Diversifying the beauty market
June 27, 2023
After weathering the COVID-19 pandemic and a turbulent macroeconomic environment, the market for beauty products is projected to grow by 6 percent a year to reach approximately USD 580 billion by 2027. But senior partners Achim Berg and Kristi Klitsch Weaver find that while brands have long focused on the top two markets—China and the United States—they should now be prepared to diversify geographically to other countries and regions, including the Middle East and India, which offer distinct potential for specific categories and price tiers.
To read the article, see “The beauty market in 2023: A special State of Fashion report,” May 22, 2023.
In it for the long haul
June 30, 2023
Large-scale transformations of organisations often start strong but end up losing an average of 42 percent of their expected value in the later phases, according to partners Large-scale transformations of organizations often start strong but end up losing an average of 42 percent of their expected value in the later phases, according to partners Steve Armbruster, Takanori Sakamoto, and colleagues. Three practices can significantly increase the chances of success: maintain implementation rigor across the transformation programme’s later stages, using the programme to upgrade talent, and investing in the right resources at every stage. Companies that implement all three practices are 3.4 times more likely than their peers to say their transformations’ impact was sustained for more than three years., and colleagues. Three practices can significantly increase the chances of success: maintain implementation rigor across the transformation program’s later stages, using the program to upgrade talent, and investing in the right resources at every stage. Companies that implement all three practices are 3.4 times more likely than their peers to say their transformations’ impact was sustained for more than three years.
To read the survey, see “How to implement transformations for long-term impact,” May 26, 2023.
Opportunities to flex
June 29, 2023
Flexible workplaces have the potential to improve employee performance and make real estate spending more efficient. Many companies could be leaving such opportunities on the table, though, find partner Julia McClatchy and coauthors. For example, according to a survey of real estate and employee experience leaders, nearly all respondents agree that their organisations have created systems to gather employee feedback on the workplace experience. But only 16 out of 51 respondents say that their organisations have a playbook documenting how work is done.
To read the article, see “Is your workplace ready for flexible work? A survey offers clues,” June 1, 2023.
More patient care, less paperwork
June 28, 2023
The United States could soon be looking at a shortage of 200,000 to 450,000 nurses, according to McKinsey research. Adjusting how nurses spend their time has the potential to improve work experiences and narrow the workforce gap, note senior partner Gretchen Berlin and co-authors. For example, nurses we surveyed say that they want to spend more time caring for patients and coaching peers—and less time on documentation and support activities.
To read the article, see “Advanced chip packaging: How manufacturers can play to win,” May 24, 2023.
A new funding landscape in logistics
June 23, 2023
A surge in funding for logistics start-ups in 2021 was followed by a decline of almost 50 percent at the end of last year, senior partner Ludwig Hausmann and colleagues note in their analysis of 600 logistics start-ups. Due in part to higher interest rates and a shift in consumer spending habits from goods to services, start-up funding decreased sharply in three logistics sectors: distribution and fulfillment, first- and middle-mile brokers, and digital last-mile platforms.
To read the article, see “Start-up funding in logistics: Adjusting to a new reality,” May 16, 2023.