75%

Explore the space economy

•

Taking R&D into space. From telecom services to tourism, the space economy is booming. Over the past five years, commercial R&D spending within the space sector increased by 22% annually. In pharmaceuticals, beauty and personal care, food and nutrients, and semiconductors, expanding businesses into space could generate millions—or even billions—of dollars in revenue, McKinsey analysis suggests. R&D in microgravity, for example, could help manufacturers of skin-care products develop active ingredients, since microgravity makes it easier to combine substances.

•

Investment shifts. Over the past decade, more space investment has flowed to satellite-related and other ventures in LEO, such as space stations and space travel. LEO ventures still lead in funding, but the space industry is on the cusp of another shift, McKinsey research suggests. Investment is accelerating in “lunar and beyond” initiatives, including in mining and robotics. The latest Quarterly Five Fifty shows more ways that myriad industries can boost their businesses into space.

— Edited by Sarah Thuerk

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:39 - 23 Jun 2022

‘Find the smartest technologist in the company and make them CEO’

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

Curious about the future of technologies such as AI, crypto, and Web3, plus their implications for business? Get the lowdown from Marc Andreessen, leading Silicon Valley entrepreneur, inventor of the first popular Web browser, co-founder of legendary internet startup Netscape, and all-around tech provocateur. In a new McKinsey Quarterly interview, Andreessen shares his unique perspective on tech trends, the future of the internet, and how digital start-ups and big companies approach business and engineers differently. Check it out to get in the know.

— Joyce Yoo, digital editor, New York

‘Find the smartest technologist in the company and make them CEO’

Silicon Valley’s Marc Andreessen tackles tech trends like artificial intelligence, crypto, and Web3—and why incumbents still have a tough time competing with digital start-ups.

Join the conversation

Quote of the Day

“I think that it is very important for leaders of companies and specifically for founders—especially as they think about the type of company that they are creating—to include in their values the support for the communities around them and see how they can help those organizations.”

—Guy Podjarny, cofounder, president, and chairman of Snyk, on advice he would give to budding entrepreneurs in a recent episode of the McKinsey on Start-ups podcast

Chart of the Day

Chart of the perception of effectiveness of well-being support initiatives for nurses

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Advanced tech elevates process modeling in batch-processing industries

In high-volume batch-processing industries, reliable models of manufacturing processes can help companies cut production costs while improving quality and performance.

Be efficient

Cover jacket of His Name is George Floyd

Author Talks: George Floyd’s America revisited

Toluse Olorunnipa and Robert Samuels examine the life of the man whose death launched a worldwide movement: “We all have a responsibility to pay attention to people like George Floyd before they die under the knee of a police officer on video.”

Don’t forget

Growth opportunities for digital health in KSA and UAE

Digital health can improve patient services and well-being in the Kingdom of Saudi Arabia and the United Arab Emirates. The sector offers growth opportunities for existing players and new market entrants.

Seize the opportunity

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:37 - 22 Jun 2022

A new view of human capital

Re:think

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ON HUMAN CAPITAL

A new approach to keeping talent

Anu Madgavkar

Human capital is the knowledge, attributes, skills, experience, and health of the workforce, and it accounts for roughly two-thirds of an individual’s total wealth. Right now, people are fundamentally reconsidering what they want to do with their human capital—reassessing how they want to engage with work, who they want to work for, what kind of work they want to do, and on what terms they want to do it. So this is a critical moment for companies to reconsider the way they think about their employees’ human capital.

Typically, companies think about how to deploy human capital to create value for the company. But human capital is really possessed by workers, who are making decisions all the time to augment and enhance their human capital. Being at a company is just part of that journey. So companies that want to retain employees and make the most of their human capital would be wise to focus on human capital from the perspective of the individual. Thinking about how to enrich that individual’s journey can be a more promising frame of reference than thinking about, “How can I profit from these people?”

Our research shows that about half of what people earn during their lifetime is associated with the skills they gain through work. That’s a huge number. A lot of previous research has focused on the value of education, qualifications, and credentials as you enter the workplace. Those are important, but the decisions you make regarding the roles, the jobs, and the skills that you acquire through your work life will drive your earnings. That’s even more true for people who don’t enter the workforce with top credentials. For example, for tile setters or counter workers in the US, the value of the skills they develop at work is more like 65% to 75% of lifetime earnings.

If companies think about themselves as part of that human capital accumulation journey, they’ll change the kind of investments they make in and the opportunities they create for people. There are three key mind shifts to consider.

75%

of the lifetime earnings of some workers lacking top entry-level credentials can be attributed to the skills they acquire on the job

The first shift is for companies to start assessing people based on their potential, not just based on success in their current role. We already know that workers are capable of great learning. New roles in the US typically involve 30% new skills, and workers who are upwardly mobile, who improve their compensation and earnings faster, typically take on roles that demand an average of 40% new skills. But companies often don’t act as if this is the case. Too often, they search for the perfect fit. That’s too bad: you’re not looking for a clone, you’re looking for somebody who has what it takes. Smart companies are already making big investments to assess people for their potential. Some tools are structured to evaluate, say, whether employees have a certain set of necessary tech skills. Others might look at patterns of behavior to assess whether the person is entrepreneurial and capable of stretching beyond their current role.

The second shift is for companies to embrace the idea of mobility. Companies should get on the better side of the change dynamic we’re seeing during the Great Resignation.

We see three ways companies can do this. First, embrace internal mobility. Some companies build the equivalent of a digital talent marketplace, a place where you can see how the skills that you have fit into different career pathways. Some even overlay this with career advisory support to help counsel workers wanting to find good paths to follow.

Second, be open to different kinds of mobility paths. Companies often think about mobility as very linear and vertical. But companies that focus on lateral movement create more opportunities for workers trying to build their human capital. Employees want the flexibility to decide, “Here’s an opportunity for me to learn something, even if it’s not a promotion that involves higher pay.”

Third, companies can embrace people who leave their job just as much as they embrace people who join the team. People who leave a company see a future. They’re investing in becoming great professionals. They could be good business partners, or even potentially a source of talent going forward. The more you celebrate such people the more you position yourself as an employer who helps make employees successful. Such companies become talent magnets.

The third mind shift is to double down on smart learning and training for workers. A lot of companies complain that they don’t see productivity gains commensurate with the amount they spend on training. We think companies need to focus more on learning that’s experience-based, anchored in people’s jobs. Structured training is very important when people need to pick up specific technical skills. But so much of what makes an employee successful is more likely to arise out of mentorship and apprenticeship. Apprenticeship is where employees really learn the soft skills that allow them to use their hard skills in work environments that are, let’s face it, fuzzy and unpredictable. And that, after all, is what we all really value in the human worker, as opposed to a machine.

ABOUT THE AUTHOR

Anu Madgavkar is a partner in McKinsey’s New Jersey office.

MORE FROM THIS AUTHOR

Ilustration of construction cranes moving building sized coins

The rise and rise of the global balance sheet: How productively are we using our wealth?

Net worth has tripled since 2000, but the increase mainly reflects valuation gains in real assets, especially real estate, rather than investment in productive assets that drive our economies.

More →

Financial data unbound: The value of open data for individuals and institutions

Economies that embrace data sharing for finance could see GDP gains of between 1 and 5 percent by 2030, with benefits flowing to consumers and financial institutions.

More →

IN TWO WEEKS

Steve Van Kuiken on four tech trends that matter

As innovation moves to the edge of your company, the role of IT shifts dramatically—as does the CEO’s role in managing technology and innovation.

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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 03:37 - 22 Jun 2022

Return to the office? Companies need to give workers a real reason why.

McKinsey&Company

The next-level office

In the news

•

The great divide. After months of start-and-stop mandates to return to the office, some companies are finding that it doesn’t matter what they order their employees to do: many people will keep working from home, regardless of the rules. That’s inspired some organizations to go “remote first,” seeing it as a way to attract the best talent and keep employees happy. Other companies now consider an office buzzing with action to be such a rarity that it sets them apart and attracts gung ho workers. [NYT]

•

Hating the schlep. The office itself is not the problem: it’s getting to it. Eight of the ten major US cities with the steepest drops in office occupancy had one-way commutes that averaged more than 30 minutes before the COVID-19 pandemic. Economists and psychologists have long known that commuting is a major source of unhappiness; now that people have a way to avoid that misery, they’re holding onto it fiercely. Anticommuting sentiment is global, some observers say, with the emptiest offices being seen in commuter cities that force workers into traffic jams or crowded public transit. [WSJ]

Strategically located workplaces that are built for purpose and integrated into corporate strategies, cultures, and operating models are more important than ever.

Value creation in the metaverse

•

Raison d’être. Company leaders have traditionally viewed workplaces as cost centers, but this mindset is out of date. The new world of flexible work requires that companies consider workplaces as sources of competitive advantage. The key is to drill down on corporate strategy and determine how real estate can help further corporate goals. Instead of shunting office space decisions off to a siloed real-estate team, CEOs and executive teams should take over and drive the process.

•

Cutting-edge workplaces. McKinsey highlights three companies that are successfully marrying real estate to strategy. One of them, a biopharma giant, swam against the remote-work tide and doubled down on its headquarters. Top scientists were attracted to the company for the opportunity to work in cutting-edge labs, all wired with the latest collaboration technology. Read the full article for guidance on creating a workplace that provides a competitive edge, illustrated with photographs of state-of-the-art offices.

— Edited by Katy McLaughlin

Rethink real estate

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:17 - 22 Jun 2022

The metaverse could generate up to $5 trillion in value by 2030

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

While the world is still figuring out the metaverse and its role in our daily lives, one thing is certain: its potential is too big to ignore. Indeed, a new report on value creation in the metaverse finds it could generate up to $5 trillion in impact by 2030. But how do you navigate a space that’s still taking shape? Explore the research and download the full report, which draws on a survey of more than 3,400 consumers and executives, plus expert interviews and analysis. Prepare for what’s next with insight on the metaverse’s history and characteristics, investment flows, evolving consumer and business behavior—and what leaders should do to realize its value. Don’t miss this vital look at the real business of the virtual world.

— Joyce Yoo, digital editor, New York

With its potential to generate up to $5 trillion in value by 2030, the metaverse is too big for companies to ignore.

Enter the metaverse

Quote of the Day

“I hope that by outlining the people who were impacted by George Floyd’s death, we can also learn more about his life and learn more about how he struggled under the knee of the societal systems that we’ve created.”

—Toluse Olorunnipa, a political enterprise and investigations reporter on systemic racial inequality in America, in a recent Author Talks interview

Chart of the Day

The business of Black beauty

Also New

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As more Americans ask for public aid, could integrated benefits help?

Public-health and human-services programs help more than 100 million Americans. States that better integrate these programs could increase access, improve outcomes, and reduce costs.

Combine and condense

Three new mandates for capturing a digital transformation’s full value

Most organizations achieve less than one-third of the impact they expected from recent digital investments. What can companies learn from the best performers about how to beat the odds today?

Think differently

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.

Forge ahead

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:41 - 21 Jun 2022

[TOMORROW] Unblock integration challenges

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by "Kayla Gibbons, Tray.io" <kayla@tray.io> - 03:45 - 21 Jun 2022

The beauty industry could be more inclusive. How much might that be worth?

McKinsey&Company

In the news

•

Natural beauty. In film and television, Black characters are letting down their hair in curls, cornrows, puffs, and twists, flaunting the natural texture that was once frowned upon in Hollywood. Afro-textured hair has long played a central role in Black American identity, but it hasn’t always been celebrated by mainstream America. To combat negative stereotypes, Black people have often had to make others “more comfortable with their very presence” by emulating Eurocentric beauty ideals, as two university professors put it. [NYT]

•

Caring for textured hair. A big opportunity exists for hair care brands that can meet Black customers’ needs: Black consumers spent roughly $910 billion in 2019. But too often, they have to cope with inadequate beauty products or discrimination in stores. In skin care and makeup, innovative companies have found success by making inclusive products. But there’s a lack of hair care offerings that serve people with textured hair, says one well-known stylist who debuted her own hair care line in May 2022. [Vogue Business]

Research suggests that 75% of Black beauty consumers can be persuaded to buy beauty products by ads that feature various skin tones across all races.

•

Out of stock. Black Americans spent $6.6 billion on beauty products in 2021. Yet Black consumers often have trying experiences within the beauty industry, despite being highly discerning. Nearly three-quarters of Black consumers said that Black beauty products were frequently out of stock where they shopped, a McKinsey survey revealed. At the same time, Black consumers were 44% more likely than their White peers to believe that quality trumped cost and 38% more likely to prefer brands that reflected their personal style.

•

Building Black brands. A majority of Black consumers said that they prefer to buy brands owned or founded by Black people, according to McKinsey research. But such businesses often face substantial barriers, including a lack of funding and representation, on their way to developing products and winning over consumers. By addressing racial inequity, the US beauty industry could add an additional $2.6 billion in revenue by 2025, the analysis finds. Explore how the beauty industry can better support Black brands and consumers.

— Edited by Belinda Yu

Serve Black consumers

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:15 - 20 Jun 2022

Sumo Logic DevSecOps live demo series

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Cloud Security Monitoring and Analytics, June 21st at 12pm AEDT

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Cloud SIEM, June 22nd at 12pm AEDT

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Automate alert triage and turn security alerts into actionable insights
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Leverage out of the box tools to manage your microservices stack
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Automate setup via Terraform for out of the box integrations across multiple software development tools (like Jira, GitHub, Jenkins, Bitbucket, PagerDuty, and OpsGenie)
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Use real-time insights to drive continuous optimisation of software development and delivery across the entire CI/CD pipeline

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🎙 WEBINAR: Remote for refugees

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Practical insights to help employers and hiring managers find forcibly displaced talent
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by "Remote" <hello@remote-comms.com> - 03:02 - 20 Jun 2022

Harnessing anxiety and fear: A leader’s guide

Leading Off

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Anxiety and fear are universal experiences, and there’s plenty to be fearful and anxious about these days. The pandemic. The swings of the stock market. Changes in how—and where—we work. For leaders, it’s important to be able to parse what are real fears and what are anxieties to get a better handle on mental health and burnout. This week, let’s explore some productive ways to calmly help yourself and those you lead through these trying times.

AN IDEA

At face value, anxiety can seem like an inherently negative—and sometimes debilitating—emotion that we should avoid, but that doesn’t have to be the case. In this Author Talks interview, psychology and neuroscience professor Dr. Tracy Dennis-Tiwary explains how, with some mindset shifts, anxiety can go from feeling like a malfunction to serving as a useful tool. “When we listen to anxiety as information that’s energizing us, instead of frightening and depleting us, it helps us be more innovative and creative,” she says. In her book, Future Tense: Why Anxiety Is Good For You (Even Though It Feels Bad), she explores how we can work toward embracing anxiety as a human experience instead of pushing it away—which is more likely to cause it to spiral out of control. When we think of anxiety as an adaptive quality of resilience, we are better equipped to navigate it and to let go of anxieties that are not useful, including those that are unreasonable in proportion to the current situation or threat.

A BIG NUMBER

37%

That’s the percentage of workplace respondents who reported experiencing anxiety in the past year, according to a 2020 study. Recent numbers from the World Health Organization show that anxiety and depression levels have increased by 25 percent globally since the start of the COVID-19 pandemic. As a leader, you can influence your team’s anxiety levels for better or worse. This Harvard Business Review series on managing in an anxious world explores how leaders can effectively face their anxiety and that of their teams in four stages: identifying how your anxiety manifests, taking steps to actively manage it, leading others in times of high anxiety, and building a support system of processes and people to manage it over the long term. As the authors say, “Anxiety is a powerful enemy, so we must make it our partner.”

A QUOTE

“Dampening the anxiety that fuels distracting rumors requires explaining decisions in enough detail to convey that you, as a leader, are treating the people affected with nuance and care.”

That’s Hayagreeva “Huggy” Rao and Robert Sutton, management experts and professors at the Graduate School of Business at Stanford University. In times of extreme uncertainty, they say, leaders can help their teams move “from a room called fear to a room called hope” by focusing not only on making the right decisions but also on doing the “emotion work” to frame and implement them in the right way. By exhibiting understanding and extending a feeling of control, leaders can anticipate and manage the psychological responses of others, including anxiety and despair, in difficult times.

A SPOTLIGHT INTERVIEW

What lessons can an NFL trainer, gym founder, and creator of the Afghan Women’s Boxing Federation impart about fear? In this Author Talks interview, Tareq Azim describes fear not as something to “get out of our systems” but rather as an empowering tool that we can use to set intention and responsibility in our lives, whether it’s on the field or in the workplace. “Fear is what makes us conscious,” Azim says. “Fear brings nerves. Nerves happen to lead us to being extremely mindful of our capabilities.” Nerves can paralyze people into inaction, but Azim teaches those he coaches to use their nerves—and the heightened level of consciousness they fuel—to thoughtfully prepare and act because “fear is actually designed for us to achieve things.”

FEAR FACTOR

According to a recent McKinsey survey, 85 percent of executives believe fear holds back innovation efforts at their organizations. Furthermore, 90 percent of companies aren’t doing anything about it. McKinsey research unveils that corporate innovation is stifled primarily by three types of fear: fear of criticism, fear of uncertainty, and fear of negative career impact. Just as leaders focus on systems and initiatives that stimulate idea generation and risk taking, they must also develop a culture that both considers individuals’ emotional experiences at work and allays the fears that will hold their teams back.

Lead by managing anxiety and fear.

— Edited by Dana Sand, an editorial production manager in McKinsey’s Cleveland office

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:08 - 20 Jun 2022

Empower your team with immersive creative tools

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by "Adobe" <demand@info.adobe.com> - 01:13 - 20 Jun 2022

Top 5 podcast episodes

McKinsey&Company

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New from McKinsey & Company

Top 5 podcast episodes

Need something to listen to on your next road trip or commute? Check out our top 5 podcast episodes of all time, featuring epsiodes from The McKinsey Podcast and Inside the Strategy Room. Subscribe for the latest episodes on your favorite podcast platforms, and keep your ear to the ground for more on the business and management issues that matter.

How to master the seven-step problem-solving process

Structured problem solving can be used to address almost any complex challenge in business or public policy.

Adapt your approach

Blockchain explained: What it is and isn’t, and why it matters

Understanding how blockchain creates business value is essential for companies to identify the right use cases and move beyond small pilots to widespread adoption.

Tune in

What is the future of work?

A new podcast series from the McKinsey Global Institute explores how technologies like automation, robotics, and artificial intelligence are shaping how we work, where we work, and the skills we need to work.

What's next

Kevin Sneader on the eight trends that will define 2021–and beyond

Meet Generation Z: Shaping the future of shopping

The newest consumer generations—Gen Z and millennials—are upturning retailers’ expectations. Here’s how—and what to do about it

Prepare for shifts

Microsoft’s next act

CEO Satya Nadella talks about innovation, disruption, and organizational change.

Confront digital disruption

— Curated by Eleni Kostopoulos, a digital publishing manager in New York

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 06:22 - 19 Jun 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, inclusive growth. In case you missed them, this week’s graphics explored racial disparities in perceived quality of healthcare, career advancement for working mothers, the values of dairy-product shoppers, ESG concerns, and advanced recycling.

FEATURED CHART

Race and quality of care

This week’s other select charts

Careers constrained

Two scoops of ethical ice cream, please

Value and values

Ramping up recycling

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:46 - 18 Jun 2022

The risk function of the future

McKinsey&Company

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McKinsey Classics | June 2022

The risk function of the future

Banks exist to lend, and every lending decision is a risk decision. That’s why the basic trends and responses in bank risk can reveal the future of the risk function throughout big business. In 2016, McKinsey published an article explaining these trends and their impact. It’s well worth reading today.

The first big trend in risk is that governments, after spending billions of dollars to bail out banks and other big companies, have become much less willing to accept it. In fact, financial institutions not only face stricter regulation at home but must also comply with it wherever they operate. The recent sanctions against Russia, for example, cover banks and the companies that use them. That means all companies.

The second trend is the rise and proliferation of risky customer expectations. As new companies (in banking, the fintech companies) challenge incumbents, customers of banks and other businesses have come to expect intuitive, seamless experiences; services at any time on any device; and instant decisions. The risk function will have to manage the dangers.

To learn more about these and other trends and how companies can respond to them, read “The future of bank risk management.”

— Roger Draper, editor, New York

Learn how companies will manage risk

Juneteenth, metaverse, the space economy: The Daily Read weekender

Harmony Internal - McKinsey

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Torea Frey
Managing Editor, Seattle

The weekend ahead marks Juneteenth and Father’s Day in the United States—are you celebrating? From diversity, equity, and inclusion to the space economy, here’s what broke through this week:

Image of the book entitled His Name is George Floyd

‘If we allow what we learned in 2020 to slip away, it’s destined to repeat itself’: George Floyd’s America, revisited

See the interview

Photo of black women from the beauty industry

Addressing racial inequity in the beauty market is a $2.6 billion opportunity

Time for a makeover

Six metaverse myths, busted—plus insight on how 1,000+ US consumers are thinking about ‘the internet of the future’

Understand the metaverse

What’s the future of the space economy? Space tourism is just the start

Shoot for the moon

A woman standing in a greenhouse surrounded by a tomato crop

Explore highlights from our 2021 ESG report, Accelerating sustainable and inclusive growth

Download the report

Quote of the day

“I firmly believe the only deflationary force is technology. And technology now is a source, I believe, of sustainable, competitive advantage.”

—Jim Kavanaugh, CFO and a senior vice president of IBM, in a recent episode of the Future of America podcast

Chart of the day

Chart about the likelihood of of healthcare being negatively affected by race

See the Author Talks interview

ready to unwind?

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FIREd up

Julien and Kiersten Saunders climbed the corporate ladder tirelessly until they discovered the Financial Independence, Retire Early (FIRE) movement. Now they’re on track to retire decades early as millionaires.

Explore McKinsey Themes

Essential reading on topics that matter. This weekend’s posts touch on Juneteenth, Father’s Day, the gift of feedback, and more.

Get up to date

54-Down: It has four dimensions

Know the answer? Test yourself with the latest McKinsey Crossword.

Get healthy

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:08 - 17 Jun 2022

Datadog’s State of Serverless Livestream Event

The State of Serverless

Hello,

Join Datadog for an exclusive presentation of our findings about the current State of Serverless. AWS Lambda has helped catalyze the serverless movement by enabling teams to deploy and run code on a pay-as-you-go model since its launch in 2014. In fact, we found in the State of Serverless report that over half of organizations operating in each major cloud have adopted serverless.

During the livestream on June 28 at 12:00pm ET, you’ll hear how serverless compute has become an essential part of the technology stacks of organizations that operate in each cloud and that there are meaningful differences between the serverless offerings available within AWS, Azure, and Google Cloud, and each gives users distinct options for building serverless applications.

Additionally, there will be a live question and answer component for you to speak to the presenters directly. I hope to see you there!

Best,

Andrew Krug
Security and Compliance Advocacy Lead

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by "Andrew Krug" <content@datadoghq.com> - 10:01 - 17 Jun 2022

$1 trillion is at stake: It’s time to reconsider your approach to the cloud

The Shortlist

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Our best ideas, quick and curated | JUNE 17, 2022

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This week, we look at all the steps that companies should take to get value from the cloud. Plus, how leaders can buck a herd mentality, and David Gergen, a longtime presidential adviser and political analyst, on how the Baby Boomers have to step back and let younger leaders lead.

Photo of a bridge with the cneter missing

Cloud aspirations versus cloud value. The potential of the cloud is pretty much indisputable today, and the vast majority of companies around the world use cloud technology. But many (even those already on the cloud) may be stuck in legacy thinking about on-site computing models, with calcified strategies based on either owning or consuming IT instead of encompassing various cloud-specific financial approaches and models. Companies are making a number of cloud economics mistakes, and McKinsey has compiled the six most common and detrimental. As cloud consumption becomes more core to business than ever, companies that manage their cloud economics effectively will find true cloud value—rather than simply having cloud aspirations.

Technology talent shortage. More than $1 trillion—that’s right, trillion—of new value is at stake in the cloud. But companies aren’t seizing those benefits, because they don’t have the right tech talent in place. Nearly all—95 percent—of respondents to a recent survey told McKinsey that they lack cloud talent and capabilities, and it’s one of their biggest roadblocks in getting value from the cloud. Between 2017 and 2020, investments in cloud transformations tripled, but many companies haven’t matched that pace on the talent front. The companies that have report deep and positive impact. To help more companies build a high-performing cloud talent bench and operating model, McKinsey has identified a list of practical actions to take.

Bring in your board. Increased innovation speed? Better IT efficiency? More business value thanks to technology? Look to the cloud, as countless companies have. But many haven’t captured its benefits at scale. It’s time to brief your board on the benefits of cloud tech; a clear view of its impact can help boards effectively support your cloud transformation. McKinsey’s series of charts can help boards shape their organizations’ cloud strategy.

Get foundational. Too often, IT departments focus on short-term gains—migrating a set of applications to the cloud as fast as they can—without first building the right cloud foundations. Such migrations can flounder, resulting in significant delays and even financial repercussions. Companies that lay a solid foundation will see notable rewards in speed and value, and McKinsey has outlined the ten most crucial actions for building it.

— Justine Jablonska

OFF THE CHARTS

I’ll take two scoops of ethics, please

Ice cream and yogurt shopping preferences are constantly swirling. But while flavor is always king, ingredients, packaging, distribution, and ethical promises are increasingly important to consumers. According to McKinsey research, more than seven in ten shoppers are willing to pay more for products from producers that pay workers fairly, operate locally, and emit less carbon.

Chart of respondents willing to pay more for dairy

Check out our chart of the day here.

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PODCAST

Boosting support for Latino entrepreneurs and others

What factors can help augment Latino participation in the US economy? In this episode of The McKinsey Podcast, senior partner Lucy Pérez discusses the findings of The economic state of Latinos in America: The American dream deferred—McKinsey’s inaugural report on this subject. She explains how greater support for Latino business owners, workers, consumers, and investors in the US could create economic opportunities for not only Latino individuals and families but also the economy overall. Pérez talks about how this subject is of personal, as well as professional, interest to her: her father owned several restaurants, the fruits of which allowed her to be the first in his family to attend college. “That was possible because of the growth and opportunity my dad created for us through his business,” she says.

Stretched between home and work? So are ambitious dual-career couples.

McKinsey&Company

Power couples

In the news

•

When mom outearns dad. New moms spend more time on housework than their spouses do, but when a woman is the family’s primary breadwinner, she takes on even more, finds a recent study. As a mom’s salary increases to 50% of the household income, her weekly hours spent on household chores fall from 18 to 14. But after outearning her husband, a woman’s housework increases to about 16 hours weekly. Men who are primary breadwinners spend six to eight hours weekly on domestic labor, and less than that when outearned by their wives. [WaPo]

•

Possibilities and pitfalls. Dual-career couples (DCCs) have always been torn between the competing demands of work and home. But the COVID-19 pandemic has opened up new opportunities and potential pitfalls for dual-income couples. Working remotely enables both partners to tap into a wider job market. In addition, with many employers struggling to fill roles, workers are better able to push for flexible schedules. However, some employers are sharing concerns that hybrid work could hinder women, since they often perform more domestic work than men. [FT]

Many workers in dual-career couples believe that top-executive responsibilities might come at a cost too high for their families.

Support dual-career couples

•

The struggle is real. According to a McKinsey survey of more than 35,000 workers, 89% of women and 70% of men are part of a couple in which both partners have jobs. Employees in DCCs can often struggle to find career fulfillment because the constant juggling of responsibilities between home and two demanding careers can be overwhelming, especially when children are in the mix. That may be why employees in DCCs are less likely than those in single-career couples (SCCs) to report being happy with their jobs.

•

Dual ambition. Employees in DCCs generally have more career ambition than those in SCCs, McKinsey research finds. When compared with their SCC peers, more people in DCCs say they are eager to be promoted and aspire to become a top executive. When companies have policies that support employees in DCCs, workers and their employers benefit. Employees tend to be more loyal when they have flexible schedules, which may reduce turnover and hiring costs. Learn what actions companies can take to help DCCs thrive.

— Edited by Belinda Yu

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:12 - 17 Jun 2022

How to be successful at a digital transformation

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

What’s critical to today’s successful digital transformations? Creating impact from digital investments is a major (and essential) undertaking for most organizations, as digital technologies are an increasingly important differentiator of strategy and performance. So what are the secrets to successful, sustained digital transformations? A new McKinsey survey delves into what top-performing companies do differently to set themselves apart now. As your organization navigates this era of uncertainty, check out the three lessons to beat the odds and make an impact.

— Joyce Yoo, digital editor, New York

Illustration of three connected networks

Three new mandates for capturing a digital transformation’s full value

Most organizations achieve less than one-third of the impact they expected from recent digital investments. What can companies learn from the best performers about how to beat the odds today?

Think differently

Quote of the Day

“By wrestling with exacting expectations from their core Black customers, while at the same time contending with misperceptions by the broader market, Black brands are squeezed in a way that non-Black brands aren’t and forced to walk a unique tightrope in moving their businesses forward.”

—Get updated on the challenges of building a Black beauty brand and the path to more equity in “Black representation in the beauty industry”

Chart of the Day