It's been 2 years since COVID-19 was declared a global pandemic; here's what matters now

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

Where were you two years ago at this time? While it may have begun like any other day, March 11, 2020, is now a grim milestone: it's when the World Health Organization declared COVID-19 a global pandemic. In the words of Moderna CEO Stéphane Bancel, "One of the hardest things to deal with in this type of crisis is being able to go the distance." So, how's the world doing—and what comes next? A special feature takes stock of the pandemic's effects on business and society, plus where we're going as the transition toward endemicity continues. Don't miss it.

— Torea Frey, managing editor, Seattle

Picture of a woman wearing a medical mask

COVID-19: Where we've been, where we are, and where we're going

It’s been two years since COVID-19 was declared a global pandemic. Here’s a look back—and a lens on what’s next.

Explore the collection

Quote of the Day

"By failing to promote and retain women in technical roles who are in the early stages of their careers, companies end up preparing fewer women for senior roles. This affects women’s lives and livelihoods and could create negative financial and cultural consequences for companies, since companies where women are well represented at the top earn up to 50 percent higher profits and share performance."

—Learn about the gender gap for women in technical roles and what companies can do about it in “Repairing the broken rung on the career ladder for women in technical roles”

Chart of the Day

See today's chart

Also New

Ten lessons from the first two years of COVID-19

On the second anniversary of the pandemic, we take stock.

Look back

Women in insurance: Leading voices on trends affecting insurers

As part of our celebration of International Women’s Day 2022, female McKinsey partners offer insights into the latest in insurance: new technologies, new services, and new customers. Their expertise covers all relevant topics, functions, and lines of business.

Browse the posts

Author Talks: Forge your power

Deepa Purushothaman pays homage to the women of color who cracked open corporate America and prepares the next generation to take their turn.

Forge your power

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:49 - 11 Mar 2022

Adding Your First Employee to Remote

Hi MD,

Hope your talent search is going well!

Now that you have an account with Remote, you'll easily be able to hire talent globally, even in countries where you don't have entities set-up. Have you already found your next remote hire?

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A giant leap into outer space for governments and companies

McKinsey&Company

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

Soaring satellites

The news

•

New weather satellite. From more than 22,000 miles above Earth, a new US weather satellite will beam back the most detailed images available of the planet’s Western Hemisphere, improving weather forecasting. The satellite’s advanced capabilities allow it to track and monitor tropical storms, hurricanes, wildfires, and other extreme events. It can also trace the path of lightning in real time. The satellite and its predecessor, which was launched in 2016, will together end up exploring over half of the Earth. [CNN]

•

Europe’s space plan. Europe has unveiled a $6.8 billion satellite communications plan, as it looks to become less reliant on foreign companies and ensure the security of its communications systems and surveillance data. The plan is to construct a connectivity system in space to provide protection against threats such as cyberattacks and make the region’s electronic communications infrastructure more resilient. [Reuters]

“Some estimates suggest that the cost of inaccurate weather predictions is in the $2 trillion to $4 trillion range. That number will increase because of climate change.”

Our insights

•

Tracking locusts. Satellites provide visual imagery and data that help industries around the globe, says Peter Platzer, CEO of Spire Global, a data and analytics company that operates more than 100 satellites. “A couple of years ago, a huge locust swarm was destroying crops in Africa. By combining our data with other information, such as rainfall levels, we could not just track but predict where the swarm would go,” explains Platzer. Governments also use data collected by “listening satellites”—which employ radio frequencies to observe the Earth—to develop increasingly accurate weather prediction models.

•

Less costly launches. In the past five to ten years, there’s been an explosion in the number of companies—especially start-ups—launching space-based applications, says Platzer. That’s largely because it’s now easier and cheaper to launch a satellite. For instance, launch costs for large structures are about half of what they used to be, he adds. Check out the full interview for what the future of space holds—and what it takes to succeed in an increasingly competitive space ecosystem.

— Edited by Arshiya Khullar

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 02:54 - 11 Mar 2022

Three years, seven attributes: The data-driven enterprise in 2025

The Shortlist

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Our best ideas, quick and curated | March 4, 2022

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This week, we look at how the definition of “data driven” will change for companies by 2025. Plus, two experts on why the social contract needs to change, and a McKinsey partner on how US manufacturing can become more dynamic, and why it matters so much.

What will the data-driven organization look like in three years? It’s a good bet that by 2025 smart workflows and seamless interactions among people and machines will be standard, and that most employees will use data to optimize nearly every aspect of their work. McKinsey put together a guide to seven characteristics that will define the data-driven enterprise, the capabilities they will enable, and how to embed them in your organization.

Data assets as products. Today, an organization’s data function, if one exists outside of IT, manages data using top-down standards, rules, and controls. Data sets are stored across sprawling, siloed, and often costly environments, making it hard for users to find and assess. By 2025, one of the characteristics of a data-driven culture will be that data assets are organized and supported as products, regardless of whether they’re used by internal teams or external customers. These data products continuously evolve to meet the needs of consumers, leveraging DataOps (DevOps for data), and continuous integration and delivery processes and tools.

The chief data officer drives value. CDOs and their teams function as a cost center responsible for developing and tracking compliance with policies, standards, and procedures to manage data and ensure its quality. By 2025, they will operate as a business unit with profit-and-loss responsibilities. This unit will be responsible for developing a holistic enterprise data strategy (and embedding it as part of a business strategy) and creating new sources of revenue by monetizing data services and data sharing. Everyday applications include healthcare CDOs working in partnership with business units to deliver new subscription-based services for patients, payers, and providers. Bank CDOs could commercialize internal data-oriented services, such as fraud monitoring and anti-money-laundering services, on behalf of government agencies and other partners.

Data-ecosystem memberships are the norm. While data-sharing arrangements with external partners and competitors are increasing, they’re still uncommon. By 2025, large, complex organizations will use data-sharing platforms to collaborate on projects, both within and between organizations. Data marketplaces enable the exchange, sharing, and supplementation of data, ultimately empowering companies to build unique and proprietary data products and gain insights from them. For example, manufacturers could share data with partners and peers through open manufacturing platforms to build a more holistic view of global supply chains.

It’s a short jump in years to 2025, and organizations should act now to make it an equally short leap in data-driven capabilities. New forms of data are giving organizations unprecedented speed and transparency. In “Five insights about harnessing data and AI from leaders at the frontier,” four CEOs describe what goes into turning our world of data into a data-driven world.

OFF THE CHARTS

The talent within

In a recent McKinsey survey, more than 50 percent of executives said the best way to address capability gaps was to develop the skills of their existing workforce, a higher percentage than those who cited hiring new workers, redeploying talent, or using contract workers.

Carbon dioxide emissions by source in 2019

Check out our chart of the day here.

PODCAST

It’s time to draw up a new social contract

“Our social contract is broken, and that is at the heart of why our politics is so divided and so many citizens around the world are disappointed and frustrated,” said Baroness Minouche Shafik, the director of the London School of Economics and Political Science. In this Forward Thinking podcast from the McKinsey Global Institute, she and fellow guest Andrew Sheng, distinguished fellow at the Asia Global Institute at the University of Hong Kong, discuss how the pandemic exposed the deep vulnerabilities many people around the globe face, and how they hope it will lead governments, companies, and other stakeholders to address these gaps.

Why your boss may indeed be a psychopath

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

Ever wondered if your boss is a psychopath? You’re not alone. But if it’s true that “bad, abusive people are disproportionately likely to seek power, disproportionately good at getting it, and likely to become worse once they wield it,” then what’s the solution? That is the loaded question Brian Klaas explores in his new book, Corruptible: Who Gets Power and How It Changes Us. In a new Author Talks interview, Klaas lends his insight on how companies can rethink traditional approaches and shift mindsets to get better leaders at the helm. Be sure to check it out.

— Emily Adeyanju, digital editor, New York

Author Talks: Why your boss may indeed be a psychopath

Brian Klaas, who spoke to some of the world’s most corrupt people, says we need to rethink the way we select our leaders.

Be incorruptible

Quote of the Day

“The overriding mindset, the kind of cut-through thinking of these 67 CEOs was all about doing what only I can do... It's whittling down the world of every limitless plate of things they could be doing into the things that they can uniquely add value.”

—Carolyn Dewar, McKinsey senior partner and coauthor of forthcoming McKinsey book CEO Excellence, on how excellent CEOs ensure they are effective

Chart of the Day

Chart of the US Bipartisan Infrastructure Law (BIL) investments

See today's chart

Also New

What technology trends will—and should—lead business agendas in 2022?

We asked leaders in industry, academia, and at McKinsey to share their perspectives on the technology trends likely to headline business agendas this year, the ones that could—but shouldn’t—slip through the cracks, and what executives should think about when considering new technologies. Here is what they told us.

Look to the future

Black female engineer does computer motherboard soldering

Repairing the broken rung on the career ladder for women in technical roles

Women in technical roles are less likely than men to win promotions early in their careers, and many are exiting the field. Companies can strengthen workforces and boost performance by reversing this trend.

End inequality

Government transformation in times of great change

Federal agencies are setting ambitious goals. What do agency leaders need to know about planning and directing successful transformations?

Understand uncertain times

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:24 - 10 Mar 2022

NEW: Calculate the cost of employment for any international employee!

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by "Remote" <hello@remote-comms.com> - 09:07 - 10 Mar 2022

From salt farmer to solar technician

Intersection Subject Line

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DELIVERING ON DIVERSITY, GENDER EQUALITY, AND INCLUSION

In this issue, we look at women leading climate action and why an intersectional approach is necessary to get more women up the career ladder in tech.

THE ZEITGEIST

Stone-cold capture

Dr. Aradóttir pictured at a geothermal power plant

‘Gender equality today for a sustainable tomorrow.’ That’s the theme of International Women’s Day 2022, and the message behind it is simple: the world can’t effectively respond to climate change without the participation and leadership of women, who are bearing the brunt of its effects.

One woman working on the cutting edge of climate action: Dr. Edda Sif Pind Aradóttir. Dr. Aradóttir (pictured above at a geothermal power plant) is the CEO of Carbfix, a Reykjavík-based start-up that has developed technology to pump carbon into the Icelandic basalt bedrock, where it turns into stone within just a few years.

Carbon capture alone won’t solve the climate crisis—and it’s certainly not carte blanche for emissions—but McKinsey research shows that carbon capture, use, and storage is essential to getting on a 1.5°C pathway and averting the worst effects of climate change.

A photo of a woman farming salt in Rajasthan

Another important part of the puzzle: renewable energy, including solar and wind. Hopping continents, here’s a look at how one of India’s largest renewable-energy companies, ReNew Power, is working to advance gender equality. ReNew is working with the UN and other partners in the state of Gujarat to train 1,000 women salt farmers to become solar-panel and solar-pump technicians. (Pictured above: a woman farming salt in neighboring Rajasthan.) Vaishali Nigam Sinha, ReNew’s chief sustainability officer, says the goal is “to engage women’s interest in an industry that will grow—and enable them to become clean energy leaders in India.”

THE STAT

52 women

for every

100 men

In technical roles across industries (think engineering and product management), for every 100 men who are promoted to manager, only 52 women are promoted. That’s according to the latest Women in the Workplace data on companies in Canada and the US. The figure has serious implications, especially considering that diversifying the tech workforce is key to tackling bias in AI and other technologies.

What will it take to get more women into technical roles and up the career ladder? Research by McKinsey and Pivotal Ventures points to the importance of collecting disaggregated data (broken down by gender, race, and ethnicity) at every stage of the pathways into tech. Treating women as a monolithic group means that companies will miss critical insights about the different experiences and challenges that particular communities of women face (the digital divide, for example). Collecting disaggregated data can help companies identify drop-offs in recruitment, promotion, and retention and design interventions that fit the distinct experiences of different groups of women.

Transparency and accountability are also key. Companies across industries can help ensure that they make progress toward equity by publishing intersectional data on their employees and leadership. McKinsey analysis shows that while many companies do not publicly disclose their workforce demographics, leading organizations measure a comprehensive set of metrics and share their progress with the public.

A recent report by the National Academies of Sciences, Engineering, and Medicine sheds light on why it’s important for employers to take an intersectional approach to advancing gender parity in tech and to be transparent about the makeup of their workforce. In the words of Dr. Valerie Taylor of the Argonne National Laboratory, a coeditor of the report, “The term ‘women’ must reflect the experiences of all women.” The report notes that Black women account for only 3 percent of the tech workforce, Latina women 1 percent, and Indigenous women less than half a percent.

Some companies are on the case. Members of the Reboot Representation coalition, for example, collect and share disaggregated data on their diversity and inclusion investments and initiatives.

Here’s the latest from McKinsey and the global nonprofit Girls in Tech on how employers can ensure equitable advancement in early-career promotions—particularly that first step up to manager.

— Edited by Julia Arnous, an editor in McKinsey’s Boston office

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by "McKinsey Intersection" <publishing@email.mckinsey.com> - 01:12 - 10 Mar 2022

Tried a new way to shop? So have most of India’s grocery shoppers

McKinsey&Company

India’s food shoppers: App-happy

The news

•

The ‘power of one.’ It’s boom time for India’s digital economy. Expected to reach $800 billion by 2030—up from $90 billion in 2020—the market has given rise to the “SuperApp”: a one-stop digital destination for groceries, ride hailing, banking, and more. Companies compete to win over consumers and to keep them coming back. The power of one is enticing in an era of hyperpersonalization, says a start-up adviser. [Fortune India]

•

Pedal to the metal. Grocery start-ups in India are promising consumers grocery deliveries within ten minutes. Two rival companies—one founded by a pair of 19-year-old college dropouts and valued at $570 million—are packing grocery orders in warehouses and dispatching bicycle riders to make deliveries. Although consumers are eager for the convenience of “quick commerce,” India’s pothole-ridden roads, where animals wander onto highways, can be dangerous. “We get five to six minutes, and I feel tense and fear for my life,” said one delivery worker. [Reuters]

More than 60% of consumers in India intend to continue using online channels as an alternative to in-store shopping.

Our insights

•

New behaviors. India’s grocery retail landscape is changing rapidly. During the COVID-19 pandemic, 93% of consumers in India tried a new shopping method, including curbside pickups and delivery apps, according to a McKinsey survey. Online grocery retailing in India could reach $10 billion to $12 billion by 2025, up from $2 billion to $3 billion in 2020. Despite this fast growth, earning a profit remains challenging for online grocers, given their high operating costs.

•

Eating right. India’s grocery shoppers are focusing more on health and nutrition when they buy groceries. About 70% of the respondents said they would spend more on healthy and nutritious groceries in 2021 than they did in 2020, our survey reveals. Half of these health-focused consumers said they would spend more on organic foods. See our report for more trends in consumer preferences and how brands and retailers in India can respond to ever-intensifying competition.

— Edited by Belinda Yu

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:12 - 10 Mar 2022

How to play the new talent game and win back workers

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

As of December 2021, more than 4.3 million people voluntarily quit their jobs. Indeed, the effects of the Great Attrition are real, but in this most recent wave, those who are quitting their jobs are leaving to take on very different roles—or leaving the workforce entirely. And the competition for talent is different now, too. So the big question is: how can companies bring employees back—and keep them? Check out this new article to learn the new rules of the talent game.

— Babi Oloko, digital editor, New York

Gone for now, or gone for good? How to play the new talent game and win back workers

Nearly half of the employees who voluntarily left the workforce during the pandemic aren’t coming back on their own. Employers must go and get them. Here’s how to start.

Understand employee priorities

Quote of the Day

“Companies that want people to be present and to optimize outcomes can embrace a more people-centered approach. The workplace is a company’s operating system and can be a significant differentiator”

—Diane Hoskins, co-CEO of Gensler, on organizations creating human-centric workspaces in The rebirth of workspace design: An interview with Gensler co-CEO Diane Hoskins

Chart of the Day

See today’s chart

Also New

Autonomous supply chain planning for consumer goods companies

To capitalize on analytics, consumer packaged goods organizations—especially in Asia—can build an integrated system with the power to oversee and control the entire supply chain from end to end.

Rethink traditional processes

‘Innovation is Islamic’: An interview with Boubyan’s CEO and vice chair

Adel Abdul Wahab Al-Majed describes how prioritizing performance, setting high aspirations, and bubbling up ideas throughout the organization transformed Kuwait’s Boubyan Bank into a digital leader.

Learn from a leader

Developing an effective M&A blueprint for insurers

The North American insurance industry needs systematic capabilities to support programmatic deal making. A good place to start is the where, why, and how of an effective M&A blueprint.

Take a new approach

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:43 - 9 Mar 2022

A 20-hour workweek?

Re:think

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REIMAGINING THE WORKWEEK

#yourhalftimeismyfulltime

Bill Schaninger

A lot of people are talking about the four-day workweek, but I think it’s more revealing to talk about the 20-hour workweek.

For people who want flexibility, 20 hours a week is a really manageable number. It’s particularly good for young people, who often want a solid gig but also value the side hustle that helps them find their purpose. And it’s excellent for older people who have recently retired. A huge part of their social life may well have been tied up with work. They might like to continue collaborating with peers, colleagues, and friends. And the work benefits may be better than what they’d get as retirees.

This should be a win–win. If a company could get access to loyal—not transactional—people who are excited to be at work, why wouldn’t it want that?

However, most companies don’t want to deviate from what they consider “normal”—a five-day, 40-hour workweek. (Which, by the way, is an artificial creation enshrined by laws passed more than 80 years ago.) Employers think anything else would be too complicated. But if they really examined what their talent force looks like, they’d see it’s quite complex already, full of “full-timers” with special arrangements, contractors deeply entwined with the company, freelancers who were once full-timers, and so on.

Another big convention that most employers don’t want to alter is offering benefits only to people working a standard 40-hour week. But perhaps that’s short-sighted. By lowering the bar to 20-hour weeks, they probably create a more reliable workforce, full of people who know the company and its culture and who are committed to it, because the company is helping them have a happier, more flexible life.

One outcome of the pandemic is that the employee–employer power dynamic has really shifted toward employees. Offering flexibility with benefits would go a long way to showing talent that employers are truly “invested in you.” Research clarifies that benefits are an even bigger “tie that binds” than hourly wages.

82 years ago, the Fair Labor Standards Act enshrined the 40-hour workweek

Now, 20 hours isn’t some magical number. My beef with the five-day workweek is that it’s a norm from long ago that hasn’t been adjusted to reflect the way that work has evolved. Like many proposals for four-day workweeks, it’s a mandate handed down from on high. So, maybe 25 hours is right. Maybe 30, even though that seems too high to me. The point is that affording employees this kind of flexibility would be both an honest recognition of today’s talent market and a way for companies to build lasting loyalty from employees—at a time when loyalty to corporations is at a low.

When it comes to having to go into an office every day of the week, the genie is out of the bottle. When we next hit a downturn in the economy, some employers will be tempted to think, “Now is our chance to get back to everyone in the office every day.” If that happens, you’ll see a bifurcation between those companies and more flexible firms. And I think those companies will be hurt because people no longer accept the idea that a company owns them. They think they deserve choice, and they’re not going to relinquish that easily. They’re going to get on social media and talk about their employers, and there’s going to be a cost to that.

But companies that are less entrenched in tradition and that offer workers real flexibility are going to create a workplace that’s compelling. At those companies, people will enjoy the feeling of going into the office.

I think there’s a good chance that within five years, employers offering 20-hour workweeks with benefits will become more of a norm. For the past two years-plus, employees have made their independence clearer than ever. It’s time for employers to acknowledge that reality and adjust their policies and expectations. Believe it or not, the workplace has changed from 80 years ago.

ABOUT THE AUTHOR

Bill Schaninger is a senior partner in McKinsey’s Philadelphia office.

MORE FROM THIS AUTHOR

‘Great Attrition’ or ‘Great Attraction’? The choice is yours

A record number of employees are quitting or thinking about doing so. Organizations that take the time to learn why—and act thoughtfully—will have an edge in attracting and retaining talent.

More →

Losing from day one: Why even successful transformations fall short

Our latest transformations research confirms that success remains elusive and reliant on a holistic approach. Yet some actions are especially predictive of realizing the financial benefits at stake.

More →

IN TWO WEEKS

Carolyn Dewar on CEO Excellence

Deep new McKinsey research on CEO performance over the decades reveals that six mindsets distinguish the very best CEOs.

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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 03:25 - 9 Mar 2022

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by "Remote" <hello@remote-comms.com> - 04:10 - 9 Mar 2022

Ever been hacked at home? Cybersecurity’s four big challenges in the remote-work era.

McKinsey&Company

Cybersecurity challenges

The news

•

Zero trust. Who should you trust? In cybersecurity, the right answer increasingly appears to be “no one.” Many organizations are switching to “zero trust” security methods, which require that every user and device is verified continuously. With more data being stored in the cloud and millions of remote workers logging on from home, securing critical data is becoming even more important. The zero-trust security sector is projected to reach $51.6 billion in 2026, compared with $19.6 billion in 2020. [CNBC]

•

To err is human. Nearly 90% of data breaches occur when an employee makes a mistake. Cybersecurity isn’t just a problem to be relegated to IT: the whole organization must safeguard the company against cyberattacks. Boards of directors have a key role to play. Board members don’t need to become cybersecurity experts, but they should be knowledgeable about cyberthreats. At board meetings, it’s crucial to ask and answer questions about cybersecurity—including how the company detects breaches and how it plans to respond after an incident. [HBR]

Organizations struggle with understanding how to measure the return or value of a dollar spent on cybersecurity, as well as how to communicate its value to stakeholders.

Our insights

•

Visibility gaps. Cybercriminals are bombarding remote workers with an array of threats. For example, spear-phishing attacks—when hackers pose as a trusted contact to steal confidential data—have increased by nearly seven times since the start of the COVID-19 pandemic, according to a McKinsey survey. But even though cyberattacks are spiking, cybersecurity providers often don’t have the visibility they need into the digital infrastructure to recognize when, where, or why there is a problem.

•

Millions of vacant jobs. More than three million cybersecurity jobs remained unfilled in 2021, and that massive shortage of talent is affecting both clients and providers. Although technologies like AI and machine learning are helping to analyze threats, those technologies are only a supplement to the essential work of security analysts. See the four challenges that remain unsolved for providers of cybersecurity services and suggestions for how to address them.

— Edited by Belinda Yu

Confront cyber challenges

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:30 - 9 Mar 2022

Women in insurance: Leading voices on trends affecting insurers

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

What trends matter for the insurance industry today—digital? Growth and new business building? Diversity, equity, and inclusion? As the industry searches for new value-creation levers, all of these (and more) will matter. For fresh perspective, we asked 20 experts in insurance to unpack these and other important dynamics, offering insight on new technologies, new services, and new customers. This International Women’s Day, don’t miss a new series of short takes from women in the industry on insurance’s path forward.

— Sarah Skinner, digital editor, New York

Women in insurance: Leading voices on trends affecting insurers

As part of our celebration of International Women’s Day 2022, female McKinsey partners offer insights into the latest in insurance: new technologies, new services, and new customers. Their expertise covers all relevant topics, functions, and lines of business.

Browse the posts

Quote of the Day

"It begins with having diverse voices in leadership positions. Nextdoor neighborhoods reflect the diversity of the world; if we’re going to build a product for them, then we need to look like them."

—Sarah Friar, CEO of Nextdoor, in a new article about what resilience means to her

Chart of the Day

Chart of the gap between math attainment levels in majority-Black and majority-White schools

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Image of the cover of <em>CEO Excellence</em> by Carolyn Dewar, Scott Keller, and Vikram Malhotra

How to be an excellent CEO: Part 6

What if the world’s highest-performing CEOs held a master class to share the skills and practices that have driven their success over the years?

Be your most effective

The McKinsey Crossword: International Women’s Day | No. 66

Sharpen your problem-solving skills the McKinsey way, with our weekly crossword. Each puzzle is created with the McKinsey audience in mind, and includes a subtle (and sometimes not-so-subtle) business theme for you to find. Answers that are directionally correct may not cut it if you’re looking for a quick win.

Play now

Landscape panorama of a pipeline in the summer

Decarbonizing US gas utilities: The potential role of a clean-fuels system in the energy transition

US natural gas utilities and combined electric and gas utilities have an opportunity to convert their infrastructure into clean-fuels networks—a move that could help enable a decarbonized energy system.

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:53 - 8 Mar 2022

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by "New Relic" <noreply@newrelic.com> - 03:11 - 8 Mar 2022

Younger, tech-savvy, brand aware—and underserved: Why Black consumer loyalty is up for grabs

McKinsey&Company

Serving the Black consumer

The news

•

Bias in banking. People of color report deeply ingrained racial biases in the US financial-services sector. Nearly 50% of Latinx and 40% of Black respondents said they had to alter their appearance or behavior when interacting with banks, a 2021 Edelman survey revealed. Moreover, high-income Black consumers said they were asked to pay higher fees and to provide multiple forms of employment verification. Unfair treatment has led many consumers to switch banks, keep cash at home, or use alternatives such as cryptocurrency. [Fortune]

•

Breaking barriers in beauty. Black women spend six times the amount that White women do on beauty but often struggle to find products that suit them—for instance, hair extensions that match their natural textures. Now, a new crop of Black female founders is raising millions to launch brands that aim to serve consumers overlooked by the $2.4 billion wig and extensions industry. One US start-up recently raised $1.4 million to make hair extensions from natural plant fibers, which are gentler on scalps and cut down on waste from plastic. [FT]

“Our analysis suggests that, because of the level of dissatisfaction, Black consumers are 25% more likely to switch brands.”

Our insights

•

A lifetime of engagement. Companies that offer their goods and services in more Black communities and create products catering to Black households tap into a $300 billion opportunity each year, says McKinsey partner Shelley Stewart III in The McKinsey Podcast. “The median age of Black Americans is 34. That’s a decade younger than the median age for White Americans,” says Stewart. “If you can get these customers today, you can have a long life of engaging with these customers. So there’s vested interest in getting in early.”

•

A troubling gap. The three-and-a-half-year gap in life expectancy between Black and White Americans has stretched to five years during the COVID-19 pandemic, says Stewart. In fact, 16 million Black Americans live in areas that have too few healthcare providers, Stewart adds. Listen to the podcast for ways companies can adapt products to meet Black consumer needs, potentially growing their bottom lines while also transforming communities for the better.

— Edited by Belinda Yu

Invest in Black lives

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:16 - 7 Mar 2022

What technology trends will—and should—lead business agendas in 2022?

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

There’s a lot happening in the world of tech right now. Quantum computing, artificial intelligence, cryptocurrency, and the metaverse have been getting a lot of buzz, and many will be watching to see how they evolve. But are those the trends that will resonate most with your business agenda this year? Experts from the McKinsey Technology Council weigh in on what should be on your radar. Get their perspective.

— Joyce Yoo, digital editor, New York

Collage of industry, academic, and McKinsey leaders

What technology trends will—and should—lead business agendas in 2022?

We asked leaders in industry, academia, and at McKinsey to share their perspectives on the technology trends likely to headline business agendas this year, the ones that could—but shouldn’t—slip through the cracks, and what executives should think about when considering new technologies. Here is what they told us.

Look to the future

Quote of the Day

"We need to get rid of that idea, that there’s one seat. In addition, I want to get rid of the idea that there’s limited seats, because it suggests that there’s a pie that we’re constantly redistributing."

—Deepa Purushothaman, author of The First, the Few, the Only: How Women of Color Can Redefine Power in Corporate America, in a recent interview from McKinsey's Author Talks series

Chart of the Day

Chart of top 3 reasons why consumers buy from Black-owned brands

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Also New

What resilience means to Nextdoor CEO Sarah Friar

For Nextdoor CEO Sarah Friar, resilience requires diverse perspectives, local solutions, playbooks to help anticipate the unexpected, and a regard for unforeseen consequences.

Develop resilience

Five steps to improve innovation in the insurance industry

Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.

Implement cross-cutting practices

The future of insurance: Creating value, finding focus

In this podcast episode, four McKinsey insurance experts discuss the industry’s struggles—and the strategic imperatives for growth in a world altered by the COVID-19 pandemic.

Tune in

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:07 - 7 Mar 2022

[Demo] Explore cloud security and app modernisation live

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by "Sumo Logic" <marketing-info@sumologic.com> - 05:01 - 7 Mar 2022

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It's been 2 years since COVID-19 was declared a global pandemic; here's what matters now

Adding Your First Employee to Remote

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A giant leap into outer space for governments and companies

Three years, seven attributes: The data-driven enterprise in 2025

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REIMAGINING THE WORKWEEK

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years ago, the Fair Labor Standards Act enshrined the 40-hour workweek

‘Great Attrition’ or ‘Great Attraction’? The choice is yours

Losing from day one: Why even successful transformations fall short

Carolyn Dewar on CEO Excellence

Deep new McKinsey research on CEO performance over the decades reveals that six mindsets distinguish the very best CEOs.

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Ever been hacked at home? Cybersecurity’s four big challenges in the remote-work era.

Women in insurance: Leading voices on trends affecting insurers

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Younger, tech-savvy, brand aware—and underserved: Why Black consumer loyalty is up for grabs

What technology trends will—and should—lead business agendas in 2022?

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We are thrilled to announce our newest feature on the Remote platform: the Total Cost of Employment Calculator! 🎉

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REIMAGINING THE WORKWEEK#yourhalftimeismyfulltime

82

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Carolyn Dewar on CEO Excellence

Deep new McKinsey research on CEO performance over the decades reveals that six mindsets distinguish the very best CEOs.

Get access to the same powerful platform, HR experts, and localized legal support as big brands, at a fraction of the cost.

What is it like for your employees when you use Remote?

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REIMAGINING THE WORKWEEK

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