Our vision for Facebook is simple: Facebook is for social discovery that opens your world in big and small ways. We’ve always been social, and we’ve always helped people discover things, but the way that people want to do this is changing, so we’re evolving our product accordingly. As we think about the next 20 years, we’re focused on two big things: building the next generation of social media for…
Under stress, good people can make bad decisions. Even CEOs, who are often exposed to contradictory demands, are not immune. Bad decisions can range from ill-advised stock buybacks to poorly devised cost-cutting measures to extremes like imaginative accounting or illegal practices. We’ve seen how Nokia, General Electric, IBM and many others have stumbled in the face of such existential crises.During turbulent times, many CEOs may be tempted to weather the…
Refinery reliability issues have impacted product prices in recent times, and the ongoing reliability issue is creating both challenges and opportunities for refiners. As the wider industry continues to struggle with unplanned outages, refiners can invest to improve reliability and capture value. Operators can do this by revamping fundamental processes and using digital tools, such as generative AI (gen AI), to drive further improvements in their systems. In this article,…
Radar Paid influencers with the biggest follower counts may not give companies the most bang for their buck, research finds. The MIT SMR Editors June 10, 2024 Reading Time: 2 min Topics Radar Brief insights on emerging trends in management from the opening pages of MIT Sloan Management Review’s quarterly print magazine. More in this series subscribe-icon Subscribe Share Getty Images The top social media influencers command top dollar for…
Terry Vlisidis, Unsplash By: Kevin M. Young Seyfarth Synopsis: With the DOL’s new overtime exemption rule weeks from taking effect, employers must consider the impacts of reclassifying exempt employees. Some potential impacts are obvious, others not so much. Proactive, thoughtful planning is key for employers to navigate these waters for their business and impacted employees alike. With the U.S. DOL’s final overtime exemption rule taking effect in a few weeks,…
Quick Hits As part of a proposed consent judgment to resolve an antitrust charge brought by the DOJ and several states, the NCAA agreed to drop its rule requiring certain Division I college athletes who transfer schools to sit out a year. The DOJ and the states alleged that the transfer rule unlawfully restricted athletes from engaging in the market for their labor as college athletes. This litigation highlights state…
Since the introduction of OpenAI’s ChatGPT, we have been amazed that almost every conversation, whether business or casual, has turned to speculation and opining about the future of generative AI (G-AI). by Alva Taylor and Patrick Wheeler Views have ranged from a prediction of an AI-dominated Skynet/Terminator world where humans barely exist, to a future similar to Disney’s Wall-E Sky Liner world where humans grow so dependent on technology that…
For most of this century, Big Tech has been allowed to operate with little scrutiny or oversight — to disastrous effects, in the form of social media harms, anti competitive practices, and more. Despite recent efforts to rein them in, a small handful of mega companies continue to wield enormous power in our economy and in Washington — and now, Washington is at risk of repeating the mistakes of the…
New online-privacy regulations and reduced use of online “cookies,” which track people’s movements on websites, have been lauded by online-privacy advocates—but they’ve made things tough for corporate marketers. It means that today, most marketers are finding it harder to measure the efficacy of their online campaigns with the level of granularity they could in previous years. Tracking specific individuals online has become much more difficult, forcing marketers to find new…
If you think you know consumer behavior, think again. Middle-income consumers are feeling the squeeze and worrying about inflation but aren’t holding back on splurges. Rather than sticking to tight budgets in retirement, aging consumers are splurging too. Speaking of older shoppers, it turns out that the brand loyalty they’ve long been known for is a thing of the past. And young consumers in Asia and the Middle East are…
Posted June 10, 2024 Over the past decade, usage-based pricing has soared in popularity because it better aligns cost with value and allows customers to pay only for what they use. But that flexibility comes with operational pain points, especially when it comes to predicting revenue. With the right processes and infrastructure in place, however, your usage-based revenue can actually become more predictable over time than it might be in…
In this episode of Nevermind the Pain Points, join host Sophie Brazell-Ng and guest experts Sarah Partridge and Dr. Kristina Curtis for an insightful discussion about hybrid work models. Tune in for insights on what hybrid working means for leadership, employee retention, office culture, and creating a balanced, productive work environment.Listen here or read on for an edited transcript. Sophie Brazell-Ng: Welcome back guys, to podcast number two. I’m here…
The situation In a landscape where industry super funds are expanding their membership to the general public, a prominent superannuation fund, stood at the forefront of innovation and member service excellence. With an effective delivery, governance, and funding model for large projects, they adeptly managed risk for significant initiatives. However, the path for ongoing improvement to existing capabilities and delivery of mid-sized work remained unclear, presenting a crucial gap in…
The Digital Operational Resilience Act (“DORA“) applies to a wide range of financial entities and is focused on ensuring that these entities are able to respond effectively to unplanned information and communication technology (“ICT“) disruption, while minimising the impact on their business and customers. In this briefing, we consider the impact of DORA for fund managers and outline the requirements under DORA to manage and mitigate ICT risk. Does DORA…
Quick Hits Effective July 1, 2024, Senate Bill (SB) No. 553 will require virtually every California employer to implement a comprehensive workplace violence prevention plan. The new law does not have an implementation grace period. The new law applies to most California employers and employees, except corrections facilities, law enforcement agencies, teleworkers, places of employment where there are fewer than ten employees working at a place that is not accessible…
A significant factor that could lead to escalation and potential direct confrontation between Russia and NATO is the possibility of military deployments of NATO troops on Ukrainian territory. Some Western political figures have discussed the potential for such a scenario, though their views have not been endorsed by the United States or presented as the official position of NATO. Several leaders from member countries have distanced themselves from the idea…
Three recent trends illustrate significant recent changes in Europe’s chemical markets. First, high prices for natural gas and electricity are resulting in high production costs for energy-intensive chemicals. Second, a global oversupply of many chemicals is leading to depressed unit margins and lower volumes. And third, demand is shifting to sustainable chemicals. For these reasons, many European players are focusing on how to rapidly improve their margins, typically via cost…
Quick Hits On June 7, 2024, OFCCP published a CSAL that identified 500 establishments of federal supply and service contractors and subcontractors for compliance reviews. The CSAL operates as a “courtesy notification” to a contractor that an OFCCP compliance review will be undertaken; the compliance review process begins when the company establishment receives a scheduling letter from OFCCP. OFCCP published the methodology it used for developing the June 2024 CSAL.…
The recent accelerated rise in global interest rates, the fastest in decades, brought the curtain down on an extended period of cheap money but provided little clarity on the longer-term outlook. In 2024, competing forces of tepid growth, geopolitical tension, and regional conflict are creating nearly equal chances of higher-for-longer benchmark rates and rapid cuts. In the banking industry, this uncertainty presents both risks and opportunities. But in the absence…
Private equity firms manage a wealth of sensitive data, making them prime targets for cybercriminals. With the growing number of sophisticated cyber threats, Chief Technology Officers (CTOs) must adopt a proactive stance to safeguard valuable data assets. However, despite the escalating risks, only a fraction of private equity firms have a robust cybersecurity program in place. In a study conducted with over 100 private equity firms, 23% have an operational and…
This conversation between Maya Chorengel, a managing partner at The Rise Fund, and Alexandra Nee, partner and co-lead of the Impact Investing Service Line for McKinsey’s Private Capital Practice, was recorded on November 10, 2023. It was part of McKinsey’s Women in Private Equity Global Forum, which was held virtually, with an audience of 140 women investors from more than 60 firms across North America. The following is an abridged…
Russia is ramping up malign disinformation campaigns against France, French President Emmanuel Macron, the International Olympic Committee (IOC), and this summer’s Olympic Games in Paris. While Russia has a decades-long history of targeting the Olympic Games, the Microsoft Threat Analysis Center (MTAC) has observed old tactics blending with artificial intelligence (AI) in malign activity that may intensify as the 2024 Paris Opening Ceremony approaches. These operations have two principal aims:…
Productivity – the amount of output each worker produces – is the core of our shared global prosperity and as the world wrestles with shifting geoeconomics, it matters more than ever. Asia has experienced a productivity surge in recent years, but cannot afford to be complacent if the region’s economies are to continue closing the gap with their advanced counterparts.Recent McKinsey Global Institute research, Investing in productivity growth, shows that…
Quick Hits Minnesota Governor Walz signed employment-related legislation that amends laws addressing consumer data privacy, drug and alcohol or cannabis testing, employee misclassification, pay transparency, and restrictive covenants. Leave-related provisions address earned sick and safe time, paid family and medical leave, pregnancy accommodations, and parental leave. Wage- and pay-related legislation addresses rideshare drivers, pay transparency in job postings, and gratuities employees receive through debit, charge, credit card, or electronic payments.…
Health systems around the world are facing a host of challenges, including rising costs, clinical-workforce shortages, aging populations requiring more care (for example, to treat chronic conditions), and increasing competition from nontraditional players. At the same time, consumers are expecting new capabilities (such as digital scheduling and telemedicine) and better experiences from health systems across their end-to-end care journeys. In response, health systems are increasing their focus on digital and…
8 June 2024By Christine LagardeThe ECB has cut interest rates. President Christine Lagarde explains why and sets out what still needs to be done to bring inflation back to 2% over the medium term.Two years ago, we started raising interest rates because inflation was far too high. Today, the situation is improved. Although some prices are still going up markedly, especially in the services sector, inflation overall has come down…
The advent of steam power in the late 18th century utterly transformed manufacturing, transportation, and construction. A new kind of upheaval is already under way—one that will energize all language-based capabilities, including communication, reasoning, analysis, sales, and marketing. In this episode of the At the Edge podcast, Reid Hoffman, a partner at venture capital firm Greylock Partners, and cofounder of LinkedIn and Inflection AI, speaks with McKinsey’s Lareina Yee about…
A hand with bright yellow nails reaches for the handle of a blue suitcase.All aboard! After the pandemic upended life and leisure as we know it, travel is roaring back. The industry is set to make a full recovery by the end of 2024, after losing 75 percent of its value in 2020. Much of this has been so-called “revenge travel,” or people embarking on international or bucket list trips…
When Yale SOM’s Jason Dana asks people to think about a consumer good that has gotten more affordable over time—say, televisions—they are confident they understand why: the underlying technology has improved and production is more efficient, so the product has come down in cost. But when he asks them whether in general real costs—defined as the amount of work required to purchase individual items—have gone up or down over time,…
Elections to the European Parliament are not able to resolve the problems and issues that have arisen before the EU in recent years. They are structural in nature and go far beyond the borders of even geographical Europe. The transformation of the political image of the European Parliament will be picked up during the electoral processes at the national level of the EU countries, Artyom Sokolov writes. The place of…
For several decades prior to the current state of affairs, Russia promoted the idea that we must look East. At the same time, however, a significant part (if not most) Russian international trade activity was still connected to the EU. Now the situation has changed (maybe forever), and for Russia there is no other option than to refocus their priorities to the East in general, and to China in part,…
Thursday, June 13, 20243:00 p.m. to 4:00 p.m. Eastern2:00 p.m. to 3:00 p.m. Central1:00 p.m. to 2:00 p.m. Mountain12:00 p.m. to 1:00 p.m. Pacific About the Program Workplace political speech poses unique challenges for employers, particularly in a polarizing U.S. election year, and amid political demonstrations worldwide. Employers must balance employees’ rights with the interests of the organization, within a maze of intersecting federal and state laws. The challenges are…
Quick Hits New Singaporean employment laws are in effect or will take effect this year. A new law extends the paid paternity leave benefit for two additional weeks, bringing the new leave allotment to four weeks of paid paternity leave. Singapore’s proposed Workplace Fairness Legislation, scheduled for passage in the second half of 2024, aims to enhance protection against discrimination and provide an avenue for employees to report grievances without…
Generative AI systems are made up of multiple components that interact to provide a rich user experience between the human and the AI model(s). As part of a responsible AI approach, AI models are protected by layers of defense mechanisms to prevent the production of harmful content or being used to carry out instructions that go against the intended purpose of the AI integrated application. This blog will provide an…
As part of the business program at the St. Petersburg International Economic Forum (SPIEF), a session of the Valdai Club took place on June 6. The event’s participants explored the question of whether global and national development can occur without conflict and violence.Andrey Bystritskiy, Chairman of the Board of the Foundation for Development and Support of the Valdai Discussion Club, noted in his introductory remarks that conflicts that stem from…
Most large corporations have annual processes to allocate capital and other resources across business units and for strategic initiatives enterprise-wide. The typical practice is to begin with a strategy or “strategic refresh,” develop a long-term (three- to seven-year) financial plan, and lay out a highly detailed budget for the first year of the plan. Unfortunately, the processes are often both muddled and rigid; they typically take months to iterate, generate…
(This is a modified version of an article to be published in the China International Strategy Review) Summary: In 1945, humanity came together to create the Charter International System. It expressed the hope that after the most catastrophic war the world had yet seen, a superior system of international relations could emerge. The ‘spirit of 1945’ gave rise to the United Nations and its foundational Charter, reinforced subsequently by numerous…
In this edition of Author Talks, McKinsey Global Publishing’s Mike Borruso chats with Elspeth Kirkman, chief program officer at Nesta, about her new book, Decisionscape: How Thinking Like an Artist Can Improve Our Decision Making (MIT Press, March 2024). Kirkman draws parallels between how artists create and how we make choices in our everyday lives. The book challenges us to understand why we make certain decisions and calls for us…
Coaching for the Future-Forward Leader Sanyin Siang June 06, 2024 Reading Time: 2 min Topics Coaching for the Future-Forward Leader Leadership roles come with new personal and professional challenges — and Sanyin Siang, board and CEO coach, adviser, and author, is here to help with an advice column for top managers. More in this series We are going through an organizational transformation, which will involve a workforce reduction. How can…
Quick Hits The New York State Assembly has passed and delivered the Retail Worker Safety Act to the state Senate. Under the legislation, retail employers would be required to have written workplace violence prevention programs and workplace violence training. Retail employers with 500 or more employees nationwide would also be required to install access to panic buttons to immediately dispatch local law enforcement when pressed. Assembly Bill A8947, titled the…