

Invisible no more: It’s time to talk about Asian American mental health

On Point

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

Edited by Katherine Tam
Project Manager, New York

Coming home for Asian Americans

The news

•

Searching for home. For Asian American immigrants whose identities encompass different cultures, it can be hard to feel psychologically safe as they adjust to their new lives in the US, says Taiwanese American psychologist and author Dr. Jenny Wang. But everyone, no matter what background, can create a sense of home through authenticity, belonging, compassion, and safety, she declares. For Asians, showing up authentically sometimes means pushing back against harmful tropes, such as the model minority myth. [NPR]

•

The perils of perfectionism. Wang says she was taught by her parents to avoid failure “at all costs,” which harmed her mental health as she struggled with perfectionism. But one can’t take risks to succeed unless one first learns how to fail. Reframing failure can help. For instance, notice the beauty of simply trying something. Break down your goal into small steps, and note where you feel energized, allowing that spark to move you through fear of failure. [CNBC]

“Belonging is not just that I’m allowed to exist here. It is a sense that I am safe, I am valued, and I will be protected if there is potential harm.”

Our insights

•

A reckoning. Anti-Asian racism isn’t new in the US, but since the COVID-19 pandemic began, there’s been a growing amount of violence and hostility against Asian Americans. In an interview with McKinsey, Wang says that her new book, Permission to Come Home: Reclaiming Mental Health as Asian Americans, seeks to help Asian Americans and Pacific Islanders come to terms with who they are and what they have faced, including destigmatizing conversations around mental health and promoting self-advocacy.

•

Competing cultures. Wang maintains that trying to balance traditional parental expectations, Western cultural norms, and personal desires can take a toll on the kids of Asian immigrants. In addition, competing dynamics—such as the Asian cultural emphasis on humility versus the Western cultural view of self-promotion as necessary—can make it difficult for Asian Americans to feel psychologically safe, she says. Learn how leaders can better understand Asian-identifying individuals and build psychological safety in the workplace.

Get her take

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:57 - 21 Jul 2022

How can CFOs rebrand themselves as innovation allies?

Harmony Internal - McKinsey

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Edited by Joyce Yoo
Digital Editor, New York

CFOs are traditionally seen as authority figures who manage the budget and annual planning—and not so much collaborators when it comes to innovation. But CFOs who are allies to innovation projects can improve both the company culture and the bottom line, as well as promote growth and resilience. So how can they flip the script and rebrand themselves? A new article outlines five actions CFOs can take to develop an innovation mindset and create value. Be sure to check it out and be set up for success.

How can CFOs rebrand themselves as innovation allies?

They can take five actions to improve objective-setting, performance measurement, and cultural factors associated with successful innovation projects.

Five actions

Quote of the day

“It’s important to have role models of Black leaders who have founded a brand, but it’s also important to have role models of Black leaders who have founded and exited. In many cases, those founders are still playing roles with the large consumer goods organizations.”

—McKinsey senior partner, Kristi Weaver, on what it means to be a Black brand in a recent episode of the McKinsey on Consumer and Retail podcast

Chart of the day

Chart of the rise in commodity prices around the world

Workforce discontent has worsened in certain markets. In India, more than 60% of respondents expressed a desire to leave their current posts, well above their counterparts in Australia, Canada, the UK, and the US.

ALSO NEW

Side-by-side images of Maria del Mar Martinez and Ida Kristensen

**You’re invited: Join us for a webinar on Building resilience amid economic uncertainty on Thursday, July 28**

Join senior partners Ida Kristensen and Maria Martinez to discuss the concrete changes leaders can make now to not just survive the current inflationary environment, but thrive.

Register now

Author Talks: Older, wiser, and not going anywhere

As people live longer and work longer, the market for where they spend their money continues to grow in size and variety.

Evolve with time

It’s time to become a digital investing organization

In the investment sector, AI and other digital technologies are ushering in the next horizon of performance differentiation. Here’s how to level up.

Level up

Follow our thinking

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:25 - 20 Jul 2022

Do you know your work persona? Why that should matter more than ever to employers

McKinsey&Company

On Point | TODAY'S NEWS. TOMORROW'S INSIGHTS

Talent search

In the news

•

Second thoughts. In the US, roughly 20 million workers quit their jobs sometime between January and May 2022. Now, some of them are having second thoughts. About one in four workers are questioning their decision to quit, according to a survey of more than 15,000 people. Of those who started a new job after leaving their old one, 42% report that the new position isn’t what they were expecting. However, workers in some fields (such as healthcare) expressed much less regret. [Bloomberg]

•

Counteroffer with caution. To keep star employees from leaving, it’s tempting for employers to dangle the prospect of better pay and promotions. Offering a generous raise makes sense when considering how much it costs to replace workers. But unless properly handled, making a counteroffer could backfire. A big pay bump might leave workers fuming about having been previously taken for granted. It may also make other workers think that they’ve paid a “loyalty tax” for being committed to the company. [FT]

On McKinsey.com

•

New trends. Competition for talent is still fierce. But new trends are making it even harder to woo workers, find McKinsey senior partners Aaron De Smet, Bill Schaninger, and colleagues. Many workers are not just leaving their old jobs behind; they’re also leaving their industries. Of the employees who quit in the past two years, just 35% took a job in the same field, while 65% either found a new line of work or left the workforce, reveals a new McKinsey survey. Employers are competing within their industry and across industries, too.

•

Five types of workers. Even though the employment picture is changing, companies keep using the same methods to attract and retain people—including pay and titles. These are important, particularly to traditional workers, but there aren’t enough “traditionalists” to fill all of the open jobs. Companies also need to win back nontraditional workers. For instance, “idealists” tend to care much more about flexibility, career development, and meaningful work than they do about salary. See five types of workers and strategies to reach them.

— Edited by Belinda Yu

Learn what workers want

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 11:51 - 19 Jul 2022

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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 11:06 - 19 Jul 2022

Want to keep and attract employees? Consider all their experiences

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

Looking to fast-track your career? On-the-job experience matters more than you think—and certain kinds of on-the-job experience matter far more than others. Credentials count, but new research suggests that almost half your lifetime earnings could be attributable to skills acquired at work. And making what experts Anu Madgavkar and Bill Schaninger describe as “bold moves”—taking on new roles that require you to stretch your skills and responsibilities—opens up possibilities that can reshape your future. Tune into a new episode of The McKinsey Podcast to understand what employees and leaders can do to identify and encourage these bold moves and create, in Madgavkar’s words, a “story of possibility… You can defy the odds.”

— Katherine Tam, digital editor, New York

Learning and earning: The bold moves that change careers

McKinsey’s report on human capital highlights the importance of internal mobility in organizations. Here’s how to encourage your employees to try more new things.

Value employees’ experience

Quote of the Day

“When I think about everyone else who has to deal with coming out, whether that be in a safe or unsafe environment, I recommend to just think about whether or not it's the right time for you, if the person you're coming out to will make you a better person, and be in the right company. But don't be afraid to do it if it's a safe environment.”

—David Baboolall (they/them/theirs), associate partner, on coming out to a manager in the latest episode of My Rookie Moment

Chart of the Day

Food prices today are considerably higher than in past surges in 2008 and 2011, which were precipitated by the turmoil of the global financial crisis.

Also New

Black beauty brands and consumers: Where do we go from here?

Inequity is rife in the beauty industry, says a new McKinsey report. Ulta Beauty CEO Dave Kimbell and two of the report’s authors discuss how to better support Black brands and serve Black consumers.

Pay attention

Scaling textile recycling in Europe—turning waste into value

Fiber-to-fiber recycling at scale could be achieved by 2030, creating a new and sustainable circular industry in Europe.

Reuse and recycle

McKinsey for Kids: Space Junk—it’s out of this world

Rockets, satellites, moonwalks and more: let’s explore space in this seventh edition of McKinsey for Kids. Find your flight suit and buckle up for a closer look at the future of space and how people are trying to deal with the stratospheric equivalent of your family’s junk drawer.

Up up and away

Follow our thinking

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

SmartBus - Managing School Buses and Student Transport

SmartBus is our school bus monitoring software solution. It is an application suite consisting of the SmartBus Manager app, the SmartBus Parent app, the SmartBus driver app.

SmartBus offers a variety of tools and reports to better understand driving behaviors. You can install driver-facing dash cams to see what your drivers are doing. You can also set customized driving alerts for harsh acceleration, braking, and excessive speeding. All these alerts get reflected on driver scorecards. Review all driver-related reports to identify high-risk drivers.

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by "Uffizio Technologies Pvt Ltd" <official@uffizio.in> - 09:14 - 19 Jul 2022

Where are you most seeing inflation? McKinsey experts parse the latest data.

McKinsey&Company

Up, up, and away

In the news

•

The (rising) price of beauty. Looking a little shaggy? Spiffing up with a haircut in the US will cost you 6.2% more than last year. That’s the biggest annual increase since 1982, but some hairdressers have hiked the tab by far more. Soaring salon bills reflect higher costs of rent and labor; they are an expense American consumers cannot skirt by buying from overseas. This is why some economists see haircut prices as a sign of entrenched domestic inflation. [WSJ]

•

A common concern. The world doesn’t agree on much, but it’s come together over one big source of anxiety: inflation. For the third consecutive month, inflation is the most-cited worry in a global survey, identified as a top concern by 37% of respondents in 27 countries. In general, economic issues weigh heavily on minds around the world. Next to inflation, the second biggest worry is poverty and social inequality, followed by unemployment, finds the survey of about 19,000 adults. [WEF]

On McKinsey.com

•

Silent tax makes noise. In the past six months, surging inflation has more than doubled projections in many countries, with Europe particularly affected. Inflation in Poland is at 11% and UK inflation is at 9%, both well above projections. However, Asia is seeing a more moderate change, with inflation remaining muted in China and Japan. Real wages are creeping higher in some of the world’s largest economies, but the rising tide of inflation is eroding purchasing power.

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Pinning down rising costs. In many economies, prices for food and commodities have risen sharply. A spike in fertilizer prices, along with other fallout from the war in Ukraine, has pushed prices for basic foods much higher. Meanwhile, the outlook for growth for most G-20 economies has moved in the opposite direction—with one notable exception. From rising lending rates to the soaring cost of housing, see how inflation is affecting every part of the global economy in seven charts.

— Edited by Katy McLaughlin

Understand inflation

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:54 - 19 Jul 2022

Space out with the latest McKinsey for Kids

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

You may have seen the stunning new images captured by the James Webb Space Telescope last week. Space is an endlessly fascinating topic, and there is a lot of excitement and activity surrounding it, especially in recent years. While satellites have helped make important advancements in space exploration and in our everyday lives, did you know that they are also giving way to more space junk—objects, paint flecks, or pieces of inactive satellites and rockets that remain in space? The latest edition of McKinsey for Kids delves deeper into the future of space, explains ways to help safely deal with its junk, and offers fun factoids, interactive components, and cool graphics. Whether you’re a space aficionado or have a passing curiosity about space, there is something for everyone.

— Joyce Yoo, digital editor, New York

McKinsey for Kids: Space Junk—it’s out of this world

Rockets, satellites, moonwalks and more: let’s explore space in this seventh edition of McKinsey for Kids. Find your flight suit and buckle up for a closer look at the future of space and how people are trying to deal with the stratospheric equivalent of your family’s junk drawer.

Over the moon

Quote of the Day

“We’re not in elderhood, we’re in furtherhood. We keep going further, and we have more to look forward to. This can be the happiest time of life and one of the most productive times of life, rather than an ending stage that goes on for a long period.”

—Susan Wilner Golden, a lecturer at the Stanford Graduate School of Business on marketing to members of the 60-plus crowd in a recent Author Talks interview

Chart of the Day

ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Also New

You’re invited

Join us for a session on Human capital at work: Implications for Asia-Pacific, on Thursday, July 21, at 07:30am IST/9:00am JST/10:00am SGT/12:00 SYD.

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Self-learning: The dawn of a new biomedical R&D paradigm

Science and technology are driving breakthroughs at each stage of the biomedical R&D value chain. Enhancing feedback loops among them could unleash a self-learning model that would benefit patients.

Gain insight

The Great Attrition is making hiring harder. Are you searching the right talent pools?

People keep quitting at record levels, yet companies are still trying to attract and retain them the same old ways. New research identifies five types of workers that employers can reach to fill jobs.

Reassess now

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:24 - 18 Jul 2022

What really motivates people to grow and change? A leader’s guide

Harmony Internal - McKinsey

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Edited by Rama Ramaswami
Senior Editor, New York

The theory of self-determination holds that people are motivated to grow and change when three innate psychological needs—autonomy, competence, and relatedness or connection—are fulfilled. Applying this concept in the workplace may be the next frontier for companies seeking to retain talent. Organizations have run employee physical-fitness programs for decades and, in recent years, have begun to pay serious attention to mental-health issues. The stresses of COVID-19—such as workers’ feelings of isolation and burnout—have given rise to a slew of employer-sponsored mental-health programs, as well as to benefits such as flexible work arrangements. But as people continue to leave the workplace in record numbers, leaders may need to improve workers’ job satisfaction by focusing on their psychological well-being. Here are some ideas and strategies to think about.

AN IDEA

**Aim to satisfy all workers’ psychological needs**

That really isn’t as difficult as it sounds. Most people, regardless of their income level or occupation, rate having an “interesting” job at least as important as having a high income. But organizations tend to cater more to the psychological needs of higher earners, who are likely to be managers and professionals. Meeting the psychological needs of employees in lower-paying, routine, or repetitive jobs such as clerical work or machine operation could enhance their job satisfaction, productivity, and loyalty to the organization. This may not work in all cases: for example, it could be challenging to redesign a machine operator’s job to make production line tasks less repetitive. But simple steps such as recognizing mastery of a skill or granting frontline workers discretion to make appropriate decisions can go a long way toward making jobs more psychologically satisfying for lower earners.

A BIG NUMBER

40%

That’s the percentage of American workers who say they are in ‘good’ jobs, as defined by their satisfaction with the job characteristics they value the most. These include not only good wages and benefits but also factors unrelated to pay, such as enjoyment of their day-to-day work, having a sense of purpose at work, and having the power to change things that don’t satisfy them. An attractive pay package does get people in the door. Once they are in, though, leaders will need to provide opportunities for advancement and skill development, as well as restructure jobs wherever possible to avoid employee boredom and job dissatisfaction.

A QUOTE

“Positive psychological well-being is an indicator of psychological functioning that goes beyond the mere absence of disease.”

That’s from psychology professor Julia Boehm, whose research examines the correlation between positive feelings and improved cardiovascular health. Even if people don’t exhibit symptoms of depression, stress, or anxiety in the workplace, they may not be functioning optimally: it’s essential for leaders to proactively enable employees to thrive. The American Psychological Association (APA) suggests several tactics that go beyond minimum mental-health offerings. For example, instill a sense of belonging for employees of all backgrounds, institute unconscious bias training, and make sure that workers take paid time off to recover from stress. According to the APA, “Encouraging employees to carve out time for their well-being not only protects their mental health but can also improve job performance.”

A SPOTLIGHT INTERVIEW

Whether you approach it through mindfulness, meditation, or building a sense of community, psychological well-being has become critical to succeeding in the workplace. In this interview with McKinsey, former Medtronic CEO and Harvard Business School professor Bill George shares his views on how to create, protect, and expand well-being within our teams and in our lives. “As a leader, you want to give encouragement to the people you work with to bring their ideas forth, to be real people, to be authentic and to be mindful and to have their own practices and give them the opportunity to do that,” he says. Take the time to engage with people authentically and with humanity, George advises. “Make everyone at your organization feel like, ‘This is my home. This is where I want to be, and you respect me for who I am.’”

PICK A NUMBER

Does a big paycheck guarantee happiness? Scientists have long debated this question—and the jury’s still out. A well-known study conducted in 2010 found that happiness leveled off once household income topped $75,000 a year. More recent research has upped that number to $95,000, although that’s for overall “life satisfaction”; the price of day-to-day well-being comes in at $60,000 to $75,000. And it is possible to make too much money: happiness levels decline once you earn more than $105,000. To make things more confusing, new research from 2021 suggests that the more money people make, the happier they become. For leaders trying to make sense of it all, the focus should be on developing nonmonetary rewards that motivate workers to look beyond a paycheck.

Lead by supporting well-being.

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