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Radical change in racial equity is needed. In order to successfully drive that change, a holistic response is required—with attention to business drivers, teams and culture, and resources.
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How is Europe performing in digital compared to the United States? Where is the progress? And where is the paralysis?
What some of the challenges and risks of digital – its potential to divide business and society – between the highly digitized: the “have-mores,” and the “haves:” those who are not able or willing to adapt fast enough.
And what is our share our vision with you for how Europe needs to capture the huge digital prize. What can start-ups, companies, public authorities – everyone in this room – do, to make it happen?
In many ways, Asian Americans in the US have had meaningful economic and social impact but they face a number of challenges that have often been overlooked.
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Digital Europe: Pushing the frontier, capturing the benefitsMcKinsey & Company
What is the speed at which digital is and will change our world?
How is Europe performing in digital compared to the United States? Where is the progress? And where is the paralysis?
What some of the challenges and risks of digital – its potential to divide business and society – between the highly digitized: the “have-mores,” and the “haves:” those who are not able or willing to adapt fast enough.
And what is our share our vision with you for how Europe needs to capture the huge digital prize. What can start-ups, companies, public authorities – everyone in this room – do, to make it happen?
In many ways, Asian Americans in the US have had meaningful economic and social impact but they face a number of challenges that have often been overlooked.
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Like other prosperous American cities, greater Seattle currently finds itself in the unenviable position of possessing both enormous amounts of wealth and staggering levels of homelessness. These slides accompany the McKinsey & Company report that looks at homelessness in King County, published in January 2020.
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It has been proven that diverse organizations outperform other organizations with a less diverse environment. Gender diversity in India is the major talk in organizations across industries and is witnessing an increase with government initiatives.
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Our annual report finds significant numbers of startups continue to have no women in leadership, yet a growing percentage have programs in place to change that.
Saadia Zahidi, Senior Director, World Economic Forum
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2. McKinsey & Company 2
Diversity is about who is represented;
Equity refers to equality of opportunity;
Inclusion addresses what people experience
3. McKinsey & Company 3
Addressing and responding to Diversity, Equity, and Inclusion
requires an understanding of all three dimensions
What it is How it’s measured
The composition of employees across
various elements of difference (e.g.,
gender, race/ethnicity, age, sexual
orientation, disability), measured at each
level of the organization
Measured in statistics and
metrics on representation and
advancement
The norms, practices, & policies in place
that ensure identity is not predictive of
opportunities or workplace outcomes
Measured through
understanding and accounting
for the differences in
opportunities, burdens, and
needs that occur on the basis
of identity
The degree to which organizations
embrace all employees and enable them
to make meaningful contributions
Measured through employees’
perception of the organization
as a whole and their personal
experiences in it
Source: McKinsey Organization Practice
Equity
How we ensure
equality of opportunity
Diversity
Who is represented in
the workforce
Inclusion
How the workforce
experiences the workplace
4. McKinsey & Company 4
There is a stronger likelihood of financial outperformance for
companies who are at the top quartile for diversity
Likelihood of financial outperformance1 by diversity in leadership teams in 2019, %
40
54
2019
Gender2
+38%
Executives
81 68
33
58
2019
80 77
+80%
Gender2
Board
41
61
2019
Ethnic3
Executives
Quartile 4 Quartile 1 No. of companies in each quartile
Q4
Q1
98 76
1. Likelihood of financial outperformance vs the national industry median. P < 0.05.
2. N = 319 for female executives, N = 311 for female board members; 2017 North American companies with gender data available in 2019; EBIT 2014-2018
3. N = 314; North American companies with ethnicity data available in 2019; EBIT margin 2014-2018. Board was excluded as results were statistically insignificant (P > 0.05)
+48%
5. McKinsey & Company 5
The pre-COVID-19 talent pipeline shows continued
progress at the top, but the broken rung remains
% of employees by level
This year’s talent pipeline
provides a pre-COVID-19
baseline, but the pipeline is
likely to have changed during
the pandemic
Since 2015, there have bright
spots at the top but less
progress at the entry and
manager levels
Source: 2020 Women in the Workplace research
1. Sum of % White women and % women of color may not sum to overall % women because overall figure includes employees with race not reported
Pre-COVID-19
12
19
66
3
13
23
59
5
6
13
24
57
15
25
51
9
12
18
26
44
C-suite
SVP
VP
Sr. Manager
Manager
Entry level
Men of color
White women
Women of color
White men
18
18
29
35
% of women1
2020
2015
’15 to ’20
change, %
McKinsey & Company 5
47
45
5%
38
37
3%
33
32
5%
29
27
4%
28
23
18%
21
17
22%
6. McKinsey & Company 6
Due to COVID-19, senior women have been placed under additional
pressure due to caregiving and at-home demands
Mothers
1. Often or almost always finds themselves to be the only, or one of the only, people in the room of their gender
2. Lives with a partner/spouse that works full-time or is self-employed
Burned out
39%
Pressured to
work more
36%
Exhausted
54%
Since COVID-19,
senior women have felt…
Source: 2020 Women in the Workplace research
Onlys of their gender1 In dual-career couples2
Senior women are more likely to be in multiple groups facing
distinct challenges
41%
54%
Senior men Senior women All women
6%
36%
19%
39%
58%
54%
7. McKinsey & Company 7
Many women are considering leaving the workforce or
downshifting their careers due to the pandemic
What drives women to consider this …
Their company not providing the flexibility they need
Feeling like they need to be “always on”
Spending additional hours on housework
Feeling worried their performance is judged negatively due to caregiving
Feeling blindsided by decisions that impact their work
Source: 2020 Women in the Workplace research
Discomfort sharing their challenges with co-workers
Feeling they can’t bring their whole selves to work
1 in 4
women are
considering
leaving the
workforce or
downshifting
their careers
McKinsey & Company 7
8. McKinsey & Company 8
Black women face distinct challenges overall due to COVID-19
Black women have been particularly challenged …
Source: 2020 Women in the Workplace research
1.5x
more likely than women
overall to feel uncomfortable
sharing their experience of
grief or loss
2.5x
more likely than women
overall to report the death of
a loved one was a big
challenge
… and they may be more likely to leave the workforce
% of employees who considered taking a leave of absence or
leaving the workforce altogether
Black women make up less than
10% of the corporate workforce.
If companies don’t take action,
we could lose Black women
disproportionately
13
10
18
13
Women Men
Black
Overall
9. McKinsey & Company 9
LGBTQ+ employees are as likely as straight ones to aspire to top-
executive positions
Career intentions and reason, % LGBTQ+ men Straight women
Opportunity to impact the success of
my company
70 60 60 49
Opportunity to be a role model for
others like me
31 38 43 46
Opportunity to have a positive impact
on the world
31 37 35 43
I want to be a top executive 45 45 33 37
Straight men LGBTQ+ women
Source: Women in the Workplace 2019, LeanIn.Org and McKinsey, 2019, womenintheworkplace.com
10. McKinsey & Company 10
Our research points to five ways that diversity, equity and inclusion
impact performance
Source: Diversity Wins 2020; 2019 Women in the Workplace research
Win the war for talent
1
Improve the quality of decision making
2
Increase customer insight and innovation
3
Drive employee motivation and satisfaction
4
Improve a company’s global image and license to operate
5
11. McKinsey & Company 11
Source: Aperian Global, Business of Fashion, Edelman Trust Barometer, https://www.mckinsey.com/business-
functions/organization/our-insights/understanding-organizational-barriers-to-a-more-inclusive-workplace
78%
of Millennials believe their companies have a responsibility to
better the world
39%
of global survey respondents have turned down or decided not to
pursue a job opportunity because of a perceived lack of inclusion
52%
of respondents of color will not work for a company that fails to
speak out on addressing racial inequality
Employees believe companies have a
responsibility to their people and society
12. McKinsey & Company 12
100
98
94
90
73
76
75
80
47
64
40
48
46
28
17
65
28
27
24
21
19
18
18
17
13
13
8
8
8
5
3
15
United Kingdom
South Africa
Singapore
Norway
Australia
Sweden
Average
United States
Nigeria
Denmark
France
Brazil
Germany
Mexico
India
Japan
Women in US continue to be underrepresented at executive levels
Female
workforce
participation
36
46
44
48
47
45
46
46
44
47
45
42
45
23
42
Women1
1. n = 1,039: 2019. Respective weighted averages by country population size: 9% and 45%
Source: Diversity Matters data set; World Bank (labor force participation rate, September 2019)
Companies with at least one
minority on executive team
Average minority
representation2
McKinsey & Company 6
Equal opportunity and fairness are vital – together, they are the
biggest predictors of employee satisfaction and retention
When employees believe they have equal opportunity and the workplace is fair, they are…
3x
more likely to say
they are happy
with their career
3x
more likely to plan
to stay at their
company longer
3x
more likely
to recommend
their company
Source: 2019 Women in the Workplace research
13. McKinsey & Company 13
Organizations are
increasingly
considering their
role on issues of
Diversity, Equity,
and Inclusion,
both internally and
in society at large
50-50 gender parity at all levels of
management by 2025
Double percentage of Black VP+ leaders
over next five years
LGBTQ+ inclusion rates on par with
company average by 2023
Internal: Aspiration-Back
What is our vision for our people and
our culture?
External: Capability-Forward
How can our unique capabilities improve
our communities and/or society?
Iconic marketing campaign
repurposed
Anti-bias employee training and
resources made available to the
public
Commitment on shelf space and
opportunity to donate reward points
Internal examples
External examples
14. McKinsey & Company 14
Example: Addressing racial equity & racial justice internally and
externally
Level of challenge, impact and sustainability
An inclusive
environment
Equitable access to
opportunities & benefits
A diverse
organization
Corporate and social
responsibility
Strategic to create
shared value
Operational
impact
Ensuring employees of varying
racial/ethnic identities all feel a sense
of belonging and the ability to
contribute to their fullest
Ensuring all staff have the
opportunity to grow, contribute, and
develop; power is shared in the
workplace
Creating a diversity of racial/ethnic
identities at each level of the
organization
Engage all 32,000 colleagues in anti-
racism and inclusion programs
Ensure our processes are free from
bias and support retention, attraction of
Black and diverse colleagues
Double our Black leadership and
hiring of Black colleagues in the next 4
years
Example McKinsey
actions
Explicitly designing operations &
investment processes to improve
outcomes & minimize downstream
impacts
Using organization’s platform to
influence changes in institutional
and structural disparities; take clear
stance on racial equity
Double our spending with diverse
suppliers in the next 3 years
Create a Black Economic Institute to
help clients with practical tools on
Black economic empowerment
Commit $200 million over the next
10 years in pro bono work globally to
advance racial equity
Example McKinsey
actions
Internal:
Aspiration-Back
Focused on improving the
organization
External:
Capability-Forward
Focused on improving
community and/or society
Embedding racial equity considerations
at all levels of strategy development
15. McKinsey & Company 15
Our
commitment
to racial
justice and
equity
Double our Black leadership and hiring of Black
colleagues in our firm over the next four years
1
2
3
4 Bring to bear the best available expertise to
help us ensure our processes are free from bias
and to support the attraction, development,
advancement and retention of Black and
diverse colleagues
Engage our 32,000 colleagues in an anti-racism
and inclusion program in addition to our existing
training on unconscious bias. We will make these
materials available publicly for others to use in
their own organizations
Create a firmwide day of service dedicated to
understanding racial injustice and giving back to
our communities. On that day, we will recognize
those who exemplify anti-racism and inclusion
Create a dedicated McKinsey Academy virtual
leadership program and make it available at no
cost to our clients to support rising Black
executives. We will also broaden and expand
our student internship programs across our firm
to help grow more Black leaders
5
6
7
8
9
10
Building upon the McKinsey Global Institute and our
related longstanding research on racial inequities, we
will found a Black economic institute to translate
insights into practical tools to enable our clients to
advance Black economic empowerment and racial
equity in the U.S. and beyond
Double our spending with diverse suppliers within
three years
Contribute $2 million in cash to Generation to
launch new programs in the U.S. to train and place
Black learners in small and medium-sized Black-
owned businesses. Globally, we will double our
support for Generation to train and place 40,000
learners in 14 countries, predominantly from under-
represented groups
Commit $200 million over the next 10 years in pro
bono work globally to advance racial equity and
economic empowerment among Black communities
Donate a total of $5 million in cash this year to
nonprofits working to create educational
opportunities and combat racism. The majority of
this gift will be directed to organizations to be
selected by our McKinsey Black Network
colleagues
Additional detail
We are committing to an initial
set of 10 actions to anchor
global efforts in favor of racial
justice and inclusion for all.
16. McKinsey & Company 16
McKinsey’s Black Leadership Academy
Black Executive
Leadership Program Management Accelerator
Black executives, 1-2 levels
below C-suite
Early- to mid-career Black leaders
Hones executive leadership
capabilities with focus on real-
world challenges and driving
transformative personal and
professional change
Enhances leadership and general
management skills focused on
setting and leading a business
strategy, problem solving for impact
and 9 functional deep dives
12 weeks, 1.5 hours per
week
24 weeks, 1.5 hours per week
Audience
Objective
Timing
Digital courses to anchor content
Peer connectivity
• Larger cohort connectivity
• Small cohort progression of
concepts and discussion
Fireside chats with notable leader
Virtual exchanges to explore ideas
Experience Virtual facilitated workshops to
anchor content
Peer connectivity
• Larger cohort connectivity
• Small cohort progression of
concepts and discussion
Fireside chats with notable leader
Virtual exchanges to explore ideas
17. McKinsey & Company 17
Common pitfalls of DEI…
Thinking training is a “cure-all” vs. part of a broader solution set
No clear goals or arbitrary goals set without analytical rigor or
understanding underlying DEI challenges
DEI becomes a “flavor of the month,” not owned and consistently
advanced by a broad set of leaders
Letting “one thousand flowers bloom” with no plan to learn and
prune
Aspiration or case for change are generic or “copy-cat” and lack
leader conviction
18. McKinsey & Company 18
There are five stages in a proven journey companies are taking to
transform Diversity, Equity, and Inclusion
Aspire
Align on
the vision
Assess
Build the
fact base
Architect
Develop
the plan
Act
Launch enterprise-
wide actions
and pilots
Advance
Scale and sustain
momentum
Interventions crafted in Architect should directly
tie to Aspire and Assess
Aspire and Assess are often done in parallel
or iteratively, as each informs the other
Define and commit
to D&I aspiration
Define and commit to a
tangible aspiration
Communicate aspiration,
starting with senior leader
champions
Diagnose current D&I
practices
Assess the current state
qualitatively and quantitively
Build company-specific
business case linked to
strategic priorities
Develop roadmap
and KPIs
Design portfolio of
interventions linked to specific
objectives; prioritize based on
ease and impact
Launch quick wins and
longer-term initiatives
Launch enterprise-wide
initiatives and prioritized pilots
with BUs/functions/
geographies
Build on success and
track progress
Scale efforts, tailoring to
specific contexts as needed
Build progress monitoring and
leader accountability into
regular management routines
Over the past 6 years and before COVID-19, we had seen signs of slow and steady progress in the representation of women in corporate America. Since 2015, the number of women at the top – especially the C-suite and SVP levels -- had grown by 22% and 18%, respectively.
However, it’s important to acknowledge that the 2020 pipeline provides a pre-COVID baseline. As we know, companies, employees, and women in particular have already had to make tough decisions as they respond to COVID-19, so it’s likely that the pipeline has already been altered this year. If companies do not act, the hard earned gains we’ve seen while doing this work could be erased.
Senior-level women are under the same pressure to perform right now as senior-level men– and then some. They are more likely to be in multiple groups facing distinct and compounding challenges during COVID-19: Senior women are almost 2x as likely as women overall to be “Onlys”, which is associated with feeling pressure to work more, experiencing microaggressions, and needing to provide additional evidence of their competence. They are also more likely than senior-level men to be in dual-career couples, which means they are less likely to have the support at home that a partner who does not work often provides. Finally, they are more likely than women overall to be mothers.
The outcomes of these pressures are stark, with senior-level women reporting high levels of exhaustion, burnout, and feeling pressured to work more
In past years, we have seen that women and men have left their companies at similar rates. Attrition has not been the root cause of unequal representation in the pipeline. However, in light of the challenges brought on by COVID-19, many employees are now considering leaving the workforce or downshifting their careers. And this year, for the first time we’ve seen signs of women opting out of the workforce at higher rates than men.
Based on our analysis, this is more likely when employees
worry that their performance is being judged negatively due to their caregiving responsibilities
feel like they can’t bring their whole selves to work
feel like they need to be “on” 24/7
feel uncomfortable sharing the challenges they are facing with their co-workers
feel blindsided by company decisions
spend many additional hours on housework or
feel like their company has not provided them flexibility.
Women – especially mothers, senior women, and Black women – are more likely to experience some of these drivers.
While Black women have always had more challenging experiences in the workplace, in 2020 the disproportional impact of COVID-19 on the Black community and the increased public attention to racial violence have magnified their struggles. They are more than two times as likely to say that the death of a loved one was a challenge during the COVID-19 crisis and 1.5 times as likely to feel uncomfortable sharing their grief.
All of this can add up – as you see from the chart on the right, Black men and women are more likely to consider leaving the workforce entirely. Given Black people are already under-represented in the pipeline, and if they leave at higher rates we may see negative long term effects on the pipeline.