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• Incorporating creativity in your daily life, the global balance sheet, digital currencies, and more essential reads for the weekend

  Harmony Internal - McKinsey

  Relax and catch up on these big reads ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices The end of the year is upon us. As you relax and reflect on the past year, take a moment to catch up on the week’s big reads on creativity, digital currencies, the global balance sheet, and more. Andreas Bohn, Matt Higginson, and their coauthors explore how treasury managers can get ready for central bank digital currencies and stablecoins. Account and report Innovation should not be an event—it should be a practice, according to Stanford’s Jeremy Utley. In a recent Author Talks interview, he talks about how business people can incorporate creativity into their daily life. Get more input According to Jan Mischke, Eckart Windhagen, Olivia White, Jonathan Woetzel, Sven Smit, Michael Birshan, and their coauthors, the global balance sheet grew rapidly in the first two years of the pandemic, but in 2022, shrank relative to GDP for the first time in decades. Monitor and manage Our weekly briefing note on sustainable and inclusive growth explores the rise of electric vehicles, how Americans view the current economy, and more. Get updated QUOTE OF THE DAY “As AI is fundamentally driven by data, we need to expedite and incentivize the methods of collecting and sharing data, safely and securely, across boundaries. This involves improving sensor technology and data collection methods, and finding easier ways to share data once it’s collected.” —Michael Zeller, head of AI Strategy and Solutions at Temasek, on what can be done to accelerate AI in the transition to net zero in “How AI can assist in Asia’s net-zero transition” chart of the day See today’s chart Ready to unwind? What just happened? McKinsey Publishing’s Year in Review Join McKinsey Global Publishing on a month-by-month journey through some of the year's biggest inflection points, plus the insights to help you make sense of them. Reflect  2022: The year in images Reflecting on the past year sheds light on pivotal moments and forges the path toward a resilient future. Take a look back  2022: The year in innovation After two years of pushing beyond the traditional article and toward more engaging, accessible, and interactive forms of storytelling for some of our highest-priority insights, we offer this new year-end wrap-up of our adventures in innovative publishing. Explore now  — Edited by Joyce Yoo, editor, New York Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:10 - 16 Dec 2022

• Global balance sheet 2022: Enter volatility

  Harmony Internal - McKinsey

  Monitor and manage ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   Learn more about McKinsey Global Institute New from McKinsey Global Institute Global balance sheet 2022: Enter volatility Growth in the global balance sheet accelerated during the pandemic, but paused in 2022. Monitor and manage Related Reading The rise and rise of the global balance sheet: How productively are we using our wealth?  Explore The McKinsey Download Hub  Follow our thinking McKinsey Insights - Get our latest thinking on your iPhone, iPad or Android. Share these insights Did you enjoy this email? Forward it to colleagues and friends so they can subscribe too. Was this alert forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to our McKinsey Global Institute alert list. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Global Institute" <publishing@email.mckinsey.com> - 02:24 - 16 Dec 2022

• The year's most popular articles from the McKinsey Quarterly

  McKinsey&Company

  At #1: The Great Attrition is making hiring harder. Are you searching the right talent pools? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices Top 10 | McKinsey Quarterly 2022 As 2022 draws to a close, we’re revisiting our most popular insights of the year. Today, we give you our best-read pieces from the McKinsey Quarterly, which focus on topics including talent, ESG, marketing in the metaverse, and more. At No. 1. is The Great Attrition is making hiring harder. Are you searching the right talent pools?, by Aaron De Smet, Bonnie Dowling, Bryan Hancock, and Bill Schaninger. Read on for our full top 10, and don’t miss McKinsey Publishing’s 2022 year in review for a month-by-month journey of some the year’s biggest inflection points. 1. The Great Attrition is making hiring harder. Are you searching the right talent pools? People keep quitting at record levels, yet companies are still trying to attract and retain them the same old ways. New research identifies five types of workers that employers can reach to fill jobs. Reassess now  2. A military veteran knows why your employees are leaving She also knows what you can—and can’t—do about it. Here are three surprising lessons from a veteran of the wars in Iraq and Afghanistan. Understand the Great Resignation  3. 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  4. Does ESG really matter—and why? Although valid questions have been raised about ESG, the need for companies to understand and address their externalities is likely to become essential to maintaining their social license. Deliver meaningful impact  5. ‘Find the smartest technologist in the company and make them CEO’ In the first episode of the new The Quarterly Interview: Provocations to Ponder series, Silicon Valley’s Marc Andreessen tackles tech trends like artificial intelligence, crypto, and Web3—and why incumbents still have a tough time competing with digital start-ups. Join the conversation  6. 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  7. Hybrid work: Making it fit with your diversity, equity, and inclusion strategy New research details what empowered employees love about hybrid work models and the risks to diversity, equity, and inclusion if managers get the evolving flexible workplace wrong. Meet in the middle  8. ‘If you’re going to build something from scratch, this might be as good a time as in a decade’ In the second episode of our series The Quarterly Interview: Provocations to Ponder, venture capitalist Bill Gurley explains the promise and perils facing start-ups at a moment of economic uncertainty and reveals why hybrid work may be the most interesting technology of all. Be ambitious  9. Navigating inflation: A new playbook for CEOs Few chief executives have faced the challenge of leading a company through an inflationary spike like today’s. Lessons from strong leaders and bold action can help CEOs make the decisions that only they can make. Navigate uncertainty  10. Meet the psychological needs of your people—all your people Too many employers pay too little heed to the needs of the lower earners in their company. Here’s why—and how—they should shift gears. Recognize talent  Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends—along with our other top-ten lists of the year—as part of McKinsey Publishing’s year in review. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. McKinsey Insights - Get our latest thinking on your iPhone, iPad or Android. This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to our McKinsey Quarterly alert list. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Top Ten" <publishing@email.mckinsey.com> - 10:21 - 16 Dec 2022

• Talent trends that companies should understand by now

  The Shortlist

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   OUR BEST IDEAS, QUICK AND CURATED | DECEMBER 16, 2022 View in browser Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices This week, we look at ways that companies can address the continuing trend of employee attrition. Plus, an innovator whose career melds STEM and the humanities, and a Stanford business school professor on how to wield power (for the good). The Shortlist team wishes our readers happy holidays and a wonderful start to the new year. Every company strives to be resilient. At the center of organizational resilience is a workforce that can bounce back from challenges of all kinds. But first, employees have to be engaged in what they’re doing, feel valued by their boss and team, and be able to envision a future for themselves at their organization. Recent McKinsey research on European attrition rates shows that European workers, like their global peers, are thinking more about quitting their jobs. In fact, one in three may quit in the next three to six months, even in an uncertain European economic environment. Warning signs. In addition to McKinsey’s continuing research into global Great Attrition trends, a recent survey of employed Gen Z respondents in the US reveals that this cohort—a crucial part of any organization’s future—is more likely to report that the pay they receive for their work does not allow them a good quality of life; they are also less likely than other generations to report feeling recognized and rewarded for their work. Many companies remain on the back foot amid these employee trends, months and months in. What are some practical ways that employers can build a truly engaged and productive workforce? Of course, compensation and career advancement still matter. But McKinsey research shows that organizations can step back and bolster capabilities at four levels, including building self-sufficient teams that, when held accountable and given ownership of outcomes, feel empowered to carry out strategic plans and stay close to customers. Investing in the future. Organizations can also find and promote adaptable leaders who take the time to coach team members through changes the organization is facing. Building these capabilities requires an investment in talent and culture: companies that focus on resilient operations, teams, and developing leaders are more likely to attract the kind of top talent who will have a greater chance of success and, in turn, be more likely to perpetuate a cycle of resilience. And speaking of talent: There’s a lot of talk about the difference between employees who are “quiet quitting” (disengaged employees performing the bare minimum of work required) versus those who are setting appropriate boundaries. With the year-end review season wrapping up, a recent episode of the McKinsey Talks Talent podcast featured McKinsey talent experts Bryan Hancock and Bill Schaninger on how managers can give honest feedback in a moment when employee engagement is down. Off the charts Global banking annual review: The roller-coaster ride continues Banks rebounded from the pandemic with strong revenue growth in 2022. Profitability reached a 14-year high, with expected return on equity between 11.5 and 12.5 percent. However, as this year’s Global Banking Annual Review shows, the context has changed dramatically. Now, a series of interrelated shocks—some geopolitical and others lingering economic and social effects of the pandemic—are exacerbating fragilities. While almost all segments of banking have seen improvements, more than half the world’s banks continue to have a return on equity that is below the cost of equity. For the second half of 2022, McKinsey analysis suggests that margin increases delivered returns above the cost of equity for just 35 percent of banks globally. The 2022 report takes a closer look at the roller-coaster ride that banks have experienced over the past months, the growing divergence among banks with different profiles in different countries, and the factors that make the best performers stand out. Check out our chart of the day here. PODCAST Where is the nexus of science and humanity? Ask Jayshree Seth Jayshree Seth, an accomplished engineer and innovator, is the first chief science advocate at 3M. In this episode of the McKinsey Global Institute’s Forward Thinking podcast, she speaks with partner Michael Chui about the need to make science more relatable for people around the world. Each year, 3M commissions a global survey to unearth public perceptions about the role of science in people’s lives. “Science is a very human endeavor and does have a strong humanities context,” says Seth. “We just don’t talk about it.” Her team also created a docuseries called Not the Science Type, which highlights the journey of four women scientists and their paths “to shatter the stereotypes of who enters and who persists and who excels in STEM.” More on McKinsey.com The state of AI in 2022—and a half decade in review | The fifth consecutive year of global research on AI’s role in business shows that a set of companies seeing the highest financial returns from AI continue to pull ahead of competitors, making larger investments in AI, scaling faster AI development, and faring better in the tight market for AI talent. Economic conditions outlook | According to the latest McKinsey Global Survey, geopolitical conflicts and inflation remain top of mind for respondents, while concerns about energy volatility predominate in Europe. And nine out of ten respondents report experiencing rising costs in the previous six months. Australian consumers and inflation | Significant price increases, mortgage rate rises, and energy price spikes have made life in Australia challenging for many. We look at how consumers’ state of mind may affect consumer-facing businesses. INTERVIEW Three questions for Jeffrey Pfeffer In a recent edition of Author Talks, Stanford Graduate School of Business professor Jeffrey Pfeffer discusses his new book, 7 Rules of Power: Surprising—but True—Advice on How to Get Things Done and Advance Your Career, and offers advice for how to gain power through resources, reputation, and relationships. An edited version of the conversation follows. What is power, and what are its main sources? I would define power as the ability to get things done your way in contested situations. Different people will have different perspectives, information, and points of view. Almost every decision is going to be somewhat contested, so power is the ability to get your way in these situations. There are a number of sources of power. One obvious source is control over resources. Do you have budget control? Do you control real-estate assets? Do you control a physical plant? Another source of power is social relationships: the networks that you have built and that you already have. Management leadership is often defined as getting things done through other people. One source of power, therefore, is how many people you know. How many people are in your sphere of influence, so to speak? A third very important source of power that I think people sometimes underestimate is how you show up. Are you able to act and speak with power? If you’re perceived as a powerful, effective, efficacious leader, that becomes a self-fulfilling prophecy—good people want to work with you, invest with you, and buy from your company. That becomes an important source of power as well. How can power be used for good? Don’t confuse the fact that power is sometimes used for evil with power actually being evil. The people who most need to understand power and build their power skills are people who come from backgrounds or have characteristics that would normally put them at a disadvantage. There is still, unfortunately, discrimination against women. There’s discrimination against people of color. People from lower socioeconomic classes usually start at some disadvantage, and those are the people who most need the power skills because they’re not starting from the 50-yard line, if we’re using a football metaphor. They have to overcome the most obstacles to achieve career success. Melvin Lerner, the social psychologist, years ago wrote about the just-world hypothesis, in which people feel a sense of control by believing that the world is just and fair. Unfortunately, the world is not just and fair. Don’t opt out of the game before you’ve even started playing—don’t place yourself at a disadvantage. What advice do you have for rule breaking? Breaking rules has many advantages. The first advantage of breaking the rules is that it catches people by surprise. We’re trained from the time we’re little to conform. It’s what schools mostly teach you to do, so when you break the rules, it catches people by surprise. How does David beat Goliath? By breaking the rules. Goliath shows up with armor and swords. David figures that if he puts on all this armor, he won’t be able to move, let alone win the battle, so he fights by using a slingshot. If you want to disrupt an industry, you disrupt the industry by making your own rules. If we talk about social change, the late Congressman John Lewis talked about making good trouble. If you’re going to accomplish social change, if you’re going to accomplish profound change of any kind in any organization, you’re going to need to break the rules. — Edited by Barbara Tierney, senior editor, New York Share this Three Questions BACKTALK Have feedback or other ideas? We’d love to hear from you. Tell us what you think Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friendsso they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to The Shortlist newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:17 - 16 Dec 2022

• What role will women play in the metaverse?

  On Point

  How women use the metaverse  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  TODAY’S NEWS. TOMORROW’S INSIGHTS. A daily newsletter from McKinsey & Company Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices Metaverse mavens In the news • Metaverse evangelists. After several large companies sought out and hired chief metaverse officers over the past few months, many of them—representing businesses from a home furnishings retailer to a talent and sports agency—have spent much of their time learning about and refining strategies for how to approach the metaverse industry, which remains fragmented. So far, that’s resulted in plenty of experimentation as the necessary technologies, such as VR headsets, continue to improve. [Axios] • The metaverse office. Employees enjoy gathering in person with work friends, but they also don’t want to give up remote work. Metaverse enthusiasts imagine a virtual workplace that combines the best of both worlds: being in the company of colleagues without having to commute into the office. Some hope that these technologies will help promote workplace diversity and inclusion, namely by allowing people such as caregivers the opportunity to “show up” in the same way as those working from a physical location. [Fortune] We found an already discernible gender gap in the metaverse: only 17% of venture capital dollars go to women-led and women-co-led companies. On McKinsey.com • Ladies first. To understand gender dynamics in the early-stage metaverse, McKinsey conducted a metaverse consumer survey in Western Europe and Northern Asia. Women are spending more time in the metaverse than men: 35% of women spent more than three hours a week in the metaverse compared to 29% of men, finds research by McKinsey senior partner Lareina Yee and her coauthor. Women are also more likely than men to engage in hybrid scenarios that bridge the physical and digital worlds—such as gaming and live events. • Leadership gap. According to McKinsey data, women are likelier to lead and implement multiple metaverse initiatives in their organizations. But despite time spent by women spearheading metaverse initiatives and exploring the protometaverse, 90% of leadership roles in organizations shaping metaverse standards are held by men. Women are also less likely to receive venture funding for their metaverse projects compared to men. Metaverse pioneers have a critical opportunity to shape a more inclusive future for the industry. Learn how women interact in the metaverse economy. See our research on the metaverse — Edited by Alexandra Mondalek, editor, New York Was this forwarded to you? Sign up here. Or send us feedback—we’d love to hear from you. Follow our thinking This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the On Point newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:33 - 16 Dec 2022

• Into the storm: CFOs pivot to managing financial headwinds

  Harmony Internal - McKinsey

  Confront the issues ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices Nearly one-half of CFOs and other financial officers view increasing interest rates as a challenge to company growth, according to McKinsey’s global inaugural CFO Pulse Survey. The survey also finds that while their organizations prioritize strategic planning, for example, they are personally more concerned with improving the management of financial risk, liquidity, and resource allocation. So what do CFOs view as some of the biggest risks to future growth? To learn more about the survey and what these findings could mean for your business, check out this article by McKinsey’s Ankur Agrawal, Christian Grube, and Natalia Podvoyskaya. Into the storm: CFOs pivot to managing financial headwinds The latest McKinsey Global Survey shows that CFOs have been reshuffling priorities as the global economy grapples with a slew of financial risks. Confront the issues   Quote of the day “ESG [environmental, social, and governance] is no longer just about a philanthropic desire to do good and be a good corporate citizen. It heavily influences the way that investors, customers, and potential hires look at us as well.” —Hatem Dowidar, the Group CEO of e&, on the role of operators in ESG in “e& Group CEO: Transforming from a telco to a techco” Chart of the day See today’s chart   ALSO NEW Quarterly value releases: Transforming pharma through digital and analytics—fast Life sciences companies can struggle to capture the power of digital and analytics in their labs and clinical programs. A new approach to implementing change that insists on value every 90 days could prove pivotal. How analytics can transform pharma R&D   Digital transformations in energy retail: A shift toward advanced platforms More energy retailers are transforming their digital platforms to cut costs and to stay competitive. We explore approaches to platform transformation and key questions to consider before embarking on a transformation journey. Accelerate growth   Implementing inflation response strategies at defense companies This article, the third in our series about inflation challenges within the defense industry, discusses how companies can implement measures to control inflation. Coordinate and sustain   — Edited by Emily Adeyanju, editor, Charlotte Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:42 - 15 Dec 2022

• Every company is a software company: Six ‘must dos’ to succeed

  Harmony Internal - McKinsey

  Learn a new playbook ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   Learn more about McKinsey’s Digital practice New from McKinsey Quarterly Every company is a software company: Six ‘must dos’ to succeed As software transforms every industry, leaders must turn to a new playbook. Learn a new playbook Related Reading Leadership lessons: Becoming a software company  ‘Find the smartest technologist in the company and make them CEO’  Follow our thinking McKinsey Insights - Get our latest thinking on your iPhone, iPad or Android. Share these insights Did you enjoy this email? Forward it to colleagues and friends so they can subscribe too. Was this alert forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to our McKinsey Quarterly alert list. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 04:53 - 15 Dec 2022

• European companies are struggling to retain workers. What strategies could help?

  On Point

  Three big reasons workers leave ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  TODAY’S NEWS. TOMORROW’S INSIGHTS. A daily newsletter from McKinsey & Company Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices Europe’s workforce eyes the exit In the news • Demanding higher pay. Workers across Europe are on strike, determined to secure pay increases as high inflation weakens the purchasing power of households. European companies already facing an energy crisis and rising costs are gearing up for wage inflation, which could erode company earnings. Major European employers have said they may have to hike prices again in 2023. In Europe, prices climbed an average of 10.7% in October, but salaries have increased only 4.1% from April to June 2022 compared with the previous year. [Bloomberg] • Cost-of-living bonuses. As elevated prices for energy and food cut into consumer budgets, European companies are presenting cost-of-living bonuses and upping wages in an effort to retain staff. The biggest retailer in France offered employees a one-time bonus of €100 in October while also raising wages 2.5% in November. That brought the company’s overall wage increase to 8.3% since August 2021. Another large UK retailer has raised salaries roughly 8% this year. In November, the company began offering workers advance payments. [Reuters] Motivators to stay on the job include flexibility, meaningful work, and supportive coworkers—factors that have grown in importance for Europeans during the pandemic. On McKinsey.com • High churn in Europe. The war in Ukraine, surging inflation, and a likely economic slowdown have created a difficult set of conditions for European employers. To learn more about the state of the European labor market, McKinsey surveyed more than 16,000 people in nine European countries. One-third of respondents say that they expect to quit their jobs in the next three to six months. It’s a remarkably high churn rate for Europe, where labor protections and cultural factors tend to favor remaining in a job, point out McKinsey senior partners Vincent Bérubé and Dana Maor and their coauthors. • Mindset shift. Despite differences in the European labor market, the biggest reasons Europeans give for quitting their jobs are similar to those of our global sample. Inadequate compensation, lack of career development and advancement, and uncaring and uninspiring leaders are the top motivators of attrition in Europe. In a notable mindset shift, European workers are also placing more emphasis on relational factors such as working with supportive people. Examine five steps European companies can take to address attrition. See five ways to retain workers — Edited by Belinda Yu, editor, Atlanta Was this forwarded to you? Sign up here. Or send us feedback—we’d love to hear from you. Follow our thinking This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the On Point newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:22 - 15 Dec 2022

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  by "Jignesh Pardeshi" <official@uffizio.in> - 10:30 - 14 Dec 2022

• The systemic inequities of long-distance running

  Harmony Internal - McKinsey

  Be empathetic ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices Did you know that the best communities for running in the US have a population that is predominantly White? It’s no coincidence that these places also have some of the safest streets, cleanest air, and the best lighting in the country, says Alison Mariella Désir, founder of Harlem Run and Run 4 All Women. In a new Author Talks interview, she shares her personal experience with the systemic inequities facing Black runners and explains what it means to move through space as a Black person in America. As Désir notes, “There’s nothing micro about these aggressions.” Be sure to give it a read. And for insights on Black Americans’ experience in the US workplace, check out this article by Bryan Hancock, James Manyika, Monne Williams, and Lareina Yee. Author Talks: What it means to run ‘while Black’ Activist Alison Mariella Désir dismantles the Whiteness of long-distance running and the dangers of taking up space as a Black person in America: “There’s nothing micro about these aggressions.” Be empathetic   Quote of the day “Leaders have to think about what flexibility really looks like and how they can get creative. . . . If you want to draw people back in and make your industry sound exciting, that might be a place to start.” —McKinsey expert associate partner Bonnie Dowling on attracting talent back into the workforce in a recent episode of McKinsey Talks Talent Chart of the day See today’s chart   ALSO NEW What just happened? McKinsey Publishing’s year in review Join McKinsey Global Publishing on a month-by-month journey through some of the year's biggest inflection points, plus the insights to help you make sense of them. Reflect  Effective employee resource groups are key to inclusion at work. Here’s how to get them right By aligning their work with corporate and employee expectations, employee resource groups can help people feel more included in the workplace. Foster inclusion   Why high-quality partnerships are key to funding net-zero strategies Governments and companies are committed to the decarbonization agenda. How can banks reconcile their risk appetite and play a role in funding the transition to net-zero? Learn more   — Edited by Hanna Carney, editor, New York Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:42 - 14 Dec 2022

• Don’t just transform. Reinvent.

  Re:think

  Embrace change ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   ON TRANSFORMATIONS Turning a transformation into a reinvention  Sandra Sancier-Sultan While many companies today are attempting some sort of transformation of their core business, long-term success requires reinvention across multiple fronts.  Most industries are facing profound and accelerating disruptions: digital attackers, ecosystem plays that redefine industry boundaries, and the regionalization of value chains, to name a few. Mix in geopolitical tensions and economic woes and many C-suite leaders don’t have the time to think in a fresh and bold manner, falling victim to incrementalism instead.  In our conversations with CEOs, we try to help them step out of the day-to-day by asking, “What do you want your company to become? What will it take to get there?” We also remind them that difficult times can present an opportunity to go beyond incremental strategic and operational changes to reinvent the company and make it fit for the future. Examples abound of companies that are shifting their portfolios, operating models, and talent strategies significantly—the media and payments industries come to mind. Others have pivoted toward sustainability or omnichannel. What these companies have in common is the ambitious and holistic nature of their transformations, which require employees throughout organizations to work in a coordinated manner toward a common goal. “Business leaders expect that by 2026, half of their companies’ revenues will come from products, services, or businesses that haven’t been created yet.” While each reinvention will necessarily be different, five actions are crucial.  Separate the “what” from the “how.” To define the “what,” think beyond your traditional industry boundaries to look at your organic growth potential. During a big M&A move, for example, may be the right moment to begin reinventing the newly combined entity. Consider important portfolio moves and anticipate new businesses. According to a McKinsey Global Survey, business leaders expect that by 2026, half of their companies’ revenues will come from products, services, or businesses that haven’t been created yet. Building a new business is difficult, and less than one in five scale successfully. On the upside, the survey revealed that the more new businesses you build, the better you get at building them. Joining the ranks of the successful requires learning by doing. Involve your teams in the “how.” Allow them to dream big and define what they need to make the transformation happen. This applies to the operating model, which can become more agile, more outsourced, or more integrated. It could mean a very different level of digital and data processes, tools, and skills; a transformed economic model that has lower costs and is less capital intensive; and a transformed people model as it applies to talent and culture. Take stock of your starting point, plan for the transformation journey in a very structured manner, and pilot progress. Be open about the leadership journey. It takes imagination to dream that tomorrow can be different from today. That means changing the mindset of leaders and managers, as well as bringing your board and investors with you early on. The best leaders and companies are prudent about managing the downside while aggressively pursuing the upside. These leaders are thinking about the next decade, not the next month.  Tackle the skills gap. Bringing in the right talent is critical for changing the trajectory of your company. The mindset must be growth-oriented and innovative. CEOs can build these capabilities internally, through upskilling and reskilling, and by hiring externally. Matching talent to the right opportunities is more important than ever as a way to keep employees engaged and feeling like their career objectives are being taken seriously.  Define the reinvention’s success broadly. This is a great opportunity to reground your company in a set of objectives that are better aligned with today’s stakeholder reality. Environmental, social, and governance (ESG) principles can play an important role at a time when most Fortune 500 CEOs believe their companies have a responsibility to address social problems. Most employees also take a company’s ESG commitment seriously when choosing a place to work, as do customers, McKinsey research shows.  Organizations that embrace reinvention have higher ambitions for achieving innovation, making bold bets, and building successes. Companies can overcome today’s business challenges if they have the right framework in place and believe that reinvention is not only necessary but welcome.  ABOUT THE AUTHOR Sandra Sancier-Sultan is a senior partner in McKinsey’s Paris office. MORE FROM THIS AUTHOR Beyond gender: Promoting diversity in French companies French companies want executives with diverse national origins and socioeconomic backgrounds. But they have had uneven success in achieving this goal. More → Tech-driven insurers: How to thrive in 2030 Insurance operating models are on the verge of a fundamental change. To thrive in 2030, insurers must commit to a specific role and take action now to secure the tech capabilities they need. More → UP NEXT Diana Ellsworth on diversity Organizations have demonstrated positive intent on DEI, but progress is slow. A new McKinsey report, developed with the World Economic Forum, surfaces key success factors that have driven significant impact.  Follow our thinking This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to our McKinsey Quarterly alert list. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 02:34 - 14 Dec 2022

• Electric vehicles are here. Why aren’t they more widespread?

  On Point

  Three ways to speed EV adoption ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  TODAY’S NEWS. TOMORROW’S INSIGHTS. A daily newsletter from McKinsey & Company Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices Revving up EV adoption In the news • Expanding sales. In the US, the earliest electric-vehicle (EV) buyers were typically wealthy, sustainability-minded technology buffs from the West Coast. But now, EVs are appealing to a broader swath of Americans. Sales of battery-powered cars surged 70% in the first three quarters of 2022 compared with the same period the previous year, with many consumers drawn to EVs by the prospect of lower costs. While gas-powered cars make up the vast majority of new cars sold, EVs accounted for 5.6% of new cars sold in the US from January to September 2022. [NYT] • Better batteries. For electric cars to go mainstream, they’ve got to be at least as affordable as gas-powered cars, if not more. But today’s EVs cost an average of roughly $62,000. That puts electric cars out of reach for many households. Much of the expense of the EV is due to pricey lithium-ion batteries. Because of the rising cost of raw materials, battery prices have increased this year for the first time in a decade. Solid-state batteries are a promising development, able to hold two times the energy as lithium-ion batteries, scientists believe. But the technology still needs up to ten years before it may be ready to power electric cars. [Axios] “Toward the end of the decade, about half of the new vehicles sold in the US will likely be powered by an electric motor and battery.” On McKinsey.com • Decade of EVs. The world has entered the decade of the EV, fueled by regulations promoting EV adoption, advances in energy storage and batteries, and concerns about sustainability, says Russell Hensley, coleader of the McKinsey Center for Future Mobility in the Americas, in our latest episode of The McKinsey Podcast. Still, some consumers remain hesitant to pivot to a relatively new technology. In the US, where a large proportion of new cars sold are SUVs and trucks, EV adoption remains slower than in China and Europe. • Breaking down barriers. The auto industry has been based around mechanical systems and some electrical systems for more than a century. Now, it’s shifting to software-driven vehicles with multiple electric systems supported by mechanical systems. Much of the transition to EVs comes down to software and having the talent that can engineer and deploy the software, Hensley explains. Some companies are “acqui-hiring,” or finding software-led companies to partner with or potentially acquire. Learn three ways to break down the barriers to EV adoption. See what could speed adoption — Edited by Belinda Yu, editor, Atlanta Was this forwarded to you? Sign up here. Or send us feedback—we’d love to hear from you. Follow our thinking This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the On Point newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:42 - 14 Dec 2022

• European talent is ready to walk out the door. How should companies respond?

  Harmony Internal - McKinsey

  Address the attrition ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices Employee attrition. It’s a trend that continues among workers around the world, and Europe is no exception. McKinsey’s latest survey shows that European workers are open to quitting their jobs in high numbers, even as the economic picture darkens. Companies also face a high job vacancy rate, a large slice of retirees who are unlikely to return to the workforce, and a longer-term skills gap, making them struggle to hire the people they need, according to a new McKinsey Quarterly article by McKinsey senior partners Vincent Bérubé, Dana Maor, and their coauthors. But smart leaders can use this moment as an opportunity to build an engaged and productive workforce that can deliver in times of radical uncertainty. Check out the article for how companies can move ahead. European talent is ready to walk out the door. How should companies respond? Like their global peers, Europeans are thinking more about quitting, exacerbating a high job vacancy rate and a skills gap. New research shows how companies can emphasize “people factors” that workers say they need. Address the attrition   Quote of the day “The first building block is expressed empathy, the ability to make people feel respected and understood, and bring all of that in the present moment. Anchor your expressed empathy in the now. Because it’s only ‘the now’ that we really have.” —Dixon Chibanda, MD, a Zimbabwe-based psychiatrist, on mental health and his community-based Friendship Bench initiative in “‘Our vision is a Friendship Bench within walking distance—everywhere’” Chart of the day See today’s chart   ALSO NEW 2022: The year in images Reflecting on the past year sheds light on pivotal moments and forges the path toward a resilient future. Take a look back   2022: The year in charts Here’s a look back at some of our favorite data visualizations from the year. Dive into the data  2022: The year in innovation After two years of pushing beyond the traditional article and toward more engaging, accessible, and interactive forms of storytelling for some of our highest-priority insights, we offer this new year-end wrap-up of our adventures in innovative publishing. Explore now   — Edited by Stephanie d’Arc Taylor, editor, Southern California Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:35 - 13 Dec 2022

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  by "Sangoma Technologies" <webannounce@sangoma.com> - 03:15 - 13 Dec 2022

• Managing organizations is much tougher today. What are global CEOs focusing on?

  On Point

  Six priorities for CEOs in turbulent times ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  TODAY’S NEWS. TOMORROW’S INSIGHTS. A daily newsletter from McKinsey & Company Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices The CEO agenda In the news • Economic jitters. American CEOs’ collective economic outlook for October through December 2022 has fallen 11 points below the previous quarter, declining below the index’s long-run average for the first time since 2020, according to a survey of 142 CEOs of prominent US companies. While 40% expect to increase their employee base in the next six months—compared with 77% who planned to do so a year ago—executives are still planning for sales growth, some hiring, and capital spending. [Axios] • Crisis leadership lessons. As global executives consider an economic downturn, CEO confidence has dipped to a low not seen since 2008. Leaders who helped steer their companies through previous crises, including the Great Recession, come equipped with lessons for how to navigate through adversity. In times of crisis, companies need to build employee loyalty by constantly engaging with top reports, who may be worried about their jobs, says the CEO of one software company. Making high-performing workers feel valued should be a number-one goal, he adds. [Fortune] The best leaders and companies are ambidextrous: prudent about managing the downside while courageously pursuing the upside. On McKinsey.com • Six priorities. The CEO is a company’s ultimate strategist. But with a slowing economy and the ongoing COVID-19 pandemic, managing complex organizations is much harder today. How do executives decide where to start? To find out, McKinsey spoke with hundreds of executives and found six priorities that CEOs are focusing on, including both defensive and offensive moves. That’s much different from the purely defensive agenda that many companies are following, explain McKinsey senior partners Homayoun Hatami and Liz Hilton Segel. • Strategic courage. What if rather than taking shelter from volatility, executives leaned into it to find new opportunities? That’s just one of the lessons CEOs are considering for the year ahead. But being courageous is about more than adopting a mindset shift: it includes gathering insights to build a competitive advantage, making quick and nimble decisions (rather than watching and waiting), and executing on those choices faster than your competitors. See six strategies that feature prominently on global CEO agendas. Understand six CEO priorities — Edited by Alexandra Mondalek, editor, New York Was this forwarded to you? Sign up here. Or send us feedback—we’d love to hear from you. Follow our thinking This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the On Point newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:42 - 13 Dec 2022

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  by "Jignesh Pardeshi" <official@uffizio.in> - 10:30 - 12 Dec 2022

• Take a closer look at human progress over the past 20 years

  Harmony Internal - McKinsey

  Explore now ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices If you take a look through a microscope of the world, you’ll see that we have come a long way in two decades—and for the better. In a new interactive report, McKinsey Global Institute's Chris Bradley, Marc Canal, Sven Smit, and Jonathan Woetzel created a high resolution view of the world’s health and wealth by analyzing 178 countries and breaking them down to 40,000 microregions—a view 230 times more granular than a country perspective. Dive into the interactive—which features a series of cutting-edge data visualizations—to get a detailed look at how the world has advanced in human health and economic prosperity. And to learn more about the report from the authors and leading experts, register for a webinar on January 24, 2023 at 10:00 am ET. Pixels of Progress: A granular look at human development around the world Our world is big and complex, but human progress is still about life on the ground, up close and in detail. Explore now   Quote of the day “There is no such thing as a self-made woman or man. There is interdependency; there are interconnections between us and the rest of the universe, such as the community and the people around us.” —Hitendra Wadhwa, a professor at Columbia Business School, on connecting with one’s inner voice and how selflessness benefits oneself in a recent Author Talks interview Chart of the day See today’s chart   ALSO NEW Ready, set, grow: Winning the M&A race for renewables developers As competition rises, acquirers will become more disciplined to capture value from renewables targets by aligning with long-term strategy, enhancing due diligence, and ensuring business continuity. Discover more   Risk and resilience priorities, as told by chief risk officers Amid the storm of crises and disruptions, leading financial institutions are recognizing risk’s strategic and resilience-building role. Prepare for the future   Designing out of difficult times Design matters—and not just in good times. CEOs who embrace design can enhance strategy and better navigate this age of volatility. Design for resilience   — Edited by Katherine Tam, editor, New York Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:49 - 12 Dec 2022

• Last Chance! 2023 API Predictions Webinar

  SmartBear

  Join us for a special webinar teaser of API trends in 2023!

  VIEW IN BROWSER 2023 API Predictions: Shift-Left and Standardize for Success Avoid the FOMO, join us tomorrow for API predictions and SmartBear innovations coming in 2023! Register Now   Hi Abul, We hope you will join us tomorrow for our final webinar of the year:  2023 API Predictions: Shift-Left and Standardize for Success. The 45-minute session will be filled with insights from our API experts and evangelists covering what is to come for the API lifecycle in 2023. We will also be providing a very special, early-access sneak preview of some of the new products and feature releases coming to market early 2023.   Hope to see you there! P.S. If you can’t make it, register anyway and we’ll send you a recording.   Andrew Marotta Growth Marketing Manager, SmartBear andrew.marotta@smartbear.com

  This email was sent to {lead.Eamil Address} by SmartBear Software, 450 Artisan Way, Somerville, MA. 02145, 617.684.2600, www.smartbear.com. We hope you found this email of interest. However, we value your privacy. If you do not wish to receive future correspondence from us, please click here to manage email preferences.   VISIT SMARTBEAR.COM   |   UNSUBSCRIBE   |   VIEW IN BROWSER

  

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  by "Andrew from SwaggerHub" <swaggerhub-team@smartbearmail.com> - 10:17 - 12 Dec 2022

• [Webinar] Join me on Wednesday for Go Further: Uplevel Digital Customer Experience

  Hi MD

  It's Cian from New Relic. Did you catch our last webinar First Steps: Uplevel Digital Customer Experience? If not, you can watch the recording here. 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 on Wednesday, 14th December:  Go Further: Uplevel Digital Customer Experience. I hope you'll find it helpful if you:

  • Go beyond load time and measure how end users perceive performance
  • Proactively prevent issues before they impact customers
  • Set up proactive end-user experience alerting

  By the end of the demo, you'll feel confident about using New Relic to get started with improving digital customer experience. 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.

  
  Hope to see you then,

  Cian Hogan 
  Technical Account Manager

  New Relic

  
  

  
  

  
  

  This email was sent to bcooper@newrelic.com as a result of subscribing or providing consent to receive marketing communications from New Relic.  You can tailor your email preferences at any time here. 

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  by "Cian Hogan, New Relic" <emeamarketing@newrelic.com> - 05:36 - 12 Dec 2022

• What in the world is going on? A leader’s guide to global flows

  Harmony Internal - McKinsey

  Go with the flow ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

  Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   ESSENTIALS FOR LEADERS AND THOSE THEY LEAD Brought to you by Liz Hilton Segel & Homayoun Hatami Global leaders, Industry & Capabilities Practices The world has been ‘flattening’ for many years as technology narrows the competitive gap between industrial and emerging markets and removes geographical limits on integration. But recent economic and political upheavals have sparked speculation that this pattern is reversing. Our research shows that things are not falling apart: rather, global flows of trade, people, finance, and data are reconfiguring in ways that may pose risks but also offer unique opportunities for companies to enhance their growth and resilience. Now more than ever, organizations both large and small stand to benefit from integration with the global economy. Here’s how to ensure that yours is well positioned to do so. AN IDEA New forces propel integration Global interdependencies remain strong, with some differences from traditional patterns. A report coauthored by McKinsey’s Michael Birshan, Sven Smit, Olivia White, and other experts reveals that growth in global flows now comes from intangibles, services, and talent; these segments grew about twice as fast as goods flows in 2010–19 and continued to expand in 2020 and 2021 despite pandemic-related disruptions. Flows of data have reached all-time highs. Far from being self-sufficient, all regions continue to depend on imports for at least some of the important goods or resources they need. Value chains may experience major shifts as governments exert a greater influence, one that stems from considerations of national security, competitiveness, or resilience. Given these trends, leaders are “confronting an increasingly contested global order in which operating in one market can create significant risks in others,” suggest the report’s authors. A BIG NUMBER 21% That’s the percentage of total corporate growth that comes from outside the core industries of companies in a McKinsey survey conducted by senior partner Chris Bradley and colleagues. As globalization patterns shift, organizations may want to reposition themselves ahead of trends by investing in new business areas where they are the “natural owners”—able to bring unique advantages or capabilities to the business. Advanced analytics can help identify investment opportunities that might otherwise be difficult to spot. Selecting the right leaders for the new venture is crucial: our research shows that strong corporate growth correlates with excellent leadership scores on a few dimensions rather than unexceptional scores on many. Therefore, your venture is more likely to succeed if you pick leaders with outstanding capabilities in the areas that the new business needs most. A QUOTE “As we think about the world’s most complicated problems—climate, health, security, innovation—we don’t have a hope of solving these issues independently.” That’s McKinsey global managing partner Bob Sternfels urging leaders to reimagine rather than retreat from globalization. In his speech at the 2022 Bloomberg New Economy Forum, Sternfels acknowledges the many pressures pushing the world to decouple, such as onshoring and localization. But “up to 10 to 40 percent of global GDP is dependent on staying connected,” he says, adding that connection, not separation, may be the most effective way to tackle global challenges, particularly the talent shortages that affect companies worldwide. “Solving the world’s supply/demand mismatch with talent can’t be solved individually,” Sternfels says. “That requires collaboration.” A SPOTLIGHT INTERVIEW In the face of global uncertainty, public- and private-sector partners can facilitate access to new markets and channels, reduce risk, and share intellectual property or infrastructure. “But if [the partnership] is not managed, it will not only be unsuccessful but will likely hurt your brand,” cautions McKinsey partner Ankur Agrawal in this Inside the Strategy Room podcast. “A partnership is a living entity and requires constant attention and nurturing to thrive. Our data shows that more than half of partnerships fail to meet expectations.” To counter this, Agrawal suggests conducting periodic “health checks” to detect whether all participants are still aligned on important components such as strategy, culture, operations, and governance. Establishing a robust health check process up front is essential, Agrawal says: “There is a tendency to leave some key details for subsequent discussion. Usually, that is a recipe for disaster.” SLOW MOTION The possibility of ‘slowbalization’ is causing some concern in business circles. The term refers to the slowing of globalization from “light speed to a snail’s pace in the past decade,” as an article in the Economist puts it. Proponents of this idea point to increasing protectionism, the rise of regional trading blocs, pandemic-induced supply chain inadequacies, surging prices of critical commodities and materials, and new regimes in some countries scrutinizing foreign investment. While these forces may not threaten integration, leaders should be prepared for a global economy that will look markedly different from the one of previous decades. Lead globally. – Edited by Rama Ramaswami, senior editor, New York Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Leading Off newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007

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  by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:43 - 12 Dec 2022