‘We can invent new biology’: Molly Gibson on the power of AI

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Hydrogen could play an important role in helping hard-to-abate sectors meet climate targets. Countries with hydrocarbon resources and industry expertise can help build and scale the needed technology.

Edited by Stephanie d’Arc Taylor
Editor, Southern California

Clean energy spells opportunity. With COP27 in the rearview, and an uncertain path toward the goal of net zero, many world leaders are beginning to chart their course in earnest. Clean hydrogen, defined as hydrogen produced with little or no carbon emissions, could be something of a silver bullet: by 2050, demand for hydrogen could abate more than 20 percent of global emissions. For countries with institutional experience processing hydrocarbons—a category including natural gas and petroleum—there’s a particular opportunity to create new sources of value and become leaders in future energy markets. In a new article, senior partners Tarek El Sayed and Rachid Majiti, partner Arnout de Pee, and their coauthors explore the opportunity, and break down four areas where hydrocarbon-rich countries should focus to realize the potential.

In observance of the US Thanksgiving holiday, the Daily Read will be taking a break for the rest of the week. We’ll be back in your inbox on November 28.

Liquid hydrogen renewable energy in vessel

The clean hydrogen opportunity for hydrocarbon-rich countries

Create a greener future

Quote of the day

“It’s very easy to miss reality in your digital ecosystem and to create something that’s really just a better simulation. But that’s not the same as what we’re looking for—a substitute for physical testing.”

—Dr. Will Roper, a senior adviser to McKinsey, on companies undergoing digital transformations in “Digital twins: Flying high, flexing fast”

Chart of the day

Chart detailing that Maylasia ranks in the top ten globally in potential low-cost, nature-based solutions--but trails other Southeast Asian countries in carbon credit issuances

ALSO NEW

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:36 - 23 Nov 2022

‘We can invent new biology’: Molly Gibson on the power of AI

Harmony Internal - McKinsey

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The cofounder of Generate Biomedicines, a pioneering new drug development platform, describes how AI and machine learning are transforming the way we discover new medicines.

New from McKinsey & Company

‘We can invent new biology’: Molly Gibson on the power of AI

Master the complexity

Related Reading

The future of biotech: AI-driven drug discovery

Better data for better therapies: The case for building health data platforms

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 04:22 - 23 Nov 2022

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by "WooCommerce" <noreply@woocommerce.com> - 10:43 - 23 Nov 2022

The secret weapon of the American industrial revival

On Point

TODAY’S NEWS. TOMORROW’S INSIGHTS.
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Focus on factories. The number of US manufacturing jobs has rebounded to the level seen before the COVID-19 pandemic, spurred by unwavering consumer demand for goods such as cars and computers. The past 12 months have seen factory employment increasing by nearly 470,000 jobs. But the sector must contend with the threat of economic contraction, labor shortages, and continuing supply chain hiccups if it’s to keep growing. [NPR]

Edited by Alexandra Mondalek
Editor, New York

Introducing the ‘Titanium Economy’

In the news

•

•

Help wanted. Even though the US manufacturing industry has grown to employ the most people that it has since the Great Recession, there are still around 800,000 job openings in the sector. US manufacturing leaders say despite offering $20–$30 an hour, they are having trouble finding qualified talent to fill factory roles. Attracting new workers requires changing perceptions of what it means to be a factory employee, says another industry leader. [CNN]

An effective transformation of the US manufacturing sector could boost US GDP by
$275 billion to $460 billion while adding up
to 1.5 million jobs, a McKinsey analysis found.

On McKinsey.com

•

In plain sight. Silicon Valley’s tech sector often earns splashy headlines. But of the more than 4,000 US manufacturing companies that make up the “Titanium Economy,” a majority have been quietly enjoying an 11–15% ROIC over the past decade. These businesses, many of which are small- to midcap companies that don’t have a consumer-facing brand, represent the future of US manufacturing, explain McKinsey senior partner Inga Maurer , senior partner Asutosh Padhi, and coauthors.

•

The ‘Great Amplification Cycle.’ Investing in the Titanium Economy could kick off a virtuous cycle of sustainable and inclusive growth. When industrial companies build more factories, they create more jobs with good wages—often for people who don’t have college degrees. When people spend their earnings in their communities, that can stimulate greater economic growth and attract new talent and businesses. See what lessons the winners in the Titanium Economy have to offer America’s manufacturers (and many others).

Understand the Titanium Economy

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

by "McKinsey On Point" <publishing@email.mckinsey.com> - 11:31 - 22 Nov 2022

In the metaverse, women are locked out of leadership

Harmony Internal - McKinsey

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For many, the metaverse means potential for an exciting future. But so far, meta-society is facing some of the same intractable issues we do IRL. In their new article, McKinsey senior partner Lareina Yee and her co-author, partner Mina Alaghband, point to a discernable gender gap in metaverse leadership. Analyzing a range of data on the early-stage metaverse, Yee found that women are just as likely to spend time in the metaverse as men, and are more likely than men to spearhead metaverse initiatives. But when it comes to leadership, the gender gap reflects one that exists in Fortune 500 companies, where less than 10 percent of CEOs are women. For a closer look at the numbers, check out the article—featuring plenty of data visualizations—here.

Edited by Stephanie d’Arc Taylor
Editor, Southern California

A woman disintegrating while looking into a virtual reality headset

Even in the metaverse, women remain locked out of leadership roles

Five early indicators on women in the metaverse reveal gender inequality—especially in the leadership creating and setting metaverse standards.

Infuse diverse leadership

Quote of the day

“What I get most excited about is the potential for AI to fundamentally change the timescales, as well as the cost structures, for development in the therapeutic space.”

—Vineeta Agarwala, a general partner at the venture capital firm Andreessen Horowitz, on what patients want in “Vineeta Agarwala on the promise—and limits—of AI in drug discovery”

Chart of the day

Chart of ways companies have been most affected by cost increases in the last six months

With economic troubles mounting, it’s a time to tighten belts and put on hard hats. But don’t forget the jet pack, to accelerate into the next phase of growth.

ALSO NEW

A person crossing the street holding a coffee cup

What matters most? Six priorities for CEOs in turbulent times

Take courage

Crowd of people waiting for check-in - stock photo

The snap back of travel: Airlines’ ability to keep pace

Summer travel in 2022 was filled with crowded airports, delayed flights, and unhappy customers—but airlines can turn the situation around and build greater capacity for the future.

Learn more

Taking a skills-based approach to building the future workforce

Our work with the Rework America Alliance highlights how a skills-based approach can help US employers expand talent pools and retain great workers—even through economic uncertainty.

Break the mold

Follow our thinking

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:14 - 22 Nov 2022

Vineeta Agarwala on the promise—and limits—of AI in drug discovery

Harmony Internal - McKinsey

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By helping us learn from every single patient and every piece of data, AI could enable medical breakthroughs, says Andreessen Horowitz general partner Vineeta Agarwala.

New from McKinsey & Company

Vineeta Agarwala on the promise—and limits—of AI in drug discovery

Create new insights

Related Reading

Image of a serious female scientist in a lab coat and protective gloves stands in a modern lab, working on a small HUD or graphic display

The future of biotech: AI-driven drug discovery

‘It will be a paradigm shift’: Daphne Koller on machine learning in drug discovery

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 12:04 - 22 Nov 2022

Discover why Electricity 4.0 is the fastest route to net-zero

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by "Schneider Electric" <reply@se.com> - 04:04 - 22 Nov 2022

Webinar | Sangoma Integration with Char PMS Link

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Discover how to take advantage of the UC and collaboration functionalities that Sangoma provides with its flexible PBXact and FreePB platforms, thanks to the compatibility with the PMS systems used in the biggest hotel chains. In addition, you will learn about new trends in hospitality to save costs when migrating hotel telephony infrastructure to IP.

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by "The Sangoma OSS Team" <webannounce@sangoma.com> - 03:16 - 22 Nov 2022

To support diversely owned brands, US retailers need to ditch the old ways of working

On Point

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Rebuilding a legacy. Some legacy Black-owned brands are back, thanks to the Black female entrepreneurs who have rebooted them. A company whose cosmetics have been beloved by generations of Black American women was recently relaunched after having gone bankrupt in 2018. A groundbreaking Black hair care brand founded in the early 1900s has also been revived. These Black-owned brands may have changed their packaging and marketing to evolve with the times, but their current owners say they, too, want to help address the racial wealth gap. [NYT]

Edited by Katherine Tam
Editor, New York

Building diversely owned brands

In the news

•

•

Finding funds. Among the best ways to generate wealth is to own a business. But according to the Alliance for Entrepreneurial Equity, Black Americans own only 2% of US businesses that have employees. Discrimination against people of color makes it harder for Black American founders to secure funding that helps businesses grow and prosper, says one businesswoman who established a fund that invests in tech start-ups founded by minority women. From January 2021 to June 2021, Black entrepreneurs received only 1.2% of overall US venture capital investment. [CNN]

When done right, there’s game-changing value at stake. Fulfilling the needs of the underserved Black community could tap into an estimated $300 billion of value annually.

On McKinsey.com

•

Channeling purpose. More US consumers are switching brands and retail channels than in 2020 and 2021, McKinsey consumer research finds. How can retailers stand out in a crowded environment? One way is to focus on purpose, reveals McKinsey senior partner Tiffany Burns and her coauthors. Gen Zers and millennials account for $800 billion in retail spending and care deeply about environmental, social, and governance issues. This suggests that retailers could showcase diversely owned brands and capture inclusive consumer shopping behavior.

•

Changing habits. Retail shelves can be a tough place for diversely owned brands looking to grow, despite retailers’ best efforts. A McKinsey analysis of US government data finds that minority-owned small businesses have 32% fewer employees and 47% lower receipts than non-minority-owned businesses. Diversely owned brands receive limited funding and lack high-powered networks that help companies expand. See seven habits that retailers need to break, and new ones to adopt, to support diversely owned brands.

Rethink seven habits

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:30 - 22 Nov 2022

Tyk events lineup: All you need to know about APIs today

Tyk event Lineup: All you need to know about APIs today

View in browser

Hi MD Abul,

We are excited to announce our upcoming lineup of events this week. Whether you're interested in understanding the top threats to your API security business, how to enable API led product growth or the future of GraphQL, we've got you covered!

Event #1. Panel discussion: OWASP top 10 - Staying ahead of security threats to your API first business

When: Tuesday, November 22, 2022 @ 12:00 pm GMT / 8:00 pm SGT

The growth of APIs has left software-focused organisations/ companies with larger, and more vulnerable, attack surfaces that can be exploited by threats and hackers. The OWASP Top 10 is a standard awareness document for developers and web application security. It represents a broad consensus about the most critical security risks to web applications.

During this round table, join Stefania Chaplin, Solutions Architect at GitLab, David Garvey, Technical Director at Tyk and Budha, product evangelist at Tyk as they analyse these 10 threats and put them in the context of API products as well as API Management.

Register Now

Event #2. The State of GraphQL 2022 | GraphQL Hangout #50

When: Wednesday, 23 November @ 11:00 am Pacific / 2:00 pm Eastern / 7:00 pm GMT

Join Budha, Product Evangelist, Sedky, Director of Solutions Architecture, Agata Witkowska, Senior Product Manager (GraphQL and APIs as Integration) and Richard Johnson, Senior UX Researcher at Tyk for the 50th edition of the GraphQL hangout as we take a look at the past, present and future of the GraphQL ecosystem!

What we’ll cover:
• The benefits and challenges of adopting GraphQL
• When not to use GraphQL
• A closer look at the growing tooling ecosystem and what’s missing
• What’s next for GraphQL at scale

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Event #3. Tyk office hours: Enabling API led product growth with Tyk Cloud

When: Thursday, 24 November @ 12:00 pm Eastern / 5:00 pm SGT

Tyk Cloud provides accessible API management in a simple, vendor-agnostic, and easy to deploy way to power your API portfolio.

In this edition of Tyk Office hours, join Budha, product evangelist at Tyk as we look at the factors that show the value of Tyk Cloud to developers, the business, and other decision makers within your organisation and answer all your burning questions to help you choose the right tool for your business.

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If you have any questions, or have any issues registering for the events, please feel free to reach out to us at any time.

We are really looking forward to seeing you this week!

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by "Faye Tandog" <faye@tyk.io> - 10:02 - 21 Nov 2022

Five roadblocks to achieving equity for women at work

Harmony Internal - McKinsey

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

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A workplace free of racism and sexism can start with a better understanding of the historical relationship between Black and White women, says Dr. Tina Opie.

Edited by Katherine Tam
Editor, New York

As organizations work toward equity in the workplace, relationships between Black and White women are getting a closer look. Historically, the relationships between women from different racioethnic categories have been tenuous, but by understanding these dynamics—and the power imbalances that caused them—people can work together more effectively to achieve equity, argue Dr. Tina Opie and Dr. Beth Livingston in their new book Shared Sisterhood. In a new Author Talks interview, Dr. Opie reveals five institutional roadblocks to equity that your organization may be facing and details the practices used to overcome them. For insights on how organizations can weave DEI principles into the product development process, check out McKinsey partners Martin Harrysson and Claudy Jules' recent interview with Google’s Annie Jean-Baptiste.

Author Talks: How to eradicate roadblocks to equity

Examine organizations

Quote of the day

“I saw what [blockchain] technology could do, solving a need in a market in which the rich had a very well-developed tool set to enhance and optimize their portfolios but the mass affluent did not. . . . ADDX is trying to [democratize] alternative asset investing for the mass affluent.”

—Oi-Yee Choo, CEO of ADDX, a full-service capital markets platform based in Singapore, on a new episode of The Venture podcast.

Chart of the day

Chart detailing that consumers are more likely to shop sustainably if doing so requires no change to their lifestyle and there are no added costs.

Studies show that time spent in nature has a positive effect on attention span and well-being. Companies that harness its power can create a resilient and productive workforce for the long term.

ALSO NEW

Group of hikers on the Aberkyn Wilderness trails

(Extremely) out of office: Let nature boost your team’s creativity and performance

Go forest bathing

Preparing the world for zero-emission trucks

The mainstay vehicles of commercial road transport will soon benefit from cost-effective, zero-emission horsepower.

Get ready

Making everyday products greener

Transition to greener products may be challenging, but it’s feasible. However, achieving scale will be a significant hurdle in a world where demand for green materials will soon outstrip supply if targets and commitments are taken seriously.

Learn more

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:16 - 21 Nov 2022

Join me on Wednesday for a live demo - Go Further: Uplevel Uptime Reliability and Scale

Hi MD,

Lucy here, Technical Account Manager at New Relic. I hope you enjoyed our webinar last week First Steps: Uplevel Uptime, Reliability, and Scale. I wanted to invite you to part two of this demo webinar series which I'll be hosting at 2 pm GMT/ 3 pm CET this Wednesday, 23rd November: Go Further: Uplevel Uptime Reliability and Scale. It will be helpful if you:

Need to set up proactive alerting
Want to learn more about troubleshooting with distributed tracing
Are moving to the cloud and want to validate improvements while keeping costs under control
Already have a lot of monitoring data but find it difficult to get the information you need.

By the end of the live demo, we hope you'll feel more confident about using New Relic to improve the performance, reliability and scale of your applications. Hope to see you there but if you can't make it, register anyway and I'll make sure that our team sends you the recording.

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by "Lucy Lu, New Relic" <emeamarketing@newrelic.com> - 06:06 - 21 Nov 2022

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by "WooCommerce" <noreply@woocommerce.com> - 03:01 - 21 Nov 2022

The power of purpose: A leader’s guide

Harmony Internal - McKinsey

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It may be tempting to dismiss corporate purpose as a ‘soft’ concern in a world teeming with political and social upheavals. Yet a sense of purpose may be the very thing that can help in overcoming those upheavals. Far from being less important than financial goals, purpose can strengthen the balance sheet by improving employee, customer, and investor satisfaction, which in turn contribute to better performance and greater societal impact ; for example, many developing economies have benefited from the initiatives of purpose-driven organizations. As 2022 winds down, now may be the time to reflect on your organization’s purpose and how to strengthen it in the year ahead.

Edited by Rama Ramaswami
Senior Editor, New York

AN IDEA

Are you a free spirit, an achiever, or a caregiver?

The answer to that question is important because it may reveal insights into how you think about and experience purpose. In this McKinsey Quarterly article, we identify nine types of individual purpose—activities and beliefs that people find meaningful, such as achievement, caring, tradition, and stability. These elements fit into three ways in which people approach purpose: free spirits find meaning in situations that they can control, achievers gravitate toward self-improvement, and caregivers find most meaning in caring for others. By understanding these distinctions, leaders can help themselves and their teams develop activities tailored to different personalities and situations. “Be transparent, be open, and give people the chance to be supportive,” counsels McKinsey senior partner Acha Leke in this discussion on the importance of individual purpose .

A BIG NUMBER

82%

That’s the number of employees who feel that organizational purpose is important, according to research by McKinsey senior partner Bill Schaninger and others. But only about half that number—42 percent—believe that their companies’ purpose statements have much impact. To bridge this gap, “embed your reflection, exploration, discussion, and action in the heart of your business and your organization,” say the authors. For example, leaders could start by evaluating whether the relationships among their organizations’ social and environmental impact, strategy, and purpose are aligned.

A QUOTE

“Fight the tendency to approach purpose with a ‘this is the hand I’ve been dealt’ resignation.”

That’s McKinsey’s Olivia Loadwick , Robin Nuttall , Matt Stone , and others in this article on embedding purpose in organizations to deliver value. Leaders have more freedom than they think to reshape their businesses in a purposeful way. Five elements that can elevate purpose in the long term include portfolio strategy and products; people and culture; processes and systems; performance metrics; and positions and engagement. “Purpose is a source of competitive advantage, but it must be genuine and infused in your organization’s business model,” the authors say. “The 5Ps provide a framework to help companies embed purpose in a systematic, holistic way.”

A SPOTLIGHT INTERVIEW

Image of a Black woman looking at her phone in a shopping district

Purpose-driven organizations can have a tangible effect on society, as the example of mobile money service provider M-Pesa Africa shows. In this McKinsey Talking Banking Matters podcast, M-Pesa managing director Sitoyo Lopokoiyit discusses how the fintech’s mission of reinventing financial services in Africa has lifted many households out of poverty since its launch in Kenya in 2007. “It has had a major impact on the Kenyan economy, including helping increase the country’s financial inclusion from only 26 percent in 2006 to 84 percent in 2021,” says Lopokoiyit. Although M-Pesa has now expanded into several other markets in Africa, it hasn’t strayed from its original goal of improving people’s lives, he says: “In terms of success, one of the key things is a deep commitment by the management to see it work. Purpose and people first; profits will follow.”

HYPED UP

‘Paying lip service to social purpose does not cut it with today’s consumers.’ That’s according to an Economist Group survey on how brands can enhance both business and social health through purpose. Your company’s reputation can plummet if its purpose comes across as ethically questionable or just a marketing gimmick . A common mistake among many organizations is a failure to measure purpose-related efforts with the same seriousness given to metrics such as revenue and profit, according to a Harvard Business Review study. Whether you track customer feedback, referrals, or adoption of your product or service, “identifying one simple metric, even if it’s an imperfect measure, will help keep your purpose at the center of daily operations,” the author says.

Lead purposefully.

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TODAY’S NEWS. TOMORROW’S INSIGHTS.
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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 01:10 - 21 Nov 2022

Burnout has hit record levels worldwide. What helps, and what doesn’t, in fighting it?

On Point

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Taboo talk. Addressing burnout—for which online searches reached a record high in May—means first understanding what causes it and then creating a safe environment for employees to share their experiences with it. Even then, discussions about burnout can be difficult to have. One contributor to burnout is a perceived lack of control, which can lead to learned helplessness. Asking how the organization might redesign work to give employees more flexibility in accomplishing goals could help. [HBR]

Edited by Alexandra Mondalek
Editor, New York

Burn notice

In the news

•

•

The caring crisis. Nurses, teachers, and childcare workers—caring professions that may often involve some level of self-sacrificing behaviors—face a burnout crisis of their own. Nine in ten nurses in the US say they are considering quitting their jobs, adding to the 300,000 nurses who have already left in recent years. US public-school vacancies have reached 40,000, and there are about 100,000 fewer workers in childcare. Meanwhile, conditions for these positions are worsening, with increased incidents of violence on the jobs. [Atlantic]

“Burnout rates are continuing to increase, despite many organizations committing to this, making it a C-suite priority, and trying to find ways to support employees.”

On McKinsey.com

•

No words. Burnout is a condition plaguing people across the world, according to a McKinsey Health Institute (MHI) survey of 15,000 employees in 15 countries. But where people’s experiences differ is based on the cultural context around burnout. For example, in translating the McKinsey survey to local languages, researchers discovered that there may not always be a word that relates to mental health at work, showing one way that stigmas may exist in communities, McKinsey partner and MHI coleader Erica Coe explains.

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Holistic health. While employers are investing in employee wellness, burnout rates continue to rise, which suggests that the root causes of burnout—such as toxic workplace behavior or corporate culture—are left unaddressed. In taking a company-wide approach to fighting burnout, businesses have a better chance of tackling toxicity in the workplace, which is the biggest driver of burnout, our survey reveals. Find out what other strategies—such as destigmatizing the mental-health conversation—are effective in reducing burnout.

Learn ways to combat burnout

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

by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:31 - 21 Nov 2022

The week in charts

The Week in Charts

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Our Charting the path to the next normal series offers a daily chart that helps explain a changing world—as we strive toward sustainable and inclusive growth. In case you missed them, this week’s graphics explored the underrepresentation of women in leadership roles, why the Gulf of Mexico holds a lower-carbon potential, how innovation in payments could help airlines, the climate opportunity in insurance, and financial-services revenues in Africa.

FEATURED CHART

More women needed in leadership roles

This week’s other select charts

Emissions advantage

Sky-high payments costs

Putting a premium on net zero

Cashing in on a banking boom

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:09 - 19 Nov 2022

Digitizing the risk function

Harmony Internal - McKinsey

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McKinsey Classics | November 2022

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Digitizing the risk function

Our readers well know that digital technologies are blazing a trail through all corporate functions. Risk is no exception, but the extreme sensitivity required to manage it has some important implications: tolerance for bugs and errors is necessarily low, and the cost of errors may be unacceptably high. Progress in digitizing the risk function and its processes has therefore proceeded slowly. But “slowly” doesn’t mean “never.”

The most fundamental challenge is managing a culture of innovation in a way that’s appropriate for risk. Robust controls must constrain the test-and-learn pilot projects common in digital transformations. Minimum viable products refined over successive iterations generally aren’t appropriate. And organizations must build digital risk management processes incrementally: specific capabilities are usually developed and released one by one. For all these reasons, it takes longer to digitize the risk function than, say, customer service. Yet at a time of rising costs, it really must be digitized.

To learn more, read our classic 2017 article “Digital risk: Transforming risk management for the 2020s,” which focuses on the banking industry but has many lessons for every kind of business.

—Roger Draper, Editor, New York

Learn how to digitize risk

Related Reading

Jim Boehm, Lama Sabbagh, Jan Shelly Brown, and Karim Thomas, “Lessons from banking to improve risk and compliance and speed up digital transformations”

Andreas Hefter, Olivia Loadwick, Thomas Poppensieker, and Anke Raufuss, “Risk transformations: The heart, the art, and the science”

Ignacio Crespo, Pankaj Kumar, Peter Noteboom, and Marc Taymans, “The evolution of model risk management”

Did You Miss Our Previous McKinsey Classics?

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The real meaning of shareholder value

Creating shareholder value doesn’t mean maximizing short-term profits. Read “The real business of business” and the other articles in the 20th-anniversary edition of McKinsey on Finance.

Learn why shareholder capitalism is still the best path for economic prosperity

McKinsey Insights - Get our latest thinking on your iPhone, iPad or Android.

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by "McKinsey Classics" <publishing@email.mckinsey.com> - 11:34 - 19 Nov 2022

How AI can help drug discovery, digital twins, recycling more types of plastic, and more: The Daily Read weekender

Harmony Internal - McKinsey

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Edited by Joyce Yoo
Editor, New York

As we approach the Thanksgiving holiday in the US, take a moment to catch up on the week’s big reads on how AI can speed up drug discovery, digital methods that help transform product development, investing in space, and more.

Molly Gibson of Generate Biomedicines talks to McKinsey partner Lydia The about how AI and machine learning can speed up drug discovery—and what it could mean for patients everywhere.

Master the complexity

Digital image of a doughnut-shaped object

Tune into a conversation with McKinsey partner Kimberly Borden and senior adviser Dr. Will Roper about the value of digital technologies in production applications—and how digital approaches are used in Formula One racing.

Increase innovation

The horizon line of planet Earth as seen from space

McKinsey senior partners Rob Bland, Ryan Brukardt, and their coauthors explore how companies can embrace a disruptor’s mindset by identifying creative ways of accessing and deploying capital in the space sector.

Boost organic growth

Our weekly briefing note on sustainable and inclusive growth explores how recycling more types of plastic could not only help the planet but also create a market opportunity, and more.

Get the latest update

Quote of the day

“The truck is, first of all, a productivity tool in a critical industry. Trucks may not be as sexy as robotaxis, but their economic impact is equally big, if not bigger.”

—David Liu, CEO and founder of Plus, on why his company is focused on automating driving for trucks instead of cars in “Logistics Disruptors: Plus CEO David Liu on why AI should take the wheel in the trucking industry”

Chart of the day

Chart of financial-services revenues in Africa by service type

How well do you know the numbers behind the changes in business, society, and the world? Take the McKinsey weekly quiz to find out.

ready to unwind?

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Data Points: Your weekly quiz

Take the quiz

Forward Thinking on the fragility of the world’s food systems and how to fix them with Jessica Fanzo

Many people think that hunger and climate change happen to poor people in faraway countries and won’t affect them, says a leading food systems expert. “But that is a naïve perception of the world.”

Fix fragile food systems

48-Across: Agriculture school, informally

Know the answer? Test yourself with the latest McKinsey Crossword, Animal Alliteration | No. 102.

Get busy like a bee

Follow our thinking

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OUR BEST IDEAS, QUICK AND CURATED | NOVEMBER 18, 2022

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:30 - 18 Nov 2022

Managing out? Women leaders are leaving the workplace in droves

The Shortlist

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Edited by Barbara Tierney
Senior Editor, New York

This week, we look at some sobering trends facing women leaders in the workplace. Plus, an interview with the Spanish-born chef José Andrés on what working in emergencies has taught him, and a McKinsey technology expert on how business leaders can harness innovation.

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The ‘great breakup.’ Women leaders are switching jobs at the highest rates we’ve ever seen—and at higher rates than men in leadership. This year’s Women in the Workplace report by McKinsey, in partnership with LeanIn.Org, highlights how this trend affects gender equality in business, as well as the ability of organizations to hold onto the few women leaders they do have.

Playing catch-up. Women—and especially women of color—are dramatically underrepresented in corporate America, particularly in senior leadership. Only one in four C-suite leaders is a woman, and only one in 20 is a woman of color. For the eighth consecutive year of the report, a “broken rung ” at the first step up to manager is holding women back. For every 100 men who are promoted from entry level to manager, only 87 women are promoted, and only 82 women of color are promoted. As a result, men significantly outnumber women at the manager level, preventing women from catching up.

Watching from the wings. Now, with women leaders leaving at the highest rates in years, companies have a new pipeline problem. As McKinsey senior partners Alexis Krivkovich and Lareina Yee and their colleagues note, if organizations don’t take action, they won’t lose just their women leaders—they risk losing the next generation of women too. Young women are even more ambitious, and they place a higher premium on working in an equitable, supportive, and inclusive workplace.

Still ‘the only.’ Women’s relative representation among jobs in engineering and technical fields is lower than it was in 2018. As a result, women in technical roles are twice as likely as women overall to say that they are frequently the only woman in the room at work. These trends have troubling implications for gender equality. Engineering and technical roles are among corporate America’s fastest-growing and highest-paying job categories. If women in these roles don’t see an equal path to advancement , it could lead to larger gaps in both representation and earnings between women and men overall.

The importance of managers. Managers play an essential role in shaping all employees’ work experiences. But to women especially, having a manager who cares about their well-being really matters—it’s one of the top three factors they consider when deciding whether to join or stay with a company. When managers invest in people management and diversity, equity, and inclusion (DEI), women are happier and less burned out. They are also less likely to think about leaving their jobs and more likely to recommend their company as a good place to work—which translates to higher retention and better recruiting.

From nice-to-have to must-have. Relatively few companies recognize people management and DEI efforts in managers’ performance reviews. Companies are effectively treating this work as a nice-to-have—as opposed to a core part of a manager’s job—and this disconnect is apparent in the way managers are showing up. Less than half of women say their manager shows interest in their career and helps them manage their workload. Until companies take these duties seriously, women leaders are going to continue to feel undervalued, and they are going to continue to leave their companies in unprecedented numbers to get the recognition they feel they deserve.

To discover data-driven best practices for advancing and retaining women employees, read the full Women in the Workplace 2022 report.

Off the charts

Semiconductors: A path to net zero

Growing demand for semiconductors means industry emissions are likely to increase. Semiconductor companies are making sustainability commitments, but more is needed to achieve net zero. The steps they are taking will not be enough to get the industry on a 1.5°C trajectory by 2030. In fact, Scope 1 and 2 emissions may rise significantly above current levels as semiconductor production volume increases and the industry moves to advanced nodes with an expected higher emissions intensity. To gain more clarity about the extent of the increase, we created three different scenarios to estimate future emissions.

Chart of CO2 emissions and 2030 projections by type

Check out our chart of the day here.

INTERVIEW

A chef who can stand the global heat

José Andrés, the Spanish-born chef whose company encompasses nearly 40 restaurants globally, offers unique expertise on how to deal with pressure. In 2010, he founded World Central Kitchen, a nonprofit whose mission is to deliver fresh meals to people in need during emergencies including tornados, hurricanes, pandemics, and wars. This year, the nonprofit estimates that it raised and spent $420 million, including on more than 170 million meals distributed to Ukrainians since the invasion of Ukraine. In a recent interview with McKinsey Quarterly, Andrés spoke about how responding to emergencies has helped him to prioritize action over meticulous planning, test short-term solutions, and apply emergency-level intensity to long-term challenges.

More on McKinsey.com

Europe’s EV opportunity—and the charging infrastructure needed to meet it | To go carbon neutral by 2050, Europe needs more electric vehicles (EVs) on the road—and many more EV chargers too. We look at what this build-out might look like and what it might cost.

Shipping rates are finally falling. Will they reach prepandemic levels? | McKinsey partner Steve Saxon explores why container rates have fallen and how shippers and carriers can safeguard themselves against future uncertainty.

Prioritizing brain health: Scaling what works to add years to life and life to years | How many more years can be spent in optimal health if society viewed mental and substance-use disorders as we do other conditions? We look at potential answers.

INTERVIEW

Three questions for

Steve Van Kuiken

Steve Van Kuiken, a senior partner and the global leader of McKinsey Technology, helps organizations undergo major technology-enabled performance transformations. The following is a condensed version of a recent Harvard Business Review article .

In the next few years, new and expanded technologies will change the business landscape at unprecedented pace and scale. How can business leaders prepare to harness innovation?

Companies need to look to the edge of the organization, where the business interfaces with its customers, suppliers, and other stakeholders and where small-scale innovations are happening. They should focus on empowering the hands-on experts—engineers, chemists, product developers, and scientists—who are working on the most complex problems for the business.

The question is how to bring in the best of what these experts develop so that the entire organization can benefit. This is more than a matter of providing these would-be entrepreneurs with sufficient seed capital. Companies instead have to invest in an innovation model. Tech companies have been developing the muscle to innovate at the edge for years, and larger incumbents can borrow a page or two from their book.

What are the common practices to this approach?

To empower these edge workers, companies need to form a portfolio of small teams and give them the freedom to work independently along with clear goals and responsibilities. That means, for example, that if the business doesn’t have people with the skills they need, the team can go out and hire them directly. They can spend their allocated budget as they see fit, experiment and fail without penalty—within boundaries—and decide on technologies to meet their goals—within proscribed guidelines.

Some businesses are already practicing this kind of approach. For example, Haier, the appliance and consumer electronics company, has 4,000 “microenterprises”—as they call these teams—each with ten to 15 employees. These teams have the freedom to self-organize to address a specific opportunity that someone has identified. Teams need to convince people to join, and then need to show actual customer adoption to get funding. To enable this system, Haier reduced middle-management oversight to give teams the necessary freedom to operate.

How can IT play a role in building up a scaling capability to funnel innovations to make them work for the business?

At Google, for instance, product managers across the entire business had to report in every Friday on the percentage of user growth for their particular product. This made it easier to track progress. Initiatives that weren’t growing were quickly defunded. Those that did well attracted more resources.

Google also developed a uniform build system—a set of tools and practices around CI/CD, or continuous integration and continuous delivery—that every product team can use, as well as shared and scalable infrastructure resources that support the common needs of products and businesses. This approach made authentication much simpler and faster. Because all code followed through this model, it was easier to spread it throughout the organization. This is a good example of how establishing mechanisms to support experts and scaling winning innovations helps the entire organization to keep pace.

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BACKTALK

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

by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 01:18 - 18 Nov 2022

The industries that make up the built environment are fragmented. Can these industries accelerate green growth?

On Point

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A material difference. The built environment—which encompasses all processes within constructing residential and commercial buildings and infrastructure—heavily relies on carbon-intensive materials such as aluminum, cement, and steel. Making the industry greener depends on establishing a supply of circular material: building materials that are low carbon, recyclable, or used. Public and private sectors must work together to identify alternative materials and produce them at a large enough scale to encourage use. [WEF]

Edited by Alexandra Mondalek
Editor, New York

Building a greener future

In the news

•

•

Net win. The jaali structure that makes up parts of one of India’s most famous and beautiful buildings, characterized by perforated lattice screens, is a recognizable design feature found across Asia. The term, which translates to “net,” is also a crafty cooling solution, allowing for better air circulation and shielding buildings from the sun. Modern-day architects are bringing back the age-old design as they look for new ways to cool buildings without relying on carbon-intensive energy sources. [BBC]

Decarbonizing the built environment can create as much as $800 billion to $1.9 trillion in new green value pools across sectors.

On McKinsey.com

•

A cleaner future. The built environment is directly or indirectly responsible for about 40% of global carbon dioxide emissions from fuel combustion and 25% of overall greenhouse-gas emissions. As such, it is among the highest-emitting industries. Decarbonizing could help shift the built environment into a cleaner future while building new businesses, according to McKinsey partner Anna Moore and coauthors. This includes primary value pools of more than $320 billion in resilient materials and systems and more than $240 billion in retrofitting existing assets.

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Collaborating on construction. It is difficult to tackle the emissions problem in the built environment because the industry is highly fragmented, project based, and hyperlocal. The result is a siloed ecosystem that makes it tough for good solutions to achieve scale. Greater collaboration among manufacturers, distributors, developers, and investors could help the industry realize new green processes, materials, and technologies in a cost-efficient way. Learn what it will take for the industry to accelerate the green transition in the built environment.

Create a greener built environment

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