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data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><h1 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-2"><div>COVID-19: Implications for business</div></h1><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-10"><div class="mck-u-links-inline mck-c-generic-item__description"><time datetime="2022-04-13T00:00:00Z">April 13, 2022</time> | Executive Briefing</div></div></div></div></div></div></div></div></div></div></div></div><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-gutter-xxl"><section data-layer-region="article-body-header" class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400 byline-share-container"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-7 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-10"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">Our latest perspectives on the coronavirus outbreak, the twin threats to lives and livelihoods, and how organizations can prepare for the next normal.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"><h2>COVID-19: Briefing note #100, April 13, 2022</h2> <h4>As COVID-19 becomes endemic in much of the world, we turn our focus to sustainable and inclusive growth.</h4> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Fbusiness%20functions%2Frisk%2Four%20insights%2Fcovid%2019%20implications%20for%20business%2F2022%20updates%2Fapr%2013%2Fcovid-19-briefing-note-100-april-13-2022.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="covid-19-briefing-note-100-april-13-2022" data-layer-report-name="covid-19-briefing-note-100-april-13-2022>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (3 pages)</span></a></div></div></div></div> <p><strong>On March 2, 2020,</strong> just over a week before a global pandemic was declared, we published COVID-19: Briefing note #1. Our plan was to publish an update on the virus’s implications for business for as many weeks as the news felt urgent. We did not expect to continue for more than two years, nor to ever publish briefing note #100, as we have today.</p> <p>It’s painful to reflect on these 100 editions, on the millions of lives lost, the suffering and grief, and the myriad disruptions to lives and livelihoods. But in what is perhaps a hopeful sign, we now feel the time is right to stop. COVID-19 news seems less urgent than at any time in the past two years. All of McKinsey’s published work now intrinsically accounts for the pandemic, even if it is not directly mentioned. COVID-19 has gone from being a fresh emergency to a fact of life.</p> <p>In a few weeks, we will relaunch this weekly report with links to the latest McKinsey publications. Our new theme will be sustainable and inclusive growth. After more than two years of reporting on a destructive force, we look forward to sharing our research and thoughts on how people and organizations can build a better world. </p> <p>McKinsey is already exploring how to achieve sustainable and inclusive growth, the topic of the inaugural episode of the new <a href="/featured-insights/sustainable-inclusive-growth/future-of-america"><em>Future of America</em> podcast</a>. McKinsey Global Institute director and senior partner Kweilin Ellingrud and senior partner Greg Kelly discuss how leading companies can use <a href="/featured-insights/sustainable-inclusive-growth/future-of-america/why-post-covid-economic-recovery-cant-be-about-growth-at-all-costs">the pandemic recovery as an opportunity to accelerate prosperity</a> for more Americans. Customers and consumers want to be associated with companies that are making a positive difference. Companies can accelerate inclusivity and sustainability by having real awareness, committing to change, rewarding the change, and providing coaching and development to make the change happen. </p> <div data-module-category="" class="PullQuote_mck-c-pullquote__DbaQ5 mck-o-lg-center"><blockquote data-component="mdc-c-blockquote" class="PullQuote_mck-c-blockquote__6n21p PullQuote_mck-c-blockquote--hide-quotes__CpGpg mdc-c-blockquote mdc-c-blockquote--is-quotes___TozKo_2734c4f"><p>After more than two years of reporting on a destructive force, we look forward to sharing our research and thoughts on how people and organizations can build a better world.</p></blockquote></div> <p>Much near-term growth will arise from <a href="/capabilities/operations/our-insights/capital-investment-is-about-to-surge-are-your-operations-ready">a once-in-a-lifetime wave of capital spending on physical assets</a> between now and 2027. This surge of roughly $130 trillion in investment will flood into projects to decarbonize and renew critical infrastructure. But few organizations are prepared to deliver on this capital influx with the speed and efficiency it demands. Companies should consider implementing a portfolio-synergistic strategy in which planning is top down, a major business challenge requiring savvy stakeholder management, capital markets expertise, and an understanding of complex approval processes.</p> <p>Sustainable, inclusive growth will require changing the workplace to maximize the contributions of all people. In the COVID-19 era, women across all sectors have shouldered more household responsibilities, and more women report feelings of burnout. These problems can be more acute for women in healthcare, who have fewer opportunities to work remotely and report feeling greater pressure to prioritize work over family. In spite of these challenges, <a href="/industries/healthcare/our-insights/women-in-healthcare-and-life-sciences-the-ongoing-stress-of-covid-19">healthcare continues to outperform other sectors in the representation of women</a>, who make up more than two-thirds of entry-level employees and 53 percent of employees in roles at the senior-manager level or above, which is 18 percentage points higher than the average across all sectors. </p> <p>Each sector, industry, and function will have to reinvent itself to achieve maximum growth and sustainability. Procurement leaders, for example, are facing one of the toughest market environments of their careers. <a href="/capabilities/operations/our-insights/full-potential-procurement-lessons-amid-inflation-and-volatility">Procurement organizations need to take a leading role in protecting enterprise margin and growth</a>, invest in proven technology and process automation, and build deep expertise in supply market dynamics, among other fundamental changes. A pair of articles featuring McKinsey and outside experts explore how <a href="/capabilities/strategy-and-corporate-finance/our-insights/in-conversation-the-new-cfo-mandate">the CFO’s role is also rapidly evolving</a>—expanding in scope, requiring new capabilities, and demanding greater collaboration with C-suite peers. Among the most significant changes to the role is the <a href="/capabilities/strategy-and-corporate-finance/our-insights/in-conversation-the-cfos-role-in-talent-development">demand for CFOs to help promote capability building and talent development</a> within their organizations. </p> <p>Here are other key findings from our research this week:</p> <ul> <li>Lithium is needed to produce virtually all batteries currently used in electric vehicles (EVs) as well as consumer electronics. We believe <a href="/industries/metals-and-mining/our-insights/lithium-mining-how-new-production-technologies-could-fuel-the-global-ev-revolution">the world will secure enough lithium for the EV revolution</a>, as long as new mining technologies and potential mining sites receive funding and end users communicate upcoming needs so that lithium miners have enough time to react. </li> <li>Our <a href="/industries/retail/our-insights/how-the-fashion-industry-can-get-into-a-metaverse-mindset">interactive explores how fashion is finding ways to participate in the metaverse</a>. </li> <li>McKinsey’s methodology can be used to prioritize investments in <a href="/industries/life-sciences/our-insights/building-pharma-pipelines-using-a-socioeconomic-lens">innovations based on the economic impact of the health improvements they deliver to society</a>.</li> </ul> <p><em>Our latest edition of</em> <a href="/featured-insights/mckinsey-for-kids/game-on-why-your-computer-learns-faster-and-games-better-than-you-think">McKinsey for Kids</a> <em>explores how programmers use games to teach computers how to think, ultimately developing AI. Kids can read, take quizzes, and watch animations to learn about how the human brain and computers are both alike and different and about a cornerstone of AI programming called “reinforcement learning.”</em></p> <p><em>In our latest edition of</em> <a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, neuroscience expert and Cognitas Group cofounder Dr. Laura Watkins discusses her new book (coauthored with Vanessa Dietzel),</em> <a href="/featured-insights/mckinsey-on-books/author-talks-get-on-the-performance-curve">The Performance Curve: Maximize Your Potential at Work while Strengthening Your Well-being</a> <em>(Bloomsbury Publishing, November 2021). Using insights from neuroscience, adult development psychology, yoga, and behavioral therapy, the book proposes practical ways to improve work performance without sacrificing mental or physical health.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in McKinsey’s Southern California office.</p> <hr/>  <br/> <br/> <h2>COVID-19: Briefing note #99, April 6, 2022</h2> <h4>Some pandemic effects will take a long time to cure.</h4>  <p><strong>COVID-19 appears</strong> to be moving to endemicity in some parts of the world. But even in these places, some of the pandemic’s damaging consequences are only now being assessed and understood. This week, McKinsey studied the degrees of learning loss suffered by students around the world. We also looked at the pandemic’s lingering effects on the airline industry and on labor markets and examined how long it might take for some things to go back to how they used to be and why others never will.</p> <p>On average, <a href="/industries/education/our-insights/how-covid-19-caused-a-global-learning-crisis">students globally are eight months behind</a> where they would have been absent the COVID-19-pandemic, but the impact varies widely (exhibit). Within countries, the pandemic also widened gaps between historically vulnerable students and more privileged peers. We estimate by 2040, unfinished learning related to COVID-19 could translate to annual losses of $1.6 trillion to the global economy. Educational systems could consider a tiered approach to support reengagement, with more support (including social and emotional) for the highest-risk students. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/apr%206/svgz-learning-ex2.svgz?cq=50&cpy=Center"/><img alt="Students in some regions may be more than a year behind, while in others, they may lag by four to seven months." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/apr%206/svgz-learning-ex2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>The COVID-19 pandemic caused airline revenues to drop by 60 percent in 2020, and air travel and tourism are not expected to return to 2019 levels before 2024. Challenges vary across the global aviation landscape. In particular, <a href="/industries/travel-logistics-and-infrastructure/our-insights/taking-stock-of-the-pandemics-impact-on-global-aviation">airlines need to bolster their resilience</a> by increasing their cash reserves, which would reduce the need for bailouts every time a crisis hits, and by improving their ability to reduce supply quickly and cost-effectively when demand abruptly falls. <a href="/industries/travel-logistics-and-infrastructure/our-insights/opportunities-for-industry-leaders-as-new-travelers-take-to-the-skies">McKinsey’s latest survey of more than 5,500 air travelers globally</a> revealed a potential long-term challenge: the share of respondents who say they plan to fly less to minimize their environmental impact rose five percentage points since 2019 to 36 percent, and more than half of respondents said that aviation should become carbon neutral in the future. “Flygskam,” or shame about flying, plays a role. Leading airlines that build a brand promise on sustainability will likely attract a growing share of business.</p> <p>In a current episode of <em><a href="/capabilities/people-and-organizational-performance/mckinsey-talks-talent-podcast">McKinsey Talks Talent</a></em>, McKinsey talent experts Bryan Hancock and Bill Schaninger discuss <a href="/capabilities/people-and-organizational-performance/our-insights/is-worker-power-on-the-rise">the power workers have gained as an indirect effect of the pandemic</a>. Although there has been some high-profile organizing activity, the real source of worker power comes from the current high demand for labor and because remote workers have a wider-than-ever range of job choices. </p> <p>Here are other key findings from our research this week:</p> <ul> <li>On the latest episode of <em><a href="/featured-insights/mckinsey-podcast">The McKinsey Podcast</a></em>, Sven Smit, senior partner and chair of the McKinsey Global Institute, discussed some <a href="/capabilities/strategy-and-corporate-finance/our-insights/the-rising-toll-of-the-war-in-ukraine">potential effects of the ongoing war in Ukraine</a>. Refugee numbers may climb from the current few million to ten or even 15 million. The potential doubling or even tripling of food and energy prices could cause hardship for less well-off populations around the world.</li> <li>Distributors can learn from Amazon Business and other large digital players that are <a href="/industries/industrials-and-electronics/our-insights/how-distributors-can-self-disrupt-to-win-in-the-new-digital-world">building best-in-class distribution networks</a> and offering products they used to avoid due to technical or supply chain challenges. </li> <li><a href="/industries/packaging-and-paper/our-insights/perspectives-on-paper-and-forest-products-in-2022-how-can-ceos-navigate-todays-era-of-transformational-change">Paper and forest product CEOs</a> should consider future-proofing companies with strategies such as “precision forestry”; by leading on environmental, social, and governance (ESG); and by harnessing digital and analytics capabilities to strengthen competitiveness.</li> <li><a href="/industries/semiconductors/our-insights/the-semiconductor-decade-a-trillion-dollar-industry">The semiconductor industry’s aggregate annual growth</a> could average from 6 to 8 percent a year up to 2030, resulting in a $1 trillion industry. Amid the growth of remote working, AI, and demand for electric vehicles, manufacturers and designers should now take stock and ensure they are best placed to reap the rewards.</li> <li><a href="/capabilities/operations/our-insights/how-can-corporate-functions-become-more-agile">General and administrative functions can optimize for speed and flexibility</a> by eliminating the silos that traditionally occur between different departments. This will drive better cross-department coordination and allow leaders to realign staff more efficiently. </li> <li>Health provider systems could prioritize <a href="/industries/healthcare/our-insights/patients-struggle-with-unmet-basic-needs-medical-providers-can-help">efforts to meet patients’ unmet needs</a> by creating partnerships with schools, community organizations, payers, private businesses, and government agencies.</li> <li>In 2020, Californians bought and wore more than 500,000 tons of clothing, almost all of which will eventually enter landfills covering an area about 3.5 times the size of the City of Los Angeles. <a href="/industries/retail/our-insights/closing-the-loop-increasing-fashion-circularity-in-california">The key to reducing fashion waste is circularity</a>—building a closed loop for recycling materials back into the manufacturing process.</li> </ul> <p><em>Our latest edition of</em> <a href="/featured-insights/mckinsey-for-kids/game-on-why-your-computer-learns-faster-and-games-better-than-you-think">McKinsey for Kids</a> <em>explores how programmers use games to teach computers how to think, ultimately developing AI. Kids can read, take quizzes, and watch animations to learn about how the human brain and computers are both alike and different and about a cornerstone of AI programming called “reinforcement learning.”</em></p> <p><em>In our latest edition of</em> <a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, Todd Rose, a former Harvard University professor and the cofounder of the think tank Populace, discusses his latest book,</em> <a href="/featured-insights/mckinsey-on-books/author-talks-why-shouldnt-we-all-just-get-along">Collective Illusions: Conformity, Complicity, and the Science of Why We Make Bad Decisions</a> <em>(Hachette Book Group, February 2022). The book explores why people are likely to buy into fundamental misunderstandings of what most people think.</em></p> <p><em>Also in</em> <a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, we spoke with Amy Zegart, a senior fellow at the Hoover Institution and the Freeman Spogli Institute at Stanford University, where she is also a professor of political science. Zegart discussed her new book</em>, <a href="/featured-insights/mckinsey-on-books/author-talks-open-season-for-intelligence-gathering">Spies, Lies, and Algorithms: The History and Future of American Intelligence</a> <em>(Princeton University Press, February 2022). The book explores the current state of intelligence, why the government is behind on adopting new technologies, and what the public misunderstands about the spy business.</em> </p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in McKinsey’s Southern California office.</p> <hr/> <br/> <br/> <h2>COVID-19: Briefing note #98, March 30, 2022</h2> <h4>One of COVID-19’s health effects is the transformation of healthcare.</h4> <p><strong>The COVID-19 pandemic </strong>devastated the world’s health but may leave a lasting legacy of improving how the world addresses healthcare. The effort to develop and distribute vaccines demonstrated how much can be achieved with global collaboration, lessons that can be applied to ambitious improvements in well-being. This week, McKinsey explored how the pandemic changed healthcare approaches, including expectations, delivery, viral-vector gene therapy, investment, and consumer attitudes.</p> <p>Humanity mobilized against COVID-19 at a speed and scale previously unseen. While far from perfect, the undertaking’s successes should inspire the world to challenge the view of what is possible. Over the past century, life expectancy has dramatically increased in most parts of the world, but the portion of life that human beings spend in moderate and poor health hasn’t changed (exhibit). The McKinsey Health Institute believes <a href="/mhi/our-insights/adding-years-to-life-and-life-to-years">humanity could add roughly six years per person on average of higher-quality life</a> by making six major shifts in how the world approaches health.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%2030/svgz-covidbriefmhi-ex1-v2.svgz?cq=50&cpy=Center"/><img alt="The past 60 years have seen massive improvements in global life expectancy..." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%2030/svgz-covidbriefmhi-ex1-v2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Even when COVID-19 becomes endemic, <a href="/industries/healthcare/our-insights/the-next-frontier-of-care-delivery-in-healthcare">healthcare delivery in the United States will continue to transform rapidly</a>. McKinsey’s 14th annual healthcare conference explored the next wave of industry evolution and how healthcare organizations must innovate to thrive. The future of care delivery is evolving to become patient-centric, virtual, ambulatory, in the home, value based, and risk bearing. It will be driven by data and analytics, enabled by new medical technologies, and funded by private investors.</p> <p>COVID-19 accelerated <a href="/industries/life-sciences/our-insights/viral-vector-therapies-at-scale-todays-challenges-and-future-opportunities">viral-vector gene therapies</a>. Some of the earliest viral-vector-based therapies targeting rare diseases required companies to produce only about 1,000 doses across development, access programs, and two years of commercialization. In comparison, the unprecedented demand and funding for COVID-19 vaccines enabled a ten- to 100-fold increase in production when adjusted by dose amount, with over two billion doses of the AstraZeneca viral-vector-based vaccine already produced. Keeping pace with increasing demand requires the consideration of challenges, the potential for standardization, and strategizing for accelerating patient access.</p> <p>In light of growing opportunities, private investors are pouring into healthcare. That becomes clear throughout <a href="/industries/private-capital/our-insights/mckinseys-private-markets-annual-review-archive">McKinsey’s annual Global Private Markets Review</a>, which delves into the data and details of a wide range of private markets asset classes, including private equity, debt, real estate, and infrastructure investing. Healthcare is a recurring theme in this year’s report: in 2021, the healthcare sector had the fastest deal-volume growth globally since 2016. Of the largest ten private equity deals in 2021, three were in healthcare, and the largest deal involved a manufacturer and distributor of healthcare supplies. Many of the top 20 private equity firms have dedicated teams for healthcare, which speaks to its growing importance within the asset class.</p> <p>The number of vaccinated US respondents in <a href="/industries/healthcare/our-insights/covid-19-consumer-healthcare-insights-what-2021-may-hold">McKinsey’s Consumer Health Insights Survey</a> has remained about the same since November of 2021, when 77 percent reported that they were vaccinated. Approximately 75 percent of respondents to the February survey reported that they’d been vaccinated; in addition, 63 percent of vaccinated respondents plan to stay current on COVID-19 vaccinations as recommended by healthcare leaders. Consumers are increasingly comfortable testing for COVID-19 at home; in fact, it now ranks as the most preferred testing location. Additionally, more than half of respondents indicated that they would prefer a health plan with virtual-health benefits.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>In the next decade, expect giant leaps in outer space. In the latest edition of McKinsey’s multimedia <em><a href="/featured-insights/the-next-normal">The Next Normal</a> </em>series, “<a href="/featured-insights/the-next-normal/space">The future of space: It’s getting crowded out there</a>,” McKinsey experts and industry executives envision the space industry’s near future. </li> <li><a href="/industries/aerospace-and-defense/our-insights/the-773-billion-question-inflations-impact-on-defense-spending">Inflation could challenge the buying power of the Department of Defense</a> (DOD) for the $773 million budget approved for fiscal year 2023. To address these risks, the DOD and industry leaders should increase affordability, improve inventory management, and develop better contracts that will help both buyers and sellers if costs rise.</li> <li><a href="/capabilities/operations/our-insights/bridging-the-labor-mismatch-in-us-construction">The US construction sector faces a labor mismatch</a>. In October 2021, 402,000 construction positions in the United States remained unfilled at the end of the month. That’s a headwind for a sector that our modeling suggests could create 3.2 million new jobs across the nonresidential-construction value chain over the next decade. </li> <li>More than one-fifth of global greenhouse-gas emissions come from agriculture, making <a href="/capabilities/mckinsey-digital/our-insights/make-room-for-alternative-proteins-what-it-takes-to-build-a-new-sector">the development and consumer adoption of alternative proteins a meaningful opportunity</a> to reduce negative climate impacts. Top executives from alternative meat companies spoke to McKinsey about opportunities and challenges facing the industry.</li> <li>On the latest episode of <em><a href="/featured-insights/mckinsey-podcast">The McKinsey Podcast</a></em>, McKinsey partner Mekala Krishnan talks about <a href="/capabilities/sustainability/our-insights/taking-the-first-steps-toward-net-zero-emissions">how companies can get started on the path to net-zero emissions</a>.</li> <li>On the <em><a href="/featured-insights/mckinsey-on-consumer-and-retail-podcast">McKinsey on Consumer and Retail Podcast</a></em>, McKinsey retail experts Tiffany Burns and Tyler Harris discuss <a href="/industries/retail/our-insights/forecasting-the-future-of-stores">five things retailers need to improve in omnichannel sales</a>, including making the experience more seamless for customers and getting products to customers faster.</li> </ul> <p><em>In our latest edition of</em> <a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, Tessa West, an NYU associate professor of psychology, talks about her new book,</em> <a href="/featured-insights/mckinsey-on-books/author-talks-how-to-handle-your-work-jerk">Jerks at Work: Toxic Coworkers and What to Do about Them</a> <em>(Portfolio, January 2022). If anyone in the C-suite embraces jerk behaviors, it’s going to trickle down through the company because jerkish behavior is contagious at work, she says.</em> </p> <p><em>Also in</em> <a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, science journalist Catherine Price discusses her new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-dont-spoil-the-fun">The Power of Fun: How to Feel Alive Again</a> <em>(The Dial Press, December 2021). People can improve their mental and physical health by getting in touch with what is really fun for them and making it a priority—rather than just vegging out in front of a screen, she says.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in McKinsey’s Southern California office.</p> <hr/>  <br/> <br/> <h2>COVID-19: Briefing note #97, March 23, 2022</h2> <h4>Uncertainty returns—but this time, the cause is not COVID-19. </h4> <p><strong>The COVID-19 pandemic</strong> created short-term disruptions and provoked long-term changes in how the world lives and does business. Russia’s invasion of Ukraine is now doing the same. This week, McKinsey published on what we know about the war and some of its possible global consequences. Among them are likely impacts to supply chains and how companies think about preparing for crises, two of our other topics this week. Another article provides a hopeful look at the investment pouring into decarbonization and renewal of infrastructure.</p> <p>We, like many others, are shocked by the unfolding humanitarian tragedy resulting from <a href="/capabilities/strategy-and-corporate-finance/our-insights/war-in-ukraine-lives-and-livelihoods-lost-and-disrupted">the Russian invasion of Ukraine</a> (exhibit). </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%2023/svgz-ukraineconflict-ex1-v2.svgz?cq=50&cpy=Center"/><img alt="The Russian invasion of Ukraine has caused the greatest humanitarian crisis in Europe since World War II." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%2023/svgz-ukraineconflict-ex1-v2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>As a result of the war in Ukraine, the era of not looking too closely at supply chains, trusting suppliers, and optimizing for cost is probably over. Those behaviors, already made suspect by new tariff regimes and the COVID-19 pandemic, are now likely to be consigned to history. Our latest research finds that despite progress over the past several years, companies are still struggling to build the capabilities that their <a href="/capabilities/operations/our-insights/transforming-supply-chains-do-you-have-the-skills-to-accelerate-your-capabilities">emerging digital supply chains</a> need. The most effective capability-building programs invest in foundational, end-to-end supply chain knowledge building, coupled with advanced functional, technical, and leadership training.</p> <p>As in any conflict, uncertainty is high, although it is already certain that global consequences will include disruptions to energy and food markets, testing many companies’ resilience. McKinsey’s annual global board survey of approximately 1,500 corporate directors found that a mere 7 percent of respondents gave their boards the highest rating for risk management, and only 40 percent say their organizations are prepared for the next large crisis. On the <em><a href="/capabilities/strategy-and-corporate-finance/our-insights/inside-the-strategy-room-podcast">Inside the Strategy Room</a></em> podcast, McKinsey senior adviser Nora Aufreiter; senior partner Celia Huber, who leads McKinsey’s board services work in North America; and associate partner Ophelia Usher discussed <a href="/capabilities/strategy-and-corporate-finance/our-insights/the-role-of-the-board-in-preparing-for-extraordinary-risk">how boards can improve how they handle big crises</a>.</p> <p>The world will see <a href="/capabilities/operations/our-insights/here-comes-the-21st-centurys-first-big-investment-wave-is-your-capital-strategy-ready">a once-in-a-lifetime wave of capital spending on physical assets</a> between now and 2027. Roughly $130 trillion will flood into projects to decarbonize and renew critical infrastructure. But it won’t be easy: constructing and justifying the cost of a physical asset such as a manufacturing plant is much more difficult than it was decades ago, given inflation, rigorous sustainability requirements, and rapid changes in technology and regulations. </p> <p>Here are other key findings from our research this week:</p> <ul> <li>The COVID-19 pandemic accelerated online purchases and package deliveries at an unprecedented rate. Even conservative <a href="/industries/travel-logistics-and-infrastructure/our-insights/signed-sealed-and-delivered-unpacking-the-cross-border-parcel-markets-promise">estimates project that cross-border e-commerce in goods will expand to about $1 trillion</a> in merchandise value by 2030, from its current value of approximately $300 billion. Regulations and tariffs are also likely to increase, as are customer expectations for speed, decentralized supply chains, and specialist segments. </li> <li>The increasing frequency and magnitude of economic volatility have put more pressure on traditional financial planning and analysis (FP&A) processes and teams. <a href="/capabilities/operations/our-insights/putting-the-a-back-in-f-p-and-a">Next-level FP&A teams</a> have figured out how to build more speed and flexibility into their processes, which can trigger more efficient and effective operations throughout the company.</li> <li><a href="/industries/life-sciences/our-insights/health-equity-a-framework-for-the-epidemiology-of-care">Health equity is an opportunity and a challenge</a> for pharmaceutical and life sciences players. By following the data and by working together, organizations can meet needs and create a cycle of trust in underserved communities.</li> <li><a href="/industries/aerospace-and-defense/our-insights/making-aerospace-diverse-and-dynamic-an-interview-with-airbus-uss-debra-facktor">Debra Facktor, head of U.S. Space Systems for Airbus U.S. Space & Defense</a>, spoke to McKinsey about her job responsibilities, the future of the aerospace sector, and her experience as a woman in a male-dominated industry.</li> <li>On the <em><a href="https://podcasts.apple.com/sg/podcast/smart-operators-how-leading-companies-use-machine-intelligence/id1598128813?i=1000554105430">McKinsey Talks Operations</a></em> podcast, Bruce Lawler, managing director for the Massachusetts Institute of Technology’s Machine Intelligence for Manufacturing and Operations program, and Vijay D’Silva, senior partner emeritus at McKinsey, discussed <a href="/capabilities/operations/our-insights/smart-operators-how-leading-companies-use-machine-intelligence">why some companies are pulling ahead of others with machine learning</a>.</li> <li>On the <em><a href="/capabilities/strategy-and-corporate-finance/our-insights/inside-the-strategy-room-podcast">Inside the Strategy Room</a></em> podcast, Robert Uhlaner, who co-led McKinsey’s Strategy & Corporate Finance Practice until his retirement this summer, and Liz Wol, the global leader of McKinsey’s work on M&A capability building, discussed <a href="/capabilities/strategy-and-corporate-finance/our-insights/programmatic-m-and-a-winning-in-the-new-normal">programmatic M&A</a>. This approach to mergers and acquisitions has proven to be the most successful at delivering results—provided you execute it right.</li> </ul> <p><em>Our latest edition of </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em> features Reshma Saujani, founder of Girls Who Code and an activist for women’s economic empowerment, discussing her new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-where-are-the-women-who-are-missing-from-the-workforce">Pay Up: The Future of Women and Work (and Why It’s Different Than You Think)</a><em> (Atria/One Signal Publishers, March 2022). Working mothers are overburdened and exhausted, so companies that want them to come back to the workforce need to help with childcare, paid leave, and mental-health support.</em></p> <p><em>Also in </em>Author Talks<em>, retired Navy SEAL commander Rich Diviney talks about his book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-attributes-not-skills-determine-whether-you-cut-it-or-not">The Attributes: 25 Hidden Drivers of Optimum Performance</a><em> (Random House, January 2021). Diviney dives into how we can—and should—assess and develop our own attributes, equipping ourselves for optimum performance within our lives and throughout our careers. </em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in McKinsey’s Southern California office.</p> <hr/> <br/> <br/> <h2>COVID-19: Briefing note #96, March 16, 2022</h2> <h4>On the second anniversary of the COVID-19-pandemic, we reflect on what we’ve learned.</h4> <p><strong>Just over two years ago, </strong>the World Health Organization declared a pandemic. Since then, one in every 1,300 people alive in 2019 has died from infection with SARS-CoV-2. Two years on, it is easy to forget how remarkable the development of COVID-19 vaccines was: moving in just 326 days from a genomic sequence to the authorization of a vaccine shattered all previous records. </p> <p>For this anniversary, we reflected on <a href="/industries/healthcare/our-insights/ten-lessons-from-the-first-two-years-of-covid-19">ten core lessons of the pandemic</a> (see sidebar), some of which exposed fault lines in our society and others that demonstrated amazing capabilities. A separate initiative compiled two years’ worth of research on pandemic impacts, while a third article examined how the pandemic set input prices rising and what to do about it.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_2734c4f" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--default___f-hQM_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xxl___cL3ZT_2734c4f mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>Ten core lessons of the pandemic</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body"><ol> <li>Infectious diseases are a whole-of-society issue. </li> <li>The vaccine-development paradigm has been transformed for emergencies and, potentially, for more. </li> <li>Conversely, weaknesses in vaccine manufacturing and equitable distribution will require systemic change. </li> <li>Trust is one of the most delicate but critical requirements for an effective pandemic response. </li> <li>Agility and speed will be the new basis for differentiation. </li> <li>Government policy matters—but individual behavior sometimes matters more. </li> <li>Schools are the true fulcrum for the functioning of society. </li> <li>Work will never be the same. </li> <li>Economic stimulus works, but only in concert with strong public-health measures. </li> <li>Whether we experience these problems again will depend on the investments and institutions we establish now.</li> </ol></div></div></div></div></div></div> <p>As part of our examination of where the pandemic took us and what’s next, we’ve gathered <a href="https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/covid-19-where-weve-been-where-we-are-and-where-were-going">interviews and articles about COVID-19 from the past two years</a>. Interviews with General James Mattis; Steven M. Jones, co-inventor of the first Ebola vaccine; and McKinsey senior partner Shubham Singhal addressed the crisis as it occurred. Packages of articles examining the pandemic’s effects on areas including healthcare, operations, and sustainable and inclusive growth show how industries have been shaped by the experience and how leaders are looking toward the future. </p> <p>The aftershocks of the COVID-19 pandemic continue to rock the global economy. Following the shutdowns of 2020 and the supply chain challenges of 2021, another wave of disruptions is now breaking over businesses around the world: <a href="/capabilities/operations/our-insights/how-business-operations-can-respond-to-price-increases-a-ceo-guide">rising input prices</a>. Accurate cost models and advanced digital operations help organizations respond to rising costs and equip them with the tools and capabilities they need to thrive when prices fall. </p> <p>Here are other key findings from our research this week:</p> <ul> <li><a href="/capabilities/risk-and-resilience/our-insights/cybersecurity/cybersecurity-trends-looking-over-the-horizon">Cybersecurity threats are growing</a> and threaten companies of all sizes, municipalities, and state and federal governments. The solution is to reinforce defenses by anticipating emerging cyberthreats and understanding the new defensive capabilities that companies can use today and others they can plan to use tomorrow.</li> <li>On the <em><a href="/industries/healthcare/our-insights/mckinsey-on-healthcare-podcast">McKinsey on Healthcare</a></em> podcast, Errol Pierre, senior vice president of state programs at Healthfirst, discusses what New York’s largest not-for-profit insurer learns from <a href="/industries/healthcare/our-insights/health-equity-activating-meaningful-change">working with diverse communities</a>. </li> <li>By 2020, 40 years after the development of the first commercial machines, <a href="/capabilities/operations/our-insights/the-mainstreaming-of-additive-manufacturing">the additive-manufacturing sector</a> had become a €13.4 billion industry. As technical barriers fall, the onus is on manufacturers to build skills, processes, and business models.</li> <li>McKinsey’s second annual review of <a href="/industries/life-sciences/our-insights/germanys-ehealth-transformation-makes-good-but-uneven-progress">the progress of digitization in German healthcare</a> shows solid uptakes of telemedicine and consumer health apps, but lagging use of e-prescriptions, health-data exchange, and use of electronic health records.</li> <li>McKinsey and Club 21e Siècle created the French Corporate Diversity Barometer to measure the <a href="/featured-insights/diversity-and-inclusion/beyond-gender-promoting-diversity-in-french-companies">diversity of national origins and socioeconomic backgrounds of the executives of large companies in France</a>. </li> <li>Prioritizing privacy, sustainability, and inclusion will soon be essential to <a href="/industries/technology-media-and-telecommunications/our-insights/responsible-product-management-the-critical-tech-challenge">successful tech development</a>. Companies must provide the tools, training, and resources for product managers to make responsible innovation ubiquitous.</li> <li><a href="/industries/automotive-and-assembly/our-insights/ice-businesses-navigating-the-energy-transition-trend-within-mobility">Internal-combustion-engine suppliers must manage uncertainty</a> during these challenging times for the industry. To succeed, they will need a new operating model that includes formulating dynamic responses to continuing disruptions and focusing on building value through higher return on invested capital. </li> <li>Sustainability and digital (particularly e-commerce) will create significant <a href="/industries/packaging-and-paper/our-insights/2022-and-beyond-for-the-packaging-industrys-ceos-the-priorities-for-resilience">challenges for packaging industry leaders</a>, as well as once-in-a-lifetime transformational opportunities.</li> </ul> <hr/> <p><em>This week, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vik Malhotra launch their new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-what-separates-the-best-ceos-from-the-rest">CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest</a><em> (Scribner, March 2022). The authors spoke about their interviews with 67 CEOs as part of our </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em> series and how they identified the traits that separate the best leaders from the pack.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in McKinsey’s Southern California office.</p> <hr/> <br/> <br/> <h2>COVID-19: Briefing note #95, March 9, 2022</h2> <h4>Another global crisis is now overshadowing COVID-19.</h4> <p><strong>For the first time</strong> in two years, concerns about another global crisis overshadowed the COVID-19 pandemic: the Russian government’s invasion of Ukraine and the humanitarian tragedy it is causing. Implications for the world economy will become more visible in the coming weeks and months; this week, McKinsey identified some immediate global economic impacts. Coincidentally, our other major publishing initiative this week is a deep dive into insurance—an industry that exists, in essence, in case things go wrong.</p> <p>The Russian government’s invasion of Ukraine is causing a humanitarian crisis and economic risks. Our <a href="/capabilities/strategy-and-corporate-finance/our-insights/global-economics-intelligence-executive-summary-february-2022">Global Economics Intelligence executive summary</a> for February discusses how the invasion of Ukraine has mostly set energy prices surging. The oil price (Brent) was near $60 per barrel on December 1 but climbed steadily thereafter, touching $100 in late February. The price of natural gas and coal has similarly climbed during this period (exhibit). Prior to the invasion, the US dollar was depreciating slightly against most major currencies; it is now rising in value. Other immediate economic effects were spikes in the prices of gold, crude oil, and natural gas, as well as stock market losses. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%209/svgz-febgei-v3-ex3.svgz?cq=50&cpy=Center"/><img alt="The conflict in Ukraine set energy prices surging; prices were already rising as a result of slower OPEC output." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%209/svgz-febgei-v3-ex3.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>As part of our celebration of International Women’s Day 2022, <a href="/industries/financial-services/our-insights/insurance/women-in-insurance-leading-voices-on-trends-affecting-insurers">20 female McKinsey partners offer insights in a series of interviews on the insurance industry</a>. Topics include operations, growth, claims management, underwriting, product innovation, digital business building, and motor insurance. Further interviews examine women’s representation in the insurance industry and look at the broader issue of diversity in insurance. </p> <p>New customer expectations, low interest rates, and new sources of competition (such as leading tech companies, insurtechs, and third-party capital) are putting <a href="/industries/financial-services/our-insights/five-steps-to-improve-innovation-in-the-insurance-industry">pressure on insurance carriers to be more innovative</a>. It’s not easy: successfully profiting from innovation is a complex, company-wide endeavor, and most insurers have not yet consistently cracked this code. Steps for building innovation into the way an organization works include shifting resources from core business tasks to breakthrough innovation initiatives and developing distinct product-development pathways and processes.</p> <p><a href="/industries/financial-services/our-insights/developing-an-effective-m-and-a-blueprint-for-insurers">Insurers should consider programmatic M&A</a>: systematically acquiring small to midsize businesses, services, and capabilities and integrating them as new businesses or capabilities. Insurers can use this approach to tackle issues including sustaining growth in core life and annuity businesses and enhancing property and casualty presence in growth markets.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>On <a href="/capabilities/quantumblack/our-insights/iot-comes-of-age"><em>The McKinsey Podcast</em>, McKinsey partners Michael Chui and Mark Collins</a> share their thoughts on the findings of McKinsey’s latest <a href="/capabilities/mckinsey-digital/our-insights/iot-value-set-to-accelerate-through-2030-where-and-how-to-capture-it">Internet of Things (IoT) report</a>. Fast-growing areas include consumer applications (especially in the connected home); hospital, acute-care, and residential-care settings; and factories, cities, and work sites. Integrating IoT is often easier in greenfield settings but harder to integrate into legacy environments.</li> <li>Of 346 large M&A deals announced between 2013 and 2020, 47 were <a href="/capabilities/strategy-and-corporate-finance/our-insights/fix-them-first-executing-regulation-driven-separations">canceled for antitrust or regulatory reasons</a>. While executing remedy separations, it is vital to adhere to the perimeter set by regulators, move fast in identifying potential buyers, and ensure a close integration between the remedy separation process and the overall transaction and integration process. </li> </ul> <p><em>In this edition of </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, Deepa Purushothaman talks about her new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-forge-your-power">The First, the Few, the Only: How Women of Color Can Redefine Power in Corporate America</a><em> (Harper Collins, March 2022). Drawing on more than 500 original interviews, Purushothaman examines work life for women of color and what needs to change to improve their experiences.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in McKinsey’s Southern California office.</p> <hr/> <br/> <br/> <h2>COVID-19: Briefing note #94, March 3, 2022</h2> <h4>The COVID-19 pandemic may finally be ending.</h4> <p><strong>A new variant </strong>may yet trigger another chapter in the COVID-19 pandemic, and societies must be prepared to respond if and when that happens. But for now, the pandemic phase looks to be ending. With a possible conclusion in sight, this week McKinsey focused on how postpandemic workforces can be supported with expanded opportunity, digital tools, more equitable promotions, and better office design.</p> <p>In the latest edition of our “<a href="/industries/healthcare/our-insights/when-will-the-covid-19-pandemic-end">When will the COVID-19 pandemic end</a>?” series, McKinsey examined scenarios that would lead to either reigniting a pandemic-level crisis or further steps toward endemicity. As long as Omicron remains the dominant variant, there is reason for relative optimism; in the United States, for example, hospitalizations would remain low (exhibit). By and large, the six-month outlook in many countries is brighter than at any time in the past two years. The main risk to the transition to endemicity is a significantly different and more severe new variant that replaces Omicron as the dominant strain.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%203/svgz-pandemicend-ex2.svgz?cq=50&cpy=Center"/><img alt="If Omicron remains the dominant variant, US hospitalizations will likely stay low throughout 2022" src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/mar%203/svgz-pandemicend-ex2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>The latest episode of the McKinsey Global Institute’s <em><a href="/mgi/forward-thinking">Forward Thinking</a></em> podcast features <a href="/featured-insights/employment-and-growth/forward-thinking-on-pandemic-paradoxes-labor-market-myths-and-cowboy-capitalism-with-david-autor">David Autor, the Ford Professor of Economics at the Massachusetts Institute of Technology</a>. Autor identifies pandemic paradoxes, which include that many thought US poverty and joblessness would skyrocket, but the opposite occurred when poverty rates plummeted to unprecedented lows and the United States ended up with a labor shortage. Leaders should think about ways to expand opportunities, including by being honest with themselves and the labor market about which jobs truly require a college degree.</p> <p>On <em><a href="/capabilities/people-and-organizational-performance/mckinsey-talks-talent-podcast">McKinsey Talks Talent</a></em>, HR expert David Green speaks with McKinsey talent experts Bryan Hancock and Bill Schaninger. <a href="/capabilities/people-and-organizational-performance/our-insights/talent-at-a-turning-point-how-people-analytics-can-help">HR leaders can use people analytics</a> to identify big-picture attrition patterns, illuminate how office space is being used, and automate parts of the recruiting process, including finding diverse candidates.</p> <p>In technical roles, only 52 women are promoted to manager for every 100 men, according to McKinsey’s <a href="/featured-insights/diversity-and-inclusion/women-in-the-workplace-archive"><em>Women in the Workplace 2021</em></a> report, coauthored with LeanIn.Org. <a href="/industries/technology-media-and-telecommunications/our-insights/repairing-the-broken-rung-on-the-career-ladder-for-women-in-technical-roles">Companies can improve women’s promotion rates</a> by providing equitable access to skill building, implementing a structured promotion process that seeks to remove bias, and building a strong culture of support for women via mentors and sponsors.</p> <p><a href="/industries/real-estate/our-insights/the-rebirth-of-workspace-design-an-interview-with-gensler-co-ceo-diane-hoskins">Diane Hoskins, co-CEO of Gensler, a global design and architecture firm</a>, has been thinking about effective workplaces for decades and is now helping her clients navigate the next normal. In a conversation with McKinsey Real Estate Practice leader Aditya Sanghvi, Hoskins discusses how COVID-19 made it even more essential to design offices around organizational strategies, leadership models, operational frameworks, and potential outcomes of a company.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>The Consumer Price Index rose faster in January than at any time in the prior 40 years. <a href="/capabilities/growth-marketing-and-sales/our-insights/five-ways-to-adapt-pricing-to-inflation">Businesses facing inflation are caught</a> between the need to reprice and sustain margins and the damage this can do to customer relationships and sales. McKinsey’s suggested approach can help companies establish sales-led pricing for inflation while maintaining long-term value for the business and its customers.</li> <li><a href="/capabilities/risk-and-resilience/our-insights/financial-institutions-and-nonfinancial-risk-how-corporates-build-resilience">Banks can learn to manage nonfinancial risks</a> by observing the effective approaches corporates have developed. These include embedding risk into strategy and improving overall resilience.</li> <li>Our analysis suggests that in 2030, demand for green steel in Europe could be twice as great as the available supply, and there may be global shortages of recycled aluminum and recycled plastic. By planning <a href="/capabilities/sustainability/our-insights/its-not-easy-buying-green-how-to-win-at-sustainable-sourcing">green-materials sourcing strategies</a>, companies can achieve immediate emissions reductions and sustain progress toward longer-term goals.</li> <li>COVID-19 accelerated the sophistication of <a href="/industries/travel-logistics-and-infrastructure/our-insights/five-things-to-know-about-the-chinese-logistics-market-heading-into-2022">China’s logistics industry</a>, a crucial node in the global supply chain. Greater consolidation and integration are likely in some subsectors—such as third-party logistics and express-delivery carriers—and expect growth in other areas, such as warehouse automation and air cargo.</li> <li>On the <em><a href="https://podcasts.apple.com/us/podcast/mckinsey-on-government/id1573645359">McKinsey on Government</a></em> podcast, McKinsey senior partner Scott Blackburn and partner Brooke Weddle discuss how the US government’s leaders can implement an effective transformation.</li> </ul> <p><em>In this edition of <a href="/featured-insights/mckinsey-on-books/author-talks"></a></em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em><a href="/featured-insights/mckinsey-on-books/author-talks"></a>, Whitney Johnson, the CEO of tech-enabled talent agency Disruption Advisors, talks about her new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-all-along-the-s-curve">Smart Growth: How to Grow Your People to Grow Your Company</a><em> (Harvard Business Review Press, January 2022). Mastering new skills follows an S-curve, where there’s a difficult introductory phase, a “sweet spot” where you’re enjoying applying new knowledge, and an end part of the curve where boredom can set in. Leaders need to understand where their teams are to create the right supports for each phase, Johnson says.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in McKinsey’s Southern California office.</p> <hr/> <br/> <br/> <h2>COVID-19: Briefing note #93, February 23, 2022</h2> <h4>The COVID-19-pandemic accelerated our need for a new kind of growth.</h4> <p><strong>The COVID-19 pandemic</strong> served as an accelerant in multiple ways. This week, McKinsey looked at how the pandemic spurred the adoption of telehealth and e-commerce, exacerbated pressure on nurses, and made company operations more complex. In the big picture, it increased the urgency for a new vision of global growth, one that benefits more people and leaves our planet healthy.</p> <p>Crises such as COVID-19 can become watersheds of policy and strategy. In an editorial published in <em>Fortune</em>, Klaus Schwab, the founder and executive director of the World Economic Forum, and Bob Sternfels, McKinsey’s global managing partner, propose pursuing <a href="/capabilities/risk-and-resilience/our-insights/three-keys-to-a-resilient-postpandemic-recovery">a sustainable, inclusive growth agenda</a> that supports the health of the natural environment while improving the livelihoods of wider population segments. Leaders can shape a resilience agenda by addressing the interrelationships between climate, healthcare, labor needs, supply chains, digitization, finance, and inequality and economic development. </p> <em> <div data-module-category="" class="PullQuote_mck-c-pullquote__DbaQ5 mck-o-lg-center"><blockquote data-component="mdc-c-blockquote" class="PullQuote_mck-c-blockquote__6n21p PullQuote_mck-c-blockquote--hide-quotes__CpGpg mdc-c-blockquote mdc-c-blockquote--is-quotes___TozKo_2734c4f"><p>To build a better future, the emphasis must now shift from defensive measures and short-term goals to a sustainable, inclusive growth agenda.</p></blockquote></div> </em> <p>The pandemic ignited telehealth: as of mid-2021, <a href="/industries/healthcare/our-insights/telehealth-a-quarter-trillion-dollar-post-covid-19-reality">utilization was 38 times higher</a> than before the pandemic. However, McKinsey’s most recent Physician Survey showed that <a href="/industries/healthcare/our-insights/patients-love-telehealth-physicians-are-not-so-sure">most doctors don’t love telehealth as much as patients do</a>. Most expect to return to a primarily in-person delivery model over the next year, and 62 percent said they recommend in-person over virtual care to patients. </p> <p>The pandemic essentially forced consumers to try e-commerce and to increasingly rely on product ratings and reviews to give them the confidence to make purchases. The total number of global reviews roughly doubled in the year after COVID-19 started. On <em><a href="/featured-insights/mckinsey-podcast">The McKinsey Podcast</a></em>, McKinsey partner Dave Fedewa and McKinsey senior expert Chauncey Holder discuss how <a href="/capabilities/operations/our-insights/why-business-must-heed-customer-reviews">companies need to adapt to the new world in which reviews matter more than ever</a>. </p> <p>Healthcare workers and their organizations continue to face unparalleled demands stemming from the COVID-19 pandemic. <a href="/industries/healthcare/our-insights/surveyed-nurses-consider-leaving-direct-patient-care-at-elevated-rates">Thirty-two percent of registered nurses surveyed in the United States in November said they may leave</a> their current direct-patient-care role, according to McKinsey’s latest research. Healthcare organizations can consider a number of medium- and longer-term strategies to support their workforces. </p> <p><a href="/capabilities/operations/our-insights/how-good-are-your-internal-operations-really">As companies look at areas to automate, they need a clear, complete picture of service processes</a>. The complexity of services, which often involve coordinating multiple functions in nonlinear ways, makes bad handoffs a perpetual problem. Add to these factors the burgeoning number of customer touchpoints and the accelerated move to remote working since the start of the COVID-19 pandemic, and the challenge looms even larger. An approach we call process insights—which marries technology tools and analytics in a disciplined, three-stage process—shows promise.</p> <p>While our theme this week is the pandemic’s accelerating effects, we also looked at the opposite: how COVID-19 can spur lightning-fast pullbacks. Although consumer confidence is growing, desire for travel has shown a faltering recovery due to sporadic COVID-19 outbreaks. <a href="/industries/travel-logistics-and-infrastructure/our-insights/outlook-for-china-tourism-in-2022-trends-to-watch-in-uncertain-times">Our examination of China’s tourism industry</a> showed that a predictable pattern is emerging where desire for travel recovers roughly two months after a decline. Furthermore, travelers’ preferences are shifting, with implications for travel companies.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>Signed in November, the US Infrastructure Investment and Jobs Act will provide more than $1 trillion in public investment. One core component of the legislation is <a href="/industries/public-sector/our-insights/the-us-bipartisan-infrastructure-law-reinvesting-in-water">addressing the country’s aging water system</a>. The act provides funding to replace lead pipes, address emerging contaminants in small and disadvantaged communities, and support rural water projects.</li> <li>A relative lack of top software companies threatens Europe’s economic competitiveness. But <a href="/industries/technology-media-and-telecommunications/our-insights/reversal-of-fortune-how-european-software-can-play-to-its-strengths">Europe could take a lead in software</a> and build large players by playing to the continent’s strengths: vertical B2B software, software platforms for digitizing small and medium-size enterprises, and horizontal platforms built on European R&D excellence.</li> <li><a href="/capabilities/operations/our-insights/reaching-excellence-in-software-procurement">Software sourcing</a>, now a major driver of overall product cost, requires critical investments in capabilities and technologies, as well as significant financial resources. Those players that can procure software and related services at minimum cost and risk have a distinct competitive advantage.</li> <li>Asian acquirers are key players in <a href="/featured-insights/asia-pacific/m-and-a-and-asia-learning-from-the-best">the Asian M&A landscape</a>, and many are setting their sights worldwide. Our research finds that the most effective dealmakers practice <a href="/capabilities/strategy-and-corporate-finance/our-insights/repeat-performance-the-continuing-case-for-programmatic-m-and-a">programmatic M&A</a> tied directly to a stated strategy. </li> <li>On the <em><a href="/featured-insights/mckinsey-on-consumer-and-retail-podcast">McKinsey on Consumer and Retail</a></em> podcast, McKinsey partner David Feber and Amcor CEO and managing director Ron Delia talk about <a href="/industries/consumer-packaged-goods/our-insights/creating-good-packaging-for-packaged-goods">exciting innovations that could transform the packaging industry</a>.</li> </ul> <p><em>This week in </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, Ruchika Tulshyan, an award-winning inclusion strategist and speaker, discusses her new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-dont-call-it-diverse">Inclusion on Purpose: An Intersectional Approach to Creating a Culture of Belonging at Work</a><em> (MIT Press, March 2022). She explores the bias behind terms such as “lean in” and “culture fit” and proposes that inclusion efforts target the needs of women of color.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <em> <br/> <br/> </em> <h2>COVID-19: Briefing note #92, February 16, 2022</h2> <h4>As Omicron reminded us, health is everything.</h4> <p><strong>McKinsey focused on</strong> health this week, starting with a discussion of how Omicron has played out so far and what is likely next in the pandemic’s trajectory. An article on women’s health explores the remarkable tradition of viewing it as a healthcare niche, rather than a core concern of half the world’s population. Technology is increasingly merging with healthcare, so we extrapolated this theme further to examine how to keep companies’ technology healthy.</p> <p>In this episode of <em><a href="/featured-insights/mckinsey-podcast">The McKinsey Podcast</a></em>, Shubham Singhal, senior partner and global leader of McKinsey’s Healthcare and Public & Social Sector Practices, reflects on <a href="/industries/healthcare/our-insights/new-variant-new-challenges-how-are-we-coping-with-omicron">where Omicron has taken us so far and where we go from here</a>. Omicron spread so fast because it evades prior immunity and is more transmissible, allowing it to out-compete the previously dominant strain. Society will begin viewing COVID-19 as endemic when we’re comfortable getting on with life even though the risk of disease is not zero (and for the unvaccinated, it remains high). </p> <p>Half of the world’s population is women, and women account for 80 percent of consumer-purchasing decisions in the healthcare industry. Yet <a href="/industries/healthcare/our-insights/unlocking-opportunities-in-womens-healthcare">women’s health has been considered a niche market</a> and a mere subset of healthcare. A particularly illuminating statistic: only 1 percent of healthcare research and innovation is invested in female-specific conditions beyond oncology. Changing how the industry thinks about women’s health is an important step toward identifying value-creating opportunities for meeting women’s healthcare needs.</p> <em> <div data-module-category="" class="PullQuote_mck-c-pullquote__DbaQ5 mck-o-lg-center"><blockquote data-component="mdc-c-blockquote" class="PullQuote_mck-c-blockquote__6n21p mdc-c-blockquote mdc-c-blockquote--is-quotes___TozKo_2734c4f"><p>It is not a light switch event to get to an endemic phase, because it is as much about the behavior and psychology that we all exhibit as it is about the epidemiology of the virus itself.</p></blockquote></div> </em> <p><a href="/industries/healthcare/our-insights/the-dawn-of-the-femtech-revolution">FemTech is an emerging category</a> consisting of tech-enabled, consumer-centric solutions addressing women’s health. Depending on scope, estimates for FemTech’s current market size range from $500 million to $1 billion, and forecasts suggest opportunities for double-digit revenue growth. Our analysis of 763 companies indicates that the dynamics underlying FemTech are accelerating and that public awareness, company formation, and funding are surging.</p> <p>When employees feel understood and supported by their employers, they tend to be happier, more effective, and more likely to stick around. <a href="/capabilities/operations/our-insights/how-ai-driven-nudges-can-transform-an-operations-performance">Companies can use the power of AI and machine learning to coach employees</a>. An AI-driven system can be designed to identify key moments when employees would benefit from a “nudge” that guides them toward positive actions, including improving their health, accessing training, and trying a different performance approach. </p> <p><a href="/capabilities/risk-and-resilience/our-insights/ransomware-prevention-how-organizations-can-fight-back">To protect the health of our work environments from ransomware</a>, everyone from the board and C-suite to down the line must work to ingrain security into an organization’s DNA. Ransomware costs are expected to reach $265 billion by 2031. Supply chain attacks rose by 42 percent in the first quarter of 2021 in the United States, affecting up to seven million people, while security threats against industrial control systems and operational technology more than tripled in 2020.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>McKinsey’s <em><a href="/industries/financial-services/our-insights/creating-value-finding-focus-global-insurance-report-2022">Global Insurance Report 2022</a></em> explores long-term challenges facing the industry as well as a raft of trends unleashed by COVID-19. Insurers face fundamental strategic questions of how to create more value for shareholders and how to reframe the role of insurance in society. The report proposes nine imperatives that will help carriers navigate the current environment and focus on the businesses of which they are the best natural owners.</li> <li>With a target of a 78 percent reduction in economy-wide greenhouse-gas emissions by 2035 now enshrined in law, there is a strong impetus to <a href="/industries/electric-power-and-natural-gas/our-insights/facing-the-future-net-zero-and-the-uk-electricity-sector">transition the United Kingdom’s energy system to net zero</a>. Looking at electricity demand, technology, and the grid, McKinsey examines options available to investors, regulators, policy makers, and energy companies.</li> <li>Companies used to outsource business processes primarily as a cost-saving strategy. Today, <a href="/capabilities/operations/our-insights/getting-business-process-outsourcing-right-in-a-digital-future">companies outsource to capitalize on sophisticated provider offerings</a>, including customized industry solutions and advances in digital technology, such as AI, analytics, and machine learning.</li> </ul> <p><em>In this edition of </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em> Amy Webb, a leading futurist and business adviser, talks about her recent book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-hacking-into-humanity">The Genesis Machine: Our Quest to Rewrite Life in the Age of Synthetic Biology</a><em> (Hachette Book Group, February 2022), coauthored by microbiologist Andrew Hessel. The book explores a new field of science that combines engineering, design, and computers with biology, enabling the engineering of living cells. Webb says that synthetic biology—the ability to reprogram the fundamental units of life—is going to change industries such as healthcare, agriculture, and industrial materials.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <em> <br/> <br/> </em> <h2>COVID-19: Briefing note #91, February 9, 2022</h2> <h4>The CEO job description just got a bit longer.</h4> <p><strong>CEOs have always carried</strong> a heavy workload, but the issues they confront today add several fresh layers. Climate change requires a new way of looking at asset value that models the potential impact of various types of risk. COVID-19 and its aftermath means leaders must engage empathetically in topics relating to their employees’ well-being. This week, McKinsey examined how the pandemic and other world events have added to leaders’ list of most important tasks.</p> <p><a href="/industries/real-estate/our-insights/climate-risk-and-the-opportunity-for-real-estate">Climate change and the risks it imposes upon assets and markets</a> is one of the biggest challenges confronting CEOs and other leaders today. The real-estate industry is already facing the need to build new capabilities that allow it to assess how climate-change risks alter values and what subsequent actions to take. Part of capability building involves understanding both physical risks and transition risks stemming from regulatory, social, and market reactions to climate change (exhibit). Once real estate and other leaders understand value impact, they can proceed to decarbonizing and finding new sources of value throughout the climate transition.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/feb%209/svgz-rethinkingrealestate-ex1.svgz?cq=50&cpy=Center"/><img alt="Physical and transition risks have direct and indirect implications for revenue, operating and capital costs, and capitalization rate." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/feb%209/svgz-rethinkingrealestate-ex1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p><a href="/capabilities/people-and-organizational-performance/our-insights/back-and-forth-covid-19s-impact-on-business-in-2021-and-today">COVID-19 brought on a new set of employee pressures</a>, including trying to take care of work and children at a time when school doors close suddenly, and managing the 24/7 nature of working from home. These burdens also imply a new set of pressures for CEOs and other leaders as they attempt to support overburdened workforces. On the <em><a href="/capabilities/people-and-organizational-performance/mckinsey-talks-talent-podcast">McKinsey Talks Talent</a></em> podcast, McKinsey talent experts Bryan Hancock and Bill Schaninger discuss how leaders must engage in employees’ lives and well-being in ways they seldom did in the past. </p> <p>We’re in <a href="/featured-insights/sustainable-inclusive-growth/the-labor-market-is-upside-down-heres-what-ceos-can-do-about-it">one of the most bewildering labor markets</a> in a generation, said Asutosh Padhi, McKinsey’s managing partner for North America, in a CNN Business Perspectives commentary. CEOs can respond by expanding recruitment efforts to people who have work experience but don’t have degrees; supporting more “gateway jobs,” or stepping-stone positions that provide an income boost; and by challenging their organizations to embrace a more inclusive, skills-based approach to hiring and talent management.</p> <p>Across industries, product-development functions are encountering a perfect storm of <a href="/industries/travel-logistics-and-infrastructure/our-insights/overcoming-global-supply-chain-challenges">supply chain issues</a> arising from the pandemic, the current <a href="/capabilities/people-and-organizational-performance/our-insights/great-attrition-or-great-attraction-the-choice-is-yours">labor mismatch</a>, and evergreen themes of managing cost, quality, and time. Rather than becoming part of the much-bemoaned war for talent, <a href="/capabilities/operations/our-insights/operations-blog/winning-the-war-for-talent-in-product-development">companies can develop the capabilities of their existing workforce</a> to fill skills gaps.</p> <p>As the economy continues to reel from the effects of COVID-19, <a href="/capabilities/operations/our-insights/unleashing-the-next-wave-of-productivity-in-corporate-business-functions">consumer-packaged-goods companies are under more pressure</a> than ever. Prices for food and packaging commodities have increased by more than 22 percent. Manufacturing wages and labor costs rose in 2020 from 5 to 20 percent of total costs. To respond to these rapid, sweeping changes, companies need to transform their operating models to the new reality.</p> <p>Given that economies are expected to shift away from stimulus spending and other policy supports, forecasters and economists generally project a slower pace for global growth in 2022—but one that is still faster than prepandemic levels. <a href="/capabilities/strategy-and-corporate-finance/our-insights/global-economics-intelligence-executive-summary-january-2022">January’s Global Economics Intelligence executive summary</a> focuses on how inflation is playing out around the world, efforts to control it, and its impact on growth and employment. </p> <p>Here are other key findings from our research this week:</p> <ul> <li>To better understand <a href="/industries/packaging-and-paper/our-insights/sustainability-in-packaging-global-regulatory-development-across-30-countries">recent developments in sustainable packaging</a>, we mapped regulations in 30 countries and found four common patterns. To ensure they comply with evolving requirements, packaging companies should track regulatory changes in their focus markets and implement processes to address future requirements proactively.</li> <li>Responding to a McKinsey survey, two out of three Americans told us their social values now shape their shopping choices, and 45 percent believe retailers should actively support Black-owned businesses and brands. Most retailers will need to make changes to meet the needs of these <a href="/industries/retail/our-insights/the-rise-of-the-inclusive-consumer">“inclusive consumers”</a> by sourcing products that dovetail with consumer values and by communicating the changes to the public. </li> <li>Up to four-fifths of <a href="/capabilities/operations/our-insights/product-sustainability-back-to-the-drawing-board">a product’s lifetime emissions</a> are determined by decisions made at the design stage. By building on proven cost-optimization techniques, companies can get those choices right.</li> <li><a href="/capabilities/people-and-organizational-performance/our-insights/five-agility-myths-in-energy-and-heavy-industries">Myths often hold back heavy industries from activating agile working practices</a>. However, agility in heavy-industry organizations can be used to make operational improvements, to enhance run activities, to augment all-important safety standards, and ultimately to become an enduring source of competitive advantage.</li> </ul> <p><em>In this edition of </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a>, Neil Hoyne, Google’s chief measurement strategist, discusses his new book <a href="/featured-insights/mckinsey-on-books/author-talks-building-consumer-trust-with-googles-neil-hoyne">Converted: The Data-Driven Way to Win Customers’ Hearts</a><em> (Penguin Random House, February 2022). Data alone is not the answer for companies trying to grow, Hoyne says. Instead, companies can find growth by creating the right data strategy, leadership, and processes.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <em> <br/> <br/> </em> <h2>COVID-19: Briefing note #90, February 2, 2022</h2> <h4>The postpandemic world calls for fresh leadership ideas.</h4> <p><strong>Organizations increasingly recognize</strong> that modern leadership means knowing how to make the most of digitization and technology, diverse talent, and the opinions of a range of stakeholders. This week, McKinsey dug for the details. Articles and an interactive explore how companies can take advantage of advanced-intelligence technology and become truly data driven. A new interview series illuminates how three Black leaders developed their leadership styles, while further articles explore casting the idea net wider.</p> <p><a href="/capabilities/operations/our-insights/toward-smart-production-machine-intelligence-in-business-operations">Leading industrial and manufacturing companies are using machine-intelligence technologies</a> to move the needle on a broad set of performance indicators, achieving three or four times the impact of average players. The full scale of the opportunity is set to continue as more use cases evolve from simple dashboards to greater levels of autonomy.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/feb%202/svgz-toward-smart-production-ex2.svgz?cq=50&cpy=Center"/><img alt="Across a broad range of metrics, machine-intelligence leaders achieve triple the improvement of other companies." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/feb%202/svgz-toward-smart-production-ex2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p><a href="/capabilities/quantumblack/our-insights/the-data-driven-enterprise-of-2025">What exactly does it mean to be a data-driven enterprise</a>, and what would such an organization look like by 2025? Our interactive helps executives envision success by defining seven characteristics of a data-driven organization, how each would differ from what we typically see today, and how to achieve each step. Companies able to make the most progress fastest stand to capture the highest value from data-supported capabilities.</p> <p>McKinsey created the Connected Leaders Academy to equip Black, Hispanic, Latino, and Asian leaders with the network and capabilities to achieve their professional aspirations. In <a href="/capabilities/people-and-organizational-performance/our-insights/my-leadership-journey">our new interview series</a>, My Leadership Journey, participants from the private sector, academia, the arts, and other walks of life reflect on their formative experiences and leadership styles. <a href="/capabilities/people-and-organizational-performance/our-insights/always-connect-never-give-up-an-interview-with-jason-wright">Jason Wright, president of Washington’s football team, the Commanders</a>, told McKinsey about getting cut nine times from the NFL and talking his way back to opportunity by honing a narrative about what he could contribute. <a href="/capabilities/people-and-organizational-performance/our-insights/dont-leave-points-on-the-table-an-interview-with-lockheed-martins-stephanie-hill">Stephanie Hill, executive vice president of Lockheed Martin’s Rotary and Mission Systems</a>, discussed the importance of accepting uncomfortable challenges to build a career. <a href="/capabilities/people-and-organizational-performance/our-insights/being-intentional-and-being-lucky-an-interview-with-barry-lawson-williams">Barry Lawson Williams, founder and former managing general partner of Williams Pacific Ventures</a>, who has also served on 16 major public-company boards, spoke about how he built a network that helped position him for lucky breaks.</p> <p>What does an army veteran who has returned from deployment five times have to teach a McKinsey organizational expert? Plenty, as a letter and conversations between Adria Horn, executive vice president of workforce at Tilson, a national telecom provider, and senior partner Aaron De Smet revealed. Horn reached out to McKinsey after reading about <a href="/capabilities/people-and-organizational-performance/our-insights/great-attrition-or-great-attraction-the-choice-is-yours">how companies can reengage employees postpandemic</a>. She shared her view of <a href="/capabilities/people-and-organizational-performance/our-insights/a-military-veteran-knows-why-your-employees-are-leaving">parallels between soldiers returning from war zones and employees coming back</a> to the office after living through the COVID-19 pandemic. The resulting conversation explores the alienation of return and how employers can work from a place of empathy.</p> <p>Brainstorming is supposed to result in conversations like the one between Horn and De Smet. But too often, the value of casting the net wide for opinions is undercut by participants feeling pressured to conform. A structured approach that guides a group through <a href="/capabilities/strategy-and-corporate-finance/our-insights/bias-busters-a-better-way-to-brainstorm">anonymous brainstorming</a> and silent voting removes some of the risks that can thwart honest discussion.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>Based on a survey of physicians who serve predominantly Medicare fee-for-service and Medicare Advantage patients, we estimate that up to $265 billion worth of <a href="/industries/healthcare/our-insights/from-facility-to-home-how-healthcare-could-shift-by-2025">care services could shift from traditional facilities to the home by 2025</a> without a reduction in quality or access. Care at Home could create value for payers, healthcare facilities and physician groups, providers, technology companies, investors, and, above all, patients. </li> <li>Korean companies would benefit from portfolio restructuring by making governance more transparent and by advancing women’s equality at work. In a wide-ranging conversation, André Andonian, managing partner of McKinsey Korea, discusses McKinsey’s near- and long-term goals in the country and <a href="/featured-insights/asia-pacific/korean-companies-need-bolder-transformation-to-survive-post-pandemic-world">how Korea is preparing for the post-COVID-19 economy</a>.</li> <li><a href="/industries/aerospace-and-defense/our-insights/space-investment-shifts-from-geo-to-leo-and-now-beyond">Investors are directing more funds to projects involving lunar and beyond orbital regimes</a>, which have traditionally attracted less attention than regimes at lower altitudes. All signs point to continued growth.</li> </ul> <p><em>Even the most seasoned professional was a neophyte at some point, a fact celebrated in our </em><a href="/featured-insights/my-rookie-moment">My Rookie Moment</a><em> video series, in which McKinsey colleagues discuss the first time they had to deal with a particular challenge. The latest edition features stories about “leaps of faith,” in which partners had to do something for which they felt unprepared. Yarns include a tale of on-command public speaking and the recollection of facing a client who demanded different conclusions.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <em> <br/> <br/> </em> <h2>COVID-19: Briefing note #89, January 26, 2022</h2> <h4>Tackling the other big global crisis.</h4> <p><strong>Since March of 2020, </strong>we have focused this weekly update on sharing research into the health emergency facing the world. This week, we took a break from the COVID-19 pandemic to zero in on the other crisis that poses threats to lives and livelihoods: climate change, and the need to transition to a net-zero world. Additional articles looked at pressing issues including why the loss of US manufacturing has increased inequality, and how the Great Attrition is playing out in nursing. </p> <p>A new report from the <a href="/mgi/overview">McKinsey Global Institute</a> looks at <a href="/capabilities/sustainability/our-insights/the-net-zero-transition-what-it-would-cost-what-it-could-bring">what an economic transformation to net-zero emissions would entail</a>. The transformation would affect all countries and all sectors of the economy, either directly or indirectly. In six sections of the report, we assess economic shifts for 69 countries and changes in sectors that produce about 85 percent of overall emissions, as well as provide estimates for what it will all cost (exhibit). </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/jan%2026/svgz-mginetzero.svgz?cq=50&cpy=Center"/><img alt="The NGFS Net Zero 2050 scenario would entail around $25 trillion more in cumulative investments over 30 years than the Current Policies scenario." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/jan%2026/svgz-mginetzero.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>The report includes an examination of <a href="/capabilities/sustainability/our-insights/the-net-zero-challenge-accelerating-decarbonization-worldwide">effective decarbonization actions</a>, which include shifting the energy mix, increasing energy efficiency, and enhancing sinks of both long- and short-lived greenhouse gases. Another section illustrates <a href="/capabilities/sustainability/our-insights/the-economic-transformation-what-would-change-in-the-net-zero-transition">the economic and societal adjustments that would enable a successful transition</a> to net-zero emissions by 2050, focusing on demand, capital allocation, costs, and jobs. We examine <a href="/capabilities/sustainability/our-insights/sectors-are-unevenly-exposed-in-the-net-zero-transition">which sectors of the economy are more exposed to a net-zero transition</a>, and <a href="/capabilities/sustainability/our-insights/how-the-net-zero-transition-would-play-out-in-countries-and-regions">how the transition could play out in various countries and regions</a>. A section about <a href="/capabilities/sustainability/our-insights/managing-the-net-zero-transition-actions-for-stakeholders">actions for stakeholders</a> explores what companies, financial institutions, and governments and multilateral institutions can do.</p> <p>Also this week: <a href="/capabilities/operations/our-insights/want-to-drive-inclusive-economic-growth-start-with-manufacturing">revitalizing US manufacturing could be fundamental to resolving inequities</a> while driving sustainable, inclusive growth. Today, the manufacturing sector represents just 10 percent of US GDP and jobs but drives 20 percent of the nation’s capital investment, 35 percent of productivity growth, 60 percent of exports, and 70 percent of business R&D expenditure. Strengthening the sector could also address the pervasive supply chain issues wreaking havoc all over the world, easing short-term disruption caused by the pandemic while improving global competitiveness in the midterm to long term.</p> <p>During a time of unprecedented need, <a href="/industries/healthcare/our-insights/nurses-and-the-great-attrition">what can employers do to prevent losing nurses</a>, the backbone of the healthcare workforce, to <a href="/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/the-great-attrition-what-to-do-about-the-labor-shortage">the Great Attrition</a>? <em>The <a href="/featured-insights/mckinsey-podcast">McKinsey Podcast</a></em> speaks with senior partner Gretchen Berlin, a registered nurse, about the need to pay nurses adequately and to ensure that there’s sufficient staffing, respite, and gratitude.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>In October 2020, coking coal accounted for more than half of the cost of the raw materials needed to produce a metric ton of steel via a blast furnace—a rare occurrence by historical standards. Though prices have fallen since then, <a href="/industries/metals-and-mining/our-insights/high-coking-coal-prices-provide-glimpse-into-steelmakings-future">steelmakers should consider the effect of longer-term coal price increases</a> as part of their planning and adjust their plans as the implications evolve.</li> <li>The <a href="/industries/retail/our-insights/sporting-goods-2022-the-new-normal-is-here">new normal for sporting goods</a> includes increased health awareness, acceptance of athleisure, thriving e-commerce, and sustainability as a core concern. McKinsey’s summary of the state of the industry suggests strategies for navigating the trends.</li> <li>New and better digital tools can <a href="/capabilities/operations/our-insights/from-speech-to-insights-the-value-of-the-human-voice">help companies analyze voice conversation</a> and unlock the full potential of digital investments to improve customer service.</li> </ul> <p><em>In the latest edition of our </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em> series, John Koenig, author of </em><a href="/featured-insights/mckinsey-on-books/author-talks-the-made-up-words-that-make-our-world">The Dictionary of Obscure Sorrows</a><em> (Simon & Schuster, November 2021), discusses how and why he invents new words for emotions and sensations. From “kenopsia” (the eeriness of places left behind) to “suerza” (a feeling of quiet amazement that you exist at all), Koenig’s made-up words pinpoint universal experiences and demonstrate how creative human language can be.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <em> <br/> <br/> </em> <h2>COVID-19: Briefing note #88, January 19, 2022</h2> <h4>Fallout from the pandemic demands targeted action.</h4> <p><strong>For much of the COVID-19 pandemic,</strong> leaders have tried to prepare for what might unfold. Today, some of those possibilities have arrived as undeniable challenges that demand new ways of operating. This week, McKinsey looked at fallout, including inflation, young peoples’ mental-health struggles, a pattern of “jolting” growth, and the demand for government agencies to improve customer service.</p> <p>Not since the 1970s has inflation been such a central issue for companies, so <a href="/capabilities/operations/our-insights/how-to-deal-with-price-increases-in-this-inflationary-market">finding creative ways to mitigate price increases</a> is a dormant skill in many organizations. McKinsey experts offer a series of steps supply-chain leaders can use to determine whether a price increase is fair, starting by identifying the main cost inputs that have the highest level of change, estimating the percentage of the total cost these inputs make up, and calculating an acceptable price-increase range (exhibit). Response strategies include using a strong fact base for win–win negotiating and exploring new suppliers. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/jan%2019/svgz-priceincreases-ex1.svgz?cq=50&cpy=Center"/><img alt="Whether an input-cost increase is reasonable depends on a detailed review of its price history" src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/jan%2019/svgz-priceincreases-ex1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>A series of McKinsey consumer surveys and interviews indicated <a href="/industries/healthcare/our-insights/addressing-the-unprecedented-behavioral-health-challenges-facing-generation-z">unprecedented behavioral-health challenges facing Generation Z</a> and stark differences among generations. Gen Z respondents were more likely than other generations to report having been diagnosed with a mental-health or substance-use issue, as well as more likely to have sought no treatment for the problem. Gen Z respondents were also two to three times more likely than other generations to report thinking about, planning, or attempting suicide in the 12 months spanning late 2019 to late 2020.</p> <p>There could be a postpandemic boom on the horizon, but it will likely depend on <a href="/capabilities/strategy-and-corporate-finance/our-insights/the-ceo-agenda-in-2022-harnessing-the-potential-of-growth-jolts">business leaders’ ability to respond to productivity and growth “jolts”</a> caused by the pandemic. The onset of COVID-19 brought a set of discontinuities that drove the first jolt to growth and productivity. Now, near-term uncertainties pose risks to growth; however, responding effectively could translate to a second jolt. The potential third and final jolt may be the largest as companies reshape their long-term strategies to reflect—and define—the next normal.</p> <p>On the <em><a href="https://podcasts.apple.com/us/podcast/mckinsey-on-government/id1573645359">McKinsey on Government</a></em> podcast, McKinsey partner Tony D’Emidio and associate partner Marcy Jacobs discuss how <a href="/industries/public-sector/our-insights/prioritizing-customer-experience-in-government">the pandemic forced many government agencies to modernize the customer experience</a> (CX) amid high demand for unemployment and healthcare assistance. Transparency has improved, but there is more work to do so that when citizens fill out applications or forms, they get status updates instead of just wondering what happened. Another insight: better CX brings costs down because satisfied customers call with fewer questions.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>Road freight accounts for 53 percent of CO<sub>2</sub> emissions within global trade-related transport, a share expected to rise to 56 percent by 2050 if current trends continue. <em><a href="/industries/automotive-and-assembly/our-insights/road-freight-global-pathways-report">Road Freight Zero: Pathways to faster adoption of zero-emission trucks</a></em> is a joint publication by the World Economic Forum and McKinsey that describes how countries can reach their emissions goals for road freight.</li> <li>With a market of more than $2.8 trillion worldwide, <a href="/industries/retail/our-insights/digital-disruption-the-rise-of-eb2b-in-fragmented-retail">fragmented retail is poised to be transformed by “eB2B” players</a>: portals and applications that replace the in-person sales model for small retailers and restaurants. By understanding the market structure and properly setting the scale and speed of change, companies can design an eB2B solution capable of disruption.</li> <li><a href="/industries/engineering-construction-and-building-materials/our-insights/decarbonizing-the-built-environment-takeaways-from-cop26">Reaching net zero in the cement and construction value chain by 2050</a> will require the buildings and construction industry to decarbonize three times faster over the next 30 years versus the previous 30. At the COP26 Climate Change Conference in Glasgow, Scotland, McKinsey brought together global property owners, contractors, materials suppliers, investors, equipment manufacturers, and disruptors to define the path forward. Among the takeaways: the industry can boost innovation by developing common standards and shared R&D resources.</li> </ul> <p><em>What makes a CEO great? In this edition of </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vik Malhotra discuss their new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-what-separates-the-best-ceos-from-the-rest">CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest</a><em> (Scribner, March 2022). The authors interviewed 67 CEOs worldwide who met their criteria for excellence and diversity of both background and approach and identified keys to excellence that can provide lessons for any type of leader.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <em> <br/> <br/> </em> <h2>COVID-19: Briefing note #87, January 12, 2022</h2> <h4>People are the fuel that will power the next industrial revolution.</h4> <p><strong>Amid the Omicron</strong> surge, it’s perhaps poignant to note that all the advanced technology in the world means nothing without a population capable of adopting it and creating with it. COVID-19 vaccines are a good example of a technology that depends on people’s acceptance. This week, McKinsey explored how people in various industries and sectors relate to technology and the power of these interactions. </p> <p>The <em><a href="/capabilities/operations/our-insights/mckinsey-talks-operations">McKinsey Talks Operations</a></em> podcast brings together the CEOs of Flex, Protolabs, and Western Digital to discuss why <a href="/capabilities/operations/our-insights/the-fourth-industrial-revolution-will-be-people-powered">the Fourth Industrial Revolution will be people powered</a>. Digital manufacturing and production will change how the world makes goods but only if there is training and development to teach workers the skills to use these technologies. With the current labor mismatch in many countries, now is the time to further engage workers for a digitally enabled future.</p> <em> <div data-module-category="" class="PullQuote_mck-c-pullquote__DbaQ5 mck-o-lg-center"><blockquote data-component="mdc-c-blockquote" class="PullQuote_mck-c-blockquote__6n21p PullQuote_mck-c-blockquote--hide-quotes__CpGpg mdc-c-blockquote mdc-c-blockquote--is-quotes___TozKo_2734c4f"><p>With Fourth Industrial Revolution technologies in the hands of a workforce empowered with the skills needed to use them, an organization’s digital-transformation journey can move from aspiration to reality.</p></blockquote></div> </em> <p>A pivot to telemedicine, remote work, and other technologies helped a leader in pediatric medicine manage the onslaught of COVID-19. <a href="/industries/healthcare/our-insights/childrens-health-during-the-covid-19-pandemic-what-have-we-learned">Boston Children’s Hospital president and CEO Dr. Kevin Churchwell</a> calls for more innovation to cope with a sharp rise in children and young adults with behavioral- and mental-health issues. This generation of kids is being reared under physical distancing, lockdowns, and school closures. Churchwell believes that those presenting with mental-health issues would benefit from a tech-enabled continuum of care that encompasses the family, the primary-care pediatrician, the school system, the hospital, and the state.</p> <p><a href="/industries/technology-media-and-telecommunications/our-insights/game-on-an-interview-with-microsofts-head-of-gaming-ecosystem">Sarah Bond, Microsoft’s corporate vice president for game creator experience and ecosystem at Xbox</a>, describes how recognizing that game playing is a fundamental human trait helped Microsoft create its “ubiquitous global gaming ecosystem.” Investments in cloud gaming, the Game Pass subscription service, and cross-platform play allow gamers to participate anywhere, anytime, on any device. </p> <p><a href="/featured-insights/future-of-work/tulsas-innovative-program-supports-remote-workers-and-economic-development-through-covid-19-and-beyond">Tulsa Remote, a program that enabled Tulsa, Oklahoma, to attract 1,300 remote workers</a> to the area, also prioritizes the human need for connection. In addition to giving relocators $10,000, the program provides membership to a local coworking space and assists in finding housing. Events, both virtual and in-person, are intended to mitigate the potential isolation of remote work. The initiative has attracted 50,000 applicants and is making a meaningful impression on the local economy. </p> <p>In a typical organization, only a specific department and designated functions are accountable for quality in design, development, operations, and even postmarket activities. But <a href="/industries/life-sciences/our-insights/embedding-smart-quality-culture-and-capabilities-in-the-organization">in a smart-quality organization, everyone owns quality</a>. Pharmaceutical and medtech companies can create value by redesigning key quality processes along these principles.</p> <p>Here are other key findings from our research this week:</p> <ul> <li>As the move toward cleaner technologies progresses, the <a href="/industries/metals-and-mining/our-insights/the-raw-materials-challenge-how-the-metals-and-mining-sector-will-be-at-the-core-of-enabling-the-energy-transition">metals and mining sector will provide the raw materials required for the energy transition</a>. The required pace of transition means that the availability of certain raw materials will need to scale up quickly—and, in certain cases, at volumes ten times or more than the current market size. We expect materials shortages, price fly-ups, and the need for technological innovation and substitutions.</li> <li><a href="/capabilities/strategy-and-corporate-finance/our-insights/putting-stakeholder-capitalism-into-practice">Stakeholder capitalism asks leaders to prioritize long-termism</a> over short-term gain. In the latest episode of the <em><a href="/capabilities/strategy-and-corporate-finance/our-insights/inside-the-strategy-room-podcast">Inside the Strategy Room</a></em> podcast, senior partner Dame Vivian Hunt and senior adviser to McKinsey Bruce Simpson, CEO of the Stephen A. Schwarzman Foundation, discuss research and experience that strongly link stakeholder capitalism to traditional sources of value.</li> </ul> <p><em>What makes a CEO great? In a recent edition of </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vik Malhotra discuss their new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-what-separates-the-best-ceos-from-the-rest">CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest</a><em> (Scribner, March 2022). The authors interviewed 67 CEOs worldwide who met their criteria for excellence and diversity of both background and approach and identified keys to excellence that can provide lessons for any type of leader. </em></p> <p><em>Also in</em> <a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em>, Tareq Azim, founder of Empower Gym, trainer of NFL greats, and creator of the Afghan Women’s Boxing Federation, talks about his new book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-how-to-conquer-fear-prepare-for-death-and-embrace-your-power">Empower: Conquering the Disease of Fear</a><em> (Simon & Schuster, January 2022), which was coauthored with Seth Davis. Azim discusses how he created a place for women to practice the most male-dominated activity in the most male-dominated society of all time and how anyone can find inner strength.</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <em> <br/> <br/> </em> <h2>COVID-19: Briefing note #86, January 5, 2022</h2> <h4>Omicron demands renewed focus on familiar pandemic themes.</h4> <p><strong>A new year is here,</strong> but COVID-19’s latest surge feels so very last year—not to mention the year before that. To kick off 2022, McKinsey looked at issues that many people thought would have started to resolve as the virus died down, but which instead require renewed engagement. Topping our list this week are employee burnout and hits to tourism. But there is positive news as well: reports on the state of mobility and pharmaceuticals reflect that pandemic-inspired changes are leading some industries in new directions.</p> <p>Compared with nonparents, <a href="/industries/healthcare/our-insights/covid-19-and-burnout-are-straining-the-mental-health-of-employed-parents">employed parents are more likely to miss days of work because they are experiencing symptoms of burnout</a> (exhibit). Companies need to understand what the compound pressures of employment and parenting during a pandemic are doing to these workers and consider a list of interventions to counteract their experience of burning the candle at both ends.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/jan%205/svgz-burnout-exhibit-3-aw.svgz?cq=50&cpy=Center"/><img alt="Parents are more likely than nonparents to report missing days of work due to burnout." src="/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/2022%20updates/jan%205/svgz-burnout-exhibit-3-aw.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Women also are reporting higher-than-average rates of burnout. In a new episode of <em><a href="/featured-insights/mckinsey-podcast">The McKinsey Podcast</a></em>, senior partners Alexis Krivkovich and Lareina Yee discuss results from the recently released <em><a href="https://womenintheworkplace.com/">Women in the Workplace 2021</a></em> report. <a href="/featured-insights/diversity-and-inclusion/the-state-of-burnout-for-women-in-the-workplace">Forty-two percent of women report being burned out</a>, a percentage that is higher than it was last year and higher than it is for men. Reasons include the fact that one in three women, and 60 percent of mothers with young children, spend five or more hours a day on housework and caregiving.</p> <p>Early January is when many of us go on a diet and re-up at the gym. Here’s another tune-up option: take our <a href="/capabilities/people-and-organizational-performance/our-insights/pop-quiz-can-you-turn-attrition-into-attraction">“Can you turn attrition into attraction?” quiz</a> to test how good you are at combatting burnout, rewarding employees in meaningful ways, and strengthening bonds with your teams. </p> <p>Our “<a href="/featured-insights/2021-year-in-review">year in review</a>” recap of 2021 highlights themes that many were hoping to leave behind, including the pandemic and the Great Resignation, as well as aspirations, such as inclusive growth and digital transformation, that will only grow in importance. The “<a href="/featured-insights/2021-year-in-review/2021-the-year-in-images">year in images</a>” collection showcases the most evocative art we published last year, while the “<a href="/featured-insights/2021-year-in-review/2021-the-year-in-charts">year in charts</a>” collection tells visual stories about virus cases and vaccination rates, diversity targets and employee experiences, and how sustainable growth might be attained. </p> <p>Another consequence of COVID-19 is the devastation wrought on tourism markets worldwide. We looked at a key US market and found that the financial impact of the pandemic on New York City is six times that of the September 11 attacks, costing the city $1.2 billion in lost tourism-related tax revenue. <a href="/industries/travel-logistics-and-infrastructure/our-insights/new-york-a-concrete-jungle-where-dreams-are-still-made">New York can reinvigorate its tourism industry</a> by encouraging domestic travel and by reimagining business travel.</p> <p>McKinsey reflected upon <a href="/industries/automotive-and-assembly/our-insights/mobilitys-rebound-an-industry-recovers-but-where-is-it-heading">how the pandemic has affected mobility and where the sector is headed</a>. Among the findings: half of the consumers in our recent Global COVID-19 Automotive & Mobility Consumer Survey stated a clear preference to travel less than they did before the COVID-19 pandemic. Among the forecasts: by 2035, in an accelerated scenario, the largest automotive markets in the world (that is, China, the European Union, and the United States) will be fully electric. </p> <p><a href="/industries/life-sciences/our-insights/a-new-operating-model-for-pharma-how-the-pandemic-has-influenced-priorities">The pandemic has also reshaped the pharmaceuticals industry</a>, and changes are still under way. We conducted a survey of senior executives in commercial roles at global pharma companies and found that more than 80 percent think that companies will fully embrace agile ways of working, and 66 percent believe that companies will move away from the traditional sales rep model because of restricted access, virtual interactions, and perceived low return on investment.</p> <p>Here are some of this week’s other key findings from our research:</p> <ul> <li>Quantum computing is about a decade away from widespread commercial application. Less well known, but also important, are two related technologies that could become available much earlier: <a href="/industries/industrials-and-electronics/our-insights/shaping-the-long-race-in-quantum-communication-and-quantum-sensing">quantum sensing and quantum communication</a>. We explore the market landscape for both, looking at opportunities, risks, and demand.</li> <li>Based on the results of our latest <a href="/featured-insights/mckinsey-global-surveys">McKinsey Global Survey</a>, we identify <a href="/capabilities/people-and-organizational-performance/our-insights/successful-transformations">the different stages of a transformation’s life cycle</a> to understand where value is lost and what companies can do to preserve it. According to our analysis, three core actions are especially predictive of value capture.</li> <li>One way to <a href="/capabilities/sustainability/our-insights/green-corridors-a-lane-for-zero-carbon-shipping">accelerate decarbonization in the shipping sector</a> is to implement “green corridors”: specific trade routes between major port hubs where zero-emission solutions are supported. A new report, <em><a href="https://www.globalmaritimeforum.org/content/2021/11/The-Next-Wave-Green-Corridors.pdf">The next wave: Green corridors</a></em>, probes the feasibility of two such selected corridors—with encouraging results.</li> </ul> <p><em>Two books in our </em><a href="/featured-insights/mckinsey-on-books/author-talks">Author Talks</a><em> series address the workplace issues so prevalent in our research from this past year. Joan C. Williams, distinguished professor of law and chair of the Hastings Foundation, discusses her latest book, </em><a href="/featured-insights/mckinsey-on-books/author-talks-how-to-interrupt-bias-in-the-workplace">Bias Interrupted: Creating Inclusion for Real and for Good</a><em> (Harvard Business Review Press, November 2021). Jennifer Moss, </em>Harvard Business Review<em> contributor and nationally syndicated radio columnist, shares her recent work, </em><a href="/featured-insights/mckinsey-on-books/author-talks-why-burnout-is-an-epidemic-and-what-to-do-about-it">The Burnout Epidemic: The Rise of Chronic Stress and How We Can Fix It</a><em> (Harvard Business Review Press, September 2021).</em></p> <hr/> <p>This briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.</p> <hr/> <p>For McKinsey’s <a href="/capabilities/risk-and-resilience/our-insights/covid-19-implications-for-business-2021">2021 perspectives on the business impact of COVID-19</a>, visit our archive of several dozen briefing notes published throughout the year. </p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong>Matt Craven</strong> is a partner in McKinsey’s Silicon Valley office; <strong><a href="/our-people/linda-liu">Linda Liu</a></strong> is a partner in the New York office, where <strong>Matt Wilson</strong> is a senior partner; and <strong><a href="/our-people/mihir-mysore">Mihir Mysore</a></strong> is a partner in the Houston office.</p> <hr /> <p>This article was edited by Mark Staples, an executive editor in the New York office.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a data-component="mdc-c-link" href="/careers/search-jobs" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--secondary___Boipq_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" aria-label="Search Openings" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="careers" data-layer-subcategory="search" data-layer-text="Search Openings"><span class="mdc-c-link__label___Pfqtd_2734c4f">Search Openings</span></a></div></div></section></div></main></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="RelatedArticle_mck-c-article-related__GGA76 mck-u-screen-only" data-layer-region="related-articles"><div class="mdc-o-container__wrapper is-wrapped mdc-u-spaced-mobile"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-u-align-center">Related Articles</h5><div class="mdc-u-grid mdc-u-grid-col-md-2 RelatedArticle_items-container__s2uD0"><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/featured-insights/themes/covid-19-where-weve-been-where-we-are-and-where-were-going" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-covid-0 { aspect-ratio: 16/9 }</style><img alt="" class="picture-uniqueKey-covid-0" src="/~/media/mckinsey/featured%20insights/the%20next%20normal/covid%2019%20where%20weve%20been%20where%20we%20are%20and%20where%20were%20going/c19-anniv-1293730964-thumb-1536x1536.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f Card_content-block__pF6Z1"><span>Blog post - Featured Insights</span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/featured-insights/themes/covid-19-where-weve-been-where-we-are-and-where-were-going" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>COVID-19: Where we’ve been, where we are, and where we’re going</div></a></h6></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/industries/healthcare/our-insights/ten-lessons-from-the-first-two-years-of-covid-19" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-tenl-0 { aspect-ratio: 16/9 }</style><img alt="Hand holding face mask" class="picture-uniqueKey-tenl-0" src="/~/media/mckinsey/industries/healthcare%20systems%20and%20services/our%20insights/ten%20lessons%20from%20the%20first%20two%20years%20of%20covid%2019/ten%20lessons%20from%20the%20first%20two%20years%20of%20covid-19_1320916020_thumb_1536x1536.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f Card_content-block__pF6Z1"><span>Article</span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/industries/healthcare/our-insights/ten-lessons-from-the-first-two-years-of-covid-19" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>Ten lessons from the first two years of COVID-19</div></a></h6></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"COVID 19 Implications for business","displayName":"COVID 19 Implications for business","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"e617856f-ce68-4803-ac9f-51c4ca003e3b","itemLanguage":"en","itemVersion":103,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"COVID-19: Implications for business"}},"sEOTitle":{"value":"Coronavirus\u0026rsquo; business impact: Evolving perspective"},"description":{"jsonValue":{"value":"Our latest perspectives on the coronavirus outbreak, the twin threats to lives and livelihoods, and how organizations can prepare for the next normal."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2022-04-13T00:00:00Z"}},"body":{"value":"\u003ch2\u003eCOVID-19: Briefing note #100, April 13, 2022\u003c/h2\u003e\n\u003ch4\u003eAs COVID-19 becomes endemic in much of the world, we turn our focus to sustainable and inclusive growth.\u003c/h4\u003e\n[[DownloadsSidebar]]\n\u003cp\u003e\u003cstrong\u003eOn March 2, 2020,\u003c/strong\u003e just over a week before a global pandemic was declared, we published COVID-19: Briefing note #1. Our plan was to publish an update on the virus\u0026rsquo;s implications for business for as many weeks as the news felt urgent. We did not expect to continue for more than two years, nor to ever publish briefing note #100, as we have today.\u003c/p\u003e\n\u003cp\u003eIt\u0026rsquo;s painful to reflect on these 100 editions, on the millions of lives lost, the suffering and grief, and the myriad disruptions to lives and livelihoods. But in what is perhaps a hopeful sign, we now feel the time is right to stop. COVID-19 news seems less urgent than at any time in the past two years. All of McKinsey\u0026rsquo;s published work now intrinsically accounts for the pandemic, even if it is not directly mentioned. COVID-19 has gone from being a fresh emergency to a fact of life.\u003c/p\u003e\n\u003cp\u003eIn a few weeks, we will relaunch this weekly report with links to the latest McKinsey publications. Our new theme will be sustainable and inclusive growth. After more than two years of reporting on a destructive force, we look forward to sharing our research and thoughts on how people and organizations can build a better world. \u003c/p\u003e\n\u003cp\u003eMcKinsey is already exploring how to achieve sustainable and inclusive growth, the topic of the inaugural episode of the new \u003ca href=\"/featured-insights/sustainable-inclusive-growth/future-of-america\"\u003e\u003cem\u003eFuture of America\u003c/em\u003e podcast\u003c/a\u003e. McKinsey Global Institute director and senior partner Kweilin Ellingrud and senior partner Greg Kelly discuss how leading companies can use \u003ca href=\"/featured-insights/sustainable-inclusive-growth/future-of-america/why-post-covid-economic-recovery-cant-be-about-growth-at-all-costs\"\u003ethe pandemic recovery as an opportunity to accelerate prosperity\u003c/a\u003e\u0026nbsp;for more Americans. Customers and consumers want to be associated with companies that are making a positive difference. Companies can accelerate inclusivity and sustainability by having real awareness, committing to change, rewarding the change, and providing coaching and development to make the change happen. \u003c/p\u003e\n[[PullQuote 4]]\n\u003cp\u003eMuch near-term growth will arise from \u003ca href=\"/capabilities/operations/our-insights/capital-investment-is-about-to-surge-are-your-operations-ready\"\u003ea once-in-a-lifetime wave of capital spending on physical assets\u003c/a\u003e\u0026nbsp;between now and 2027. This surge of roughly $130 trillion in investment will flood into projects to decarbonize and renew critical infrastructure. But few organizations are prepared to deliver on this capital influx with the speed and efficiency it demands. Companies should consider implementing a portfolio-synergistic strategy in which planning is top down, a major business challenge requiring savvy stakeholder management, capital markets expertise, and an understanding of complex approval processes.\u003c/p\u003e\n\u003cp\u003eSustainable, inclusive growth will require changing the workplace to maximize the contributions of all people. In the COVID-19 era, women across all sectors have shouldered more household responsibilities, and more women report feelings of burnout. These problems can be more acute for women in healthcare, who have fewer opportunities to work remotely and report feeling greater pressure to prioritize work over family. In spite of these challenges, \u003ca href=\"/industries/healthcare/our-insights/women-in-healthcare-and-life-sciences-the-ongoing-stress-of-covid-19\"\u003ehealthcare continues to outperform other sectors in the representation of women\u003c/a\u003e, who make up more than two-thirds of entry-level employees and 53 percent of employees in roles at the senior-manager level or above, which is 18 percentage points higher than the average across all sectors. \u003c/p\u003e\n\u003cp\u003eEach sector, industry, and function will have to reinvent itself to achieve maximum growth and sustainability. Procurement leaders, for example, are facing one of the toughest market environments of their careers. \u003ca href=\"/capabilities/operations/our-insights/full-potential-procurement-lessons-amid-inflation-and-volatility\"\u003eProcurement organizations need to take a leading role in protecting enterprise margin and growth\u003c/a\u003e, invest in proven technology and process automation, and build deep expertise in supply market dynamics, among other fundamental changes. A pair of articles featuring McKinsey and outside experts explore how \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/in-conversation-the-new-cfo-mandate\"\u003ethe CFO\u0026rsquo;s role is also rapidly evolving\u003c/a\u003e\u0026mdash;expanding in scope, requiring new capabilities, and demanding greater collaboration with C-suite peers. Among the most significant changes to the role is the \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/in-conversation-the-cfos-role-in-talent-development\"\u003edemand for CFOs to help promote capability building and talent development\u003c/a\u003e\u0026nbsp;within their organizations. \u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eLithium is needed to produce virtually all batteries currently used in electric vehicles (EVs) as well as consumer electronics. We believe \u003ca href=\"/industries/metals-and-mining/our-insights/lithium-mining-how-new-production-technologies-could-fuel-the-global-ev-revolution\"\u003ethe world will secure enough lithium for the EV revolution\u003c/a\u003e, as long as new mining technologies and potential mining sites receive funding and end users communicate upcoming needs so that lithium miners have enough time to react. \u003c/li\u003e\n \u003cli\u003eOur \u003ca href=\"/industries/retail/our-insights/how-the-fashion-industry-can-get-into-a-metaverse-mindset\"\u003einteractive explores how fashion is finding ways to participate in the metaverse\u003c/a\u003e. \u003c/li\u003e\n \u003cli\u003eMcKinsey\u0026rsquo;s methodology can be used to prioritize investments in \u003ca href=\"/industries/life-sciences/our-insights/building-pharma-pipelines-using-a-socioeconomic-lens\"\u003einnovations based on the economic impact of the health improvements they deliver to society\u003c/a\u003e.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eOur latest edition of\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-for-kids/game-on-why-your-computer-learns-faster-and-games-better-than-you-think\"\u003eMcKinsey for Kids\u003c/a\u003e\u0026nbsp;\u003cem\u003eexplores how programmers use games to teach computers how to think, ultimately developing AI. Kids can read, take quizzes, and watch animations to learn about how the human brain and computers are both alike and different and about a cornerstone of AI programming called \u0026ldquo;reinforcement learning.\u0026rdquo;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eIn our latest edition of\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, neuroscience expert and Cognitas Group cofounder Dr. Laura Watkins discusses her new book (coauthored with Vanessa Dietzel),\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-get-on-the-performance-curve\"\u003eThe Performance Curve: Maximize Your Potential at Work while Strengthening Your Well-being\u003c/a\u003e\u0026nbsp;\u003cem\u003e(Bloomsbury Publishing, November 2021). Using insights from neuroscience, adult development psychology, yoga, and behavioral therapy, the book proposes practical ways to improve work performance without sacrificing mental or physical health.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in McKinsey\u0026rsquo;s Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n[[Ceros covid2]]\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003ch2\u003eCOVID-19: Briefing note #99, April 6, 2022\u003c/h2\u003e\n\u003ch4\u003eSome pandemic effects will take a long time to cure.\u003c/h4\u003e\n[[MostPopularArticles 5]]\n\u003cp\u003e\u003cstrong\u003eCOVID-19 appears\u003c/strong\u003e to be moving to endemicity in some parts of the world. But even in these places, some of the pandemic\u0026rsquo;s damaging consequences are only now being assessed and understood. This week, McKinsey studied the degrees of learning loss suffered by students around the world. We also looked at the pandemic\u0026rsquo;s lingering effects on the airline industry and on labor markets and examined how long it might take for some things to go back to how they used to be and why others never will.\u003c/p\u003e\n\u003cp\u003eOn average, \u003ca href=\"/industries/education/our-insights/how-covid-19-caused-a-global-learning-crisis\"\u003estudents globally are eight months behind\u003c/a\u003e\u0026nbsp;where they would have been absent the COVID-19-pandemic, but the impact varies widely (exhibit). Within countries, the pandemic also widened gaps between historically vulnerable students and more privileged peers. We estimate by 2040, unfinished learning related to COVID-19 could translate to annual losses of $1.6 trillion to the global economy. Educational systems could consider a tiered approach to support reengagement, with more support (including social and emotional) for the highest-risk students. \u003c/p\u003e\n[[Exhibit RRRR]]\n\u003cp\u003eThe COVID-19 pandemic caused airline revenues to drop by 60 percent in 2020, and air travel and tourism are not expected to return to 2019 levels before 2024. Challenges vary across the global aviation landscape. In particular, \u003ca href=\"/industries/travel-logistics-and-infrastructure/our-insights/taking-stock-of-the-pandemics-impact-on-global-aviation\"\u003eairlines need to bolster their resilience\u003c/a\u003e\u0026nbsp;by increasing their cash reserves, which would reduce the need for bailouts every time a crisis hits, and by improving their ability to reduce supply quickly and cost-effectively when demand abruptly falls. \u003ca href=\"/industries/travel-logistics-and-infrastructure/our-insights/opportunities-for-industry-leaders-as-new-travelers-take-to-the-skies\"\u003eMcKinsey\u0026rsquo;s latest survey of more than 5,500 air travelers globally\u003c/a\u003e\u0026nbsp;revealed a potential long-term challenge: the share of respondents who say they plan to fly less to minimize their environmental impact rose five percentage points since 2019 to 36 percent, and more than half of respondents said that aviation should become carbon neutral in the future. \u0026ldquo;Flygskam,\u0026rdquo; or shame about flying, plays a role. Leading airlines that build a brand promise on sustainability will likely attract a growing share of business.\u003c/p\u003e\n\u003cp\u003eIn a current episode of \u003cem\u003e\u003ca href=\"/capabilities/people-and-organizational-performance/mckinsey-talks-talent-podcast\"\u003eMcKinsey Talks Talent\u003c/a\u003e\u003c/em\u003e, McKinsey talent experts Bryan Hancock and Bill Schaninger discuss \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/is-worker-power-on-the-rise\"\u003ethe power workers have gained as an indirect effect of the pandemic\u003c/a\u003e. Although there has been some high-profile organizing activity, the real source of worker power comes from the current high demand for labor and because remote workers have a wider-than-ever range of job choices. \u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eOn the latest episode of \u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-podcast\"\u003eThe McKinsey Podcast\u003c/a\u003e\u003c/em\u003e, Sven Smit, senior partner and chair of the McKinsey Global Institute, discussed some \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/the-rising-toll-of-the-war-in-ukraine\"\u003epotential effects of the ongoing war in Ukraine\u003c/a\u003e. Refugee numbers may climb from the current few million to ten or even 15 million. The potential doubling or even tripling of food and energy prices could cause hardship for less well-off populations around the world.\u003c/li\u003e\n \u003cli\u003eDistributors can learn from Amazon Business and other large digital players that are \u003ca href=\"/industries/industrials-and-electronics/our-insights/how-distributors-can-self-disrupt-to-win-in-the-new-digital-world\"\u003ebuilding best-in-class distribution networks\u003c/a\u003e\u0026nbsp;and offering products they used to avoid due to technical or supply chain challenges. \u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/packaging-and-paper/our-insights/perspectives-on-paper-and-forest-products-in-2022-how-can-ceos-navigate-todays-era-of-transformational-change\"\u003ePaper and forest product CEOs\u003c/a\u003e should consider future-proofing companies with strategies such as \u0026ldquo;precision forestry\u0026rdquo;; by leading on environmental, social, and governance (ESG); and by harnessing digital and analytics capabilities to strengthen competitiveness.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/semiconductors/our-insights/the-semiconductor-decade-a-trillion-dollar-industry\"\u003eThe semiconductor industry\u0026rsquo;s aggregate annual growth\u003c/a\u003e could average from 6 to 8 percent a year up to 2030, resulting in a $1 trillion industry. Amid the growth of remote working, AI, and demand for electric vehicles, manufacturers and designers should now take stock and ensure they are best placed to reap the rewards.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/operations/our-insights/how-can-corporate-functions-become-more-agile\"\u003eGeneral and administrative functions can optimize for speed and flexibility\u003c/a\u003e by eliminating the silos that traditionally occur between different departments. This will drive better cross-department coordination and allow leaders to realign staff more efficiently.\n \u003c/li\u003e\n \u003cli\u003eHealth provider systems could prioritize \u003ca href=\"/industries/healthcare/our-insights/patients-struggle-with-unmet-basic-needs-medical-providers-can-help\"\u003eefforts to meet patients\u0026rsquo; unmet needs\u003c/a\u003e\u0026nbsp;by creating partnerships with schools, community organizations, payers, private businesses, and government agencies.\u003c/li\u003e\n \u003cli\u003eIn 2020, Californians bought and wore more than 500,000 tons of clothing, almost all of which will eventually enter landfills covering an area about 3.5 times the size of the City of Los Angeles. \u003ca href=\"/industries/retail/our-insights/closing-the-loop-increasing-fashion-circularity-in-california\"\u003eThe key to reducing fashion waste is circularity\u003c/a\u003e\u0026mdash;building a closed loop for recycling materials back into the manufacturing process.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eOur latest edition of\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-for-kids/game-on-why-your-computer-learns-faster-and-games-better-than-you-think\"\u003eMcKinsey for Kids\u003c/a\u003e\u0026nbsp;\u003cem\u003eexplores how programmers use games to teach computers how to think, ultimately developing AI. Kids can read, take quizzes, and watch animations to learn about how the human brain and computers are both alike and different and about a cornerstone of AI programming called \u0026ldquo;reinforcement learning.\u0026rdquo;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eIn our latest edition of\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, Todd Rose, a former Harvard University professor and the cofounder of the think tank Populace, discusses his latest book,\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-why-shouldnt-we-all-just-get-along\"\u003eCollective Illusions: Conformity, Complicity, and the Science of Why We Make Bad Decisions\u003c/a\u003e\u0026nbsp;\u003cem\u003e(Hachette Book Group, February 2022). The book explores why people are likely to buy into fundamental misunderstandings of what most people think.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eAlso in\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, we spoke with Amy Zegart, a senior fellow at the Hoover Institution and the Freeman Spogli Institute at Stanford University, where she is also a professor of political science. Zegart discussed her new book\u003c/em\u003e, \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-open-season-for-intelligence-gathering\"\u003eSpies, Lies, and Algorithms: The History and Future of American Intelligence\u003c/a\u003e\u0026nbsp;\u003cem\u003e(Princeton University Press, February 2022). The book explores the current state of intelligence, why the government is behind on adopting new technologies, and what the public misunderstands about the spy business.\u003c/em\u003e \u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in McKinsey\u0026rsquo;s Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003ch2\u003eCOVID-19: Briefing note #98, March 30, 2022\u003c/h2\u003e\n\u003ch4\u003eOne of COVID-19\u0026rsquo;s health effects is the transformation of healthcare.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eThe COVID-19 pandemic \u003c/strong\u003edevastated the world\u0026rsquo;s health but may leave a lasting legacy of improving how the world addresses healthcare. The effort to develop and distribute vaccines demonstrated how much can be achieved with global collaboration, lessons that can be applied to ambitious improvements in well-being. This week, McKinsey explored how the pandemic changed healthcare approaches, including expectations, delivery, viral-vector gene therapy, investment, and consumer attitudes.\u003c/p\u003e\n\u003cp\u003eHumanity mobilized against COVID-19 at a speed and scale previously unseen. While far from perfect, the undertaking\u0026rsquo;s successes should inspire the world to challenge the view of what is possible. Over the past century, life expectancy has dramatically increased in most parts of the world, but the portion of life that human beings spend in moderate and poor health hasn\u0026rsquo;t changed (exhibit). The McKinsey Health Institute believes \u003ca href=\"/mhi/our-insights/adding-years-to-life-and-life-to-years\"\u003ehumanity could add roughly six years per person on average of higher-quality life\u003c/a\u003e\u0026nbsp;by making six major shifts in how the world approaches health.\u003c/p\u003e\n[[Exhibit QQQQ]]\n\u003cp\u003eEven when COVID-19 becomes endemic, \u003ca href=\"/industries/healthcare/our-insights/the-next-frontier-of-care-delivery-in-healthcare\"\u003ehealthcare delivery in the United States will continue to transform rapidly\u003c/a\u003e. McKinsey\u0026rsquo;s 14th annual healthcare conference explored the next wave of industry evolution and how healthcare organizations must innovate to thrive. The future of care delivery is evolving to become patient-centric, virtual, ambulatory, in the home, value based, and risk bearing. It will be driven by data and analytics, enabled by new medical technologies, and funded by private investors.\u003c/p\u003e\n\u003cp\u003eCOVID-19 accelerated \u003ca href=\"/industries/life-sciences/our-insights/viral-vector-therapies-at-scale-todays-challenges-and-future-opportunities\"\u003eviral-vector gene therapies\u003c/a\u003e. Some of the earliest viral-vector-based therapies targeting rare diseases required companies to produce only about 1,000 doses across development, access programs, and two years of commercialization. In comparison, the unprecedented demand and funding for COVID-19 vaccines enabled a ten- to 100-fold increase in production when adjusted by dose amount, with over two billion doses of the AstraZeneca viral-vector-based vaccine already produced. Keeping pace with increasing demand requires the consideration of challenges, the potential for standardization, and strategizing for accelerating patient access.\u003c/p\u003e\n\u003cp\u003eIn light of growing opportunities, private investors are pouring into healthcare. That becomes clear throughout \u003ca href=\"/industries/private-capital/our-insights/mckinseys-private-markets-annual-review-archive\"\u003eMcKinsey\u0026rsquo;s annual Global Private Markets Review\u003c/a\u003e, which delves into the data and details of a wide range of private markets asset classes, including private equity, debt, real estate, and infrastructure investing. Healthcare is a recurring theme in this year\u0026rsquo;s report: in 2021, the healthcare sector had the fastest deal-volume growth globally since 2016. Of the largest ten private equity deals in 2021, three were in healthcare, and the largest deal involved a manufacturer and distributor of healthcare supplies. Many of the top 20 private equity firms have dedicated teams for healthcare, which speaks to its growing importance within the\nasset class.\u003c/p\u003e\n\u003cp\u003eThe number of vaccinated US respondents in \u003ca href=\"/industries/healthcare/our-insights/covid-19-consumer-healthcare-insights-what-2021-may-hold\"\u003eMcKinsey\u0026rsquo;s Consumer Health Insights Survey\u003c/a\u003e\u0026nbsp;has remained about the same since November of 2021, when 77 percent reported that they were vaccinated. Approximately 75 percent of respondents to the February survey reported that they\u0026rsquo;d been vaccinated; in addition, 63 percent of vaccinated respondents plan to stay current on COVID-19 vaccinations as recommended by healthcare leaders. Consumers are increasingly comfortable testing for COVID-19 at home; in fact, it now ranks as the most preferred testing location. Additionally, more than half of respondents indicated that they would prefer a health plan with virtual-health benefits.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eIn the next decade, expect giant leaps in outer space. In the latest edition of McKinsey\u0026rsquo;s multimedia \u003cem\u003e\u003ca href=\"/featured-insights/the-next-normal\"\u003eThe Next Normal\u003c/a\u003e \u003c/em\u003eseries, \u0026ldquo;\u003ca href=\"/featured-insights/the-next-normal/space\"\u003eThe future of space: It\u0026rsquo;s getting crowded out there\u003c/a\u003e,\u0026rdquo; McKinsey experts and industry executives envision the space industry\u0026rsquo;s near future. \u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/aerospace-and-defense/our-insights/the-773-billion-question-inflations-impact-on-defense-spending\"\u003eInflation could challenge the buying power of the Department of Defense\u003c/a\u003e (DOD) for the $773 million budget approved for fiscal year 2023. To address these risks, the DOD and industry leaders should increase affordability, improve inventory management, and develop better contracts that will help both buyers and sellers if costs rise.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/operations/our-insights/bridging-the-labor-mismatch-in-us-construction\"\u003eThe US construction sector faces a labor mismatch\u003c/a\u003e. In October 2021, 402,000 construction positions in the United States remained unfilled at the end of the month. That\u0026rsquo;s a headwind for a sector that our modeling suggests could create 3.2 million new jobs across the nonresidential-construction value chain over the next decade. \u003c/li\u003e\n \u003cli\u003eMore than one-fifth of global greenhouse-gas emissions come from agriculture, making \u003ca href=\"/capabilities/mckinsey-digital/our-insights/make-room-for-alternative-proteins-what-it-takes-to-build-a-new-sector\"\u003ethe development and consumer adoption of alternative proteins a meaningful opportunity\u003c/a\u003e\u0026nbsp;to reduce negative climate impacts. Top executives from alternative meat companies spoke to McKinsey about opportunities and challenges facing the industry.\u003c/li\u003e\n \u003cli\u003eOn the latest episode of \u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-podcast\"\u003eThe McKinsey Podcast\u003c/a\u003e\u003c/em\u003e, McKinsey partner Mekala Krishnan talks about \u003ca href=\"/capabilities/sustainability/our-insights/taking-the-first-steps-toward-net-zero-emissions\"\u003ehow companies can get started on the path to net-zero emissions\u003c/a\u003e.\u003c/li\u003e\n \u003cli\u003eOn the \u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-on-consumer-and-retail-podcast\"\u003eMcKinsey on Consumer and Retail Podcast\u003c/a\u003e\u003c/em\u003e, McKinsey retail experts Tiffany Burns and Tyler Harris discuss \u003ca href=\"/industries/retail/our-insights/forecasting-the-future-of-stores\"\u003efive things retailers need to improve in omnichannel sales\u003c/a\u003e, including making the experience more seamless for customers and getting products to customers faster.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eIn our latest edition of\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, Tessa West, an NYU associate professor of psychology, talks about her new book,\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-how-to-handle-your-work-jerk\"\u003eJerks at Work: Toxic Coworkers and What to Do about Them\u003c/a\u003e\u0026nbsp;\u003cem\u003e(Portfolio, January 2022). If anyone in the C-suite embraces jerk behaviors, it\u0026rsquo;s going to trickle down through the company because jerkish behavior is contagious at work, she says.\u003c/em\u003e \u003c/p\u003e\n\u003cp\u003e\u003cem\u003eAlso in\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, science journalist Catherine Price discusses her new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-dont-spoil-the-fun\"\u003eThe Power of Fun: How to Feel Alive Again\u003c/a\u003e \u003cem\u003e(The Dial Press, December 2021). People can improve their mental and physical health by getting in touch with what is really fun for them and making it a priority\u0026mdash;rather than just vegging out in front of a screen, she says.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in McKinsey\u0026rsquo;s Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n[[Ceros covid2]]\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003ch2\u003eCOVID-19: Briefing note #97, March 23, 2022\u003c/h2\u003e\n\u003ch4\u003eUncertainty returns\u0026mdash;but this time, the cause is not COVID-19. \u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eThe COVID-19 pandemic\u003c/strong\u003e created short-term disruptions and provoked long-term changes in how the world lives and does business. Russia\u0026rsquo;s invasion of Ukraine is now doing the same. This week, McKinsey published on what we know about the war and some of its possible global consequences. Among them are likely impacts to supply chains and how companies think about preparing for crises, two of our other topics this week. Another article provides a hopeful look at the investment pouring into decarbonization and renewal of infrastructure.\u003c/p\u003e\n\u003cp\u003eWe, like many others, are shocked by the unfolding humanitarian tragedy resulting from \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/war-in-ukraine-lives-and-livelihoods-lost-and-disrupted\"\u003ethe Russian invasion of Ukraine\u003c/a\u003e\u0026nbsp;(exhibit). \u003c/p\u003e\n[[Exhibit PPPP]]\n\u003cp\u003eAs a result of the war in Ukraine, the era of not looking too closely at supply chains, trusting suppliers, and optimizing for cost is probably over. Those behaviors, already made suspect by new tariff regimes and the COVID-19 pandemic, are now likely to be consigned to history. Our latest research finds that despite progress over the past several years, companies are still struggling to build the capabilities that their \u003ca href=\"/capabilities/operations/our-insights/transforming-supply-chains-do-you-have-the-skills-to-accelerate-your-capabilities\"\u003eemerging digital supply chains\u003c/a\u003e\u0026nbsp;need. The most effective capability-building programs invest in foundational, end-to-end supply chain knowledge building, coupled with advanced functional, technical, and leadership training.\u003c/p\u003e\n\u003cp\u003eAs in any conflict, uncertainty is high, although it is already certain that global consequences will include disruptions to energy and food markets, testing many companies\u0026rsquo; resilience. McKinsey\u0026rsquo;s annual global board survey of approximately 1,500 corporate directors found that a mere 7 percent of respondents gave their boards the highest rating for risk management, and only 40 percent say their organizations are prepared for the next large crisis. On the \u003cem\u003e\u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/inside-the-strategy-room-podcast\"\u003eInside the Strategy Room\u003c/a\u003e\u003c/em\u003e podcast, McKinsey senior adviser Nora Aufreiter; senior partner Celia Huber, who leads McKinsey\u0026rsquo;s board services work in North America; and associate partner Ophelia Usher discussed \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/the-role-of-the-board-in-preparing-for-extraordinary-risk\"\u003ehow boards can improve how they handle big crises\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eThe world will see \u003ca href=\"/capabilities/operations/our-insights/here-comes-the-21st-centurys-first-big-investment-wave-is-your-capital-strategy-ready\"\u003ea once-in-a-lifetime wave of capital spending on physical assets\u003c/a\u003e\u0026nbsp;between now and 2027. Roughly $130 trillion will flood into projects to decarbonize and renew critical infrastructure. But it won\u0026rsquo;t be easy: constructing and justifying the cost of a physical asset such as a manufacturing plant is much more difficult than it was decades ago, given inflation, rigorous sustainability requirements, and rapid changes in technology and regulations. \u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eThe COVID-19 pandemic accelerated online purchases and package deliveries at an unprecedented rate. Even conservative \u003ca href=\"/industries/travel-logistics-and-infrastructure/our-insights/signed-sealed-and-delivered-unpacking-the-cross-border-parcel-markets-promise\"\u003eestimates project that cross-border e-commerce in goods will expand to about $1 trillion\u003c/a\u003e\u0026nbsp;in merchandise value by 2030, from its current value of approximately $300 billion. Regulations and tariffs are also likely to increase, as are customer expectations for speed, decentralized supply chains, and specialist segments. \u003c/li\u003e\n \u003cli\u003eThe increasing frequency and magnitude of economic volatility have put more pressure on traditional financial planning and analysis (FP\u0026amp;A) processes and teams. \u003ca href=\"/capabilities/operations/our-insights/putting-the-a-back-in-f-p-and-a\"\u003eNext-level FP\u0026amp;A teams\u003c/a\u003e\u0026nbsp;have figured out how to build more speed and flexibility into their processes, which can trigger more efficient and effective operations throughout the company.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/life-sciences/our-insights/health-equity-a-framework-for-the-epidemiology-of-care\"\u003eHealth equity is an opportunity and a challenge\u003c/a\u003e for pharmaceutical and life sciences players. By following the data and by working together, organizations can meet needs and create a cycle of trust in underserved communities.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/aerospace-and-defense/our-insights/making-aerospace-diverse-and-dynamic-an-interview-with-airbus-uss-debra-facktor\"\u003eDebra Facktor, head of U.S. Space Systems for Airbus U.S. Space \u0026amp; Defense\u003c/a\u003e, spoke to McKinsey about her job responsibilities, the future of the aerospace sector, and her experience as a woman in a male-dominated industry.\u003c/li\u003e\n \u003cli\u003eOn the \u003cem\u003e\u003ca href=\"https://podcasts.apple.com/sg/podcast/smart-operators-how-leading-companies-use-machine-intelligence/id1598128813?i=1000554105430\"\u003eMcKinsey Talks Operations\u003c/a\u003e\u003c/em\u003e podcast, Bruce Lawler, managing director for the Massachusetts Institute of Technology\u0026rsquo;s Machine Intelligence for Manufacturing and Operations program, and Vijay D\u0026rsquo;Silva, senior partner emeritus at McKinsey, discussed \u003ca href=\"/capabilities/operations/our-insights/smart-operators-how-leading-companies-use-machine-intelligence\"\u003ewhy some companies are pulling ahead of others with machine learning\u003c/a\u003e.\u003c/li\u003e\n \u003cli\u003eOn the \u003cem\u003e\u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/inside-the-strategy-room-podcast\"\u003eInside the Strategy Room\u003c/a\u003e\u003c/em\u003e podcast, Robert Uhlaner, who co-led McKinsey\u0026rsquo;s Strategy \u0026amp; Corporate Finance Practice until his retirement this summer, and Liz Wol, the global leader of McKinsey\u0026rsquo;s work on M\u0026amp;A capability building, discussed \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/programmatic-m-and-a-winning-in-the-new-normal\"\u003eprogrammatic M\u0026amp;A\u003c/a\u003e. This approach to mergers and acquisitions has proven to be the most successful at delivering results\u0026mdash;provided you execute it right.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eOur latest edition of \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e features Reshma Saujani, founder of Girls Who Code and an activist for women\u0026rsquo;s economic empowerment, discussing her new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-where-are-the-women-who-are-missing-from-the-workforce\"\u003ePay Up: The Future of Women and Work (and Why It\u0026rsquo;s Different Than You Think)\u003c/a\u003e\u003cem\u003e (Atria/One Signal Publishers, March 2022). Working mothers are overburdened and exhausted, so companies that want them to come back to the workforce need to help with childcare, paid leave, and mental-health support.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eAlso in \u003c/em\u003eAuthor Talks\u003cem\u003e, retired Navy SEAL commander Rich Diviney talks about his book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-attributes-not-skills-determine-whether-you-cut-it-or-not\"\u003eThe Attributes: 25 Hidden Drivers of Optimum Performance\u003c/a\u003e\u003cem\u003e (Random House, January 2021). Diviney dives into how we can\u0026mdash;and should\u0026mdash;assess and develop our own attributes, equipping ourselves for optimum performance within our lives and throughout our careers. \u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in McKinsey\u0026rsquo;s Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003ch2\u003eCOVID-19: Briefing note #96, March 16, 2022\u003c/h2\u003e\n\u003ch4\u003eOn the second anniversary of the COVID-19-pandemic, we reflect on what we\u0026rsquo;ve learned.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eJust over two years ago, \u003c/strong\u003ethe World Health Organization declared a pandemic. Since then, one in every 1,300 people alive in 2019 has died from infection with SARS-CoV-2. Two years on, it is easy to forget how remarkable the development of COVID-19 vaccines was: moving in just 326 days from a genomic sequence to the authorization of a vaccine shattered all previous records. \u003c/p\u003e\n\u003cp\u003eFor this anniversary, we reflected on \u003ca href=\"/industries/healthcare/our-insights/ten-lessons-from-the-first-two-years-of-covid-19\"\u003eten core lessons of the pandemic\u003c/a\u003e\u0026nbsp;(see sidebar), some of which exposed fault lines in our society and others that demonstrated amazing capabilities. A separate initiative compiled two years\u0026rsquo; worth of research on pandemic impacts, while a third article examined how the pandemic set input prices rising and what to do about it.\u003c/p\u003e\n[[Sidebar 031622]]\n\u003cp\u003eAs part of our examination of where the pandemic took us and what\u0026rsquo;s next, we\u0026rsquo;ve gathered \u003ca href=\"https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/covid-19-where-weve-been-where-we-are-and-where-were-going\"\u003einterviews and articles about COVID-19 from the past two years\u003c/a\u003e. Interviews with General James Mattis; Steven M. Jones, co-inventor of the first Ebola vaccine; and McKinsey senior partner Shubham Singhal addressed the crisis as it occurred. Packages of articles examining the pandemic\u0026rsquo;s effects on areas including healthcare, operations, and sustainable and inclusive growth show how industries have been shaped by the experience and how leaders are looking toward the future. \u003c/p\u003e\n\u003cp\u003eThe aftershocks of the COVID-19 pandemic continue to rock the global economy. Following the shutdowns of 2020 and the supply chain challenges of 2021, another wave of disruptions is now breaking over businesses around the world: \u003ca href=\"/capabilities/operations/our-insights/how-business-operations-can-respond-to-price-increases-a-ceo-guide\"\u003erising input prices\u003c/a\u003e. Accurate cost models and advanced digital operations help organizations respond to rising costs and equip them with the tools and capabilities they need to thrive when prices fall. \u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/risk-and-resilience/our-insights/cybersecurity/cybersecurity-trends-looking-over-the-horizon\"\u003eCybersecurity threats are growing\u003c/a\u003e and threaten companies of all sizes, municipalities, and state and federal governments. The solution is to reinforce defenses by anticipating emerging cyberthreats and understanding the new defensive capabilities that companies can use today and others they can plan to use tomorrow.\u003c/li\u003e\n \u003cli\u003eOn the \u003cem\u003e\u003ca href=\"/industries/healthcare/our-insights/mckinsey-on-healthcare-podcast\"\u003eMcKinsey on Healthcare\u003c/a\u003e\u003c/em\u003e podcast, Errol Pierre, senior vice president of state programs at Healthfirst, discusses what New York\u0026rsquo;s largest not-for-profit insurer learns from \u003ca href=\"/industries/healthcare/our-insights/health-equity-activating-meaningful-change\"\u003eworking with diverse communities\u003c/a\u003e. \u003c/li\u003e\n \u003cli\u003eBy 2020, 40 years after the development of the first commercial machines, \u003ca href=\"/capabilities/operations/our-insights/the-mainstreaming-of-additive-manufacturing\"\u003ethe additive-manufacturing sector\u003c/a\u003e\u0026nbsp;had become a \u0026euro;13.4 billion industry. As technical barriers fall, the onus is on manufacturers to build skills, processes, and business models.\u003c/li\u003e\n \u003cli\u003eMcKinsey\u0026rsquo;s second annual review of \u003ca href=\"/industries/life-sciences/our-insights/germanys-ehealth-transformation-makes-good-but-uneven-progress\"\u003ethe progress of digitization in German healthcare\u003c/a\u003e\u0026nbsp;shows solid uptakes of telemedicine and consumer health apps, but lagging use of e-prescriptions, health-data exchange, and use of electronic health records.\u003c/li\u003e\n \u003cli\u003eMcKinsey and Club 21e Si\u0026egrave;cle created the French Corporate Diversity Barometer to measure the \u003ca href=\"/featured-insights/diversity-and-inclusion/beyond-gender-promoting-diversity-in-french-companies\"\u003ediversity of national origins and socioeconomic backgrounds of the executives of large companies in France\u003c/a\u003e. \u003c/li\u003e\n \u003cli\u003ePrioritizing privacy, sustainability, and inclusion will soon be essential to \u003ca href=\"/industries/technology-media-and-telecommunications/our-insights/responsible-product-management-the-critical-tech-challenge\"\u003esuccessful tech development\u003c/a\u003e. Companies must provide the tools, training, and resources for product managers to make responsible innovation ubiquitous.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/automotive-and-assembly/our-insights/ice-businesses-navigating-the-energy-transition-trend-within-mobility\"\u003eInternal-combustion-engine suppliers must manage uncertainty\u003c/a\u003e during these challenging times for the industry. To succeed, they will need a new operating model that includes formulating dynamic responses to continuing disruptions and focusing on building value through higher return on invested capital. \u003c/li\u003e\n \u003cli\u003eSustainability and digital (particularly e-commerce) will create significant \u003ca href=\"/industries/packaging-and-paper/our-insights/2022-and-beyond-for-the-packaging-industrys-ceos-the-priorities-for-resilience\"\u003echallenges for packaging industry leaders\u003c/a\u003e, as well as once-in-a-lifetime transformational opportunities.\u003c/li\u003e\n\u003c/ul\u003e\n\u003chr /\u003e\n\u003cp\u003e\u003cem\u003eThis week, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vik Malhotra launch their new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-what-separates-the-best-ceos-from-the-rest\"\u003eCEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest\u003c/a\u003e\u003cem\u003e (Scribner, March 2022). The authors spoke about their interviews with 67 CEOs as part of our \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e series and how they identified the traits that separate the best leaders from the pack.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in McKinsey\u0026rsquo;s Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003ch2\u003eCOVID-19: Briefing note #95, March 9, 2022\u003c/h2\u003e\n\u003ch4\u003eAnother global crisis is now overshadowing COVID-19.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eFor the first time\u003c/strong\u003e in two years, concerns about another global crisis overshadowed the COVID-19 pandemic: the Russian government\u0026rsquo;s invasion of Ukraine and the humanitarian tragedy it is causing. Implications for the world economy will become more visible in the coming weeks and months; this week, McKinsey identified some immediate global economic impacts.\nCoincidentally, our other major publishing initiative this week is a deep dive into insurance\u0026mdash;an industry that exists, in essence, in case things go wrong.\u003c/p\u003e\n\u003cp\u003eThe Russian government\u0026rsquo;s invasion of Ukraine is causing a humanitarian crisis and economic risks. Our \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/global-economics-intelligence-executive-summary-february-2022\"\u003eGlobal Economics Intelligence executive summary\u003c/a\u003e\u0026nbsp;for February discusses how the invasion of Ukraine has mostly set energy prices surging. The oil price (Brent) was near $60 per barrel on December 1 but climbed steadily thereafter, touching $100 in late February. The price of natural gas and coal has similarly climbed during this period (exhibit). Prior to the invasion, the US dollar was depreciating slightly against most major currencies; it is now rising in value. Other immediate economic effects were spikes in the prices of gold, crude oil, and natural gas, as well as stock market losses. \u003c/p\u003e\n[[Exhibit OOOO]]\n\u003cp\u003eAs part of our celebration of International Women\u0026rsquo;s Day 2022, \u003ca href=\"/industries/financial-services/our-insights/insurance/women-in-insurance-leading-voices-on-trends-affecting-insurers\"\u003e20 female McKinsey partners offer insights in a series of interviews on the insurance industry\u003c/a\u003e. Topics include operations, growth, claims management, underwriting, product innovation, digital business building, and motor insurance. Further interviews examine women\u0026rsquo;s representation in the insurance industry and look at the broader issue of diversity in insurance. \u003c/p\u003e\n\u003cp\u003eNew customer expectations, low interest rates, and new sources of competition (such as leading tech companies, insurtechs, and third-party capital) are putting \u003ca href=\"/industries/financial-services/our-insights/five-steps-to-improve-innovation-in-the-insurance-industry\"\u003epressure on insurance carriers to be more innovative\u003c/a\u003e. It\u0026rsquo;s not easy: successfully profiting from innovation is a complex, company-wide endeavor, and most insurers have not yet consistently cracked this code. Steps for building innovation into the way an organization works include shifting resources from core business tasks to breakthrough innovation initiatives and developing distinct product-development pathways and processes.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/industries/financial-services/our-insights/developing-an-effective-m-and-a-blueprint-for-insurers\"\u003eInsurers should consider programmatic M\u0026amp;A\u003c/a\u003e: systematically acquiring small to midsize businesses, services, and capabilities and integrating them as new businesses or capabilities. Insurers can use this approach to tackle issues including sustaining growth in core life and annuity businesses and enhancing property and casualty presence in growth markets.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eOn \u003ca href=\"/capabilities/quantumblack/our-insights/iot-comes-of-age\"\u003e\u003cem\u003eThe McKinsey Podcast\u003c/em\u003e, McKinsey partners Michael Chui and Mark Collins\u003c/a\u003e share their thoughts on the findings of McKinsey\u0026rsquo;s latest \u003ca href=\"/capabilities/mckinsey-digital/our-insights/iot-value-set-to-accelerate-through-2030-where-and-how-to-capture-it\"\u003eInternet of Things (IoT) report\u003c/a\u003e. Fast-growing areas include consumer applications (especially in the connected home); hospital, acute-care, and residential-care settings; and factories, cities, and work sites. Integrating IoT is often easier in greenfield settings but harder to integrate into legacy environments.\u003c/li\u003e\n \u003cli\u003eOf 346 large M\u0026amp;A deals announced between 2013 and 2020, 47 were \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/fix-them-first-executing-regulation-driven-separations\"\u003ecanceled for antitrust or regulatory reasons\u003c/a\u003e. While executing remedy separations, it is vital to adhere to the perimeter set by regulators, move fast in identifying potential buyers, and ensure a close integration between the remedy separation process and the overall transaction and integration process. \u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eIn this edition of \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, Deepa Purushothaman talks about her new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-forge-your-power\"\u003eThe First, the Few, the Only: How Women of Color Can Redefine Power in Corporate America\u003c/a\u003e\u003cem\u003e (Harper Collins, March 2022). Drawing on more than 500 original interviews, Purushothaman examines work life for women of color and what needs to change to improve their experiences.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in McKinsey\u0026rsquo;s Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003ch2\u003eCOVID-19: Briefing note #94, March 3, 2022\u003c/h2\u003e\n\u003ch4\u003eThe COVID-19 pandemic may finally be ending.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eA new variant \u003c/strong\u003emay yet trigger another chapter in the COVID-19 pandemic, and societies must be prepared to respond if and when that happens. But for now, the pandemic phase looks to be ending. With a possible conclusion in sight, this week McKinsey focused on how postpandemic workforces can be supported with expanded opportunity, digital tools, more equitable promotions, and better office design.\u003c/p\u003e\n\u003cp\u003eIn the latest edition of our \u0026ldquo;\u003ca href=\"/industries/healthcare/our-insights/when-will-the-covid-19-pandemic-end\"\u003eWhen will the COVID-19 pandemic end\u003c/a\u003e?\u0026rdquo; series, McKinsey examined scenarios that would lead to either reigniting a pandemic-level crisis or further steps toward endemicity. As long as Omicron remains the dominant variant, there is reason for relative optimism; in the United States, for example, hospitalizations would remain low (exhibit). By and large, the six-month outlook in many countries is brighter than at any time in the past two years. The main risk to the transition to endemicity is a significantly different and more severe new variant that replaces Omicron as the dominant strain.\u003c/p\u003e\n[[Exhibit NNNN]]\n\u003cp\u003eThe latest episode of the McKinsey Global Institute\u0026rsquo;s \u003cem\u003e\u003ca href=\"/mgi/forward-thinking\"\u003eForward Thinking\u003c/a\u003e\u003c/em\u003e podcast features \u003ca href=\"/featured-insights/employment-and-growth/forward-thinking-on-pandemic-paradoxes-labor-market-myths-and-cowboy-capitalism-with-david-autor\"\u003eDavid Autor, the Ford Professor of Economics at the Massachusetts Institute of Technology\u003c/a\u003e. Autor identifies pandemic paradoxes, which include that many thought US poverty and joblessness would skyrocket, but the opposite occurred when poverty rates plummeted to unprecedented lows and the United States ended up with a labor shortage. Leaders should think about ways to expand opportunities, including by being honest with themselves and the labor market about which jobs truly require a college degree.\u003c/p\u003e\n\u003cp\u003eOn \u003cem\u003e\u003ca href=\"/capabilities/people-and-organizational-performance/mckinsey-talks-talent-podcast\"\u003eMcKinsey Talks Talent\u003c/a\u003e\u003c/em\u003e, HR expert David Green speaks with McKinsey talent experts Bryan Hancock and Bill Schaninger. \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/talent-at-a-turning-point-how-people-analytics-can-help\"\u003eHR leaders can use people analytics\u003c/a\u003e\u0026nbsp;to identify big-picture attrition patterns, illuminate how office space is being used, and automate parts of the recruiting process, including finding diverse candidates.\u003c/p\u003e\n\u003cp\u003eIn technical roles, only 52 women are promoted to manager for every 100 men, according to McKinsey\u0026rsquo;s \u003ca href=\"/featured-insights/diversity-and-inclusion/women-in-the-workplace-archive\"\u003e\u003cem\u003eWomen in the Workplace 2021\u003c/em\u003e\u003c/a\u003e\u0026nbsp;report, coauthored with LeanIn.Org. \u003ca href=\"/industries/technology-media-and-telecommunications/our-insights/repairing-the-broken-rung-on-the-career-ladder-for-women-in-technical-roles\"\u003eCompanies can improve women\u0026rsquo;s promotion rates\u003c/a\u003e\u0026nbsp;by providing equitable access to skill building, implementing a structured promotion process that seeks to remove bias, and building a strong culture of support for women via mentors and sponsors.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/industries/real-estate/our-insights/the-rebirth-of-workspace-design-an-interview-with-gensler-co-ceo-diane-hoskins\"\u003eDiane Hoskins, co-CEO of Gensler, a global design and architecture firm\u003c/a\u003e, has been thinking about effective workplaces for decades and is now helping her clients navigate the next normal. In a conversation with McKinsey Real Estate Practice leader Aditya Sanghvi, Hoskins discusses how COVID-19 made it even more essential to design offices around organizational strategies, leadership models, operational frameworks, and potential outcomes of a company.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eThe Consumer Price Index rose faster in January than at any time in the prior 40 years. \u003ca href=\"/capabilities/growth-marketing-and-sales/our-insights/five-ways-to-adapt-pricing-to-inflation\"\u003eBusinesses facing inflation are caught\u003c/a\u003e\u0026nbsp;between the need to reprice and sustain margins and the damage this can do to customer relationships and sales. McKinsey\u0026rsquo;s suggested approach can help companies establish sales-led pricing for inflation while maintaining long-term value for the business and its customers.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/risk-and-resilience/our-insights/financial-institutions-and-nonfinancial-risk-how-corporates-build-resilience\"\u003eBanks can learn to manage nonfinancial risks\u003c/a\u003e by observing the effective approaches corporates have developed. These include embedding risk into strategy and improving overall resilience.\u003c/li\u003e\n \u003cli\u003eOur analysis suggests that in 2030, demand for green steel in Europe could be twice as great as the available supply, and there may be global shortages of recycled aluminum and recycled plastic. By planning \u003ca href=\"/capabilities/sustainability/our-insights/its-not-easy-buying-green-how-to-win-at-sustainable-sourcing\"\u003egreen-materials sourcing strategies\u003c/a\u003e, companies can achieve immediate emissions reductions and sustain progress toward longer-term goals.\u003c/li\u003e\n \u003cli\u003eCOVID-19 accelerated the sophistication of \u003ca href=\"/industries/travel-logistics-and-infrastructure/our-insights/five-things-to-know-about-the-chinese-logistics-market-heading-into-2022\"\u003eChina\u0026rsquo;s logistics industry\u003c/a\u003e, a crucial node in the global supply chain. Greater consolidation and integration are likely in some subsectors\u0026mdash;such as third-party logistics and express-delivery carriers\u0026mdash;and expect growth in other areas, such as warehouse automation and air cargo.\u003c/li\u003e\n \u003cli\u003eOn the \u003cem\u003e\u003ca href=\"https://podcasts.apple.com/us/podcast/mckinsey-on-government/id1573645359\"\u003eMcKinsey on Government\u003c/a\u003e\u003c/em\u003e podcast, McKinsey senior partner Scott Blackburn and partner Brooke Weddle discuss how the US government\u0026rsquo;s leaders can implement an effective transformation.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eIn this edition of \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003e\u003c/a\u003e\u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003e\u003c/a\u003e, Whitney Johnson, the CEO of tech-enabled talent agency Disruption Advisors, talks about her new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-all-along-the-s-curve\"\u003eSmart Growth: How to Grow Your People to Grow Your Company\u003c/a\u003e\u003cem\u003e\u0026nbsp;(Harvard Business Review Press, January 2022). Mastering new skills follows an S-curve, where there\u0026rsquo;s a difficult introductory phase, a \u0026ldquo;sweet spot\u0026rdquo; where you\u0026rsquo;re enjoying applying new knowledge, and an end part of the curve where boredom can set in. Leaders need to understand where their teams are to create the right supports for each phase, Johnson says.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in McKinsey\u0026rsquo;s Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003ch2\u003eCOVID-19: Briefing note #93, February 23, 2022\u003c/h2\u003e\n\u003ch4\u003eThe COVID-19-pandemic accelerated our need for a new kind of growth.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eThe COVID-19 pandemic\u003c/strong\u003e served as an accelerant in multiple ways. This week, McKinsey looked at how the pandemic spurred the adoption of telehealth and e-commerce, exacerbated pressure on nurses, and made company operations more complex. In the big picture, it increased the urgency for a new vision of global growth, one that benefits more people and leaves our planet healthy.\u003c/p\u003e\n\u003cp\u003eCrises such as COVID-19 can become watersheds of policy and strategy. In an editorial published in \u003cem\u003eFortune\u003c/em\u003e, Klaus Schwab, the founder and executive director of the World Economic Forum, and Bob Sternfels, McKinsey\u0026rsquo;s global managing partner, propose pursuing \u003ca href=\"/capabilities/risk-and-resilience/our-insights/three-keys-to-a-resilient-postpandemic-recovery\"\u003ea sustainable, inclusive growth agenda\u003c/a\u003e\u0026nbsp;that supports the health of the natural environment while improving the livelihoods of wider population segments. Leaders can shape a resilience agenda by addressing the interrelationships between climate, healthcare, labor needs, supply chains, digitization, finance, and inequality and economic development. \u003c/p\u003e\n\u003cem\u003e\n[[PullQuote 3]]\n\u003c/em\u003e\n\u003cp\u003eThe pandemic ignited telehealth: as of mid-2021, \u003ca href=\"/industries/healthcare/our-insights/telehealth-a-quarter-trillion-dollar-post-covid-19-reality\"\u003eutilization was 38 times higher\u003c/a\u003e\u0026nbsp;than before the pandemic. However, McKinsey\u0026rsquo;s most recent Physician Survey showed that \u003ca href=\"/industries/healthcare/our-insights/patients-love-telehealth-physicians-are-not-so-sure\"\u003emost doctors don\u0026rsquo;t love telehealth as much as patients do\u003c/a\u003e. Most expect to return to a primarily in-person delivery model over the next year, and 62 percent said they recommend in-person over virtual care to patients. \u003c/p\u003e\n\u003cp\u003eThe pandemic essentially forced consumers to try e-commerce and to increasingly rely on product ratings and reviews to give them the confidence to make purchases. The total number of global reviews roughly doubled in the year after COVID-19 started. On \u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-podcast\"\u003eThe McKinsey Podcast\u003c/a\u003e\u003c/em\u003e, McKinsey partner Dave Fedewa and McKinsey senior expert Chauncey Holder discuss how \u003ca href=\"/capabilities/operations/our-insights/why-business-must-heed-customer-reviews\"\u003ecompanies need to adapt to the new world in which reviews matter more than ever\u003c/a\u003e. \u003c/p\u003e\n\u003cp\u003eHealthcare workers and their organizations continue to face unparalleled demands stemming from the COVID-19 pandemic. \u003ca href=\"/industries/healthcare/our-insights/surveyed-nurses-consider-leaving-direct-patient-care-at-elevated-rates\"\u003eThirty-two percent of registered nurses surveyed in the United States in November said they may leave\u003c/a\u003e\u0026nbsp;their current direct-patient-care role, according to McKinsey\u0026rsquo;s latest research. Healthcare organizations can consider a number of medium- and longer-term strategies to support their workforces. \u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/capabilities/operations/our-insights/how-good-are-your-internal-operations-really\"\u003eAs companies look at areas to automate, they need a clear, complete picture of service processes\u003c/a\u003e. The complexity of services, which often involve coordinating multiple functions in nonlinear ways, makes bad handoffs a perpetual problem. Add to these factors the burgeoning number of customer touchpoints and the accelerated move to remote working since the start of the COVID-19 pandemic, and the challenge looms even larger. An approach we call process insights\u0026mdash;which marries technology tools and analytics in a disciplined, three-stage process\u0026mdash;shows promise.\u003c/p\u003e\n\u003cp\u003eWhile our theme this week is the pandemic\u0026rsquo;s accelerating effects, we also looked at the opposite: how COVID-19 can spur lightning-fast pullbacks. Although consumer confidence is growing, desire for travel has shown a faltering recovery due to sporadic COVID-19 outbreaks. \u003ca href=\"/industries/travel-logistics-and-infrastructure/our-insights/outlook-for-china-tourism-in-2022-trends-to-watch-in-uncertain-times\"\u003eOur examination of China\u0026rsquo;s tourism industry\u003c/a\u003e\u0026nbsp;showed that a predictable pattern is emerging where desire for travel recovers roughly two months after a decline. Furthermore, travelers\u0026rsquo; preferences are shifting, with implications for travel companies.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eSigned in November, the US Infrastructure Investment and Jobs Act will provide more than $1 trillion in public investment. One core component of the legislation is \u003ca href=\"/industries/public-sector/our-insights/the-us-bipartisan-infrastructure-law-reinvesting-in-water\"\u003eaddressing the country\u0026rsquo;s aging water system\u003c/a\u003e. The act provides funding to replace lead pipes, address emerging contaminants in small and disadvantaged communities, and support rural water projects.\u003c/li\u003e\n \u003cli\u003eA relative lack of top software companies threatens Europe\u0026rsquo;s economic competitiveness. But \u003ca href=\"/industries/technology-media-and-telecommunications/our-insights/reversal-of-fortune-how-european-software-can-play-to-its-strengths\"\u003eEurope could take a lead in software\u003c/a\u003e\u0026nbsp;and build large players by playing to the continent\u0026rsquo;s strengths: vertical B2B software, software platforms for digitizing small and medium-size enterprises, and horizontal platforms built on European R\u0026amp;D excellence.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/operations/our-insights/reaching-excellence-in-software-procurement\"\u003eSoftware sourcing\u003c/a\u003e, now a major driver of overall product cost, requires critical investments in capabilities and technologies, as well as significant financial resources. Those players that can procure software and related services at minimum cost and risk have a distinct competitive advantage.\u003c/li\u003e\n \u003cli\u003eAsian acquirers are key players in \u003ca href=\"/featured-insights/asia-pacific/m-and-a-and-asia-learning-from-the-best\"\u003ethe Asian M\u0026amp;A landscape\u003c/a\u003e, and many are setting their sights worldwide. Our research finds that the most effective dealmakers practice \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/repeat-performance-the-continuing-case-for-programmatic-m-and-a\"\u003eprogrammatic M\u0026amp;A\u003c/a\u003e\u0026nbsp;tied directly to a stated strategy. \u003c/li\u003e\n \u003cli\u003eOn the \u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-on-consumer-and-retail-podcast\"\u003eMcKinsey on Consumer and Retail\u003c/a\u003e\u003c/em\u003e podcast, McKinsey partner David Feber and Amcor CEO and managing director Ron Delia talk about \u003ca href=\"/industries/consumer-packaged-goods/our-insights/creating-good-packaging-for-packaged-goods\"\u003eexciting innovations that could transform the packaging industry\u003c/a\u003e.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eThis week in \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, Ruchika Tulshyan, an award-winning inclusion strategist and speaker, discusses her new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-dont-call-it-diverse\"\u003eInclusion on Purpose: An Intersectional Approach to Creating a Culture of Belonging at Work\u003c/a\u003e\u003cem\u003e (MIT Press, March 2022). She explores the bias behind terms such as \u0026ldquo;lean in\u0026rdquo; and \u0026ldquo;culture fit\u0026rdquo; and proposes that inclusion efforts target the needs of women of color.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cem\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/em\u003e\n\u003ch2\u003eCOVID-19: Briefing note #92, February 16, 2022\u003c/h2\u003e\n\u003ch4\u003eAs Omicron reminded us, health is everything.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eMcKinsey focused on\u003c/strong\u003e health this week, starting with a discussion of how Omicron has played out so far and what is likely next in the pandemic\u0026rsquo;s trajectory. An article on women\u0026rsquo;s health explores the remarkable tradition of viewing it as a healthcare niche, rather than a core concern of half the world\u0026rsquo;s population. Technology is increasingly merging with healthcare, so we extrapolated this theme further to examine how to keep companies\u0026rsquo; technology healthy.\u003c/p\u003e\n\u003cp\u003eIn this episode of \u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-podcast\"\u003eThe McKinsey Podcast\u003c/a\u003e\u003c/em\u003e, Shubham Singhal, senior partner and global leader of McKinsey\u0026rsquo;s Healthcare and Public \u0026amp; Social Sector Practices, reflects on \u003ca href=\"/industries/healthcare/our-insights/new-variant-new-challenges-how-are-we-coping-with-omicron\"\u003ewhere Omicron has taken us so far and where we go from here\u003c/a\u003e. Omicron spread so fast because it evades prior immunity and is more transmissible, allowing it to out-compete the previously dominant strain. Society will begin viewing COVID-19 as endemic when we\u0026rsquo;re comfortable getting on with life even though the risk of disease is not zero (and for the unvaccinated, it remains high). \u003c/p\u003e\n\u003cp\u003eHalf of the world\u0026rsquo;s population is women, and women account for 80 percent of consumer-purchasing decisions in the healthcare industry. Yet \u003ca href=\"/industries/healthcare/our-insights/unlocking-opportunities-in-womens-healthcare\"\u003ewomen\u0026rsquo;s health has been considered a niche market\u003c/a\u003e\u0026nbsp;and a mere subset of healthcare. A particularly illuminating statistic: only 1 percent of healthcare research and innovation is invested in female-specific conditions beyond oncology. Changing how the industry thinks about women\u0026rsquo;s health is an important step toward identifying value-creating opportunities for meeting women\u0026rsquo;s healthcare needs.\u003c/p\u003e\n\u003cem\u003e\n[[PullQuote 2]]\n\u003c/em\u003e\n\u003cp\u003e\u003ca href=\"/industries/healthcare/our-insights/the-dawn-of-the-femtech-revolution\"\u003eFemTech is an emerging category\u003c/a\u003e consisting of tech-enabled, consumer-centric solutions addressing women\u0026rsquo;s health. Depending on scope, estimates for FemTech\u0026rsquo;s current market size range from $500 million to $1 billion, and forecasts suggest opportunities for double-digit revenue growth. Our analysis of 763 companies indicates that the dynamics underlying FemTech are accelerating and that public awareness, company formation, and funding are surging.\u003c/p\u003e\n\u003cp\u003eWhen employees feel understood and supported by their employers, they tend to be happier, more effective, and more likely to stick around. \u003ca href=\"/capabilities/operations/our-insights/how-ai-driven-nudges-can-transform-an-operations-performance\"\u003eCompanies can use the power of AI and machine learning to coach employees\u003c/a\u003e. An AI-driven system can be designed to identify key moments when employees would benefit from a \u0026ldquo;nudge\u0026rdquo; that guides them toward positive actions, including improving their health, accessing training, and trying a different performance approach. \u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/capabilities/risk-and-resilience/our-insights/ransomware-prevention-how-organizations-can-fight-back\"\u003eTo protect the health of our work environments from ransomware\u003c/a\u003e, everyone from the board and C-suite to down the line must work to ingrain security into an organization\u0026rsquo;s DNA. Ransomware costs are expected to reach $265 billion by 2031. Supply chain attacks rose by 42 percent in the first quarter of 2021 in the United States, affecting up to seven million people, while security threats against industrial control systems and operational technology more than tripled in 2020.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eMcKinsey\u0026rsquo;s \u003cem\u003e\u003ca href=\"/industries/financial-services/our-insights/creating-value-finding-focus-global-insurance-report-2022\"\u003eGlobal Insurance Report 2022\u003c/a\u003e\u003c/em\u003e explores long-term challenges facing the industry as well as a raft of trends unleashed by COVID-19. Insurers face fundamental strategic questions of how to create more value for shareholders and how to reframe the role of insurance in society. The report proposes nine imperatives that will help carriers navigate the current environment and focus on the businesses of which they are the best natural owners.\u003c/li\u003e\n \u003cli\u003eWith a target of a 78 percent reduction in economy-wide greenhouse-gas emissions by 2035 now enshrined in law, there is a strong impetus to \u003ca href=\"/industries/electric-power-and-natural-gas/our-insights/facing-the-future-net-zero-and-the-uk-electricity-sector\"\u003etransition the United Kingdom\u0026rsquo;s energy system to net zero\u003c/a\u003e. Looking at electricity demand, technology, and the grid, McKinsey examines options available to investors, regulators, policy makers, and energy companies.\u003c/li\u003e\n \u003cli\u003eCompanies used to outsource business processes primarily as a cost-saving strategy. Today, \u003ca href=\"/capabilities/operations/our-insights/getting-business-process-outsourcing-right-in-a-digital-future\"\u003ecompanies outsource to capitalize on sophisticated provider offerings\u003c/a\u003e,\u0026nbsp;including customized industry solutions and advances in digital technology, such as AI, analytics, and machine learning.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eIn this edition of \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e Amy Webb, a leading futurist and business adviser, talks about her recent book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-hacking-into-humanity\"\u003eThe Genesis Machine: Our Quest to Rewrite Life in the Age of Synthetic Biology\u003c/a\u003e\u003cem\u003e (Hachette Book Group, February 2022), coauthored by microbiologist Andrew Hessel. The book explores a new field of science that combines engineering, design, and computers with biology, enabling the engineering of living cells. Webb says that synthetic biology\u0026mdash;the ability to reprogram the fundamental units of life\u0026mdash;is going to change industries such as healthcare, agriculture, and industrial materials.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cem\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/em\u003e\n\u003ch2\u003eCOVID-19: Briefing note #91, February 9, 2022\u003c/h2\u003e\n\u003ch4\u003eThe CEO job description just got a bit longer.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eCEOs have always carried\u003c/strong\u003e a heavy workload, but the issues they confront today add several fresh layers. Climate change requires a new way of looking at asset value that models the potential impact of various types of risk. COVID-19 and its aftermath means leaders must engage empathetically in topics relating to their employees\u0026rsquo; well-being. This week, McKinsey examined how the pandemic and other world events have added to leaders\u0026rsquo; list of most important tasks.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/industries/real-estate/our-insights/climate-risk-and-the-opportunity-for-real-estate\"\u003eClimate change and the risks it imposes upon assets and markets\u003c/a\u003e is one of the biggest challenges confronting CEOs and other leaders today. The real-estate industry is already facing the need to build new capabilities that allow it to assess how climate-change risks alter values and what subsequent actions to take. Part of capability building involves understanding both physical risks and transition risks stemming from regulatory, social, and market reactions to climate change (exhibit). Once real estate and other leaders understand value impact, they can proceed to decarbonizing and finding new sources of value throughout the climate transition.\u003c/p\u003e\n[[Exhibit MMMM]]\n\u003cp\u003e\u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/back-and-forth-covid-19s-impact-on-business-in-2021-and-today\"\u003eCOVID-19 brought on a new set of employee pressures\u003c/a\u003e, including trying to take care of work and children at a time when school doors close suddenly, and managing the 24/7 nature of working from home. These burdens also imply a new set of pressures for CEOs and other leaders as they attempt to support overburdened workforces. On the \u003cem\u003e\u003ca href=\"/capabilities/people-and-organizational-performance/mckinsey-talks-talent-podcast\"\u003eMcKinsey Talks Talent\u003c/a\u003e\u003c/em\u003e podcast, McKinsey talent experts Bryan Hancock and Bill Schaninger discuss how leaders must engage in employees\u0026rsquo; lives and well-being in ways they seldom did in the past. \u003c/p\u003e\n\u003cp\u003eWe\u0026rsquo;re in \u003ca href=\"/featured-insights/sustainable-inclusive-growth/the-labor-market-is-upside-down-heres-what-ceos-can-do-about-it\"\u003eone of the most bewildering labor markets\u003c/a\u003e\u0026nbsp;in a generation, said Asutosh Padhi, McKinsey\u0026rsquo;s managing partner for North America, in a CNN Business Perspectives commentary. CEOs can respond by expanding recruitment efforts to people who have work experience but don\u0026rsquo;t have degrees; supporting more \u0026ldquo;gateway jobs,\u0026rdquo; or stepping-stone positions that provide an income boost; and by challenging their organizations to embrace a more inclusive, skills-based approach to hiring and talent management.\u003c/p\u003e\n\u003cp\u003eAcross industries, product-development functions are encountering a perfect storm of \u003ca href=\"/industries/travel-logistics-and-infrastructure/our-insights/overcoming-global-supply-chain-challenges\"\u003esupply chain issues\u003c/a\u003e\u0026nbsp;arising from the pandemic, the current \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/great-attrition-or-great-attraction-the-choice-is-yours\"\u003elabor mismatch\u003c/a\u003e, and evergreen themes of managing cost, quality, and time. Rather than becoming part of the much-bemoaned war for talent, \u003ca href=\"/capabilities/operations/our-insights/operations-blog/winning-the-war-for-talent-in-product-development\"\u003ecompanies can develop the capabilities of their existing workforce\u003c/a\u003e\u0026nbsp;to fill skills gaps.\u003c/p\u003e\n\u003cp\u003eAs the economy continues to reel from the effects of COVID-19, \u003ca href=\"/capabilities/operations/our-insights/unleashing-the-next-wave-of-productivity-in-corporate-business-functions\"\u003econsumer-packaged-goods companies are under more pressure\u003c/a\u003e\u0026nbsp;than ever. Prices for food and packaging commodities have increased by more than 22 percent. Manufacturing wages and labor costs rose in 2020 from 5 to 20 percent of total costs. To respond to these rapid, sweeping changes, companies need to transform their operating models to the new reality.\u003c/p\u003e\n\u003cp\u003eGiven that economies are expected to shift away from stimulus spending and other policy supports, forecasters and economists generally project a slower pace for global growth in 2022\u0026mdash;but one that is still faster than prepandemic levels. \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/global-economics-intelligence-executive-summary-january-2022\"\u003eJanuary\u0026rsquo;s Global Economics Intelligence executive summary\u003c/a\u003e\u0026nbsp;focuses on how inflation is playing out around the world, efforts to control it, and its impact on growth and employment. \u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eTo better understand \u003ca href=\"/industries/packaging-and-paper/our-insights/sustainability-in-packaging-global-regulatory-development-across-30-countries\"\u003erecent developments in sustainable packaging\u003c/a\u003e, we mapped regulations in 30 countries and found four common patterns. To ensure they comply with evolving requirements, packaging companies should track regulatory changes in their focus markets and implement processes to address future requirements proactively.\u003c/li\u003e\n \u003cli\u003eResponding to a McKinsey survey, two out of three Americans told us their social values now shape their shopping choices, and 45 percent believe retailers should actively support Black-owned businesses and brands. Most retailers will need to make changes to meet the needs of these \u003ca href=\"/industries/retail/our-insights/the-rise-of-the-inclusive-consumer\"\u003e\u0026ldquo;inclusive consumers\u0026rdquo;\u003c/a\u003e by sourcing products that dovetail with consumer values and by communicating the changes to the public. \u003c/li\u003e\n \u003cli\u003eUp to four-fifths of \u003ca href=\"/capabilities/operations/our-insights/product-sustainability-back-to-the-drawing-board\"\u003ea product\u0026rsquo;s lifetime emissions\u003c/a\u003e\u0026nbsp;are determined by decisions made at the design stage. By building on proven cost-optimization techniques, companies can get those choices right.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/five-agility-myths-in-energy-and-heavy-industries\"\u003eMyths often hold back heavy industries from activating agile working practices\u003c/a\u003e. However, agility in heavy-industry organizations can be used to make operational improvements, to enhance run activities, to augment all-important safety standards, and ultimately to become an enduring source of competitive advantage.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eIn this edition of \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e, Neil Hoyne, Google\u0026rsquo;s chief measurement strategist, discusses his new book \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-building-consumer-trust-with-googles-neil-hoyne\"\u003eConverted: The Data-Driven Way to Win Customers\u0026rsquo; Hearts\u003c/a\u003e\u003cem\u003e (Penguin Random House, February 2022). Data alone is not the answer for companies trying to grow, Hoyne says. Instead, companies can find growth by creating the right data strategy, leadership, and processes.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cem\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/em\u003e\n\u003ch2\u003eCOVID-19: Briefing note #90, February 2, 2022\u003c/h2\u003e\n\u003ch4\u003eThe postpandemic world calls for fresh leadership ideas.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eOrganizations increasingly recognize\u003c/strong\u003e that modern leadership means knowing how to make the most of digitization and technology, diverse talent, and the opinions of a range of stakeholders. This week, McKinsey dug for the details. Articles and an interactive explore how companies can take advantage of advanced-intelligence technology and become truly data driven. A new interview series illuminates how three Black leaders developed their leadership styles, while further articles explore casting the idea net wider.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/capabilities/operations/our-insights/toward-smart-production-machine-intelligence-in-business-operations\"\u003eLeading industrial and manufacturing companies are using machine-intelligence technologies\u003c/a\u003e to move the needle on a broad set of performance indicators, achieving three or four times the impact of average players. The full scale of the opportunity is set to continue as more use cases evolve from simple dashboards to greater levels of autonomy.\u003c/p\u003e\n[[Exhibit LLLL]]\n\u003cp\u003e\u003ca href=\"/capabilities/quantumblack/our-insights/the-data-driven-enterprise-of-2025\"\u003eWhat exactly does it mean to be a data-driven enterprise\u003c/a\u003e, and what would such an organization look like by 2025? Our interactive helps executives envision success by defining seven characteristics of a data-driven organization, how each would differ from what we typically see today, and how to achieve each step. Companies able to make the most progress fastest stand to capture the highest value from data-supported capabilities.\u003c/p\u003e\n\u003cp\u003eMcKinsey created the Connected Leaders Academy to equip Black, Hispanic, Latino, and Asian leaders with the network and capabilities to achieve their professional aspirations. In \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/my-leadership-journey\"\u003eour new interview series\u003c/a\u003e, My Leadership Journey, participants from the private sector, academia, the arts, and other walks of life reflect on their formative experiences and leadership styles. \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/always-connect-never-give-up-an-interview-with-jason-wright\"\u003eJason Wright, president of Washington\u0026rsquo;s football team, the Commanders\u003c/a\u003e, told McKinsey about getting cut nine times from the NFL and talking his way back to opportunity by honing a narrative about what he could contribute. \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/dont-leave-points-on-the-table-an-interview-with-lockheed-martins-stephanie-hill\"\u003eStephanie Hill, executive vice president of Lockheed Martin\u0026rsquo;s Rotary and Mission Systems\u003c/a\u003e, discussed the importance of accepting uncomfortable challenges to build a career. \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/being-intentional-and-being-lucky-an-interview-with-barry-lawson-williams\"\u003eBarry Lawson Williams, founder and former managing general partner of Williams Pacific Ventures\u003c/a\u003e, who has also served on 16 major public-company boards, spoke about how he built a network that helped position him for lucky breaks.\u003c/p\u003e\n\u003cp\u003eWhat does an army veteran who has returned from deployment five times have to teach a McKinsey organizational expert? Plenty, as a letter and conversations between Adria Horn, executive vice president of workforce at Tilson, a national telecom provider, and senior partner Aaron De Smet revealed. Horn reached out to McKinsey after reading about \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/great-attrition-or-great-attraction-the-choice-is-yours\"\u003ehow companies can reengage employees postpandemic\u003c/a\u003e. She shared her view of \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/a-military-veteran-knows-why-your-employees-are-leaving\"\u003eparallels between soldiers returning from war zones and employees coming back\u003c/a\u003e\u0026nbsp;to the office after living through the COVID-19 pandemic. The resulting conversation explores the alienation of return and how employers can work from a place of empathy.\u003c/p\u003e\n\u003cp\u003eBrainstorming is supposed to result in conversations like the one between Horn and De Smet. But too often, the value of casting the net wide for opinions is undercut by participants feeling pressured to conform. A structured approach that guides a group through \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/bias-busters-a-better-way-to-brainstorm\"\u003eanonymous brainstorming\u003c/a\u003e\u0026nbsp;and silent voting removes some of the risks that can thwart honest discussion.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eBased on a survey of physicians who serve predominantly Medicare fee-for-service and Medicare Advantage patients, we estimate that up to $265 billion worth of \u003ca href=\"/industries/healthcare/our-insights/from-facility-to-home-how-healthcare-could-shift-by-2025\"\u003ecare services could shift from traditional facilities to the home by 2025\u003c/a\u003e\u0026nbsp;without a reduction in quality or access. Care at Home could create value for payers, healthcare facilities and physician groups, providers, technology companies, investors, and, above all, patients. \u003c/li\u003e\n \u003cli\u003eKorean companies would benefit from portfolio restructuring by making governance more transparent and by advancing women\u0026rsquo;s equality at work. In a wide-ranging conversation, Andr\u0026eacute; Andonian, managing partner of McKinsey Korea, discusses McKinsey\u0026rsquo;s near- and long-term goals in the country and \u003ca href=\"/featured-insights/asia-pacific/korean-companies-need-bolder-transformation-to-survive-post-pandemic-world\"\u003ehow Korea is preparing for the post-COVID-19 economy\u003c/a\u003e.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/aerospace-and-defense/our-insights/space-investment-shifts-from-geo-to-leo-and-now-beyond\"\u003eInvestors are directing more funds to projects involving lunar and beyond orbital regimes\u003c/a\u003e, which have traditionally attracted less attention than regimes at lower altitudes. All signs point to continued growth.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eEven the most seasoned professional was a neophyte at some point, a fact celebrated in our \u003c/em\u003e\u003ca href=\"/featured-insights/my-rookie-moment\"\u003eMy Rookie Moment\u003c/a\u003e\u003cem\u003e video series, in which McKinsey colleagues discuss the first time they had to deal with a particular challenge. The latest edition features stories about \u0026ldquo;leaps of faith,\u0026rdquo; in which partners had to do something for which they felt unprepared. Yarns include a tale of on-command public speaking and the recollection of facing a client who demanded different conclusions.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cem\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/em\u003e\n\u003ch2\u003eCOVID-19: Briefing note #89, January 26, 2022\u003c/h2\u003e\n\u003ch4\u003eTackling the other big global crisis.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eSince March of 2020, \u003c/strong\u003ewe have focused this weekly update on sharing research into the health emergency facing the world. This week, we took a break from the COVID-19 pandemic to zero in on the other crisis that poses threats to lives and livelihoods: climate change, and the need to transition to a net-zero world. Additional articles looked at pressing issues including why the loss of US manufacturing has increased inequality, and how the Great Attrition is playing out in nursing. \u003c/p\u003e\n\u003cp\u003eA new report from the \u003ca href=\"/mgi/overview\"\u003eMcKinsey Global Institute\u003c/a\u003e\u0026nbsp;looks at \u003ca href=\"/capabilities/sustainability/our-insights/the-net-zero-transition-what-it-would-cost-what-it-could-bring\"\u003ewhat an economic transformation to net-zero emissions would entail\u003c/a\u003e. The transformation would affect all countries and all sectors of the economy, either directly or indirectly. In six sections of the report, we assess economic shifts for 69 countries and changes in sectors that produce about 85 percent of overall emissions, as well as provide estimates for what it will all cost (exhibit). \u003c/p\u003e\n[[Exhibit KKKK]]\n\u003cp\u003eThe report includes an examination of \u003ca href=\"/capabilities/sustainability/our-insights/the-net-zero-challenge-accelerating-decarbonization-worldwide\"\u003eeffective decarbonization actions\u003c/a\u003e, which include shifting the energy mix, increasing energy efficiency, and enhancing sinks of both long- and short-lived greenhouse gases. Another section illustrates \u003ca href=\"/capabilities/sustainability/our-insights/the-economic-transformation-what-would-change-in-the-net-zero-transition\"\u003ethe economic and societal adjustments that would enable a successful transition\u003c/a\u003e\u0026nbsp;to net-zero emissions by 2050, focusing on demand, capital allocation, costs, and jobs. We examine \u003ca href=\"/capabilities/sustainability/our-insights/sectors-are-unevenly-exposed-in-the-net-zero-transition\"\u003ewhich sectors of the economy are more exposed to a net-zero transition\u003c/a\u003e, and \u003ca href=\"/capabilities/sustainability/our-insights/how-the-net-zero-transition-would-play-out-in-countries-and-regions\"\u003ehow the transition could play out in various countries and regions\u003c/a\u003e. A section about \u003ca href=\"/capabilities/sustainability/our-insights/managing-the-net-zero-transition-actions-for-stakeholders\"\u003eactions for stakeholders\u003c/a\u003e\u0026nbsp;explores what companies, financial institutions, and governments and multilateral institutions can do.\u003c/p\u003e\n\u003cp\u003eAlso this week: \u003ca href=\"/capabilities/operations/our-insights/want-to-drive-inclusive-economic-growth-start-with-manufacturing\"\u003erevitalizing US manufacturing could be fundamental to resolving inequities\u003c/a\u003e\u0026nbsp;while driving sustainable, inclusive growth. Today, the manufacturing sector represents just 10 percent of US GDP and jobs but drives 20 percent of the nation\u0026rsquo;s capital investment, 35 percent of productivity growth, 60 percent of exports, and 70 percent of business R\u0026amp;D expenditure. Strengthening the sector could also address the pervasive supply chain issues wreaking havoc all over the world, easing short-term disruption caused by the pandemic while improving global competitiveness in the midterm to long term.\u003c/p\u003e\n\u003cp\u003eDuring a time of unprecedented need, \u003ca href=\"/industries/healthcare/our-insights/nurses-and-the-great-attrition\"\u003ewhat can employers do to prevent losing nurses\u003c/a\u003e, the backbone of the healthcare workforce, to \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/the-great-attrition-what-to-do-about-the-labor-shortage\"\u003ethe Great Attrition\u003c/a\u003e? \u003cem\u003eThe \u003ca href=\"/featured-insights/mckinsey-podcast\"\u003eMcKinsey Podcast\u003c/a\u003e\u003c/em\u003e speaks with senior partner Gretchen Berlin, a registered nurse, about the need to pay nurses adequately and to ensure that there\u0026rsquo;s sufficient staffing, respite, and gratitude.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eIn October 2020, coking coal accounted for more than half of the cost of the raw materials needed to produce a metric ton of steel via a blast furnace\u0026mdash;a rare occurrence by historical standards. Though prices have fallen since then, \u003ca href=\"/industries/metals-and-mining/our-insights/high-coking-coal-prices-provide-glimpse-into-steelmakings-future\"\u003esteelmakers should consider the effect of longer-term coal price increases\u003c/a\u003e\u0026nbsp;as part of their planning and adjust their plans as the implications evolve.\u003c/li\u003e\n \u003cli\u003eThe \u003ca href=\"/industries/retail/our-insights/sporting-goods-2022-the-new-normal-is-here\"\u003enew normal for sporting goods\u003c/a\u003e\u0026nbsp;includes increased health awareness, acceptance of athleisure, thriving e-commerce, and sustainability as a core concern. McKinsey\u0026rsquo;s summary of the state of the industry suggests strategies for navigating the trends.\u003c/li\u003e\n \u003cli\u003eNew and better digital tools can \u003ca href=\"/capabilities/operations/our-insights/from-speech-to-insights-the-value-of-the-human-voice\"\u003ehelp companies analyze voice conversation\u003c/a\u003e\u0026nbsp;and unlock the full potential of digital investments to improve customer service.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eIn the latest edition of our \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e series, John Koenig, author of \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-the-made-up-words-that-make-our-world\"\u003eThe Dictionary of Obscure Sorrows\u003c/a\u003e\u003cem\u003e (Simon \u0026amp; Schuster, November 2021), discusses how and why he invents new words for emotions and sensations. From \u0026ldquo;kenopsia\u0026rdquo; (the eeriness of places left behind) to \u0026ldquo;suerza\u0026rdquo; (a feeling of quiet amazement that you exist at all), Koenig\u0026rsquo;s made-up words pinpoint universal experiences and demonstrate how creative human language can be.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cem\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/em\u003e\n\u003ch2\u003eCOVID-19: Briefing note #88, January 19, 2022\u003c/h2\u003e\n\u003ch4\u003eFallout from the pandemic demands targeted action.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eFor much of the COVID-19 pandemic,\u003c/strong\u003e leaders have tried to prepare for what might unfold. Today, some of those possibilities have arrived as undeniable challenges that demand new ways of operating. This week, McKinsey looked at fallout, including inflation, young peoples\u0026rsquo; mental-health struggles, a pattern of \u0026ldquo;jolting\u0026rdquo; growth, and the demand for government agencies to improve customer service.\u003c/p\u003e\n\u003cp\u003eNot since the 1970s has inflation been such a central issue for companies, so \u003ca href=\"/capabilities/operations/our-insights/how-to-deal-with-price-increases-in-this-inflationary-market\"\u003efinding creative ways to mitigate price increases\u003c/a\u003e\u0026nbsp;is a dormant skill in many organizations. McKinsey experts offer a series of steps supply-chain leaders can use to determine whether a price increase is fair, starting by identifying the main cost inputs that have the highest level of change, estimating the percentage of the total cost these inputs make up, and calculating an acceptable price-increase range (exhibit). Response strategies include using a strong fact base for win\u0026ndash;win negotiating and exploring new suppliers. \u003c/p\u003e\n[[Exhibit JJJJ]]\n\u003cp\u003eA series of McKinsey consumer surveys and interviews indicated \u003ca href=\"/industries/healthcare/our-insights/addressing-the-unprecedented-behavioral-health-challenges-facing-generation-z\"\u003eunprecedented behavioral-health challenges facing Generation Z\u003c/a\u003e\u0026nbsp;and stark differences among generations. Gen Z respondents were more likely than other generations to report having been diagnosed with a mental-health or substance-use issue, as well as more likely to have sought no treatment for the problem. Gen Z respondents were also two to three times more likely than other generations to report thinking about, planning, or attempting suicide in the 12 months spanning late 2019 to late 2020.\u003c/p\u003e\n\u003cp\u003eThere could be a postpandemic boom on the horizon, but it will likely depend on \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/the-ceo-agenda-in-2022-harnessing-the-potential-of-growth-jolts\"\u003ebusiness leaders\u0026rsquo; ability to respond to productivity and growth \u0026ldquo;jolts\u0026rdquo;\u003c/a\u003e\u0026nbsp;caused by the pandemic. The onset of COVID-19 brought a set of discontinuities that drove the first jolt to growth and productivity. Now, near-term uncertainties pose risks to growth; however, responding effectively could translate to a second jolt. The potential third and final jolt may be the largest as companies reshape their long-term strategies to reflect\u0026mdash;and define\u0026mdash;the next normal.\u003c/p\u003e\n\u003cp\u003eOn the \u003cem\u003e\u003ca href=\"https://podcasts.apple.com/us/podcast/mckinsey-on-government/id1573645359\"\u003eMcKinsey on Government\u003c/a\u003e\u003c/em\u003e podcast, McKinsey partner Tony D\u0026rsquo;Emidio and associate partner Marcy Jacobs discuss how \u003ca href=\"/industries/public-sector/our-insights/prioritizing-customer-experience-in-government\"\u003ethe pandemic forced many government agencies to modernize the customer experience\u003c/a\u003e\u0026nbsp;(CX) amid high demand for unemployment and healthcare assistance. Transparency has improved, but there is more work to do so that when citizens fill out applications or forms, they get status updates instead of just wondering what happened. Another insight: better CX brings costs down because satisfied customers call with fewer questions.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eRoad freight accounts for 53 percent of CO\u003csub\u003e2\u003c/sub\u003e emissions within global trade-related transport, a share expected to rise to 56 percent by 2050 if current trends continue. \u003cem\u003e\u003ca href=\"/industries/automotive-and-assembly/our-insights/road-freight-global-pathways-report\"\u003eRoad Freight Zero: Pathways to faster adoption of zero-emission trucks\u003c/a\u003e\u003c/em\u003e is a joint publication by the World Economic Forum and McKinsey that describes how countries can reach their emissions goals for road freight.\u003c/li\u003e\n \u003cli\u003eWith a market of more than $2.8 trillion worldwide, \u003ca href=\"/industries/retail/our-insights/digital-disruption-the-rise-of-eb2b-in-fragmented-retail\"\u003efragmented retail is poised to be transformed by \u0026ldquo;eB2B\u0026rdquo; players\u003c/a\u003e: portals and applications that replace the in-person sales model for small retailers and restaurants. By understanding the market structure and properly setting the scale and speed of change, companies can design an eB2B solution capable of disruption.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/industries/engineering-construction-and-building-materials/our-insights/decarbonizing-the-built-environment-takeaways-from-cop26\"\u003eReaching net zero in the cement and construction value chain by 2050\u003c/a\u003e will require the buildings and construction industry to decarbonize three times faster over the next 30 years versus the previous 30. At the COP26 Climate Change Conference in Glasgow, Scotland, McKinsey brought together global property owners, contractors, materials suppliers, investors, equipment manufacturers, and disruptors to define the path forward. Among the takeaways: the industry can boost innovation by developing common standards and shared R\u0026amp;D resources.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eWhat makes a CEO great? In this edition of \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vik Malhotra discuss their new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-what-separates-the-best-ceos-from-the-rest\"\u003eCEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest\u003c/a\u003e\u003cem\u003e (Scribner, March 2022). The authors interviewed 67 CEOs worldwide who met their criteria for excellence and diversity of both background and approach and identified keys to excellence that can provide lessons for any type of leader.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cem\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/em\u003e\n\u003ch2\u003eCOVID-19: Briefing note #87, January 12, 2022\u003c/h2\u003e\n\u003ch4\u003ePeople are the fuel that will power the next industrial revolution.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eAmid the Omicron\u003c/strong\u003e surge, it\u0026rsquo;s perhaps poignant to note that all the advanced technology in the world means nothing without a population capable of adopting it and creating with it. COVID-19 vaccines are a good example of a technology that depends on people\u0026rsquo;s acceptance. This week, McKinsey explored how people in various industries and sectors relate to technology and the power of these interactions. \u003c/p\u003e\n\u003cp\u003eThe \u003cem\u003e\u003ca href=\"/capabilities/operations/our-insights/mckinsey-talks-operations\"\u003eMcKinsey Talks Operations\u003c/a\u003e\u003c/em\u003e podcast brings together the CEOs of Flex, Protolabs, and Western Digital to discuss why \u003ca href=\"/capabilities/operations/our-insights/the-fourth-industrial-revolution-will-be-people-powered\"\u003ethe Fourth Industrial Revolution will be people powered\u003c/a\u003e. Digital manufacturing and production will change how the world makes goods but only if there is training and development to teach workers the skills to use these technologies. With the current labor mismatch in many countries, now is the time to further engage workers for a digitally enabled future.\u003c/p\u003e\n\u003cem\u003e\n[[PullQuote 1]]\n\u003c/em\u003e\n\u003cp\u003eA pivot to telemedicine, remote work, and other technologies helped a leader in pediatric medicine manage the onslaught of COVID-19. \u003ca href=\"/industries/healthcare/our-insights/childrens-health-during-the-covid-19-pandemic-what-have-we-learned\"\u003eBoston Children\u0026rsquo;s Hospital president and CEO Dr. Kevin Churchwell\u003c/a\u003e\u0026nbsp;calls for more innovation to cope with a sharp rise in children and young adults with behavioral- and mental-health issues. This generation of kids is being reared under physical distancing, lockdowns, and school closures. Churchwell believes that those presenting with mental-health issues would benefit from a tech-enabled continuum of care that encompasses the family, the primary-care pediatrician, the school system, the hospital, and the state.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/industries/technology-media-and-telecommunications/our-insights/game-on-an-interview-with-microsofts-head-of-gaming-ecosystem\"\u003eSarah Bond, Microsoft\u0026rsquo;s corporate vice president for game creator experience and ecosystem at Xbox\u003c/a\u003e, describes how recognizing that game playing is a fundamental human trait helped Microsoft create its \u0026ldquo;ubiquitous global gaming ecosystem.\u0026rdquo; Investments in cloud gaming, the Game Pass subscription service, and cross-platform play allow gamers to participate anywhere, anytime, on any device. \u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/featured-insights/future-of-work/tulsas-innovative-program-supports-remote-workers-and-economic-development-through-covid-19-and-beyond\"\u003eTulsa Remote, a program that enabled Tulsa, Oklahoma, to attract 1,300 remote workers\u003c/a\u003e to the area, also prioritizes the human need for connection. In addition to giving relocators $10,000, the program provides membership to a local coworking space and assists in finding housing. Events, both virtual and in-person, are intended to mitigate the potential isolation of remote work. The initiative has attracted 50,000 applicants and is making a meaningful impression on the local economy. \u003c/p\u003e\n\u003cp\u003eIn a typical organization, only a specific department and designated functions are accountable for quality in design, development, operations, and even postmarket activities. But \u003ca href=\"/industries/life-sciences/our-insights/embedding-smart-quality-culture-and-capabilities-in-the-organization\"\u003ein a smart-quality organization, everyone owns quality\u003c/a\u003e. Pharmaceutical and medtech companies can create value by redesigning key quality processes along these principles.\u003c/p\u003e\n\u003cp\u003eHere are other key findings from our research this week:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eAs the move toward cleaner technologies progresses, the \u003ca href=\"/industries/metals-and-mining/our-insights/the-raw-materials-challenge-how-the-metals-and-mining-sector-will-be-at-the-core-of-enabling-the-energy-transition\"\u003emetals and mining sector will provide the raw materials required for the energy transition\u003c/a\u003e. The required pace of transition means that the availability of certain raw materials will need to scale up quickly\u0026mdash;and, in certain cases, at volumes ten times or more than the current market size. We expect materials shortages, price fly-ups, and the need for technological innovation and substitutions.\u003c/li\u003e\n \u003cli\u003e\u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/putting-stakeholder-capitalism-into-practice\"\u003eStakeholder capitalism asks leaders to prioritize long-termism\u003c/a\u003e over short-term gain. In the latest episode of the \u003cem\u003e\u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/inside-the-strategy-room-podcast\"\u003eInside the Strategy Room\u003c/a\u003e\u003c/em\u003e podcast, senior partner Dame Vivian Hunt and senior adviser to McKinsey Bruce Simpson, CEO of the Stephen A. Schwarzman Foundation, discuss research and experience that strongly link stakeholder capitalism to traditional sources of value.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eWhat makes a CEO great? In a recent edition of \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vik Malhotra discuss their new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-what-separates-the-best-ceos-from-the-rest\"\u003eCEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest\u003c/a\u003e\u003cem\u003e (Scribner, March 2022). The authors interviewed 67 CEOs worldwide who met their criteria for excellence and diversity of both background and approach and identified keys to excellence that can provide lessons for any type of leader. \u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eAlso in\u003c/em\u003e \u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e, Tareq Azim, founder of Empower Gym, trainer of NFL greats, and creator of the Afghan Women\u0026rsquo;s Boxing Federation, talks about his new book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-how-to-conquer-fear-prepare-for-death-and-embrace-your-power\"\u003eEmpower: Conquering the Disease of Fear\u003c/a\u003e\u003cem\u003e (Simon \u0026amp; Schuster, January 2022), which was coauthored with Seth Davis. Azim discusses how he created a place for women to practice the most male-dominated activity in the most male-dominated society of all time and how anyone can find inner strength.\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cem\u003e\n\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/em\u003e\n\u003ch2\u003eCOVID-19: Briefing note #86, January 5, 2022\u003c/h2\u003e\n\u003ch4\u003eOmicron demands renewed focus on familiar pandemic themes.\u003c/h4\u003e\n\u003cp\u003e\u003cstrong\u003eA new year is here,\u003c/strong\u003e but COVID-19\u0026rsquo;s latest surge feels so very last year\u0026mdash;not to mention the year before that. To kick off 2022, McKinsey looked at issues that many people thought would have started to resolve as the virus died down, but which instead require renewed engagement. Topping our list this week are employee burnout and hits to tourism. But there is positive news as well: reports on the state of mobility and pharmaceuticals reflect that pandemic-inspired changes are leading some industries in new directions.\u003c/p\u003e\n\u003cp\u003eCompared with nonparents, \u003ca href=\"/industries/healthcare/our-insights/covid-19-and-burnout-are-straining-the-mental-health-of-employed-parents\"\u003eemployed parents are more likely to miss days of work because they are experiencing symptoms of burnout\u003c/a\u003e\u0026nbsp;(exhibit). Companies need to understand what the compound pressures of employment and parenting during a pandemic are doing to these workers and consider a list of interventions to counteract their experience of burning the candle at both ends.\u003c/p\u003e\n[[Exhibit IIII]]\n\u003cp\u003eWomen also are reporting higher-than-average rates of burnout. In a new episode of \u003cem\u003e\u003ca href=\"/featured-insights/mckinsey-podcast\"\u003eThe McKinsey Podcast\u003c/a\u003e\u003c/em\u003e, senior partners Alexis Krivkovich and Lareina Yee discuss results from the recently released \u003cem\u003e\u003ca href=\"https://womenintheworkplace.com/\"\u003eWomen in the Workplace 2021\u003c/a\u003e\u003c/em\u003e\u0026nbsp;report. \u003ca href=\"/featured-insights/diversity-and-inclusion/the-state-of-burnout-for-women-in-the-workplace\"\u003eForty-two percent of women report being burned out\u003c/a\u003e, a percentage that is higher than it was last year and higher than it is for men. Reasons include the fact that one in three women, and 60 percent of mothers with young children, spend five or more hours a day on housework and caregiving.\u003c/p\u003e\n\u003cp\u003eEarly January is when many of us go on a diet and re-up at the gym. Here\u0026rsquo;s another tune-up option: take our \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/pop-quiz-can-you-turn-attrition-into-attraction\"\u003e\u0026ldquo;Can you turn attrition into attraction?\u0026rdquo; quiz\u003c/a\u003e\u0026nbsp;to test how good you are at combatting burnout, rewarding employees in meaningful ways, and strengthening bonds with your teams. \u003c/p\u003e\n\u003cp\u003eOur \u0026ldquo;\u003ca href=\"/featured-insights/2021-year-in-review\"\u003eyear in review\u003c/a\u003e\u0026rdquo;\u0026nbsp;recap of 2021 highlights themes that many were hoping to leave behind, including the pandemic and the Great Resignation, as well as aspirations, such as inclusive growth and digital transformation, that will only grow in importance. The \u0026ldquo;\u003ca href=\"/featured-insights/2021-year-in-review/2021-the-year-in-images\"\u003eyear in images\u003c/a\u003e\u0026rdquo;\u0026nbsp;collection showcases the most evocative art we published last year, while the \u0026ldquo;\u003ca href=\"/featured-insights/2021-year-in-review/2021-the-year-in-charts\"\u003eyear in charts\u003c/a\u003e\u0026rdquo;\u0026nbsp;collection tells visual stories about virus cases and vaccination rates, diversity targets and employee experiences, and how sustainable growth might be attained. \u003c/p\u003e\n\u003cp\u003eAnother consequence of COVID-19 is the devastation wrought on tourism markets worldwide. We looked at a key US market and found that the financial impact of the pandemic on New York City is six times that of the September 11 attacks, costing the city $1.2 billion in lost tourism-related tax revenue. \u003ca href=\"/industries/travel-logistics-and-infrastructure/our-insights/new-york-a-concrete-jungle-where-dreams-are-still-made\"\u003eNew York can reinvigorate its tourism industry\u003c/a\u003e\u0026nbsp;by encouraging domestic travel and by reimagining business travel.\u003c/p\u003e\n\u003cp\u003eMcKinsey reflected upon \u003ca href=\"/industries/automotive-and-assembly/our-insights/mobilitys-rebound-an-industry-recovers-but-where-is-it-heading\"\u003ehow the pandemic has affected mobility and where the sector is headed\u003c/a\u003e. Among the findings: half of the consumers in our recent Global COVID-19 Automotive \u0026amp; Mobility Consumer Survey stated a clear preference to travel less than they did before the COVID-19 pandemic. Among the forecasts: by 2035, in an accelerated scenario, the largest automotive markets in the world (that is, China, the European Union, and the United States) will be fully electric. \u003c/p\u003e\n\u003cp\u003e\u003ca href=\"/industries/life-sciences/our-insights/a-new-operating-model-for-pharma-how-the-pandemic-has-influenced-priorities\"\u003eThe pandemic has also reshaped the pharmaceuticals industry\u003c/a\u003e, and changes are still under way. We conducted a survey of senior executives in commercial roles at global pharma companies and found that more than 80 percent think that companies will fully embrace agile ways of working, and 66 percent believe that companies will move away from the traditional sales rep model because of restricted access, virtual interactions, and perceived low return on investment.\u003c/p\u003e\n\u003cp\u003eHere are some of this week\u0026rsquo;s other key findings from our research:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eQuantum computing is about a decade away from widespread commercial application. Less well known, but also important, are two related technologies that could become available much earlier: \u003ca href=\"/industries/industrials-and-electronics/our-insights/shaping-the-long-race-in-quantum-communication-and-quantum-sensing\"\u003equantum sensing and quantum communication\u003c/a\u003e. We explore the market landscape for both, looking at opportunities, risks, and demand.\u003c/li\u003e\n \u003cli\u003eBased on the results of our latest \u003ca href=\"/featured-insights/mckinsey-global-surveys\"\u003eMcKinsey Global Survey\u003c/a\u003e, we identify \u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/successful-transformations\"\u003ethe different stages of a transformation\u0026rsquo;s life cycle\u003c/a\u003e\u0026nbsp;to understand where value is lost and what companies can do to preserve it. According to our analysis, three core actions are especially predictive of value capture.\u003c/li\u003e\n \u003cli\u003eOne way to \u003ca href=\"/capabilities/sustainability/our-insights/green-corridors-a-lane-for-zero-carbon-shipping\"\u003eaccelerate decarbonization in the shipping sector\u003c/a\u003e\u0026nbsp;is to implement \u0026ldquo;green corridors\u0026rdquo;: specific trade routes between major port hubs where zero-emission solutions are supported. A new report, \u003cem\u003e\u003ca href=\"https://www.globalmaritimeforum.org/content/2021/11/The-Next-Wave-Green-Corridors.pdf\"\u003eThe next wave: Green corridors\u003c/a\u003e\u003c/em\u003e,\u0026nbsp;probes the feasibility of two such selected corridors\u0026mdash;with encouraging results.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cem\u003eTwo books in our \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks\"\u003eAuthor Talks\u003c/a\u003e\u003cem\u003e series address the workplace issues so prevalent in our research from this past year. Joan C. Williams, distinguished professor of law and chair of the Hastings Foundation, discusses her latest book, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-how-to-interrupt-bias-in-the-workplace\"\u003eBias Interrupted: Creating Inclusion for Real and for Good\u003c/a\u003e\u003cem\u003e (Harvard Business Review Press, November 2021). Jennifer Moss, \u003c/em\u003eHarvard Business Review\u003cem\u003e contributor and nationally syndicated radio columnist, shares her recent work, \u003c/em\u003e\u003ca href=\"/featured-insights/mckinsey-on-books/author-talks-why-burnout-is-an-epidemic-and-what-to-do-about-it\"\u003eThe Burnout Epidemic: The Rise of Chronic Stress and How We Can Fix It\u003c/a\u003e\u003cem\u003e (Harvard Business Review Press, September 2021).\u003c/em\u003e\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis briefing note was edited by Katy McLaughlin, a senior editor in the Southern California office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eFor McKinsey\u0026rsquo;s \u003ca href=\"/capabilities/risk-and-resilience/our-insights/covid-19-implications-for-business-2021\"\u003e2021 perspectives on the business impact of COVID-19\u003c/a\u003e, visit our archive of several dozen briefing notes published throughout the year. \u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Executive Briefing"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2020-03-02T21:43:00Z"}},"footnotes":{"value":""},"contributoryPractice":{"targetItems":[{"displayName":"Risk \u0026#38; Resilience"},{"displayName":"Public Sector"},{"displayName":"Healthcare"},{"displayName":"Life Sciences"},{"displayName":"SHaPE"}]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003eMatt Craven\u003c/strong\u003e is a partner in McKinsey\u0026rsquo;s Silicon Valley office;\u0026nbsp;\u003cstrong\u003e\u003ca href=\"/our-people/linda-liu\"\u003eLinda Liu\u003c/a\u003e\u003c/strong\u003e is a partner in the New York office, where \u003cstrong\u003eMatt Wilson\u003c/strong\u003e is a senior partner; and\u0026nbsp;\u003cstrong\u003e\u003ca href=\"/our-people/mihir-mysore\"\u003eMihir Mysore\u003c/a\u003e\u003c/strong\u003e is a partner in the Houston office.\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eThis article was edited by Mark Staples, an executive editor in the New York office.\u003c/p\u003e"},"authors":{"targetItems":[]},"nonPartnerAuthors":{"targetItems":[]},"interactiveToUse":{"targetItem":null},"enableArticleComponents":{"boolValue":false},"relatedArticles":{"targetItems":[{"sourcePublication":null,"publicationSource":null,"externalPublication":null,"title":{"value":"COVID-19: Where we\u0026rsquo;ve been, where we are, and where we\u0026rsquo;re going"},"url":{"path":"/featured-insights/themes/covid-19-where-weve-been-where-we-are-and-where-were-going"},"eyebrow":null,"articleType":null,"contentType":{"targetItem":{"name":"Blog post - Featured Insights"}},"description":{"value":"When lockdowns began in early 2020, few of us imagined the long road ahead. While progress in protecting lives and livelihoods was swift, new variants and other factors have since meant that there have been times when the virus has seemed to be one step ahead of every countermeasure."},"standardImage":null,"heroImage":{"src":null,"alt":""},"thumbnailImage":{"src":"/~/media/mckinsey/featured insights/the next normal/covid 19 where weve been where we are and where were going/c19-anniv-1293730964-thumb-1536x1536.jpg","alt":""}},{"sourcePublication":{"targetItem":null},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"Ten lessons from the first two years of COVID-19"},"url":{"path":"/industries/healthcare/our-insights/ten-lessons-from-the-first-two-years-of-covid-19"},"eyebrow":{"targetItem":{"name":"Article"}},"articleType":{"targetItem":{"name":"Article"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"On the second anniversary of the pandemic, we take 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