Forward Thinking on the meeting point of science and humanity with Jayshree Seth

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2023 API Predictions: Shift-Left and Standardize for Success

by "McKinsey Global Institute" <publishing@email.mckinsey.com> - 04:10 - 6 Dec 2022

Get Ready for 2023: Our Top API Insights and Predictions

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US manufacturing has a labor shortage problem. How are companies addressing it?

On Point

TODAY’S NEWS. TOMORROW’S INSIGHTS.
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Skilled-worker shortage. Although shipping bottlenecks are starting to ease and raw material prices are coming down, a lack of skilled workers is an ongoing challenge for US companies’ supply chains. The skilled-labor shortage in manufacturing is keeping some of the country’s biggest companies from producing their goods. The undersupply of laborers was a problem before the COVID-19 pandemic but now requires an even more diligent solution—one focused on increasing training and education and developing a policy for responsible immigration. [Bloomberg]

Brought to you by Liz Hilton Segel & Homayoun Hatami
Global leaders, Industry & Capabilities Practices

Help wanted in manufacturing

In the news

•

•

Job report. The US job market is still running hot. In November, the US economy added more than 260,000 jobs, and the unemployment rate remained low, at 3.7%, according to government data. Employers competing for talent are offering higher wages, which policy makers worry could keep inflation high. Last month, 14,000 jobs were added in factories and 20,000 jobs in construction, although manufacturing activity in the US decreased for the first time since May 2020, according to a new survey. [NPR]

In the past ten years, 2.4 million industrial jobs went unfilled in the US, costing the economy $2.5 trillion, according to McKinsey estimates.

On McKinsey.com

•

Inquire within. Media attention in past decades has often focused on the decline of US manufacturing. However, within manufacturing, there is a bright spot that is often overlooked. Industrial technology, called the “Titanium Economy,” has the potential to create opportunities for millions of people. But despite the high pay offered, there are millions of job vacancies in the field, explain McKinsey senior partners Asutosh Padhi and Inga Maurer and their coauthors. Unfilled jobs were a primary reason that seven in ten companies fell behind in scheduled production.

•

Solving the labor shortage. Hidden within some of the most successful companies in the Titanium Economy are lessons on how to address the labor shortage in manufacturing. One fluid-handling company has created partnerships with trade schools and community colleges. A waste management company offers workers the chance to train for higher-paying jobs, which has helped it attract a younger workforce. Learn more about the US manufacturing labor shortage and what companies are doing to tackle it.

Explore the Titanium Economy

— Edited by Alexandra Mondalek, editor, New York

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AN ARTICLE A DAY, PICKED BY OUR EDITORS

by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:45 - 6 Dec 2022

Hitting the mark: Why markdowns matter more than ever

Harmony Internal - McKinsey

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Many US retailers are reducing prices to clear excess inventory. Smart markdown strategies will make a huge difference to their bottom lines.

Brought to you by Liz Hilton Segel & Homayoun Hatami
Global leaders, Industry & Capabilities Practices

The holiday season is upon us, and US retailers are dealing with continued challenges including inflation and growing fears of recession. This year, spending growth has slowed and there’s more stock than demand. How can retailers prepare for the coming year as they navigate high inventory levels and declining profitability? In a new article, senior partners Becca Coggins, Emily Reasor, and their coauthors suggest that smart markdown strategies are critical in order to get ahead of the competition. See what it takes to deliver value to customers amid uncertain times and why it is time to invest in markdown capabilities.

Discount 50% label of sales tag price over the clothes line in a shopping department store.

Hitting the mark: Why markdowns matter more than ever

Take a closer look

Quote of the day

“Hospitality is about relationships. Being intentional in pursuit of those relationships is everything.”

—Will Guidara, Michelin-starred restaurateur, in a new Author Talks interview

Chart of the day

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ALSO NEW

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— Editied by Joyce Yoo, editor, New York

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:19 - 5 Dec 2022

A leader’s guide to effective conflict management

Harmony Internal - McKinsey

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Not all conflict is bad. Good conflict can lead to positive outcomes, often pushing us to be our best selves, to understand others better, and to find more innovative or creative solutions to problems. But while healthy conflict can cause useful friction and drive us toward improvement, negative conflict can quickly have the opposite effect: the fallout can include a toxic workplace culture, diminished engagement, and higher rates of burnout and attrition. This week, let’s explore ways to bolster your conflict management skills so that both you and your team can come out of tough situations unscathed.

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AN IDEA

Nip toxic culture in the bud

According to recent McKinsey Health Institute research led by senior partner Martin Dewhurst and others, a quarter of survey respondents globally report experiencing toxic behavior at work—the biggest predictor of burnout and attrition. And Tessa West, author of Jerks at Work: Toxic Coworkers and What to Do about Them, has discovered firsthand that sometimes those who don’t feel they’re part of the problem also don’t offer to be part of the solution due to fear of retribution or not knowing how to navigate conversations about conflict productively. “We end up with this vicious cycle of toxic behaviors , engaged in by few but put up with by many,” she says in this interview with McKinsey’s Jacqueline Brassey . “And now we’re at the point where people are just tired of it.” But pushing the problem away only lets people grow more disengaged and resentful. Proactively having conversations and targeting specific behaviors improve your chances of successful conflict resolution. “Bosses tend to feel they have the resources to put out little fires but not big ones,” West says. “Have the conversations early and often; you’ll feel like you have much more agency, and your locus of control will go up.”

A BIG NUMBER

4

That’s the average number of hours per week that managers spend dealing with conflict, according to Conflict at work, a new research report by The Myers-Briggs Company. Diving deeper, the report shows that the number of people experiencing conflict often or all the time has increased by 7 percent since the same study was conducted in 2008. Yet, 25 percent of people believe that their managers don’t handle conflict well, allowing the friction felt in the workplace to snowball.

A QUOTE

“Most of the time, people trapped in conflict don’t know the understory. They get so focused on false flags like the Crock-Pot or the Legos that they get stuck. High conflict is like a trance in this way. It’s hard to look away.”

That’s journalist and author Amanda Ripley on navigating the root of a conflict versus what it appears to be about on the surface. In her book High Conflict: Why We Get Trapped and How We Get Out, Ripley characterizes high conflict as self-perpetuating and all-consuming with an “us versus them” charge. She offers some tactical ways to climb your way out of conflict, starting with active listening. “Once we feel understood, we see options we couldn’t see before,” she says. “We feel some ownership over the search for solutions. Then, even if we don’t get our way, we are more accepting of the result because we helped build it.” (You can check out more of our reading recommendations here.)

A SPOTLIGHT INTERVIEW

Negative dynamics with colleagues can deplete your energy and induce stress. In this Author Talks interview with McKinsey, Harvard Business Review contributing editor Amy Gallo discusses how to get value out of difficult relationships at work, turning enemies into allies. She identifies eight common work enemy archetypes, ranging from pessimists to insecure bosses. The tactics to create more positive relationships with these coworkers remain largely the same, but Gallo says how or when you use them may change depending on the archetype. A lot of the tactics are “often about setting norms,” she says. “They’re often about nudging people in the right direction or modeling the behavior you want to see.” Gallo emphasizes that it’s all about incremental improvements: “Some of these experiments will fail miserably. But some of them will teach you valuable things about how to improve that relationship. You’re collecting lessons along the way.”

LOOK INWARD

Illustration of four hand mirrors being held up to a person, all with angry faces in their reflections

As people move up the ranks at work, they become more likely to focus on their own needs and goals, becoming less sensitive to problematic behaviors spreading throughout their teams. In this McKinsey Quarterly article, Stanford University professor Robert Sutton describes how leaders can fight workplace dysfunction by building an organization with “a culture of small decencies” where offenders don’t thrive. “For most of us, coming to grips with when we act like jerks, or encourage others to do so, requires overcoming some mighty potent predilections,” he says. Work to understand perceptions, beware of contagious behaviors, and consider how what you do today may affect how you feel about yourself tomorrow.

Lead confidently through conflict.

— Edited by Dana Sand, editor, Columbus

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

by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:53 - 5 Dec 2022

Is the world deglobalizing? New McKinsey analysis finds a more nuanced reality.

On Point

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Globalization goes on. Politicians, investors, and pundits have been ringing the death knell for globalization for decades, including after the global financial crisis in 2008 and more recently after the onset of the COVID-19 pandemic. While the world may be grappling with a geopolitical recession and some of the world’s largest economies have turned inward, globalization isn’t ending, says one political scientist. In fact, cross-border investments and global trade in goods are growing, while trade in digital services and intangibles is also increasing. [Foreign Affairs]

Brought to you by Liz Hilton Segel & Homayoun Hatami
Global leaders, Industry & Capabilities Practices

Ties that bind

In the news

•

•

Sustainable value chains. In light of the worldwide climate crisis, Latin American executives are considering how to reconfigure global value chains so that they are more sustainable. In many cases, this may involve helping small and medium-size businesses—which represent nearly all of the companies in Latin America and create 60% of its productive jobs—realize their own sustainability goals by reducing emissions. Some CEOs in the region already report progress with decarbonizing value chains through the use of new green technologies. [WEF]

Every region has been importing 25% or more, in value-added terms, of at least one important type of resource or manufactured good that it needs, and often much more.

On McKinsey.com

•

Interconnected. Ongoing geopolitical tensions and the COVID-19 pandemic have prompted speculation that the world is already deglobalizing. But new research from the McKinsey Global Institute finds that the world remains deeply interconnected, as most global flows continued to grow (or even accelerated) in 2020 and 2021, explain McKinsey senior partners Sven Smit, Olivia White, and Jonathan Woetzel and their coauthors. Growth in global flows is now being driven by intangibles, services, and talent, with data flows growing at nearly 50% each year from 2010 to 2019.

•

Managing risk. Some hot spots around the world provide almost all the supply for certain products. China, for example, exports more than 60% of the most concentrated products in electronics and textiles, and the majority of concentrated medical and pharmaceutical products come from Europe. Diversifying the sources of origins for some products could help economies and companies manage the potential risks from concentration, although this may involve substantial investment and time and potentially higher operating costs. See three areas that multinational corporations can consider to shape future global flows in favor of growth and prosperity.

Three areas for global growth

— Edited by Alexandra Mondalek, editor, New York

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

by "McKinsey On Point" <publishing@email.mckinsey.com> - 11:17 - 4 Dec 2022

[Last chance to register] Best of MAX for Business Webinar

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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 09:06 - 4 Dec 2022

The week in charts

The Week in Charts

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Our Charting the path to the next normal series offers a daily chart that helps explain a changing world—as we strive toward sustainable and inclusive growth. In case you missed them, this week’s graphics explored health issues affecting Americans, the automotive insurance market, consumer trust in products and services that rely on AI, plant-based alternatives to meat, and Gen Z’s mental health concerns.

FEATURED CHART

Assessing US health

A series of charts and graphs on health in the United States

This week’s other select charts

Shifting gears in auto insurance

In AI we trust

Why consumers are vegging out

Gen Z has health concerns

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:09 - 3 Dec 2022

Six priorities for CEOs in turbulent times

Harmony Internal - McKinsey

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

To learn and lead through volatility, order Deliberate Calm

Monthly Highlights, December 2022

Managing complex organizations is much harder today than it was just a few years ago, write Homayoun Hatami, McKinsey global leader of capabilities practices, and Liz Hilton Segel, McKinsey global leader of industry practices. How can CEOs decide what needs to be done now and what can wait? Our featured stories this month outline six priorities that feature prominently on worldwide CEO agendas, as well as five core actions to help CEOs meet dual imperatives—resilience and net zero—at the heart of a new sustainability strategy. Other highlights in this month’s issue include the following topics:

•

a framework to help companies prioritize actions and collaborations that can contribute to sustainable, inclusive growth

•

a view of the flows driving global integration and an assessment of interdependency and concentration risks

•

why companies will need to begin building many more businesses than they have thus far to meet their revenue expectations in the years ahead

•

how a skill-based approach can help US employers expand talent pools and retain great workers

Editor’s choice

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What matters most? Six priorities for CEOs in turbulent times

Take courage

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A devilish duality: How CEOs can square resilience with net-zero promises

Amid turbulence on the path to net zero, leaders will have to be much nimbler to balance resilience with an energy future that is secure, affordable, and clean. Five actions can help.

5 core actions

THIS MONTH’s HIGHLIGHTS

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Toward a sustainable, inclusive, growing future: The role of business

To make the world as sustainable and inclusive as we hope, a certain kind of economic growth will be necessary—and companies will play a vital role in generating it.
Prioritize what’s to come

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Global flows: The ties that bind in an interconnected world

Economic and political turbulence have prompted speculation that the world is already deglobalizing. But the evidence suggests that global integration is here to stay, albeit with nuance.
Boost resilience

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New-business building in 2022: Driving growth in volatile times

A new global survey finds that new-business building can boost growth and value. However, to meet revenue expectations in the future, companies must dramatically increase their efforts.
Get the support

Taking a skills-based approach to building the future workforce

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

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Global Insurance Report 2023: Reimagining life insurance

The global life insurance industry is facing an inflection point. A fundamental reimagination will usher in significant change.
Examine the data

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

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

ALSO New

Future of B2B sales: The big reframe

Why bad strategy is a ‘social contagion’

The State of Fashion 2023: Holding onto growth as global clouds gather

Building a world-class Dutch start-up ecosystem

Communicating headwinds and tailwinds

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

‘It’s important to bring the spirit of emergencies to the long term’

More for less: Five ways to lower cloud costs without destroying value

Starting strong: Making your CEO transition a catalyst for renewal

Becoming indispensable: Moving past e-commerce to NeXT commerce

When things get rocky, practice deliberate calm

114 down, 10 million to go: The Global Lighthouse Network’s mission

Prioritizing brain health: Scaling what works to add years to life and life to years

Special features

Deliberate calm

Experts offer a unique approach to learning and leading with awareness and intentional choice, even amid the most challenging circumstances.
Order now

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The Next Normal

AI—if properly integrated into scientists’ research—could revolutionize drug discovery.
Look ahead

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McKinsey guide to managing yourself

Insights from leaders around the world can help improve your professional and personal life.
See the posts

Then-and-now photos of McKinsey partner Gayatri Shenai

My Rookie Moment

Senior McKinsey colleagues talk about experiences related to wellness.
Watch the episode

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Classics

Progress in digitizing the risk function and its processes has proceeded slowly. But “slowly” doesn’t mean “never.” Read our classic article “Digital risk: Transforming risk management for the 2020s.”
Rewind

Re:think

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— Edited by Eleni Kostopoulos, editor, New York

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

by "McKinsey Highlights" <publishing@email.mckinsey.com> - 11:10 - 3 Dec 2022

Insights from a Michelin-starred restaurateur, retail markdown strategies, fashion industry predictions, and more big reads for the weekend

Harmony Internal - McKinsey

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Thomas Middendorp, former Netherlands chief of defense, in conversation with McKinsey partner Axel Esqué in “The link between climate and national security”

Brought to you by Liz Hilton Segel & Homayoun Hatami
Global leaders, Industry & Capabilities Practices

December is here and things are starting to feel cozy in northern climes. As you bundle up this weekend, catch up on the week’s essential reads on the global fashion industry, retail markdown strategy, why hospitality is relevant far beyond the restaurant industry, and more.

Side view of young woman photographing clothes in shop

Next year, the global fashion industry might experience some chafing. Learn strategies, from senior partner Anita Balchandani, on how to surmount challenges like inflation, shifting consumer patterns, and manufacturing snafus.

Understand the system

Markdowns are a staple of the holiday season, but in today’s economy, old strategies might not cut it. Learn how smart markdown strategies can impact your retailer’s bottom line in a new article by Becca Coggins and coauthors.

Take a closer look

Michelin-starred restaurateur Will Guidara, the cofounder of Michelin-starred restaurant Eleven Madison Park, believes hospitality isn’t just about the restaurant business anymore. Learn why in a new Author Talks.

Go overboard

Our weekly briefing note on sustainable and inclusive growth explores how leaders can weather the current storm without losing sight of ambitious climate goals, renewable-energy development, and more.

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QUOTE OF THE DAY

“I think there is no golden solution here. We need to climate-proof our organizations, our policies, and our equipment.”

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Data Points: Your weekly quiz

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What is net zero?

The answer to this question—and others—is available in our new McKinsey Explainers series. Early access to the full series is available exclusively on our Insights app.

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19-Across: 2022 book with the subtitle How to Learn and Lead in a Volatile World

Know the answer? Test yourself with the latest McKinsey Crossword, Self-Possessed | No. 104.

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— Edited by Stephanie d'Arc Taylor, editor, Southern California

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OUR BEST IDEAS, QUICK AND CURATED | DECEMBER 2, 2022

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No region is an island: Why globalization is here to stay

The Shortlist

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Global leaders, Industry & Capabilities Practices

This week, we look at how globalization is shifting and what companies can do to respond. Plus, two McKinsey experts on how to build better relationships at work, and Tech for Execs on the power of the qubit.

Interdependence. Some may see recent economic and geopolitical turbulence as signs that the world is deglobalizing. But a deeper look at the flow of goods, people, and information around the world reveals that global integration, while experiencing shifts, is here to stay. In “Global flows: The ties that bind in an interconnected world,” senior partners Olivia White , Jonathan Woetzel , and their colleagues from the McKinsey Global Institute write about these shifts and how companies can respond strategically.

Go with the flows. When people think of globalization, they often focus on the flow of goods and capital. While those are indeed a big part of economic integration, newer flows linked to knowledge and know-how have come to the fore. Flows of services, international students, and intellectual property grew about twice as fast as goods flows in 2010–19. Within services, flows of knowledge-intensive services —including professional services, government services, IT services, and telecommunications—are growing the fastest. Data flows grew at nearly 50 percent annually in the same period.

No region is self-sufficient. Every region of the world imports 25 percent or more (in value-added terms) of at least one important type of resource or manufactured good that it needs. Asia–Pacific, including China, is the leading global manufacturing exporter overall and the largest supplier of electronics, but it imports more than 25 percent of the energy resources it needs . Europe and North America provide much of the advanced machinery and the intangible expertise that supports production of advanced electronics such as semiconductors , but Europe imports more than 50 percent of the energy resources it needs, while the US imports roughly 70 percent of its consumption needs for 30 mineral commodities. And, of course, the Middle East, sub-Saharan Africa, and Latin America remain big net suppliers of resources —energy, minerals, and food.

Value chain changes. Between 1995 and 2008, truly global value chains were unleashed by trade liberalization and technological progress. Then, patterns of trade flows diverged—with global value chains accounting for about 40 percent of trade flows becoming more concentrated, with the rest stabilizing or becoming less concentrated or more interregional. New forces could now shape the next evolution of some value chains, including semiconductors and pharmaceuticals, spurred by considerations of national security, competitiveness, or resilience. In the case of semiconductors, the United States, the European Union, South Korea, China, and Japan have all announced measures to bolster domestic value chains. Further moves to decouple technologies and restrict data flows could also influence value chains, especially those that are deemed critical to national strategic priorities. Efforts to boost sourcing and improve responsiveness may shorten some supply chains, making them more regional .

Look for opportunities. To negotiate this complex era, companies large and small need a deeper understanding of global flows and scenarios for the future. They can look for new opportunities, such as engaging more with new flows of intangibles and human capital. In some cases, these flows can lead to new business models in sectors that were previously less driven by knowledge flows, thereby transforming goods into services business models. At the same time, they can strengthen their resilience by creating stable supply chains and building out their ability to operate in multiple foreign markets.

Off the charts

Are public health systems ready for the next pandemic?

Many governments are investing in strengthening their pandemic preparedness. But how will they know if those investments will prove effective when the next crisis strikes? Pandemic preparedness encompasses five key capabilities, supported by a set of enablers that are designed to deliver across various areas of government. McKinsey designed a Pandemic Preparedness Survey , as well as four action areas that help leaders contextualize the survey findings, to ensure that public health systems are ready for whatever crises the future brings.

Chart of pandemic preparedness capabilities

Check out our chart of the day here.

PODCAST

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Building back better relationships at work

Social capital, a technical term for connectivity in the workplace, is important for helping employees execute, learn, innovate, and advance in organizations. But since the COVID-19 pandemic began, companies are reporting a dearth of social capital, affecting everything from employee motivation to stalled careers. In this episode of The McKinsey Podcast, McKinsey senior partner John Parsons and partner Brooke Weddle discuss how organizations can reestablish meaningful connections among teams and individuals in today’s changed work environments.

More on McKinsey.com

(Extremely) out of office: Let nature boost your team’s creativity and performance | Studies show that time spent in nature has a positive effect on attention span and well-being. Companies that harness its power can create a resilient workforce for the long term.

Communicating headwinds and tailwinds | Investor relations should always address business-critical headwinds and tailwinds. But which do companies refer to more—and how does that choice affect market performance?

How Europe’s start-ups can navigate the journey to unicorn | Just one in ten start-ups valued at $100 million grows to $1 billion within four years. We offer principles to guide leaders of European scale-ups through some of the critical trade-offs that mark this period in their company’s development.

TecH for execs

What’s so special about a qubit?

Our experts serve up a periodic look at the technology concepts leaders need to understand to help their organizations grow and thrive in the digital age.

What it is. Just as a bit is the most basic unit of information in today’s computers, a qubit (short for quantum bit) is the essential unit of information in quantum computing. Unlike conventional binary bits that store in a computer as either a zero or one, quantum bits can represent a combination of both zero and one at the same time, based on a quantum-physics principle called superposition.

The limitation of conventional bits comes into play when today’s computers face a problem with multiple variables. In these scenarios, computers must conduct a new calculation every time a variable is changed. Each calculation is a single path to a single result.

Quantum computers, on the other hand, have an exponentially larger working space, thanks to the nature of qubits. They can explore a gigantic number of paths simultaneously, which is what gives quantum computers the potential to be so much faster and solve complex problems that can’t be solved by today’s computers.

Why it matters. In the past few years, quantum computers have demonstrated that they could outperform today’s most powerful supercomputers at specific tasks. For instance, Google claimed “quantum supremacy” in 2019 when it solved in seconds a problem that would have taken the world’s most powerful supercomputer at the time thousands of years.

While such achievements are extraordinary scientific breakthroughs, commercial uses of quantum computing are in their early days. However, quantum computing could enable game-changing advances across industries, from dramatically reducing drug-discovery timelines and improving supply chain efficiency to sparking the development of breakthrough products, such as green fertilizers for the agriculture industry. Believers are putting down real money to advance the technology; start-up activity and investments in quantum computing have skyrocketed since 2015, with more than $4 billion pouring into start-ups in 2021 alone .

Many companies—particularly those in industries that stand to reap the biggest benefits first, such as chemicals, pharmaceuticals, automotive, and financial services —have assembled initial quantum teams that are testing early-stage algorithms on the current class of quantum systems. Conservatively, we estimate the incremental impact of quantum computing on just these four industries could be up to $700 billion by 2035.

Take a quantum leap step. As with most technologies, expect early movers to reap the highest rewards. Consider recruiting quantum-computing talent now, as it’s in short supply. Even a small team of a few experts may be enough to help an organization explore possible use cases and screen potential strategic investments in quantum computing.

What technology concepts would you like us to help explain next? Let us know.

— Edited by Barbara Tierney, senior editor, New York

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TODAY’S NEWS. TOMORROW’S INSIGHTS.
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by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 02:13 - 2 Dec 2022

People are living longer but not necessarily better. Can that change?

On Point

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Caregiver nation. If you’re an older American, you’re more likely than not providing care for an elderly parent, friend, or neighbor. A recent study found that 54% of Americans aged 50 and older perform these unpaid duties. Caring for the old while no longer young is likely to become even more prevalent. By 2034, for the first time ever, there will be more older adults than children in the US. And the “grey wave” is global: according to WHO, there will be 2.1 billion people aged 60 and older by 2050. [WaPo]

Brought to you by Liz Hilton Segel & Homayoun Hatami
Global leaders, Industry & Capabilities Practices

Like fine wine

In the news

•

•

Age-old opportunity. Many countries are aging—and could soon begin seeing population declines. Once a country’s fertility rate dips below a certain point (the replacement level is two children per woman on average), it tends not to reverse. Meanwhile, people continue to live longer. Industries, governments, and businesses could embrace the opportunity to serve an elderly population. For instance, employers can introduce equipment to support older bodies and offer training programs to encourage skill building. [HBR]

While global society should celebrate having an additional 20 years of life expectancy since 1960, extending the span of healthy life has not been as successful.

On McKinsey.com

•

Longevity’s downside. In 1950, for every person over the age of 65, there were 11.7 working-age people, a figure that may drop to 4.4 by 2040. Although longer life spans are a triumph for humanity, McKinsey senior partner Martin Dewhurst and fellow authors examine the fact that old age still involves, on average, ten years of medium to poor health. By 2050, global healthcare costs will rise to a projected 9.4% of GDP, up from 8.6% today. But keeping healthcare costs down is only one reason among many to improve physical, mental, social, and spiritual health later in life, finds the McKinsey Health Institute.

•

More golden years. Society needs to invest in collecting better data on the health of the elderly and in addressing mental health, substance-use issues, and neurological conditions. The world needs innovation in the treatment of dementia, as well as fresh thinking about how to support caregivers. A mindset shift is also required to combat isolation—ideas include internships, continued education, and community involvement for the elderly. Learn six shifts that governments, businesses, and other stakeholders can make to expand how much time older people spend in good physical and mental health.

Rethink aging

— Edited by Katy McLaughlin, senior editor, Southern California

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