May 9, 2023
Economic uncertainty has some US consumers concerned about job security, despite a persistently tight labor market. Senior partner Kelsey Robinson and co-authors shared results from the recent McKinsey Consumer Pulse Survey, finding that 74 percent of Gen Z and millennial respondents are worried about job security. Baby boomers, meanwhile, are less likely to re-enter the workforce and indicate less concern about job stability.
To read the article, see “US consumers send mixed signals in an uncertain economy,” April 28, 2023.
Show me the advancement potential
May 19, 2023
Despite the recent wave of layoffs in the tech sector, demand for digital talent is as robust as ever, with employers struggling to fill positions. But senior partner Paul Roche and colleagues find that the priorities of many workers in the sector have changed. Career development and the possibility of advancement have overtaken compensation as the main reasons for staying in a job or accepting a new one.
To read the article, see “Cracking the code on digital talent,” April 20, 2023.
Shrinking profit pools
May 15, 2023
Despite impressive global GDP growth in the past two decades, companies’ aggregate economic profits have been contracting. Analyzing the economic-profit pools of the world’s top 4000 companies, senior partner Marc de Jong and colleagues find that global economic profit halved from 2005 to 2019 before rebounding in 2021. Profit pools aren’t keeping up with companies’ revenues, however, leading to a long-term crunch in global net economic profit.
To read the article, see “Working hard for the money: The crunch on global economic profit,” April 21, 2023.
Taking green cred to the bank
May 12, 2023
To read the article, see “Green growth: Unlocking sustainability opportunities for retail banks,” April 21, 2023.
The effects of inflation on commodity prices and supply chains put added pressure on the construction industry’s procurement strategies, partner Erik Sjödin and co-authors explain. Due in part to external challenges such as limited control over project specifications, construction falls behind other industries—logistics and technology, for example—in procurement best practices.
May 11, 2023
To read the article, see “The strategic era of procurement in construction,” April 19, 2023.