As the COVID-19 crisis drags on, executives, particularly in developed economies, are feeling worse about the state of the economy and their own companies prospects. At the time the virus struck, large numbers of shipping containers were in Chinese ports, and restrictions on their movement have led to a shortage that has seen the price of containers rise (in some cases considerably), with flow-on effects for the price of cargo, including food products. The COVID-19 pandemic ushered in the opportunity to rethink how we work. In spite of the challenges of the COVID-19 pandemic and its effect on the workplace, womens representation has improved across the corporate pipeline since 2016, but there are also persistent gaps. The experts discuss how sustainable these valuations are and whether the word bubble applies. In Our Asian Voices, a new feature, 72 Asian colleagues at McKinsey raise their voices and share their storieson what Asian identity means, what allies can do to support them, and how they are processing this moment. In a recent McKinsey Global Survey, 69 percent of respondents said that building the skills of existing staff is more important than any other method of talent building, including hiring (exhibit). We'll email you when new articles are published on this topic. All reform targets were met, with some measures put in place ahead of schedule; and all end-September 2019 quantitative targets were met, except for the floor on tax revenue, missed by a narrow margin due to lower-than-projected taxes on The world of work is being profoundly affected by the pandemic. Our latest capital-markets researchreviews the four acts of the 2020 stock-market drama (interactive). Private markets experienced a year of disruption, starting with a COVID correction in the second quarter and followed by a K-shaped recovery that favored private equity and left real estate lagging. The COVID-19 crisis forced a sudden, new way of life upon the world, which scrambled for practical ways to adapt. No one likes the idea of being duped, but our ability to persuade ourselves enables bonds and passions that logic would rule out. McKinseys annual report on North American asset managers, whose industry profits reached close to $73 billion in 2020, highlights ways in which the industrys role is changing. Our latest research details five challenges to at-scale vaccine adoption. In the United States, 17 million people are in jobs that may see less demand, while globally 100 million people may need new skills. Mr. Joly, who currently lectures at Harvard Business School, writes about what it means to lead with purpose and humanity. In the second, we look closely at private equity, in which gender and racial diversity are stronger in entry-level positions than in more senior roles. McKinsey takes summer reading seriously. The Impact of Globalization on Infectious Disease Emergence and Control report summarizes the presentations and discussions related to the increasing cross-border and cross-continental movements of people and how this could exacerbate the As China struggles to contain the spread of the epidemic, the immediate impact of the coronavirus crisis is already upon us. The coronavirus outbreak has forced companies to reevaluate how contact centers are leveraged, how employees deliver relevant customer experiences, where they work, and how digital channels can be used to support business continuity through the crisis and beyond. Other measures include guaranteed purchase or requisitioning of goods. While many of consumers pandemic-inspired digital habits are sticking, the acceleration into digital channels now seems to be leveling off in both Europe and the United States. Chairman and CEO of State Street Corporation Ron OHanley oversees one of the oldest American financial institutions, with $38.0 trillion in assets under custody and administration, and $3.5 trillion in assets under management. Owners and operators must move to a zero-trust mindset and need to improve their systems ability to respond and establish control. McKinseys experience is that dual focus on performance and organizational health leads to the most successful transformations. Be sure to download McKinseys Author Talks 124-page collection and read some of our best interviews with authors of recently published books on business and beyond. Our most recent edition of McKinsey for Kids introduces younger audiences to mangrove forests and explains why building a business case for mangroves can help protect Bengal tigers and king cobras. Global managing partner Kevin Sneader and senior partner Shubham Singhal explorethe good policies, political commitment, and hard work that will be needed to replicate those successes. In Our Asian Voices, a new feature, 72 Asian colleagues at McKinsey raise their voices and share their storieson what Asian identity means, what allies can do to support them, and how they are processing this moment. The May 2021 ransomware attack on Colonial Pipeline, the United States largest pipeline network for delivery of refined petroleum products, made one thing clear: national critical infrastructure just inherited a new imperative, which is to build cyber resilience. McKinsey, along with top PE executives, created a, Data, properly protected and used, can simplify delivery of public services, reduce fraud and human error, and catalyze massive operational efficiencies. As policy makers confront the significant challenge of COVID-19, many are asking whether there are lessons from the experience of the global economic crisis, and to what extent the crises may be similar. All our divisions are mobilizing Business Continuity . One of the toughest: how to keep an economy going while at the same time shutting it down to protect citizens from infection. As illustrated by our chart of the day, vaccination has helped countries dramatically reduce the rate of hospitalization due to COVID-19 (exhibit), among other benefits. Thank you for reading, and best wishes for a better new year. This edition of SME Competitiveness Outlook explains how best to scale up private sector investment in developing country SMEs for sustainable development impact. 1. In the height of COVID-19 outbreaks, even countries with significant manufacturing capacity may not be able to fully utilise it due to labour shortages, or mobility restrictions. Internationally, diversified production is often a source of resilience and adjustment for firms in an adverse environment, while experience in the agrifood sector has shown that self-sufficiency of supply is not the same as security of supply. Summary of restrictions on social gathering and travel, business closures and attendance at school and further education: integrated impact assessment. For a time in 2020, we stopped driving, flying, commuting. The COVID-19 crisis is affecting the entire world economy and that of Africa. Also new this week, we outline a new portfolio model for biotech; consider the potential for smart quality assurance in pharmaceuticals; and share tips for government leadersto unlock diversity and inclusion. But we do not foresee a return to the previous trajectory of growth in demand. Not just about confidence effects, economic activity is being shut down. Cancellation of passenger flights linked to travel bans has limited the availability of air cargo (Figure2) while urgent shipping of essential goods has increased demand, resulting in increases in the price of air cargo (compared to October 2019 air freight costs are up by about 30% between the Peoples Republic of China (hereafter China) and North America and by over 60% on some important Europe-North America routes) (Curran, 2020[1]) Delivery times have also increased. Mental-health conditions cause absenteeism, presenteeism, and approximately For more perspectives, please see the fullcollectionof our coronavirus-related content, visual insights from our chart of the day, a curated collection of ourfirst 100 articlesrelated to the coronavirus, oursuite of toolsto help leaders respond to the pandemic, and how our editors chooseimagesthat help readers visualize the impact of an invisible threat. Giving a thousand employee-volunteers the tools they needed to help customers with more than 150,000 refund requests; extending credit to strapped customers who were having trouble saving for their big trip; and thinking about the local market beyond the big beach destinations popular with international tourists. Faster, flatter, leaner: companies have been trying for decades to thin their ranks. Energy companies face societal pressure and increased regulation to significantly reduce fossil-fuel dependency. A political scientist who studies this shecession and an HR executive who left her job to oversee her childrens online schooling discuss the lost paychecks, stalled careers, and lower lifetime earning that could reverberate for decades to come. Despite the complexity of trying to peer into the future, this week McKinsey experts propose whats ahead for capital markets, corporate organization, and medical research. Start with theMcKinsey Download Hubto find McKinseys latest research, perspectives, and insights on the management issues that matter most, from leading through the COVID-19 crisis to managing risk and digitizing operations. This is supplemented by a view of how organizations are tackling the infodemic and how business organizations can recover from the lasting negative impacts. The COVID-19 pandemic has triggered the sharpest downturn in the world economy since the Great Depression, with global GDP projected to decline 3.5 percent in . "This book analyzes the effects of global issues on international trade such as global crises, war, and security issues, global pandemic and acknowledges the necessity of global cooperation to solve the international trade problems"-- Dame Sally, the United Kingdoms chief medical adviser for nine years and now the master of Trinity College, Cambridge, established the Trinity Challenge, a coalition of leaders dedicated to preparing for future health emergencies. The antidote? Matt Craven is a partner in McKinseys Silicon Valley office;Linda Liu is a partner in the New York office, where Matt Wilson is a senior partner; andMihir Mysore is a partner in the Houston office. The Delta variant of the coronavirus spread to more countries in recent weeks, and the total number of cases officially logged soared past half a million per day. The virus continues to spread throughout the globe, placing health systems under unprecedented stress in the battle to save lives. "Rollercoaster" is one term thats been used to describe the performance of capital markets during the pandemic. They will require co-ordinated action amongst governments and with the private sector to find solutions to the logistical constraints affecting the ability to get essential products where they are needed most. Some examples of the similarities and differences are below. Building on our annual Monitoring and Evaluation of Agricultural Policies we are tracking and assessing the impact of country measures in relation to agrifood production and trade in response to COVID-19. McKinsey and LeanIn.Orgs Women in the Workplace study reflects experiences from 423 participating organizations and more than 65,000 survey respondents. A further challenge is the uncertainty about COVID-19, including in terms of the scale and pace of infection; how long and widespread shutdown measures will prove necessary; the prospects for treatments to better manage symptoms, allowing health services to focus only on the most serious cases; and the risk of second wave infections as the virus moves around the globe. But if countries are to avoid these policies, they need to be sure that global markets will indeed supply the needed goods. Government support today needs to be delivered in a way that ensures it serves the public interest, not vested interests, and avoids becoming tomorrows market distortions. Business leaders crave new perspectives. This week, McKinsey took a deep dive into how a range of companies are trying to help consumers heal, and how companies and sectors can heal themselves. OECD Policy Brief on the value chain for surgical masks (forthcoming). They vary in size from wharves handling at most a few hundred tonnes of cargo a year to large international ports or multi-modal hubs combining a broad range of logistical services, from warehousing to total supply chain management. In a world where consumers pick their retailers based on digital offerings, thats a recipe for irrelevance. Aim of this survey. We will be providing weekly updates throughout the COVID-19 crisis on air cargo capacity changes based on actual flight movements. Institutions should use six strategies to update their models, including using agile modeling, upgrading data architecture, and embracing automation. As part of 'Team Australia', Austrade is working closely with the network of government departments and industry agencies to help Australian businesses overcome complex and fast-evolving COVID-19-related challenges. The pandemic has been devastating for business travel. First and foremost, the three goals cannot be viewed as trade-offs but rather as fundamentals that strengthen and reinforce one another (exhibit). Changes in technology, markets, and the labor force provoked by the pandemic have altered the mandate for many corporate boards. corporate legal departments should focus on four key priorities, IT services companies are often overlooked by private-equity investors but deserve more serious attention, Direct-to-consumer and e-commerce companies need to avoid five common pitfalls, You Have More Influence Than You Think: How We Underestimate Our Power of Persuasion, and Why It Matters, consumers intent to purchase cars is close to pre-COVID-19 levels, Moderna is studying the use of its mRNA platform to help transform the treatment of infectious diseases, Consumer behavior throughout various phases of the pandemic, altered the mandate for many corporate boards, An interview with start-up Aleph Farms CEO Didier Toubia, John Bissell and Rich Riley are co-CEOs of Origin Materials, Power, for All: How It Really Works and Why Its Everyones Business, Flux: 8 Superpowers for Thriving in Constant Change, the Delta variant has effectively moved overall herd immunity out of reach, In a video explaining why container shipping prices have surged, Companies can build on their digital surge, McKinseys July survey of 100 large private-sector US hospitals, 22 percent of the nursing workforce reported in our Spring 2021 Future of Work in Nursing Survey, US consumer spending recovered in the second quarter of 2021, The COVID-19 pandemic has triggered an acceleration of digital-payment adoption in the Middle East, private equity is investing in specialty-insurance carriers and brokers and benefiting from the long-term capital, In an interview with McKinsey, Smart Works CEO Kate Stephens said that the UK charity, which provides support to women who are job hunting, the surge in the volume of online ratings and reviews, The global pandemic accelerated these banking-workforce trends, McKinsey interviewed Garen Staglin, the chair and cofounder of One Mind, Chinese consumers have changed their vehicle preferences and car-buying habits, Dr. John Nkengasong, the first director of the Africa CDC, Chinas top manufacturers aspire to make innovative products without needing to import core technologies, The Pay Off: How Changing the Way We Pay Changes Everything, McKinseys Global Economics Intelligence executive summary for July, companies that are focused on underserved Black American consumers could tap into $300 billion of value annually, sustainability as a material business issue, more consumers globally are saying, I am willing to pay more for sustainable products, Strengthening more than 100 historically Black colleges and universities, In this era of accelerated change, adaptability not only can but must be nurtured, McKinsey experts suggest best practices for optimal integrations, McKinsey analyzes the current semiconductor market, The Edge: How 10 CEOs Learned to Leadand the Lessons for Us All, Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy, McKinsey experts forecast what the wellness industry will look like by the end of the decade, Shaun Robert Jenkins, head coach of fitness studio Tone House.
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