“The research tells us a story of inequity, unmet needs, and opportunities. Companies that want to really make a sustainable difference when they think about equity may need to change mindsets.”

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by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:34 - 16 Sep 2022

Did you or someone you know break into technology from a different field?

On Point

Edited by Katherine Tam
Digital Editor, New York

Tech talent search

In the news

•

Going where the workers are. Companies struggling to hire technology talent in the US are increasingly looking abroad for employees. This trend is expected to grow as remote work continues to rise and as the imbalance between supply and demand for tech roles persists. According to a recent report, the practice of offshoring software development roles is expected to rise by 70% between 2022 and 2023. US-based businesses are particularly interested in hiring in Latin America, which overlaps with US time zones. [Wired]

•

A cybersecurity talent crisis. There’s a talent shortage in cybersecurity, and the gap is growing wider. In 2021, there were 3.5 million open cybersecurity jobs worldwide, a 350% increase from 2013. Many of these jobs will likely still be open five years from now. Cybercrime costs companies trillions of dollars each year, and executives need to take this seriously, says one CEO. Senior leaders can start by looking for board members who have cybersecurity expertise and making cybersecurity part of an ongoing conversation. [Fortune]

Almost three in five workers who ended up as IT managers in the US started in non-IT roles.

On McKinsey.com

•

Hire for potential. Demand for technology skills is growing exponentially, and companies are straining to find talent. Even so, businesses are often reluctant to hire candidates with more unconventional backgrounds. However, McKinsey research finds that people are able to master entirely new skills, making tech hires who start out in other fields not so unconventional after all, say McKinsey senior partner Dana Maor and colleagues. Of those who pivoted into technical roles in our study, 70% began in professional services, healthcare, or other STEM fields.

•

Transitions into tech. Moving into technology from a different line of work is common. Out of roughly 280,000 technology professionals in four countries, 44% entered the field from a nontechnical career. Tech workers with nontraditional backgrounds broaden their skill set with every move. They reinvent themselves, push out of their comfort zones, and develop and apply more new technical skills than many hiring managers assume, McKinsey research indicates. Learn three strategies for cultivating tech talent.

Hire tech talent confidently

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:14 - 15 Sep 2022

Green Growth: Capturing Asia’s $5 trillion green business opportunity

Harmony Internal - McKinsey

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Asia is a critical contributor to the global race to net zero. Proactive moves in pursuit of this goal will result in opportunities that will define tomorrow’s outcomes and successful business leaders.

Edited by Joyce Yoo
Digital Editor, New York

There is no question that sustainability is a top priority for investors, customers, and employees around the world. Across the Asia-Pacific region, more than 15 countries and 670 companies are committed to emission-reduction targets and creating new investment opportunities in green technology. In fact, green business opportunities in the region could reach up to $5 trillion by 2030. In a new article, McKinsey’s Tomas Nauclér, Daniel Pacthod, and their coauthors take a look at Asia’s role in the global journey to net zero and identify opportunities such as decarbonizing the fossil-fuels core of the economy, leveraging green materials, leading next-generation climate technologies, and contributing to biodiversity and nature preservation. Give it a read and seize the opportunities.

Green Growth: Capturing Asia’s $5 trillion green business opportunity

Capture the opportunity

Quote of the day

“Our vision goes beyond the steels we make or the manufacturing processes we use. Our ambition is to deliver what’s best for our people, our customers, our communities, and our planet. It’s indeed a strategy focused on what’s best for all.”

—Dave Burritt, President and CEO of U. S. Steel, on sustainability goals in a conversation with Asutosh Padhi, McKinsey senior partner and co-author of The Titanium Economy

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Successful cloud migrations depend on knowing where the value for insurance lies in cloud and on business and IT working together.

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The gathering storm in US healthcare: How leaders can respond and thrive

Forces are converging to challenge healthcare affordability and access, and industry economics. Opportunities abound for leaders to drive rapid, at-scale innovation to usher in a brighter future.

How leaders can respond and thrive

The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America

Asutosh Padhi, Gaurav Batra, and Nick Santhanam reveal manufacturing, an under-appreciated and under-valued sector of the economy, for what it really is: a reliable source of high-paying, domestic jobs and soaring stock prices—a bright spot in an economy that has too often been buffeted by external shocks. #TitaniumEconomyBook

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That produce you see at the grocery store? A lot of it never makes it to the shelves.

On Point

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

Edited by Belinda Yu
Editor, Atlanta

Fighting food loss

In the news

•

Lose the label. Dates on “best by” and “sell by” labels have long puzzled consumers. Now, some grocery stores are getting rid of them in order to reduce food waste. Several UK grocers have stripped “use by” and “best before” dates from hundreds of products, including one London-based retailer that said it would drop date labels from 300 fruit and vegetable items in June. Only two-thirds of US consumers realize that the “best by” date refers to the freshness of food, and not the last day to eat it, the Harvard Food Law and Policy Clinic has found. [WSJ]

•

Salvage store savings. Dented cans, flattened boxes, off-beat flavors: for consumers weary of rising prices, salvage food stores offer unbeatable deals. Nowadays, in addition to attracting bargain hunters, they’re also enticing consumers who care about the environment and want to lower food waste. A few companies have launched digital versions of salvage stores. One online grocer, founded in 2018, has sent out more than 14 million boxes of produce that might have otherwise gone to the trash heap. [NYT]

Three food categories—fruits and vegetables, cereals, and roots and tubers—account for much of the food loss and the associated carbon dioxide emissions and water use.

On McKinsey.com

•

Barley by-products. Each year, more than two billion tons of food are lost or wasted. Half of the uneaten food, worth about $600 billion, is lost during or just after harvest. The hidden costs of food loss often equal or exceed retailers’ net profit, reveal McKinsey senior partners Clarisse Magnin-Mallez, Björn Timelin, and colleagues. But companies that cut down on food loss could capture $80 billion in new market potential. For example, one beverage company turned its barley by-products into a protein and fiber ingredient, launching two new businesses.

•

Missing tomatoes. To understand where food gets lost in the supply chain, McKinsey teamed up with the Consumer Goods Forum to trace the journey of tomatoes from the farm to the retailer. In the developed world, out of 100 tomatoes, only 72, at most, make it to a store shelf. In developing countries, only 35 to 58 ever reach the store. Two-thirds of the loss is edible—for instance, food that’s rejected because it doesn’t meet customer standards, McKinsey analysis shows. See four ways that grocers and manufacturers can tackle food loss.

Understand food loss

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:45 - 15 Sep 2022

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by "Schneider Electric" <reply@se.com> - 11:03 - 14 Sep 2022

Why digital trust truly matters

Harmony Internal - McKinsey

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Did you know that organizations well-positioned to foster digital trust are more likely to see increased business growth? Consumers are generally confident that the companies they do business with provide the foundational elements of digital trust—but retaining that trust comes with its own reward. While roughly 90 percent of businesses believe they can effectively build digital trust, less than one-quarter of them actually walk the walk. To learn more about how you can build digital trust and set the stage to increase annual growth by 10 percent or more, check out this survey by McKinsey's Jim Boehm , Liz Grennan , Alex Singla , and Kate Smaje . Don’t miss out! And if you'd like to contribute to critical survey research like this, apply to join McKinsey’s Global Survey Panel .

Edited by Emily Adeyanju
Digital Editor, Charlotte

Why digital trust truly matters

Consumer faith in cybersecurity, data privacy, and responsible AI hinges on what companies do today—and establishing this digital trust just might lead to business growth.

Understand the research

Quote of the day

“We do believe the shared micromobility market . . . is here to stay and will grow sizably. The key question for players now is how can they make it profitable? How can it become a permanent part of daily city life when we talk about shared micromobility?”

—McKinsey partner Kersten Heineke on the future of micromobility in a recent episode recent episode of The McKinsey Podcast

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Equitable business embraces the fundamental belief that the Black consumer should be delighted. Equitable business means that a Black kid with a compelling product who wants to start a consumer business should have the same access to capital and markets as a White kid. We need to shift our outlook to say it’s not about Black brands; it’s about good brands. We’re still far away from leveling the playing field.

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:11 - 14 Sep 2022

A new mindset for equity

Re:think

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ON MAKING EQUITY REAL

Shifting to a new mindset for equitable business outcomes

Tiffany Burns

Over the past couple of years, we’ve seen a heightened interest in supporting Black consumers and businesses—a direct result of the Black Lives Matter movement and protests after the murder of George Floyd. We’ve done a lot of research during this time to understand whether this support is helping and what drives continued equity gaps for Black consumers and Black founders. We’ve found that the support is not working as well as it should, and inequities persist.

From difficulties getting to a store to a lack of product availability to dealing with salespeople without relevant expertise or training, Black consumers feel a deep dissatisfaction. Black founders are frustrated too. Forty-five percent of American consumers think retailers should support Black-owned brands, vendors, and suppliers—but I’ve talked to more than 50 Black founders, and each one of them says every part of the founder experience is arduous. These founders have passion, vision, and excitement but face disproportionate obstacles to raising capital, testing products, and getting on shelves simply because they are Black.

In 2022, why should it feel so impossible? Often companies have a social-justice lens: they want to support Black enterprise efforts because it’s the right thing to do. So they donate funds or launch programs. These are both important actions, but to get things right and have an impact, companies that really want to make a sustainable difference in supporting and creating equity may need to change mindsets.

The first concept a retailer should adopt is an investor mindset for equity. Executives should be asking themselves, “How can we drive ROI and increase equity? What are the things my organization can do that will allow us to drive competitive advantage, create more value for our shareholders, and drive equity?” These things are not mutually exclusive. When we looked at venture capital investment in beauty companies, we found that only 4 percent of late-stage-funded companies were Black-founded. They received one-tenth the funding of their non-Black peers, yet their income was 89 times higher. The ROI here is powerful: imagine what the return would look like with parity levels of investment. The more you can align your overall business strategy where both increased equity and value creation are outcomes, the more it will become a sustainable operating model.

“The research tells us a story of inequity, unmet needs, and opportunities. Companies that want to really make a sustainable difference when they think about equity may need to change mindsets.”

The second thing companies should do is take a data-driven mindset and reconsider the metrics being used to make business performance decisions. Traditional metrics can be myopic and embed bias into performance outcomes, leading to missed opportunities for profitable growth. Take, for example, retail footprints. For store location, there’s a historical reliance on the movement of people and foot traffic. Population density in an area might lead you to believe there’s an opportunity to locate a new restaurant somewhere. And you might dismiss neighborhoods that are less dense or look like they have less movement. But in those retail deserts, the unmet need is both significant and pervasive, which opens a potentially unseen opportunity. We have data that say Black consumers are willing to pay more for healthy food, so it would still make sense to locate there. If models tell us not to make certain moves, then maybe we need new models.

Finally, companies and investors need to go beyond surface-level support. It’s great that people are excited about Black brands and want to feature Black founders’ stories. Everyone showcasing what Black businesses are doing has good intentions. But race-based marketing is not enough. And we can’t tokenize Black founders and say they make products for only Black consumers. When companies do this, they leave significant value on the table. We have to treat Black consumers as core consumers, period, and ensure that their needs are met. It’s a $300 billion opportunity, and those who can figure this out will see real growth.

At the end of the day, the Black brands that have had very significant success have had phenomenal products with resonance across the general consumer population. Product orientation also ensures that Black founders aren’t only pigeonholed into the Black consumer segment. The more we can lift up good products from Black founders and make sure they have their fair share of coverage across consumer segments, the more equitable the brand landscape.

ABOUT THE AUTHOR

Tiffany Burns is the managing partner of McKinsey’s Atlanta office and is a leader in shaping and executing on 10 actions, McKinsey’s efforts to improve racial equity within the firm and around the world.

MORE FROM THIS AUTHOR

Photo a group of african american women form the beauty industry

Black representation in the beauty industry

Black beauty consumers and brands face deep challenges when it comes to equity. Removing those barriers can lead to greater opportunity for everyone in the industry.

More →

The Black unicorn: Changing the game for inclusivity in retail

In the age of the inclusive consumer, harnessing the power of retail can increase demand for Black-owned brands.

More →

UP NEXT

Nicolas Denis on managing a global food crisis

The world’s food system requires exquisite balance, but war and climate change are destabilizing it. Here’s what’s at stake and what could be done.

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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 02:01 - 14 Sep 2022

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US manufacturing may be poised for a rebound. What would it take to make it happen?

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

Edited by Belinda Yu
Editor, Atlanta

Revitalizing US manufacturing

In the news

•

Back to the US. US companies are bringing back to America a historic number of jobs. In August, multiple businesses revealed that they will build billion-dollar factories producing everything from materials for lithium-ion batteries to packaging. US firms are expected to reshore about 350,000 jobs in 2022. The COVID-19 pandemic has spurred C-suite leaders to consider relocating overseas supply chains closer to home, while investors’ close scrutiny of carbon emissions is also convincing companies to move processes nearer to home. [WSJ]

•

Steady growth. US factory activity held steady in August 2022, suggesting modest growth in manufacturing, according to the Institute for Supply Management. Mineral products, transportation equipment, and petroleum were among the ten industries that expanded. A measure of employment also indicates that US manufacturers are adding more workers. In Europe and Asia, meanwhile, the war in Ukraine and a sluggish economy in parts of Asia are contributing to declining factory activity. [Bloomberg]

Across key manufacturing sectors, our analysis suggests that up to $4.6 trillion in global trade could shift across regions in the next five years.

On McKinsey.com

•

A potential resurgence. At times, the US has seemed in danger of losing its position as one of the world’s manufacturing powerhouses. The number of manufacturing firms and factories in the US has fallen by about 25% since 1997. But today, some trends—including 1.3 million jobs added between 2010 and 2019—point to the potential for a resurgence of growth in manufacturing, note McKinsey senior partners Mike Doheny , Asutosh Padhi, and colleagues. This could boost US GDP by more than 15% over the rest of this decade.

•

Strengthening supply chains. More than 90% of senior executives consider it a priority to increase resilience in supply chains, according to McKinsey surveys. Yet a greater reliance on imports means that some US manufacturing supply chains are exposed to more global risks. Currently, roughly 70% of US domestic demand is met with locally produced goods, trailing Germany, Japan, and China. See four ways global manufacturing is changing, along with key questions that can help leaders deliver a US manufacturing renaissance.

See the biggest trends

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 01:19 - 14 Sep 2022

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by "Schneider Electric" <reply@se.com> - 11:02 - 13 Sep 2022

Could this be a glimpse into life in the 2030s?

Harmony Internal - McKinsey

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According to experts, yes.

Edited by Katherine Tam
Digital Editor, New York

The future is coming much sooner than we may think. The pandemic showed us that we are capable of adapting to (and creating!) rapid change, and at this rate, there could be more innovation in the next ten years than in any other decade in modern history. Since 2019, McKinsey experts have weighed in on what the future could look like in The Next Normal series. Prepare for the 2030s by exploring our experts’ predictions, including perspectives from Praveen Adhi, Jonathan Dunn, Sajal Kohli, Jessica Moulton, and Kelsey Robinson. From outer space to air mobility, shopping, wellness, and even video entertainment—change is coming, so be prepared.

Could this be a glimpse into life in the 2030s?

A look into the future

Quote of the day

“Titanium economy companies have been going about doing what they’re actually good at, which is delivering great returns for their shareholders, taking care of customers, taking care of employees, doing the job around communities, and cleaning the environment—but they have never really found an opportunity to pull it all together and tell the story.”

—Asutosh Padhi, McKinsey senior partner and co-author of The Titanium Economy, on why industrial companies are under the radar in a recent Author Talks interview

Chart of the day

Chart detailing China and the EU have announcing the most public funding for quantum computing

Scooter skeptic? Think again. Micromobility is gaining favor with consumers worldwide—and may fast become a mainstay of urban transportation.

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The two-wheeled commute: Micromobility and your future

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Asian American workers: Diverse outcomes and hidden challenges

Asian Americans often face invisible challenges at work. Organizations can maximize more of this group’s potential by acknowledging its diversity.

Debunk the myths

What every insurance leader should know about cloud

Successful cloud migrations depend on knowing where the value for insurance lies in cloud and on business and IT working together.

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:15 - 13 Sep 2022

Cut straight to success this season…

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Head over to our Holiday Hub to stay ahead. From must-read articles to easy-to-use briefs, we packaged everything your business needs to stay flexible and successful this season.

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by "Fiverr" <no-reply@announce.fiverr.com> - 09:03 - 13 Sep 2022

activNews

activpayroll Newsletter

September 2022

Read all our latest news as we prepare to celebrate our 21st birthday

We offer our customers payroll services and so much more…

Next month we’re celebrating our 21st birthday and we’re delighted that you’ve been part of our incredible journey. We’ve spent the last 21 years listening to our customers and developing our services to meet your needs. As we celebrate this significant milestone, we have taken time to reflect.

We are proud to have supported our global customers’ growth. Helping customers navigate global complexity remains an important mission for us. As your business needs change, our range of services are designed to support you every step of the way.

Our team is on hand to offer you the solutions you’ve told us you need when it comes to the key pillars of our business:

· Global Payroll

· Global Mobility

· International Payments

We have also recently invested in our Global HR Solutions to complement our existing services. We can now support you with all your Global HR needs giving you total peace of mind when it comes to protecting your most valuable resource – your people.

And remember we can tailor our services to suit your needs by offering professional support which will free up your resources allowing you to do concentrate on your core business. You can find out more on our website or by emailing our Key Account Team.

“Current trends in Global Mobility”

Webinar - 13th October

Keep up to date with all the important current trends in global mobility by joining us at our webinar on Thursday 13th October.

Graham McKechnie, our Head of Global Employer Services, and Steph Smith, our Head of Global Mobility Growth, are going to be talking about all things related to International Remote Workers. Kirsten Wright, our Head of Global HR Solutions will also be on the panel to add her insight from an HR perspective.

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We let our customers do the talking…

At activpayroll we cover every corner of the globe working with over 1200 customers in 154 countries.

Our customers share their thoughts on how we have worked together to support their business. To see how we can help you, contact us here

We are always listening!

Our product development team focuses on the outcomes that matter most to you. That’s why we’re launching a new innovative client survey to help inform our development activity going forwards.

Look out for the e-mail inviting you to share your views with us and we’ll look forward to sharing what we learn and the priorities it points to in an upcoming newsletter.

And, in October we are looking forward to kicking off our first Client Advisory Group session – another exciting step to inform our activity in support of you, our clients.

Global Payroll Award shortlist

Your business is in safe hands with us and our award shortlisted team. Our Global Implementation Team and Elle Crawford our EMEA Payroll Delivery Manager have been shortlisted for the prestigious 2022 Global Payroll Awards – for 'Payroll Team of the Year’ and ‘Payroll Manager of the Year’ respectively.

Great recognition for the Team and even better news for you, our customers, giving you the extra security that you are dealing with the best in the business.

Meet our Head of Customer Support

Appointed in July 2021, Graeme McGregor has a diverse background spanning software engineering, programme management and client services, Graeme is perfectly placed to head up our customer service team, supporting our ambitions to continually improve our standard of customer service and raise the profile of our people-focused culture.

Keep in touch

As always, you can keep up-to-date with all of our latest news, insights and team updates over on our social media channels.

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by "Lynn Smith" <PR@activpayroll.com> - 05:14 - 13 Sep 2022

How to embrace uncertainty (and even have some fun)

On Point

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

Edited by Katherine Tam
Digital Editor, New York

Navigating uncertainty

In the news

•

The infinite game. Dealing with the unknown can be stressful, but one way to face uncertainty with greater calm is to get the most expansive view of what’s possible, according to entrepreneur Susannah Furr and business school professor Nathan Furr. One idea is to stop focusing on trying to win, and instead play an “infinite game” by constantly testing boundaries and rules. One example involves a legendary rivalry between two Tour de France cyclists. Although one of the cyclists never won the race—which he entered 14 times—his love of riding endeared him to the crowd. [HBR]

•

Don’t quit. The idea of leaving one’s day job to chase a more exciting side hustle can be enticing. But a smarter move might be to take one tiny step at a time toward an uncertain goal, say authors Nathan and Susannah Furr. Research shows that innovators who keep their regular jobs while spending time on a side project are more likely to succeed than those who quit their nine-to-five to pursue a new job full time. Instead of attempting a new endeavor all at once, break up big goals into specific actions, and regularly take stock to make sure that the project is paying off. [Fast Company]

“Great leaders challenge their organizations. But they also support their people and pay attention to the anxiety that uncertainty creates.”

On McKinsey.com

•

Into the unknown. Humans are wired to fear uncertainty, but it’s helpful to remember that “uncertainty is the portal to possibility,” say Nathan and Susannah Harmon Furr, authors of The Upside of Uncertainty: A Guide to Finding Possibility in the Unknown. Every innovator confronts uncertainty eventually and therefore must be willing to step into the unknown. Like any other capability, individuals, teams, and organizations need to develop the ability to face uncertainty.

•

A tool kit for uncertainty. In a changing world, “if you believe that everything is up to you and totally within your control, you are going to spend your whole life stressing out,” says Nathan Furr. “Instead, focus on how you can be the best version of yourself and make the greatest contribution to the world,” Furr adds. To help leaders navigate uncertainty with greater resilience, the Furrs organized more than 30 tools. Learn some of the ways that successful innovators, creators, and designers deal with uncertainty.

Lean into uncertainty

Or send us feedback— we’d love to hear from you.

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:47 - 13 Sep 2022

Titanium economy companies and the future of American manufacturing

Harmony Internal - McKinsey

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McKinsey reveals 35 cutting-edge companies in the industrial tech sector, highlighting a robust “titanium economy” that creates American jobs and fuels innovation through sustainable, inclusive growth.

Edited by Joyce Yoo
Digital Editor, New York

What’s the “titanium economy”? You may not know the names of titanium economy companies—but they’re some of the fastest-growing and most profitable in the US, say McKinsey leader Asutosh Padhi and his co-authors Gaurav Batra and Nick Santhanam. In a recent Author Talks interview, they discuss their forthcoming book, The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America, which trains a spotlight on the burgeoning industrial-tech sector and the companies at the forefront of driving innovation, job creation, and growth—and ultimately in creating a more inclusive economy in the US. Check it out for an advance look at where American manufacturing could be headed. Preorder #TitaniumEconomyBook

Book cover for The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America

Author Talks: How industrial technology is creating a more inclusive economy

Drive innovation

Quote of the day

“If you allow ambiguity to filter into what you’re trying to do, suddenly you lose control of the agenda. Having a very clear strategy and vision, and a few beacons of the progress you are making that you can use to reinforce that vision, is incredibly important.”

—Andy Penn, CEO of Telstra, on his company's reinvention journey in "You can’t move too fast: A conversation with Andy Penn"

Chart of the day

Asutosh Padhi, Gaurav Batra, and Nick Santhanam reveal manufacturing, an under-appreciated and under-valued sector of the economy, for what it really is: a reliable source of high-paying, domestic jobs and soaring stock prices—a bright spot in an economy that has too often been buffeted by external shocks. #TitaniumEconomyBook

ALSO NEW

The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America

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McKinsey’s unorthodox general counsel

On paper, Pierre Gentin is a legal all-star. In person, he’s a lot more.

Get to know him

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How to build geopolitical resilience amid a fragmenting global order

Organizations need to strategically invest in capabilities, people, processes, structures, and technology to navigate the risks arising from an evolving and fraught geopolitical landscape.

Create resilience

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:54 - 12 Sep 2022

You're' invited 🎙Webinar: An exclusive look at new research on global benefits.

Hi MD,

You are invited to join our next webinar!

Webinar: An exclusive look at new research on global benefits

Date and times:
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Which benefits are most important to distributed teams? How can companies design benefits plans that are competitive in global markets?

In this special event, three benefits experts from Remote will reveal an exclusive first look at all-new research regarding benefits plans for global teams. Tune in to be the first to learn new insights into cross-cultural benefits plans; evolving expectations for remote and flexible work; and the key to diverse, sustainable workplace culture in 2023 and beyond.

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What will you learn?

What employees in different cultures expect from their benefits packages
How to create competitive benefits plans to attract top talent
How to manage a global benefits policy with DEI at the core
Which benefits drive employees to stay — or compel them to leave
Where gaps in management and employee perceptions exist (and how to fix them)

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by "Remote" <hello@remote-comms.com> - 09:46 - 12 Sep 2022

A leader’s guide to finding growth opportunities

Leading Off

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Edited by Dana Sand
Editorial Production Manager, Cleveland

Growth is good—and an imperative for the C-suite. In addition to boosting profits, it enables companies to achieve their broader goals, including those related to sustainability, inclusion, talent, and employee well-being. The likelihood of lifting incomes, providing new opportunities, and funding necessary transitions also increases. But growth can be elusive. According to the International Monetary Fund, GDP growth for mature economies has only averaged 1 percent since the financial crisis of 2008, and growth in emerging economies has also been lower in recent years than at the start of the century. This week, let’s explore the mindsets and actions that can help you lead your organization into an era of stronger growth.

AN IDEA

Illustration of two stylized rings on a black background

The best organizations make a deliberate choice to prioritize sustainable and inclusive growth. McKinsey research finds that such “growth leaders” generate 80 percent more shareholder value than their peers over the span of a decade. They’re also able to achieve growth in a downturn. What does it take to be a growth leader? Growth must be a top priority, and mindsets, actions, and capabilities all must align with both short- and long-term growth ambitions. Adopting these seven beliefs—ranging from willingness to fail to favoring action over perfection—allows leaders to grow their revenue or sales twice as fast. Companies that adopt growth mindsets are 2.4 times more likely to outperform their peers; developing operating models with a focus on growth can deliver three times more shareholder returns. By using this holistic growth blueprint, leaders can create the momentum needed to prioritize growth regardless of circumstances. They can act on “timely jolts,” turning headwinds into opportunities, as many did during the COVID-19 pandemic.

A BIG NUMBER

2.8%

That’s the percentage by which a typical company grew in the decade prior to the COVID-19 pandemic, with growth rates slowing to half what they were before the 2008 financial crisis. As Chris Bradley, Rebecca Doherty, and others explain, in the face of rising inflation and geopolitical and economic volatility, McKinsey research shows that these ten rules of growth can guide leaders toward outgrowing their competitors and successfully benchmarking their growth. Among the imperatives: put competitive advantage first, don’t be a laggard, and grow where you know. With only 8 percent of companies excelling at more than half of the ten imperatives, the bar—and potential reward—is high.

A QUOTE

“When it comes to profitable growth outperformance—being a mere single-sport athlete is not enough. One can’t be just a swimmer, a runner, or a cyclist. Consumer companies instead need to think and execute like triathletes.”

In this McKinsey article, Jordan Bar Am, Simon Land, Duncan Miller, René Schmutzler, and their colleagues explore the “growth triathlon,” or three main avenues for growth: expanding the core business, innovating into new markets and adjacencies, and chasing opportunities for building new businesses to achieve breakthrough growth. Despite any inclination toward a particular growth pathway, companies can sustain better incremental growth by pursuing all three and are 97 percent more likely to outperform their peers when investing in multiple pathways.

A SPOTLIGHT INTERVIEW

People are living longer, healthier lives, and the longevity economy, which supports them with jobs, services, and products, can be a vigorous growth area for some investors. With a market worth $8.6 trillion in the United States alone and $22 trillion globally, every business should be developing a “longevity strategy” for their offerings and their workforce, says Susan Wilner Golden, author of Stage (Not Age): How to Understand and Serve People Over 60—the Fastest Growing, Most Dynamic Market in the World. In this Author Talks interview, Wilner Golden discusses the opportunities available to companies as this market grows and changes. “People who are at this later stage of life are repurposing, transitioning, and rethinking their life priorities,” she says. “It truly is a renaissance stage…. We’re not in elderhood, we’re in furtherhood. We keep going further, and we have more to look forward to.”

TO MARKET, TO MARKET

Illustrations of tablets displaying photos of imaginary executives

Marketing has a significant role in driving growth, and the role of chief marketing officers (CMOs) is shifting to “marketing with a capital M.” Rather than being siloed, many marketing departments now have touchpoints across organizations, ranging from HR to technology and innovation. What sets effective CMOs apart in succeeding in their growth agendas? The CMO’s relationship with the rest of the C-suite is a key differentiator. In a recent McKinsey survey, 83 percent of CEOs say the marketing business unit has the potential to be a major growth driver, but only 23 percent believe it’s delivering on that ambition. Companies with high growth are seven times more likely to have “unifier” CMOs—leaders who are strong cross-functional collaborators, put marketing on the C-suite agenda, and champion a shared vision for growth across the organization.

Lead with growth in mind.

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 01:06 - 12 Sep 2022

Global conflict, inflation, supply chain problems: Can consumer companies still grow?

On Point

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

Edited by Seth Stevenson
Senior Editor, New York

Winning over consumers

In the news

•

Curbs = your enthusiasm. Retailers keen to retain shoppers during a potential economic slowdown are leaning hard into improving the consumer experience, and curbside pickup appears to be one pandemic consumer trend that’s sticking around. In the US, 33% of adults younger than 50 who started using curbside pickup during the pandemic plan to keep up the habit, according to a recent study. People with children find it a particularly convenient shopping method since there’s no need to wrestle kids in and out of car seats. [WaPo]

•

Souring on stuff. Consumers clamored for everything from cooking supplies to gardening gear as online shopping surged for the first two years of the COVID-19 pandemic. But these days, as inflation climbs, shoppers are spending more on services and less on goods, leaving retailers caught off guard. In the UK, purchases of household goods have dropped below 2019 levels. Some retailers are getting stuck with excess inventory, while some businesses that provide services are suddenly scrambling to meet increased demand. [FT]

Companies that are able to move into new geographies successfully are 22% more likely to achieve above-market growth.

On McKinsey.com

•

Growth is elusive. Very few consumer companies can sustain rapid growth over long time periods. Fewer still can do it while maintaining or increasing earnings. From 2009 to 2019, consumer companies grew an average of 3%, while the largest companies grew at only 2.4% over the same period, find McKinsey senior partners Simon Land, Duncan Miller, and colleagues. However, brands that can grow quickly and profitably offer shareholder returns more than double those of their peers.

•

The growth triathlon. McKinsey sifted through the data to figure out what really drives success in the consumer sector and discovered that pursuing a single winning strategy simply isn’t enough. Instead, companies must focus on three proven pathways to growth in the consumer sector, much like a champion triathlete who trains to be a great swimmer, cyclist, and runner. See our analysis of what drives consumer sector growth, including examples of companies that are winning the growth triathlon.

Three ways to ignite growth

Or send us feedback— we’d love to hear from you.

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