Not your grandmother’s capitalism: Meet tomorrow’s socially conscious capitalist

McKinsey&Company

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

In the news

•

‘Impatient capital.’ This year is looking like a landmark time for proxy battles, specifically around environmental, social, and governance (ESG) shareholder proposals. Shareholders are amassing support for numerous, wide-ranging societal issues that include carbon emissions, pay equity, and transparency into discrimination and harassment allegations. If this year’s extensive proposals pass, or even gain serious support, the door may very well open to even more such proposals next year. As one expert put it, “Formerly patient capital has become impatient.” [WSJ]

•

‘Yes, both.’ There’s an underlying tension within the ESG space: Should you invest in companies that do good societally, environmentally, and governance-wise, full stop, or in companies that aren’t doing badly within those dimensions and have stronger financial performance? To truly effect change, the ideological case must be combined with the economic, says Wharton School of Business professor and ESG expert Witold Henisz. [Wharton]

“You realize that you can’t be a successful company if the planet is on fire. You can’t be a successful company if social division is causing the political order to break down.”

On McKinsey.com

•

___ capitalism. About a decade ago, Fortune Media CEO and journalist Alan Murray began noticing a shift in the conversation about capitalism, specifically around the social impact of business. He heard phrases like “conscious capitalism,” “compassionate capitalism,” and “inclusive capitalism,” pointing to a larger sense that companies weren’t doing as much as they could to positively impact society. That’s led to the more recent stakeholder capitalism movement, which, Murray notes, is here to stay.

•

Socially conscious. Companies today are uniting profits with social purpose, and that’s a marked shift from how they once generally avoided controversial topics that may not have affected their bottom line, according to Murray. He spoke to McKinsey Publishing’s Raju Narisetti about his new book, Tomorrow’s Capitalist: My Search for the Soul of Business, for a recent edition of Author Talks. Read the full interview for the fundamental shifts Murray’s seen in how CEOs are tackling social issues, and why saying nothing is no longer an option.

— Edited by Justine Jablonska

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:22 - 25 May 2022

Marketing in the metaverse: An opportunity for innovation and experimentation

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

The metaverse: So much has been said about it, but what is it exactly? Although many continue to debate its definition, the metaverse can be characterized as an evolution of today’s internet—and an opportunity for marketers to engage consumers in new ways via immersive digital worlds. Now’s the time to adopt a test-and-learn mindset and begin experimenting in the metaverse, moving on quickly from failures and capitalizing on successes. A new article lays out how organizations can think through their metaverse marketing strategies for the future, and why the metaverse is here to stay. Don’t miss this must-read piece.

— Joyce Yoo, digital editor, New York

Marketing in the metaverse: An opportunity for innovation and experimentation

Although widespread adoption of the metaverse may take some time, leading brands are already rewriting the rules of marketing.

Understand digital strategies

Quote of the Day

“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.”

—Tracy Dennis-Tiwary, cofounder and CSO at Wise Therapeutics, on what having a healthy mindset about anxiety looks like in a recent Author Talks interview

Chart of the Day

See today’s chart

Also New

The net-zero transition in the wake of the war in Ukraine: A detour, a derailment, or a different path?

The invasion of Ukraine will, at least initially, complicate the transition path to a net-zero economy, but this tragic development could still prove to be a turning point in accelerating progress in the medium run.

Understand global events

Trying to boost corporate travel sales? Five questions for airline executives

As airlines try to hasten the recovery of the highly profitable business travel segment, they should steer clear of five common sales pitfalls.

Fly high

The role of space in driving sustainability, security, and development on Earth

A new report reveals five actions that leaders can take to contribute to economic development, advance global security and sustainability, and make space a safe and globally accessible domain.

Shoot for the stars

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:09 - 24 May 2022

Bias Busters: When the crowd isn’t necessarily wise

McKinsey&Company

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New from McKinsey Quarterly

Bias Busters: When the crowd isn’t necessarily wise

Leaders need to recognize herd mentality when it happens—and explore the contrarian view to help break the spell.

Make bold moves

When will autonomous vehicles finally rule the road? When the price is right.

McKinsey&Company

Ghost in the machine

In the news

•

Call it like it is. Should self-driving cars be marked as such? Arguments against labeling include the idea that if self-driving cars are easily identifiable, human drivers may react to them differently, throwing off the machine learning intended to respond to people’s normal driving habits. But on balance, labeling wins the debate, says one science and technology policy professor. The rules of the road need to evolve to account for the driving habits of robots, and that will start with being able to spot them. [MIT]

•

The road less traveled. It’s going to take more than self-driving cars to make autonomous driving a normal part of daily life. Roads also need to be modernized—for example, with digital systems that alert cars when pedestrians are near (and the other way around). One start-up is partnering with state and local governments to create a network of tech-enhanced “smart roads” in the US. On those roads, drivers of some cars equipped with hands-free driving systems don’t even have to watch where they’re going. [Axios]

Despite their additional costs, robo-taxis could become price competitive with private, manually operated cars and even transit services in the coming decade.

On McKinsey.com

•

Data driven. To understand how the autonomous-vehicle (AV) market could evolve, McKinsey developed a Mobility Market Model using data from about 2,800 cities and rural regions in more than 110 countries. While costs for AV services are very high today, they could decline significantly in the next ten years as the technology advances, McKinsey analysis finds. The cost per mile for a personal robo-taxi trip could amount to just 40 to 50% of a driver-based ride-hailing trip.

•

The road ahead. Automakers, suppliers, transit agencies, and tech players all want to know how much autonomous mobility will cost and the size of the opportunity. Making these calculations is complex and depends on many factors, including the population density of cities, vehicle type, and operational scale. Read on to learn how the costs of shared AV services could progress over the coming decade, along with what may speed up consumer adoption of robo-taxis.

— Edited by Katy McLaughlin

Be driven

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:51 - 24 May 2022

How to use anxiety to your advantage

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

Anxiety is an emotion all of us experience, but there’s a lot of confusion and misinformation about what it really is. Having a healthy outlook on anxiety means viewing it as a part of being human, not as a problem to solve, says Dr. Tracy Dennis-Tiwary in a new Author Talks interview. Get perspective on how this mindset shift can help us be more innovative and creative, and how anxiety can be a source of strength and resilience. Be sure to check it out.

— Joyce Yoo, digital editor, New York

Author Talks: Make anxiety your ally

How can we reclaim our relationship with anxiety, so it works for, and not against, us?

Develop a healthy mindset

Quote of the Day

“I think for me this year, it’s about a very direct discussion on the big priorities, opportunities, and risks ahead and being extremely upfront as to what the agenda is and where corporate action needs to take place.”

—McKinsey senior partner Cindy Levy in a new video on what the 2022 Annual Meeting in Davos means to her.

Chart of the Day

Chart of the economic impact of reducing global disease burden

See today’s chart

Also New

Advanced recycling: Opportunities for growth

As interest in the circular economy grows, emerging recycling technologies that are complementary with mechanical recycling are accelerating.

Understand green solutions

Solving the net-zero equation in the United States

Achieving net-zero carbon emissions will require investment and action on a massive scale. How can the United States meet the challenge of this moment?

Build a better planet

Procurement, early warning systems, and the next disruption

A pandemic, inflation, and geopolitical conflict are affecting global supply chains. We offer an approach companies can use to avoid product shortages and mitigate the effects of price volatility.

Understand the risks

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:11 - 23 May 2022

Spotlight on Davos: Securing the economic recovery and shaping a new era of growth

McKinsey&Company

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New from McKinsey & Company

Spotlight on Davos: Securing the economic recovery and shaping a new era of growth

Two decades of financial turbulence and more than ten years of heavy central bank intervention have been punctuated by the pandemic, high inflation, and the continuing war in Ukraine. How will leaders secure economic recovery and drive balanced growth, globalization, and development? Explore these insights to understand the current underlying health and resilience of the global economy, and tune into McKinsey’s LinkedIn Live on Tuesday at 5 a.m. ET for a session on Financing Resilient Economies and Societies, featuring McKinsey global managing partner Bob Sternfels at #WEF22.

A leader’s guide to new and improved talent strategies

Leading Off

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

At about this time in 2021, when Leading Off last covered talent management, the great exodus of employees from the workplace had just begun. A year later, as we settle into the new normal, it’s time to check in on how leaders are handling talent challenges—which continue to be severe. Are you able to keep people from leaving? Are you addressing the underlying workplace issues? This week, let’s explore the current state of play in the talent game and how some emerging trends may reshape it in the coming years.

AN IDEA

Image of a brown egg balanced on two forks

Adopt an entirely new set of tactics

The so-called Great Resignation could last for several more years as people continue to reevaluate their personal and professional lives after the pandemic. Unlike previous cycles of downturn and recovery, this attrition is marked by many people leaving their employers without another job in hand or quitting the workforce entirely. Some who quit return but do so only if they’re assured of flexibility, adequate pay, and a sustainable workload. Employees want to be valued as whole people, not just workers; they expect employers to provide a strong company culture, a sense of community, caring coworkers, and career mobility—and may not stick around if those needs aren’t met. Leaders may need to revamp their talent strategies altogether, rethinking compensation and benefits and factoring in other employee needs such as mental and physical well-being, psychological safety, and scheduling and staffing flexibility.

A BIG NUMBER

780,000

That’s the number of additional tech specialists Germany will need by 2026 to meet the economy’s demand. Companies worldwide face an acute shortfall of tech talent at a time when being technologically strong is critical to success in a digital world. Traditional hiring or outsourcing won’t cut it; leaders must tackle the issue by adopting a multifaceted approach, such as setting up a focused team to manage the whole candidate experience, providing advanced planning and development tools, and creating an environment where developers and engineers are treated as innovators and active participants in the business.

A QUOTE

“We regularly confuse people with roles and confuse talent with broad skill pools. In many organizations, roles today bear no resemblance to what they’d look like if you were designing them from scratch.”

That’s McKinsey’s Bill Schaninger in this podcast on the importance of getting the right people into the roles most likely to deliver value. Only a few roles are truly critical to the organization, and “everything else probably sits in a skill pool, a clustering of common skills deployed in different ways,” says Schaninger. Deriving maximum value from those skills may mean reshuffling talent, whether that involves hiring new employees or moving incumbents into jobs that are better aligned with their skills and aspirations. To fill roles so that they yield tangible returns, first evaluate the candidates’ fit, advises McKinsey’s Bryan Hancock. “Figure out exactly what you need new folks to do and assess against it,” he says. “If the incumbent is great, great. If not, you’re going to realize it in six months or 18 months or 24 months. A better fit drives better returns.”

A SPOTLIGHT INTERVIEW

Illustration of human-shaped cutouts arrayed in an internal network

Companies tend to overlook in-house employees for promotions or filling open roles, often because of a perceived skills gap. But matching internal workers with available jobs offers organizations “the ability to move talent dynamically,” says McKinsey’s Emily Field in this podcast on creating an internal talent marketplace. A digitally enabled talent marketplace offers visibility into your organization’s labor supply, identifying people’s skills and willingness to take on new opportunities. Rather than trying to fit candidates into rigidly defined roles, leaders can use AI-generated data to find alternative or adjacent skills that are a close match. “From a societal-impact perspective, employers are helping their employees create the skills to thrive in a new part of the organization, instead of the alternative—watching them exit,” says Field.

MANIC MONDAY

Image of three colleagues at an office celebration

Make that Wednesday for most companies that offer a hybrid work schedule. Wednesday is the day workers are most likely to be in the office—if they go into the office at all. As companies try to woo employees back to their cubicles, they’re experimenting with ever-more-imaginative perks. At last count, these included live concerts, beer and wine tastings, pop-up snack stands, free food and T-shirts, and terrarium-making classes. A few companies have begun to offer commuting stipends to help ease the financial burden of trekking back to the office. And to supervise it all, some organizations are hiring chief happiness officers, mindfulness leaders, and vice presidents of employee success.

Lead with talent.

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

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:51 - 23 May 2022

Heading back to the office? Three practices matter most to hybrid workers.

McKinsey&Company

Building a better hybrid office

In the news

•

Rethinking the return. As employees hesitate to return to daily commuting, bosses are relaxing the rules about going back to the office. In April, the CEO of a large US bank said that about 40% of the company’s 270,000 employees would be allowed to work partly from the office and partly from home. Wall Street and Silicon Valley employers alike are revisiting ambitious plans that asked workers to be on-site a certain number of days. In a tight labor market, managers worry that punishing workers who remain at home may push them to quit. [Bloomberg]

•

Taking attendance. Millions of workers have gotten used to the autonomy and flexibility that go hand-in-hand with working from home. But as companies renew calls for employees to return to the office, executives face a key decision: Should they keep tabs on worker attendance or trust that employees are doing their jobs? Although new software tools enable employers to collect data on when and how often workers are going to the office, experts say that using “bossware” (that is, surveillance software) can erode corporate culture. [NYT]

Nearly 60% of our survey respondents working in hybrid models ranked work–life support in the top inclusion practices they want their organizations to improve.

On McKinsey.com

•

Hooked on hybrid. Employees appear to be hooked on hybrid work, according to McKinsey’s new research. In a survey of more than 1,300 workers spanning three continents, 75% said that they prefer a hybrid working model. Of that group, more than two out of three said that they would likely look for jobs elsewhere if asked to return to the office full time. Companies that don’t offer opportunities for hybrid work risk losing employees, including younger workers, who without a hybrid work option are nearly 60% more likely than their older peers to leave.

•

What workers want. Inclusive workplaces increasingly enable companies to attract and retain top talent, McKinsey research reveals. Employees who work in an inclusive setting are seven times likelier to say that their companies are high-performing and are 47% likelier to stay. To learn what matters most to employees, McKinsey asked which inclusion practices workers want their companies to work hardest to improve. Every demographic said that three critical practices matter most in building an inclusive, hybrid workplace.

— Edited by Belinda Yu

Get hybrid right

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:10 - 23 May 2022

Spotlight on Davos: Fostering global and regional cooperation

McKinsey&Company

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Spotlight on Davos: Fostering global and regional cooperation

The world has endured a series of shocks over the past two years: from a global pandemic to a humanitarian catastrophe and subsequent disruptions in energy, food, and world economies. Recovery will require collaboration, within and between sectors and countries. How can leaders move from fragmentation to global collaboration to make progress in trade, prosperity, and partnerships? Explore these insights to better understand the challenges ahead, and stay tuned for more on #WEF22.

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—during the pandemic and beyond. In case you missed them, this week’s graphics explored the semiconductor shortage, FemTech start-ups, new pharmaceutical opportunities, a new era for the automotive industry, and the state of hybrid work.

FEATURED CHART

All chips are on the table

This week’s other select charts

We’ve only just begun

Make way for new players

Charging ahead

A little help from hybrid

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:52 - 21 May 2022

The net-zero transition in the wake of the war in Ukraine: A detour, a derailment, or a different path?

the Daily read

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

There is still much uncertainty surrounding the long-term effects of the war in Ukraine and the humanitarian crisis it has unleashed. In the short term, the war will complicate efforts to address climate change and the path to a net-zero economy. But if leaders take bold steps to boost energy-efficiency measures and adopt renewable-energy alternatives, this could be a positive turning point that accelerates progress in the long term. Don’t miss a new article that delves into what is needed for an orderly net-zero transition and what the future could hold.

— Joyce Yoo, digital editor, New York

The net-zero transition in the wake of the war in Ukraine: A detour, a derailment, or a different path?

The invasion of Ukraine will, at least initially, complicate the transition path to a net-zero economy, but this tragic development could still prove to be a turning point in accelerating progress in the medium run.

Understand global events

Quote of the Day

“Every challenge and roadblock that we’ve faced is around people. That is why we are laser focused on putting systems in place to attract people early, at scale, and in a way that lets us deliver around product and engineering.”

—Pradyumna Agrawal, managing director for blockchain at Temasek, on what it takes to build businesses that are scalable and sustainable in a recent episode of the Committed Innovator podcast

Chart of the Day

See today’s chart

Also New

Contemplating female nurse with arms crossed looking through window in hospital

Around the world, nurses say meaningful work keeps them going

While some surveyed nurses said they plan to leave direct patient care, the effects of COVID-19 on the nursing workforce may be leveling off.

Understand worker needs

Decarbonizing the grid with 24/7 clean power purchase agreements

In the global struggle to curb greenhouse-gas emissions, renewable power is taking an ever-increasing share of generation capacity. Yet the rise of wind and solar power is creating new challenges in managing the system.

Understand green energy

The McKinsey Crossword: Asian American and Pacific Islander Heritage Month

50-Down: Shang-Chi and the Legend of the Ten Rings star Simu

Play now

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:10 - 20 May 2022

Want to offer the best benefits to your multinational employees?

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by "Remote" <hello@remote-comms.com> - 01:12 - 20 May 2022

Join Remote’s Community for a discussion on mental health in the workplace.

Hi MD,

As you may know, May is Mental Health Awareness Month, and next week we’re hosting our first Community Experience to explore mental health in the workplace.

We invite you to join us for a 30-minute audio-guided walk with Jayne Morris, burnout coach, wellbeing leadership consultant, and author of Burnout to Brilliance: Strategies for Sustainable Success. We'll be going on a short walk around our own neighborhoods to explore mental health in the workplace and also share a short meditation together.

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by "Remote Community Team" <hello@remote-comms.com> - 10:03 - 20 May 2022

Revenue growth by design: Your design department has business impact

The Shortlist

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Our best ideas, quick and curated | may 20, 2022

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This week, we look at what makes a successful business design department (and no, it’s not a pricey coffee machine in a fancy loft office). Plus, worker power is on the rise—or is it? And read about our new Global Energy Perspective 2022.

Embedding design. Building a modern, successful design department is one of four actions a CEO can take to drive revenue growth at twice the rate of industry peers, McKinsey research shows. But what makes for a successful design department and how do companies avoid siloing it off from the rest of the business? To answer these questions, we looked at data from three million—yes, million—designers and design leaders in more than 100,000 design departments, combined with their organizations’ financial performance. We also surveyed more than 250 business and design leaders and held interviews with 30 senior executives in leading design-driven companies.

Part of the team. In our new report, Redesigning the design department, we found that organizational integration was the hallmark of successful design departments. Instead of trying to “protect” designers within the design studio, leading chief design officers work with the C-suite to embed designers into cross-functional teams and give them the training and the tools needed to collaborate and lead successfully. This practice was true across almost all industries that we reviewed: both B2C and B2B. We also found three core integration themes:

Cross-functional organizational structure. The best design teams had designers organized with dotted lines to their design departments (for knowledge sharing, tools, and community) but hard lines to their project team. All project team members—including designers, marketeers, financiers, and project managers—had a common set of financial incentives linked to time, cost, revenue, and customer satisfaction. And this included putting designers into cross-functional teams to improve the company itself, not just the products and services.

Nurturing design talent. Leading design departments developed their designers through training, secondments, and mentorship in business and technology to better integrate them into the company. They also recognized that designers put purpose at the top of their list of reasons to seek new employment. The best design departments recognize this and empower their designers with projects where they can make tangible improvements to products, to the organization itself, and to wider society.

Tools and infrastructure. For both physical and digital design, it was important to have collaboration tools that enabled designers to deliver their best work. Particularly, the digital domain we analyzed saw the introduction of more than 30 well-regarded new tools in the past four years. However, the research did not suggest that there was “one tool to rule them all,” but rather that “tool vitality” mattered. In addition, the rate at which design departments pilot, scale, and retire tools was a positive indicator of department health. And we believe this will be even more important as new generative, AI-based tools become more prevalent.

Big picture. Organizations that get these three themes right see benefits not only in financial performance but also through having happier employees, greater innovation, and stronger environmental, social, and governance impact.

OFF THE CHARTS

Want not, waste not?

In 2020, Californians bought and wore 510,000 to 530,000 tons of clothing. Some 500,000 of those tons will eventually enter landfills—covering an area about 3.5 times the size of Los Angeles. More than 97 percent of the textiles used in this clothing are virgin materials, and less than 1 percent of the materials worn today will resurface in clothing manufactured tomorrow. The key to changing those numbers lies in circularity—specifically, in building a closed loop for recycling materials back into the manufacturing process, reducing both waste and reliance on natural resources.

Check out our chart of the day here.

PODCAST

Is worker power on the rise?

The answer is: it depends. Knowledge workers with skills that are easily portable across employers and geographic locations have power. Folks who are in jobs that require them to be on-site or in person, such as service-related jobs, are still grappling with local labor markets with very different dynamics. That said, as the Great Attrition persists, employer–employee dynamics appear to be changing. In this installment of the McKinsey Talks Talent podcast, two McKinsey talent experts discuss who actually benefits in today’s labor market—and how durably.

What’s changed about consumer behavior? Plenty—but much has stayed the same, too.

McKinsey&Company

Keeping up with consumers

In the news

•

Bracing for sluggish sales. Demand for everything from toothpaste to soft drinks surged during the COVID-19 pandemic, even as US consumer goods giants raised prices to cover increases in the cost of labor, materials, and shipping. But now, top industry leaders are bracing for a slowdown in sales: analysts say that US consumer confidence may decline as high inflation cuts into spending power. Some companies, anticipating that consumers will tighten their purse strings, are debuting more affordable products and streamlining packaging. [Reuters]

•

Party like it’s 2019. Many Americans are returning to the shopping, entertainment, and travel habits they had before the COVID-19 crisis began. Although it once seemed that people would be stockpiling cleaning products forever, year-to-date sales of hand sanitizer have dipped more than 50% from their levels a year ago. The spending habits and lifestyles of Americans changed dramatically in March, when many schools stopped enforcing mask mandates and COVID-19 got less press coverage. [WSJ]

Only 38% of survey respondents said they feel optimistic, down from 44% in October 2021.

On McKinsey.com

•

No penny pinchers here. US consumers are embracing new ways of doing things as they go back to their familiar old behavior, McKinsey’s latest Consumer Pulse survey shows. Americans are spending more online, but they’re also returning to brick-and-mortar stores. They’re leaving their homes again but still spending on home improvement. Although inflation is at its highest level in 40 years, US consumers continued to open their wallets in early 2022. In March, US consumers spent 18% more than they did two years earlier, and credit card debt is rising again.

•

Battle of the brands. Americans are still switching to different brands and retailers in 2022, and about 90% of them intend to keep shopping around, McKinsey analysis reveals. A top motivation for brand-swapping is concern over high prices. In light of inflation, US consumers are now looking for value, and when they decide what to buy, brand purpose is less of a factor now than it was in 2020. Explore seven charts (from our survey) that highlight how US consumers are feeling, shopping, and spending—and what companies can do to satisfy their quickly changing expectations.

— Edited by Belinda Yu

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The WTO director-general in conversation on trade, vaccines, and sustainable, inclusive growth

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Forward Thinking on trade, vaccines, and sustainable and inclusive growth with WTO Director-General Ngozi Okonjo-Iweala

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Intersection is taking a brief break

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