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Hungry and confused: The winding road to conscious eating
Harmony Internal - McKinsey
Dig in
by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:21 - 6 Oct 2022 -
Be the first to discover innovations for efficiency and sustainability
Schneider Electric
Discover innovations for efficiency and sustainabilityTo build a more sustainable future for all, we must leverage the power of digitization and electrification for solving emerging challenges.
Explore our latest software and technologies that are making the digital, electric world a reality across homes, buildings, data centers, industry, and infrastructure.
Join us for the virtual Global Keynote and World Premiere with Schneider Electric Chairman and CEO, Jean-Pascal Tricoire, on October 12, 2022 at 1:00 PM CEST.Technologies for efficient operationsEnergy management in the cloud, power and process integration, green switchgear… Join the World Premiere and be the first to experience our innovative solutions ready to address today's operational challenges.+ Lifecycle Services From energy and sustainability consulting to optimizing the life cycle of your assets, we have services to meet your business needs. Schneider Electric
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by "Schneider Electric" <reply@se.com> - 04:04 - 6 Oct 2022 -
The front line is vital to the US economy. But for too many workers, it’s a dead end.
Intersection
Missed opportunity Edited by Justine Jablonska
(she/her/hers)
Editor, New YorkInsights and strategies to nurture diversity, equity, and inclusion in the workplace. In your mailbox every two weeks.
The front line is where most Americans enter the workforce, and it’s where the majority of the US workforce is concentrated. But while the front line is a key part of the US economy and a career starting point for many, it’s also an end point, especially for workers of color. Organizations can circumvent that stalemate by taking concrete steps to support their frontline workers. Also in this issue: the untapped potential of Latino economic power, and a celebration of Hispanic Heritage Month.
SPOTLIGHT
The front line comprises about 70 percent of the entire US workforce, or 112 million workers. It’s also a segment of the workforce that has traditionally been disconnected from opportunities for advancement. A recent McKinsey report on race in the workplace that focuses specifically on the experiences of Asian, Black, and Latino workers finds that these employees of color are not moving up the career ladder. And while they are motivated to advance, they are missing out on opportunities to do so. The majority report a lack of career sponsors, and many say they do not feel a sense of belonging or inclusion at work. Workers of color are not being promoted to higher-paying jobs even if they are in entry-level roles that have an overrepresentation of workers of color (for example, security guards and light-truck drivers). Employers can support frontline workers of color by creating more opportunities for them to transition into higher-wage jobs and by helping them develop the skills they need to step into these new roles.
DATA DROP
Q&A
McKinsey senior partner Lareina Yee and partner Monne Williams worked with McKinsey associate partner Chris Copeland and other colleagues on the data that underpins this report. We sat down with Chris to ask him three questions about his work.
1. What is your biggest takeaway from this report?
That Black and Latino frontline workers make on average 20 percent less than White frontline workers. This translates to about a quarter of a million dollars in lost lifetime earnings per person. That could be a mortgage. It could be your retirement. It could be the earnings that send your child to school for improved job opportunities. We also looked at the industry makeup of frontline workers of color and found that they tend to be overly represented in lower-wage frontline industries like arts, entertainment and recreation, and hospitality and food services. White frontline workers are overrepresented in higher-wage frontline industries like utilities, mining, and oil and gas extraction. Prior to joining McKinsey, I worked at a nuclear power plant and was the only Black person on the frontline team. So the data from this report rang true as far as my own personal experience goes. It was also fascinating to see what I’ve experienced being reflected in the report data.
2. Did anything in the results surprise you?
Originally, we were looking at how to move frontline workers into higher-paying roles and onto the corporate ladder. But in our company sample, we saw that just 4 percent of frontline workers were being promoted to the corporate level. And when we looked deeper into the data, we saw the much larger challenge: employees of color aren’t making the first step to frontline-manager roles. As an example, Black employees experience their first broken rung when moving from the hourly role to the hourly manager role, where their representation in these roles drops from 17 to 9 percent.
3. Are there any findings that particularly resonated with you?
We found that more than half of all frontline employees of color have at least one mentor in their workspace, very much in line with their White peers. But what I found pretty interesting is that these relationships aren’t translating into sponsorships. [Mentors help colleagues by sharing knowledge and advice. Sponsors use their positions of power to help colleagues advance.] Black and Latino frontline workers report the lowest levels of sponsorship, and the majority, nearly six in ten, have no sponsor at all. That stunts their career progress even though these employees want to move up.
We looked at the gap between the desire for career advancement versus the opportunity for it across racial and ethnic groups. The largest was in Hispanic/Latino workers, about 30 percentage points, and Asian and Black workers weren’t too far behind, at 28 and 22 points, respectively. The gap was lowest for White workers, at about six percentage points. We also found that limited career development is one of the top reasons that Black and Hispanic/Latino workers plan to leave their companies. This is super important, and given the current conversations around the Great Resignation, it’s a crucial point for employers to pay attention to.LISTEN IN
One in 200 Latinos opens a new business each month, the highest degree of entrepreneurship of any demographic group in the United States. That data point surprised—and delighted—McKinsey senior partner Lucy Pérez as she was working on a first-of-its-kind McKinsey report about the barriers to Latino economic power. “My dad was one of those Latinos opening new businesses,” Pérez says in an episode of The McKinsey Podcast on boosting Latino economic participation. “I was the first one in my dad’s family to go to college. That was possible because of the growth and opportunity my dad created for us through his business.” Pérez emphasizes that closing the gap in capital for Latino-owned companies can have substantive impact that results in a stronger US economy for all.
CELEBRATING HISPANIC HERITAGE MONTH
National Hispanic Heritage Month is observed in the United States from September 15 through October 15. This celebration of the contributions, cultures, and histories of Americans from the Caribbean, Central and South America, Mexico, and Spain began on September 15, 1968, as Hispanic Heritage Week. That date in September was chosen because it is the anniversary of independence for various Latin American countries, including Guatemala and Costa Rica; Mexico’s independence day occurs the next day, on September 16, followed by Chile’s, on September 18. The observance, expanded into a month by federal law in 1988, highlights Hispanic heritage through music, food, the visual arts, and the written and spoken word. Visit the US Library of Congress’s official National Hispanic Heritage Month website to learn more. And for audiophiles, ¿Quién Are We?—a Colorado Public Radio podcast that explores what it means to be Hispanic and Latino—is a fascinating listen that explores the core of human identity.
For McKinsey’s latest thinking on diversity, equity, and inclusion, visit our Diversity, Equity & Inclusion collection page.
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by "McKinsey Intersection" <publishing@email.mckinsey.com> - 01:08 - 6 Oct 2022 -
Do you understand how to manage data ethically (and what’s at stake if you don’t)?
On Point
Five traps to avoid Edited by Katherine Tam
McKinsey Global Publishing• Why data ethics matters. With data growing exponentially, every company is a data company, say McKinsey senior partner Kayvaun Rowshankish and colleagues. Every organization must therefore establish its own best practices for managing data. But although most have started to address the operational aspects of data management, fewer have considered the ethical aspects. For example, if data sets are breached, sold without consent, or otherwise mishandled, firms can take a significant hit to their reputations and financial health.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:43 - 6 Oct 2022 -
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by "Jignesh Pardeshi" <official@uffizio.in> - 10:30 - 5 Oct 2022 -
How to deal with—and work with—your work enemies
Harmony Internal - McKinsey
Focus on your goals Edited by Katherine Tam
Digital Editor, New YorkConflicts at work are relatively common but dealing with a difficult colleague day in and day out is stressful and takes up lot of energy. How can we best handle these negative interactions and create more positive relationships in the workplace? According to Amy Gallo of Harvard Business Review and the Women at Work podcast, there are eight archetypes of some of the most difficult people we deal with at work—the insecure boss, the pessimist, the victim, the passive-aggressive peer, the know-it-all, the tormentor, the biased coworker, and the political operator. In a new Author Talks interview, she explains that approaching these personalities with empathy, compassion, and kindness can often turn potential enemies into allies. Give it a read and see what she has to say. And for more insights on cultivating empathy and compassion in leadership, check out this article by McKinsey senior partner Gemma D’Auria and her coauthors.
Quote of the day
—Tyler Cowen of George Mason University on how talent can develop over time in a recent episode of McKinsey Global Institute’s Forward Thinking podcast
Chart of the day
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:40 - 5 Oct 2022 -
Building the Enterprise Metaverse - An exclusive invitation
Schneider Electric
Get in gear for the enterprise metaverseReady for a peek into the future of business? Join "Building the Enterprise Metaverse", the next Innovation Talk live stream on our Innovation Summit World Tour 2022, to see how technology is redefining and redesigning business operations.
Join us on October 20, 2022 at 2:00 PM CEST to:
- Learn how to draw actionable insights from data and make better decisions, faster
- Discover new analytic and visualization tools in action
- Explore cutting-edge technologies like digital twins, machine learning, and AI
When?Thursday, October 20th
at 2:00 PM CESTWhere?Live stream on LinkedIn+ Lifecycle Services From energy and sustainability consulting to optimizing the life cycle of your assets, we have services to meet your business needs. Schneider Electric
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Phone +662 617 5500© 2022 Schneider Electric, All Rights Reserved. Schneider Electric trademarks are owned by Schneider Electric or its affiliated companies in the United States and other countries. All other trademarks are property of their respective owners.
by "Schneider Electric" <reply@se.com> - 04:14 - 5 Oct 2022 -
Where in the world is deal making dominant?
On Point
See our analysis of global M&A Edited by Belinda Yu
Editor, Atlanta• Global M&A slows. After reaching an all-time high in 2021, the global M&A market is slowing. The value of large deals in early 2022, about $25 million, is 24% down from the prior year. At the same time, deal volume has fallen 12%. But it’s natural for decision making to slow in an uncertain environment, notes McKinsey senior partner Andy West. Although overall M&A activity has declined, private-equity firms are actually outpacing their record-high 2021 performance, delivering 26% of deal value in the first half of the year, up from 25% for all of 2021.
• Where deal making dominates. The slightly slower pace of deal making means that business leaders can “take [the] time to really understand the drivers of the assets that [they’re] considering,” says McKinsey senior partner Oliver Engert. That includes cultivating the management team and the newly acquired employees to go beyond a mere transaction, Engert adds. See which regions lead the world in the most M&A activity, along with the sector that dominates deal making, accounting for 30% of total deal value worldwide.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:15 - 5 Oct 2022 -
Don’t miss out on 40% off at WooCommerce.com
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by "WooCommerce" <noreply@woocommerce.com> - 10:30 - 4 Oct 2022 -
How to provide offerings that benefit, not burden, US employees
Harmony Internal - McKinsey
Crack the code Edited by Emily Adeyanju
Digital Editor, CharlotteHow important are workplace benefits to employees? Very. In fact, countless Americans rank work benefits as important as salary. Despite the value that they add to their work experience, many employees do not understand the full scope of their benefits. Too often, employers may miss the mark in clearly defining offerings. Benefits provided through multiple sources leave employees to navigate a maze of HR teams, employer-sponsored providers, and outside vendors. So how can employers avoid a web of complexity that leaves unclaimed benefits on the table? To learn more about accessing benefits and making informed choices for US employees and their families, check out this new article from McKinsey partners Mathew Lee, Matthew Scally, and their coauthors.
Quote of the day
—McKinsey partner Bernardo Sichel on the economic experiences of Latinos in the US in a recent episode of the Future of America podcast
Chart of the day
ALSO NEW
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:41 - 4 Oct 2022 -
Record numbers of workers are still quitting. What do employees say they really need?
On Point
Five common employee personalities Edited by Grace Ivey
Digital Proofreader, Atlanta• Still leaving. Despite the changing economy, workers are still quitting their jobs at record rates, say McKinsey’s Bonnie Dowling, who along with senior partners Aaron De Smet, Bill Schaninger, and partner Bryan Hancock, surveyed more than 13,000 individuals in six countries to learn more about labor trends. In August 2021 and April 2022, 40% of workers said they were at least somewhat likely to leave their jobs in the next three to six months. This is a fundamental shift that’s happening across all levels, from frontline employees to executives, adds Dowling.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 01:07 - 4 Oct 2022 -
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by "Jignesh Pardeshi" <official@uffizio.in> - 10:30 - 3 Oct 2022 -
Economic conditions outlook, September 2022
Harmony Internal - McKinsey
Be prepared Edited by Joyce Yoo
Digital Editor, New YorkWhat are some of the top economic issues on the minds of respondents in the latest McKinsey Global Survey? While the general sentiment on economic conditions continues to be downbeat, with inflation and geopolitical instability among the top concerns, different regions have shown varying outlooks. Respondents in Europe remain particularly grim about both current and future domestic conditions, while those in North America share more positive assessments than in the previous survey. Dive into the analysis led by Sven Smit and get informed.
Quote of the day
Chart of the day
ALSO NEW
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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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 06:33 - 3 Oct 2022 -
Surprise! Get 40% off everything at WooCommerce.com
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Beyond the basics: A leader’s guide to understanding technology
Harmony Internal - McKinsey
Tech trendspotting Edited by Rama Ramaswami
Senior Editor, New YorkThe pandemic sped up the adoption of digital technologies and highlighted their importance to business transformation. As new technologies emerge, leaders may want to consider anticipating their possible uses in their own organizations. In McKinsey’s Technology Trends Outlook 2022, Michael Chui, Roger Roberts, and Lareina Yee, along with other experts, identify and interpret 14 of today’s most significant technology trends based on five measures of activity: search-engine queries, news publications, patents, research publications, and investment. The results fall into two thematic groups—the Silicon Age, comprising digital and IT technologies, and Engineering Tomorrow, which includes physical technologies in domains such as energy and mobility. For example, Web3, a model for a decentralized internet, is a Silicon Age technology whose interest and investment scores rank in the top five of all the trends we studied. Leaders may find it helpful to view these trends in a global context: while some countries, such as the United States, have focused heavily on technological innovation, corporate Europe is facing tech gaps in several sectors.
That’s the number of technology trends to which senior leaders must pay special attention, suggests McKinsey senior partner Steve Van Kuiken. Taken together, these developments have the potential to reshape the way leaders run their companies. “I’d put them under the heading ‘innovation at the edge,’” says Van Kuiken. A key trend is that innovation—formerly confined to IT or centralized innovation groups—is now emerging everywhere, particularly among frontline workers. “If innovation is arising on the periphery, your people there have to have the confidence to embrace innovation, experiment with it, and imagine how it can be used to deliver better products and services,” Van Kuiken says.
That’s McKinsey senior partner Sven Blumberg and other McKinsey experts on what candidates for technology jobs want and how organizations can provide it. Skill areas most in demand—such as DevOps (software development and IT operations), automation, customer experience, and the cloud—are experiencing acute shortfalls that will only worsen over time. Want a tech rock star to work for you? Be prepared to provide, at the very least, a culture that values technology, opportunities to solve interesting and inspiring problems, and a purpose that the candidate will find meaningful.
When thinking about technology, high-profile consumer-oriented companies often come to mind first. But lesser-known industrial technology propels some of the best performers in the US economy, as McKinsey senior partner Asutosh Padhi and coauthors Gaurav Batra and Nick Santhanam reveal in their forthcoming book, The Titanium Economy: How Industrial Technology Can Create a Better, Faster, Stronger America (Public Affairs, October 2022). These companies make products such as recycled plastic lumber and aerospace parts that support the United States’ largest industries. “I believe titanium economy companies are not well understood and not well appreciated,” says Padhi in this Author Talks interview. “I was hoping to shine a spotlight on what I think is truly an amazing set of companies that drive a lot of innovation and therefore job creation.”
Lead with technology.
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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 02:36 - 3 Oct 2022 -
All over the world, inequality persists. How do leaders create an inclusive economy?
On Point
Three areas of focus Edited by Katherine Tam
Digital Editor, New York• Persistent inequality. Global inequality is a problem that persists. For example, in the US, there are large gaps in workforce participation, wages, and higher-education attainment across different demographic groups, find McKinsey senior partner Asutosh Padhi, senior partner emeritus James Manyika, and colleagues. The participation rate of women in the US, at 56%, is the lowest that it’s been in three decades. In addition, US economic growth is, geographically speaking, lopsided, with 6% of US counties accounting for two-thirds of GDP output.
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:05 - 2 Oct 2022 -
Here’s why Europe needs to pay attention to its technology crisis
Harmony Internal - McKinsey
Accelerate the response to disruption New from McKinsey & Company
Curated by Eleni Kostopoulos
Digital Publishing Manager, New YorkEurope is at an economic inflection point. To build long-term resilience, the region needs to become smarter and more innovative—quickly and at scale. How? By paying attention to its slow-motion corporate and technology crisis, write senior partners Sven Smit, Magnus Tyreman, and co-authors in a new report from McKinsey Global Institute. Dive deeper with these insights from Lifting Europe’s Ambition, a publishing series that explores opportunities across sectors that can help raise competitiveness and growth—and enable Europe to maintain its leading global position on sustainability and inclusion.
MORE FROM MCKINSEY
To see more essential reading on topics that matter, visit McKinsey Themes.
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by "McKinsey & Company" <publishing@email.mckinsey.com> - 02:05 - 2 Oct 2022