Support sustainable brands? Companies are driving forward to reach net zero.

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

In the news

•

Long time coming. Corporate boardrooms’ embrace of environmental, social, and governance (ESG) investing may seem like an overnight success. It’s actually the result of 30 years of climate science, activism, and regulation. Today, boards recognize that access to capital can hinge on a solid sustainability profile. The change is evident in the proliferation of job titles such as chief sustainability officer and the efforts of boards to attract members with strong sustainability credentials. [WEF]

•

Suddenly slowpokes. Although some are skeptical of the private sector’s commitment to addressing climate change, others are saying that governments are now lagging behind. Some parts of the corporate sector are getting ahead of government commitments and regulations, says the leader of a global group of financial institutions that has pledged trillions of dollars to climate finance. Policy makers need to catch up and set the rules, targets, and timetables to coordinate emission reductions. [Axios]

“CEO and management conviction [about the net-zero transition] is running very strong…. and there’s a need to give something back.”

On McKinsey.com

•

Growing conviction. As more businesses pursue net-zero goals, the corporate ethos is changing, says Claire O’Neill, a leader of the World Business Council for Sustainable Development and former UK minister. Whether from employees demanding change or pressure from shareholders and investors, “there’s a level of conviction there that wasn’t there two years ago,” she states. As a result, companies are working to fight climate change, protect nature, and reduce inequality, O’Neill says.

•

Taking action. Today the world is seeing “unprecedented business engagement” on the environment from all over the world, O’Neill says in an episode of McKinsey Global Institute’s Forward Thinking podcast. One consumer goods company in Brazil has built nature and sustainability into its product designs, working with “a suite of nature-positive materials.” Listen to the full interview for how businesses are mobilizing for sustainability and where the war in Ukraine fits into the climate challenge.

— Edited by Katy McLaughlin

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:54 - 29 Jun 2022

How to fight financial crimes in digital payments

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

As consumers shift away from cash as a form of payment, digital-payment mechanisms such as cards and digital wallets are becoming increasingly popular. While electronic transactions are expanding rapidly and enjoying success, payments service providers (PSPs) face the rising threat of financial crime including tax-avoidance schemes, money laundering, consumer scams and more. What can be done to manage financial-crime risks amidst increasing regulatory scrutiny? A new article explores how PSPs can minimize these threats and what they can learn from banks and their own advanced technical knowledge. Be sure to check it out.

— Joyce Yoo, digital editor, New York

Managing financial crime risk in digital payments

To face down the financial-crime threat, payments service providers can learn from banks while utilizing their own advanced technological skills.

Understand the risk

Quote of the Day

“There’s a little bit of an acknowledgment of how bad it [the racial disparity] is. It’s been backed up with facts. People are starting to organize and coalesce around doing something about it. But now we actually have to move to action and make sure that we’re continuing to innovate on the solutions.”

—McKinsey senior partner Tiffany Burns on the current state of Black-owned businesses in a recent episode of the Future of America podcast

Chart of the Day

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Also New

Redefining the modern CEO

COVID-19 and other recent global crises have necessitated a redefinition of the role of 21st century leaders. In this McKinsey Future of Asia Podcast episode, we explore what it takes to be an excellent CEO in today’s ever-changing and challenging global environment.

Redefine leadership excellence

Author Talks: How to fall in love with work

Out of the thousands of moments in a workday, says Marcus Buckingham, you should spend 20 percent on your most beloved areas of mastery.

Love + work = ____

‘We want to build the healthcare ecosystem of choice’

Over the last three years, the Zur Rose Group has been undergoing a transformation to become a true digital company. Walter Hess, the new CEO of the group, which operates healthcare platforms and online pharmacies—among them DocMorris—explains in our interview what he has learned along the way.

Personalize now

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:09 - 28 Jun 2022

Working moms are more burned out than ever. How can companies help?

McKinsey&Company

Treat your mother right

In the news

•

Making it work at home. Chores, childcare, and long hours on the job: working parents have more than ever to juggle. And alongside paid work, working moms often carry a heavier burden when it comes to managing household duties and juggling family schedules at home. How can that change? Several new apps can help with delegating tasks, but the key to a more equitable household is better communication between partners. Having regular check-ins can make it easier to ask for help and get on the same page about expectations. [WSJ]

•

Burning out. More than two years into the COVID-19 pandemic, moms are still fried. A recent survey of more than 17,000 mothers found that 58% of working moms have considered quitting their jobs because of the stress of finding childcare, while 48% say they’re unhappy with the lack of flexibility and paid time off from their employers. Retaining moms in the workforce can come only with systemic change, says one senior leader at an early-childhood not for profit: “Policy makers need to put in place policies that help babies and families.” [Fortune]

“We have to stop trying to fix the woman and instead fix the structure. If we don’t fix the structure—through paid leave, affordable childcare, flexibility—we’re never going to get to equality.”

On McKinsey.com

•

How moms show up. Women can’t participate in the workforce in a full, healthy way without affordable childcare, says Reshma Saujani, founder of Girls Who Code. Many families pay more for childcare than they pay for their mortgages, she adds. A lack of childcare unevenly affects how women and men engage in the workplace. According to a survey of more than 1,000 working parents in the US, 57% of women with kids under the age of five feel that they’re being held back professionally because of childcare duties. Only 38% of men feel the same.

•

The ‘motherhood penalty.’ The pay gap isn’t actually about gender; it’s a motherhood penalty, says Saujani. Since most women don’t have paid leave, they take time away from paid work to have kids and often never recover from the loss of income. In a McKinsey Future of America podcast interview, Saujani suggests how the private sector can help families secure childcare and create policies to shift the gender imbalance of work at home. That, in turn, can help companies retain more working parents, who are often midtenure employees in key roles.

— Edited by Christine Y. Chen

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:35 - 28 Jun 2022

How current global trends are disrupting the fashion industry

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

Businesses all around the world are experiencing disruptions, and those in the fashion industry are no exception. Since the release of McKinsey’s State of Fashion report in December, the war in Ukraine, rising inflation, supply chain issues, the Omicron variant, and more have introduced new challenges. How are the top-performing fashion suppliers and brands responding to these disruptions, and what can the rest of the industry learn from them? Tune into a new episode of The McKinsey Podcast and get informed about how to navigate these challenging times.

— Katherine Tam, digital editor, New York

How current global trends are disrupting the fashion industry

Fashion suppliers and brands, like other companies, are facing significant economic and geopolitical challenges. Here’s what they can do to adapt and thrive.

Innovate plans

Quote of the Day

“When you’re in love with another human, it makes you feel safe, it makes you feel inquisitive, and it makes you feel uplifted. It’s the same cocktail when you’re doing something that you love.”

—Marcus Buckingham, a motivational speaker and business consultant, on the relationship between love and work in a recent Author Talks interview

Chart of the Day

Map of diverse-owned businesses in the United States

See today’s chart

Also New

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Wake up and see the women: Wealth management’s underserved segment

As more assets in Western Europe shift into the hands of women, wealth managers need to understand the investment needs and behaviors of this large—but as yet underserved—group of investors.

Take note

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Building Black-owned brands to accelerate prosperity

Black-owned businesses are crucial to America’s long-term prosperity, but they face long-time challenges. How can McKinsey’s Next 1B accelerator help create a more inclusive environment for Black entrepreneurs?

Strength in numbers

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Proposed climate rule signals new era for real estate

The SEC’s draft regulation would require all public companies to disclose emissions and risks related to their real estate. Here’s why the real-estate industry should move preemptively.

Be prepared

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:28 - 27 Jun 2022

Weekly Sumo Logic Usage Report for Learn Odoo

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New - The Lucidum app for Sumo Logic eliminates blind spots across cloud, security, and IT operations. It gives information about assets, data sources, services, locations, risk factors, and ports.

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by customer-success@sumologic.com - 01:32 - 27 Jun 2022

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Remote ranked no. 1 in the G2 Multi-Country Payroll Category!

#1 in multi-country payroll category for 2022!

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by "Remote" <hello@remote-comms.com> - 12:48 - 27 Jun 2022

Remote ranked no. 1 in the G2 Multi-Country Payroll Summer Report 2022 🏅

Hello MD,

We have some amazing news to share with you: Remote has been recognized as a leader and is ranked first in the G2 Multi-Country Payroll Summer Report 2022!

We are grateful and delighted to receive this recognition from G2, the world’s largest and most trusted tech marketplace.

We want to give a big thank you to all our amazing customers for their trust and support, and for leaving their reviews, scores, and feedback for Remote on G2.

Ranking highlights:

95% for ease of use
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93% of users rated us 4 or 5 stars
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What our customers are saying:

“Remote are doing what others have attempted to do for so long, simplify and make the processing of Employer of Record services easy.” - General Manager, Compliance & Data Protection Officer

“No third party partners, Remote only serves countries (a lot!) where they do have a local presence. No more dealing with multiple entities. Extremely reliable, personal and prompt customer support. Easy and well designed web interface.” - Administrator in Computer Services

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by "Remote" <hello@remote-comms.com> - 11:04 - 27 Jun 2022

Managing in the metaverse: A leader’s guide

Leading Off

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Most of us know that the metaverse is a virtual world, but we may not have imagined the extent of its possibilities. As tech leaders envision it, the metaverse is an immersive, shared, and secure 3-D digital space where your avatar—a digital representation of yourself—can shop, play, learn, work out, attend virtual business meetings, trade digital currencies, and conduct other activities just as you would in real life. Moving beyond its origins in gaming, the metaverse has already captured the interest of sectors such as fashion, art, and music and is projected to generate up to $5 trillion in value by 2030. Given its potential, leaders can’t ignore the metaverse, but they may be challenged to understand its impact on their organizations and what strategies—if any—they should adopt to capitalize on it. This week, let’s explore some actions to take and trends to keep an eye on.

AN IDEA

Distinguish between hype and reality

“We definitely have to admit that there is hype,” says tech futurist Cathy Hackl in this McKinsey podcast on what the metaverse means for business. But the metaverse has many genuine business applications as well: for example, two of its underlying technologies, virtual reality (VR) and augmented reality (AR), serve as valuable tools for skills development in sectors such as healthcare and manufacturing. In the coming years, immersive workplaces will transform the way we work, lead, and collaborate—you could, for instance, send your avatar to a virtual meeting instead of attending it yourself. This will require companies that have just a marginal presence in the metaverse to consider a more holistic approach. A critical first step is to invest in the right talent. Leaders may want to begin by building teams with experience in technologies such as VR and AR. “If you think we currently have a talent war, just wait,” Hackl cautions. “It’s about to get a lot harder.”

A BIG NUMBER

4

That’s the average number of hours American consumers expect to spend in the metaverse every day within the next five years, countering the myth that the metaverse is a fad. Brands can prepare for this by creating a metaverse strategy based on their perceptions of the level of adoption, opportunity, and investment required. For example, a “waiter” might hold off until the technology investment seemed worthwhile; a “fast mover” would begin investing in creators, technical experts, and partnerships; and a “shaper” would bet on a heavy investment to yield new business models and growth opportunities.

A QUOTE

“Within the next two or three years, I predict most virtual meetings will move from 2-D camera image grids—which I call the Hollywood Squares model, although I know that probably dates me—to the metaverse, a 3-D space with digital avatars.”

That’s Bill Gates in his 2021 year-end blog, in which the former Microsoft leader describes a metaverse-based workplace as one that captures the feel of the real world. Avatars would meet in a virtual space and interact by using technologies such as VR goggles and motion-capture gloves that could capture facial expressions, voice quality, and body language. And spatial audio technology, which creates a surround-sound environment, would enable speech to sound as if it were coming from the direction of the person talking rather than from a computer’s speaker. “We’re approaching a threshold where the technology begins to truly replicate the experience of being together in the office,” says Gates.

A SPOTLIGHT INTERVIEW

As the metaverse begins to transform the global economy, it will inevitably raise issues of privacy, ethics, security, and governance. A virtual system based on the collaborative model of global trade may help resolve some of these challenges, says metaverse expert and author Matthew Ball in this McKinsey podcast on how organizations and people can shape the metaverse responsibly. But a proliferation of 3-D digital spaces—with their ability to simulate real-life situations—can also accelerate “abuse, harassment, radicalization, and misinformation,” warns Ball. “I don’t think we’re very far in solving those problems. . . . It’s going to get a lot harder and scarier, frankly.”

GAMES PEOPLE PLAY

Illustration of a digital shopping center

Whether or not you like games, playing them is the best way to experience what living and working in the metaverse might feel like and to make informed decisions about potential opportunities for your organization. Consider exploring Roblox, Fortnite, Minecraft, Decentraland, or similar gaming platforms, and try out VR and AR headsets if possible. Also check out Second Life, a virtual world launched nearly 20 years ago but perhaps coming closest to today’s concept of the metaverse: in this 3-D digital space, user-created avatars conduct real-life activities such as traveling, buying clothes and property, watching movies, or even having weddings. Not surprisingly, Second Life is making a comeback as the world that it pioneered gains momentum.

Lead digitally.

— Edited by Rama Ramaswami, a senior editor in McKinsey’s Stamford, Connecticut, office

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:54 - 27 Jun 2022

What exactly is the metaverse? Leading brands are rewriting the rules of marketing.

McKinsey&Company

Marketing in the metaverse

In the news

•

Fashion forward. When it comes to innovating in the metaverse, luxury brands are known for bold experimentation. But creativity is flourishing on the other end of the retail scale too. Teen brands are reaping rewards on platforms where they sell virtual accessories, such as digital black beanies, to young consumers who are increasingly spending more time in the metaverse. One recent campaign encouraged people to twin with their avatars by dressing identically in real life and posting pictures online, leading to ten times more social-media engagement than usual. [Vogue Business]

•

Get your groove on. What do you do if you work with one of the hottest bands the world has ever known and a global pandemic shuts down live performances? If you’re the company behind one K-pop megaband, you go virtual. The South Korean entertainment company lost 98% of its sales from its live-concert business in 2020 when tours were canceled, but it quickly pivoted to virtual-reality concerts. With digital performances costing much less than live shows to produce, its total 2020 revenues and operating profit still increased by more than 33%. [FT]

Now is the right time to adopt a test-and-learn mindset, to be open to experiments in the metaverse, and to move on quickly from failure and capitalize on success.

On McKinsey.com

•

Meta-what? No one can seem to agree on a single definition of what exactly the metaverse is. But there is consensus about its characteristics: immersive and real-time environments that span both virtual and physical worlds, encompass multiple platforms, are powered by a virtual economy, and enable virtual identities. The metaverse is an evolution beyond today’s internet—and it provides marketers with innovative ways to reach consumers.

•

Nothing ventured, nothing gained. Although the metaverse is still nascent, there are already lessons to be learned from brands who have journeyed forth early on to see what works and what doesn’t. Companies should define their marketing goals, figure out which metaverse platforms are the best fit for their brands, partner smartly, appeal to their target audiences, and rethink how they define success. Most of all, they shouldn’t be afraid to experiment. See six reasons why the metaverse is here to stay.

— Edited by Christine Y. Chen

Understand the metaverse

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:25 - 27 Jun 2022

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by "Adobe" <demand@info.adobe.com> - 11:30 - 26 Jun 2022

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by "Sumo Logic" <marketing-info@sumologic.com> - 07:01 - 26 Jun 2022

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 for sustainable, inclusive growth. In case you missed them, this week’s graphics explored the effects of the war in Ukraine on global trade and the net-zero transition, resilient organizations, the industrial revolution in services, the well-being of frontline workers, and what it’ll take for electric vehicles to go mainstream.

FEATURED CHART

War and the net-zero transition

This week’s other select charts

Dealing with disruption

The revolution is digital

Supporting the well-being of frontline workers

Charging for charges

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:52 - 25 Jun 2022

What are you reading this summer?

Readers & Leaders

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THIS MONTH'S PAGE-TURNERS ON BUSINESS AND BEYOND

When ticket prices foil your summer getaway plans, where do you turn to escape? If it’s toward a good book, we want to know which one. Email us at newideas@mckinsey.com to let us know what’s on your bookshelf, and we’ll let you know what’s on ours (stay tuned for our annual summer reading list, coming soon). Need some inspiration for your new favorite read? Catch up on this month’s Author Talks, which covers business strategies for the digital age, achieving financial independence by 40, and much more. Don’t miss an interview with Robert Samuels and Toluse Olorunnipa, authors of the long-awaited biography, His Name Is George Floyd, plus this month’s bestselling business books, prepared exclusively for McKinsey by NPD BookScan. Itching for more good reads? Check out McKinsey on Books for the latest, and to get Readers & Leaders in your inbox monthly, click here to subscribe.

AUTHOR TALKS

George Floyd was unique in his spirit, but not in his condition, say Robert Samuels and Toluse Olorunnipa, co-authors of His Name Is George Floyd: One Man’s Life and the Struggle for Racial Justice (Viking, May 2022). In a recent edition of Author Talks, the Washington Post journalists break down how the societal structures that oppressed Floyd continue to impact Black men and women in America—from public education and healthcare to the criminal justice system and beyond.

“George Floyd was suffocating for decades in America as a result of various institutions that we all play a role in upholding, we all play a role in defending, and we all play a role in constructing. … It is incumbent upon policy makers—and all of us, as Americans—to think about how we improve those systems and make sure that people who are like George Floyd aren’t left behind the way he was by a number of systems.” —Toluse Olorunnipa. Watch the full interview.

IT BEARS REPEATING

“On average, most people are exposed to around 6,000 to 10,000 advertisements a day. You’re always going to be bombarded by enticing messages that seem as if they’re designed just for you, that come at the right moment, and that derail you from some other way of spending your money. It’s important to have a clear purpose for your income as a defense mechanism against all of the other interruptions you’re experiencing on a daily basis.”

—Julien Saunders, co-author with Kiersten Saunders of Cashing Out: Win the Wealth Game by Walking Away, in a recent edition of Author Talks.

IN CASE YOU MISSED IT

Roger Martin explores fresh frameworks for business management: “I think it’s a myth that you can design a strategy that will for sure work in the future. … It unfolds as it will. So all strategy can do is improve your odds or shorten your odds.” Watch the full interview.

Tsedal Neeley says not to fear a robot takeover: “For far too long we’ve worried: Will machines replace us? Is automation going to be the end of many of our careers? But the reality we’re seeing years into this digital ecosystem, or digital context, is that people who have a digital mindset will be the ones who will be leading the way, compared to people without a digital mindset.” Watch the full interview.

Dr. Jenny Wang shines a light on America’s ‘invisible race’: “As Asian Americans … it’s been said that we are people who, due to our proximity to Whiteness, have kind of bought into this idea that our race didn’t matter, that if we just worked hard enough and if our competency was sufficient, then we wouldn’t be judged by our race. Over the course of the pandemic, we realized that was not true.” Watch the full interview.

Kathryn Finney explains how she succeeded in entrepreneurship without compromising her values: “Having been in the start-up community for a while, there’s this belief that you have to be a jerk or you have to be a certain type of person to be successful in this space. I don’t believe that at all. I think you can be brilliant at your work, but you can be a good person, too.” Watch the full interview.

Daniel Coyle distills cooperation tactics from the world’s top teams into actionable insights for company culture: “A Navy SEAL commander named Dave Cooper told me the four most important words any leader can say are, ‘I screwed that up,’ which is really, really powerful, because it gives people permission to tell the truth.” Watch the full interview.

Marcus Buckingham argues that love and work can—and should—go hand in hand: “When you’re in love with another human, it makes you feel safe, it makes you feel inquisitive, and it makes you feel uplifted. It’s the same cocktail when you’re doing something that you love.” Watch the full interview.

BUSINESS BESTSELLERS TOP

8

Water, SPF, and a good book. Hit the beach with 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 (Avery Publishing Group)

BUSINESS HARDCOVER

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

DECISION MAKING

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

ECONOMICS

Basic Economics: A Common Sense Guide to the Economy by Thomas Sowell (Hachette Book Group)

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 and Andrew Winston (Harvard Business Review Press)

BOOKMARK THIS

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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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by "McKinsey Readers & Leaders" <publishing@email.mckinsey.com> - 11:10 - 25 Jun 2022

Valuing the metaverse, Marc Andreessen interview, and more: The Daily Read weekender

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Torea Frey
Managing Editor, Seattle

Summer is here—at least if you’re in the Northern Hemisphere. As we slide into the weekend, lean back with some of this week’s big reads on tech, remote work, and more:

illustration two females standing in metaverse

The metaverse could generate up to $5 trillion in value by 2030; it’s time to recognize the real business of the virtual world

Download our metaverse report

Silicon Valley entrepreneur Marc Andreessen thinks you should find the smartest technologist in your company and make them CEO

His take on tech trends

Image of a woman working from a desk at home

Americans are embracing flexible work—and they want more of it, according to a survey of 25,000 people. What now?

Dive deeper on the data

Don’t miss our new weekly briefing note on sustainable and inclusive growth, exploring ways that growth and societal benefits can be mutually reinforcing goals

Get your briefing

Quote of the day

“Overreporting intellectual-property risks divulging corporate secrets could enable competitors to gain a potential advantage; oversharing about cyber defenses could give hackers an opportunity to leverage the disclosed information to compromise company networks.”

—Manage risk and get informed about disclosure criteria and transparency in “Cybersecurity legislation: Preparing for increased reporting and transparency”

Chart of the day

Chart of capital expenditure requirements to meet charger demand through 2030

See today’s chart

ready to unwind?

Need tips on how to unleash your team’s full potential?

In a new interview from McKinsey’s Author Talks series, bestselling author Daniel Coyle defines the essential elements that create the foundation for optimal company culture.

Get his perspective

Image of two friends going shopping together

Podcast time: How current global trends are disrupting the fashion industry

The latest episode of The McKinsey Podcast looks at what fashion suppliers and brands are doing to adapt and thrive amid economic and geopolitical challenges.

Listen in

15-Across: It can be dramatic or tragic

Know the answer? Test yourself with the latest McKinsey Crossword, Solstice | No. 81.

Get ready for summer

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:05 - 24 Jun 2022

Meet Uffizio At Seguridad Expo In Mexico At Stand No: 1248

It's official. We’re flying over international waters to be a part of Latin America's most awaited Security Expo! We are happy to announce that Uffizio will be exhibiting at Expo Seguridad Mexico this month, from 28th -30th June.

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by "Uffizio Technologies Pvt Ltd" <official@uffizio.in> - 04:11 - 24 Jun 2022

US states can close the digital divide. A lot of new funding can help.

The Shortlist

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Our best ideas, quick and curated | June 24, 2022

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Out of many, one . . . digital nation? The United States has allocated massive funding to fix the digital divide. This week, we look at how that might happen. Plus, how to build a global tech unicorn, and what has changed—and what hasn’t—in the 20 years since the launch of McKinsey on Finance.

Logging on. Twenty-four million Americans lack access to high-speed internet, and the service is beyond the reach of many more because it is too expensive or because they lack digital literacy. US policy makers have long talked about the need to close the nation’s digital divide—and now they have made a concrete move to do so.

Funding in. Congress has appropriated more than $100 billion to help states bring high-speed-internet access to every American household, as part of the Bipartisan Infrastructure Law and the American Rescue Plan Act. This funding is one of the largest public investments in connectivity since the creation of the Interstate Highway System in 1956. Success could spur innovation and create jobs, but whether states have the administrative and planning capacity to take full advantage of the opportunity is unclear.

Who’s in charge? Many states don’t have a dedicated broadband team. And if they do, it is often tucked inside another agency or staffed by a third party. Yet states are expected to administer federal broadband funds on tight timetables, across multiple agencies and levels of government, and with deep involvement from private-sector internet service providers.

First steps. To get off on the right foot when developing their broadband programs, states can take several steps. First and foremost, they can create a well-staffed broadband program office whose first task is to assess the current state of connectivity. The office should outline its strategic goals, including how to prioritize deployment, equity, and affordability and how it will translate those objectives into specific plans for each federal program. Engaging key stakeholders, including public and private entities, nonprofits, and communities, could create valuable buy-in and build support.

Impact officers. As states develop and launch requests for proposals and programs, they may want to consider how they will monitor progress once those grants are awarded. For example, they could institute tracking and reporting requirements to ensure that goals are being met, while avoiding waste, fraud, and abuse of taxpayer funds. Some states have appointed infrastructure coordinators to help direct funding to set priorities and allocate resources effectively.

If states don’t adequately dedicate resources to their broadband program efforts, they could fail to secure all the funding they deserve or make the most of the money they receive. The stakes are high: with more than $100 billion in federal funding allocated, states could realize the goal of near-universal broadband access and launch the United States on a more innovative, equitable, and prosperous path.

OFF THE CHARTS

Celestial ambitions

Space tourism is just the start. Future forays into space could expand from a “space for Earth” economy to a “space for space” economy. Private space funding has shifted to satellite-related and other ventures in the low-Earth orbit. The next shift may be “lunar and beyond” initiatives, with applications in propulsion, mining, and robotics. Who is funding these celestial ambitions? Over the past five years, commercial R&D spending within the space sector has risen by 22 percent annually, while the share of US government funding has declined rapidly since 2010.

Chart new space companies research and development

Check out our chart of the day here.

INTERVIEW

Building a global tech unicorn

India boasts the third-largest start-up ecosystem in the world after the United States and China, with an estimated 60,000 start-ups, including 90 unicorns, in 2021. Freshworks, a software-as-a-service (SaaS) company that got its start in India and is now headquartered in San Mateo, California, has become the poster child for this thriving ecosystem. Its Nasdaq IPO—which reached a $10 billion valuation—made it the first India-born SaaS firm to trade on a US exchange. In a recent interview, Girish Mathrubootham, Freshworks’ CEO and cofounder, talks about the company’s journey and why he thinks this is the decade for India as a product nation. He also discusses what Indian and Western start-ups can learn from each other.

Sales of electric vehicles have surged, but what will it take for EVs to go mainstream?

McKinsey&Company

The road ahead for EVs

In the news

•

Fast, but not fast enough. Mobility accounts for around one-fifth of global carbon emissions—which means that ramping up electric-vehicle (EV) sales is critical in meeting net-zero targets. In 2021, global electric-car sales more than doubled, which translates to around one in 12 new cars sold. However, the electrification of transport isn’t happening fast enough. Roughly 16 million EVs are on the road today—just a fraction of the world’s 1.2 billion cars. To stay on track for global net-zero emissions by 2050, the world will need 250 million EVs on the road by 2030. [Economist]

•

Powering through. Despite supply chain issues and COVID-19-related disruptions, EV sales in China have generally stayed strong. At least four EV makers in China sold more than 10,000 vehicles in May 2022. One Chinese EV company sold more than 114,000 EVs, an increase of 8% from the previous month and 360% from the prior year. Additionally, more EVs that are made in China are now being exported to Europe. Europe’s EV market is attractive in part because of its existing charging network and EV-purchasing subsidies, analysts say. [Bloomberg]

In China, the number of public charging stations would have to increase to around five million by 2030, when more than 100 million passenger EVs will be on the roads.

On McKinsey.com

•

A rapid shift. The automotive industry is gearing up for a shift to electric. Since 2010, investors have spent $280 billion on auto hardware and software, with almost half of this investment going to EVs. Worldwide demand for EVs could grow sixfold from 2021 to 2030, with annual unit sales increasing to roughly 40 million, from 6.5 million, according to McKinsey research. However, the auto industry and related players must address three key issues, including better access to raw materials, before EV production and sales can scale accordingly.

•

A gigaeconomy. Building more gigafactories, the large facilities where most EV batteries are produced, is one way for the auto industry to scale more quickly. If worldwide EV demand grows as projected, the auto industry would need 200 new gigafactories—in addition to the 130 that already exist—by 2030. Accelerating the rollout of charging infrastructure would also help EVs go mainstream: by 2030, the US could need around 1.2 million public chargers to keep up with demand. A McKinsey Quarterly article describes how the auto industry could evolve.

— Edited by Andrew Simon

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:52 - 24 Jun 2022

Why flexible work options matter: Six key points for employers

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

Fifty-eight percent of American employees—the equivalent of 92 million people—have had the option to work remotely at least one day per week, according to McKinsey’s 2022 American Opportunity Survey. And when given the option for flexible work arrangements, nearly 90 percent of workers embrace the opportunity. Indeed, remote work has changed not only how we work, but also what we look for in a job. So what do remote trends mean for the future of work? A new survey explores how flexible work fits into the lives of Americans across genders, sectors, and generations. Don’t miss out on the six key points employers need to know to keep pace with these changes.

— Emily Adeyanju, digital editor, Charlotte

Americans are embracing flexible work—and they want more of it

The American Opportunity Survey illuminates how many people are offered the option to work from home, who works flexibly, and how they feel about it.

Dive into the data

Quote of the Day

“You need to look at the high-earning periods of your life when you had the ability to make smarter long-term decisions about your money and your income and start saving and investing so you can create income for the future tired, or even lazier, version of you.”

—Julien Saunders, creator of rich & REGULAR, a multimedia blog about financial independence, on giving income a purpose in a recent Author Talks interview

Chart of the Day

See today’s chart

Also New

Giving developers a leading role in cybersecurity

Cyber-attacks are happening at such a breakneck pace that protecting against them increasingly starts when developers are first building software. Snyk has built a thriving business by providing the tools that enable this new approach to succeed at scale.

Change your approach

How technology is shaping learning in higher education

New McKinsey research shows that students and faculty are eager to continue using new classroom learning technologies adopted during the pandemic, but institutions could do more to support the shift.

Learn better

Quantum computing funding remains strong, but talent gap raises concern

Our latest Quantum Technology Monitor shows industry interest remains strong, China is upping its game, and talent shortages require attention.

Learn the latest trends

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:48 - 23 Jun 2022

Wrapping up June with Sangoma Partner News!

June 2022

Notable News: What's New with Sangoma

Sangoma at CommunicAsia'22!

At CommunicAsia'22 we showcased our innovative communication infrastructure that improves efficiency, reduces cost, enhances experience, and increases revenue for our customers. Sangoma took our customers through an immersive journey, showcasing our latest technology solutions.

New Security & Guest Access Features Announced for SmartOffice!

Meet the new Sangoma SmartOffice- now complete with role-based access, timed access, and guest access! The new features have been diligently worked on and improved upon to meet the needs of our office security-conscious customers. Reach out today and let us help you sell SmartOffice!

The P370- Coming to a Distributor Near You!

The P370 is an elevated addition to our P-series line of IP phones- tailored to executive users who demand a sleek desktop presence. With no additional training or support required, the P370 rounds out our P-series line for use with Switchvox. Full support for Business Voice users coming later in 2022.

Last Chance to Take Advantage of These Promos and Earn More $$$

Special Discount for Sangoma Products! - ends June 30th!

Replace a your old system with Sangoma’s award-winning Switchvox UC solution and put significantly more profit in your pocket.

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Partner Resources: Find the Resources You Need

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by "Sangoma Technologies" <webannounce@sangoma.com> - 04:16 - 23 Jun 2022

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by "Adobe" <demand@info.adobe.com> - 02:26 - 23 Jun 2022

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