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☆ McKinsey Intends to Eliminate as Many as 2,000 Jobs
▼ + stars: | 2023-02-21 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

The cuts would be one of the company’s biggest headcount reductions to date. McKinsey & Co. plans to eliminate thousands of positions, adding the consulting giant to a wave of companies that are cutting corporate jobs. The firm, which is known for helping companies streamline their operations, could shed as many as 2,000 jobs in what would be one of its biggest headcount reductions to date, according to a person familiar with the matter.

☆ 'It's a huge concern': Senior-level women are calling it quits after decades climbing the career ladder
▼ + stars: | 2023-02-21 | by ( Jennifer Liu | ) www.cnbc.com time to read: +5 min

Some of the world's most powerful women are calling it quits. To give some context, for every woman stepping into a director-level leadership role, two are choosing to leave, says Alexis Krivkovich, McKinsey senior partner and an author of the joint Lean In and McKinsey "Women in the Workplace" report. The pattern has the potential to unwind decades of progress toward gender equity and increased female leadership in the workplace, she tells CNBC Make It. "They're meeting their goals and being successful, and some are choosing to leave before they get burned out," Workman adds. The problem remains that there are too few women in high levels of leadership, Krivkovich says: "Lots of men leave their positions, but we analyze and scrutinize when women leaders do in a different way.

☆ As accomplished, high-profile female leaders step back from their careers, I wonder whether any woman can have it all
▼ + stars: | 2023-02-19 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +6 min

I don't fault them; they're women who achieved much and then, it appears, made the best decision for themselves. Women face bias when they're leaders. McKinsey & Company recently said it found that "compared with men, senior women leaders report higher rates of burnout, chronic stress, and exhaustion." A report last year from LeanIn.org and McKinsey said women leaders were leaving their companies at the highest rate ever; the organizations started tracking the data in 2015. "You're not promoting enough women into the leadership ranks, and now you have more women leaving leadership roles," Thomas told CNBC Make It in October.

☆ Embraer's electric aircraft maker Eve 'on track' to start service in 2026
▼ + stars: | 2023-02-17 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Feb 17 (Reuters) - Electric aircraft maker Eve Holding Inc (EVEX.N) is "on track" to meet its goal of starting commercial operations in 2026, an executive said on Friday, and getting its aircraft certificated is the most immediate target. Eve is confident about the "robust project," which is backed by Embraer's expertise, said Mauad, reiterating the goal of starting operations in 2026. BNDES later announced it would grant Eve an additional 490 million reais ($94.47 million). Mauad acknowledged a consolidation process could happen in the sector, but noted Eve was still particularly focused on working through its partnerships. ($1 = 5.1871 reais)Reporting by Gabriel Araujo; Editing by Anthony Esposito and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ VC firm Counteract just reached first close on its $42 million carbon removal fund. We got an exclusive look at the 11-slide LP deck it used to secure cash from The Grantham Foundation.
▼ + stars: | 2023-02-17 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

VC firm Counteract has reached first close on its inaugural £35 million fund. It plans to back 40 global companies across all elements of carbon removal. London-based firm Counteract, founded in 2021, has just reached first close on its inaugural £35 million, about $41.9 million, fund. Direct air capture is one of the best-known carbon removal technologies thanks to Swiss company Climeworks. Isaacs stressed the importance of exploring all potential technologies as carbon removal evolves alongside policy, making it inherently risky.

☆ HBCU students diversify alternative investing with the help of Wall Street’s biggest firms
▼ + stars: | 2023-02-17 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +1 min

The AltFinance Fellowship is the brainchild of top alternative investment firms Ares Management, Apollo Global Management and Oaktree Capital Management. Selected students will also receive a scholarship of up to $10,000 if they're sophomores, while juniors and seniors can receive up to $15,000. Partnering schools include Clark Atlanta University, Howard University, Morehouse College and Spelman College. The private equity, private credit and commercial real estate industry has about $10 trillion in assets under management, according to data provider Preqin. "This is not a charitable activity," Howard Marks, co-chairman of Oaktree Capital Management, told CNBC.

☆ A proptech startup used this pitch deck to raise $5.1 million to build a LinkedIn for construction workers
▼ + stars: | 2023-02-15 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

Contractors are challenged in hiring skilled workers. Skillit, founded in 2021, offers a platform specifically for recruiting skilled labor. The company's CEO walked Insider through a pitch deck used to raise $5.1 million in seed funding. What's more, many skilled workers are getting ready to retire. The company's first product focuses on recruiting craft workers, or construction workers who hone their skills in trade schools and apprenticeships.

☆ Some FedEx employees say layoffs are wrecking morale and chipping away at the famous loyalty that Fred Smith built
▼ + stars: | 2023-02-15 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

Some insiders see the layoffs as a failure of leadership and fear a lasting shift in FedEx culture. But now, some also question if the company Smith built is changing for good. "The erosion just kept happening," said one former FedEx who left the company in the last year. Inside the company, employees are doing the back-of-the-envelope calculations on the cuts still to come — Subramaniam promised $4 billion and cuts this fiscal year. "There is still that emphasis that people are first at FedEx," said a 15-year FedEx veteran who left last year.

☆ Biden wants EV chargers on every 50 miles of highway. That misses a key piece of the electrification puzzle.
▼ + stars: | 2023-02-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

But to boost EV adoption, not all chargers need to be on highways, experts say. The goal is to put 500,000 public EV chargers on US roads by 2030, up from about 130,000 currently. EV chargers need to meet people where they're at. Studies suggest that a lack of reliable and functional EV charging is one of the biggest factors standing in the way of consumer EV adoption. Of note, however, is that a majority of EV charging can technically be done at home.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow layoffs will impact DEI pledges: McKinsey's Shelley StewartMcKinsey senior partner Shelley Stewart worries that an economic downturn may impact diversity, equity and inclusion efforts. He tells CNBC's Sharon Epperson how companies can mitigate high attrition rates in frontline jobs and reflects on how DEI pledges have evolved since 2020.

Businesses need to remain diligent in their diversity, equity and inclusion, or DEI, efforts as layoffs continue, according to McKinsey senior partner Shelley Stewart. Stewart told CNBC that Black Americans have historically been disproportionately affected during economic downturns. Because Black workers are underrepresented in the tech industry, he said, they may not be hit disproportionately in that sector. Stewart encourages companies to continue their DEI efforts by working with diverse suppliers, saying partnering with diverse businesses is "the biggest lever that corporations have to directly impact society other than wages." "Inclusive growth is better for companies, better for society, better for our global economy and our domestic economy," he said.

☆ The 8 leading biotechs using AI to upend how drugs are discovered
▼ + stars: | 2023-02-13 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +1 min

A few biotech companies have used AI to develop drugs that are already being tested in people. Insider found eight AI biotechs now in the clinic, a critical stage in drug development. Some of the fastest progress has been in using AI to improve the process of creating medicines. At the start of 2020, AI-focused biotechs had zero drugs in the clinic, according to Air Street Capital. Here are the eight biotechs using AI to develop better drugs, in order of how many drugs they have in human testing.

LONDON, Feb 10 (Reuters) - The two investment obsessions of the year so far - artificial intelligence and super-tight labour markets - meet head on. Far from relaxing, should office or home-based workers now fret that we're in for anything but a tight jobs market over the coming years? Morgan Stanley's thematic research team said this week it was inundated with enquiries about generative AI during its recent client visits. Much like the pandemic, fear of automation could have as big an economic impact as its actual spread. US jobs growth by sectorMcKinsey chart on automation worldwideFathom chart on US vs China AIThe opinions expressed here are those of the author, a columnist for Reuters.

☆ A subsidy arms race is kicking off between Europe and America
▼ + stars: | 2023-02-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +10 min

This premium is expected to shrink as clean energy technologies become more advanced and infrastructure to produce them is scaled up. Most of the money the IRA has earmarked for clean energy initiatives comes in the form of tax credits. In the meantime, government officials are lobbying the United States to rethink parts of the IRA. “Europe and other allied countries have nothing to fear from the Inflation Reduction Act and quite a bit to gain,” said Brian Deese, Biden’s top economic adviser. The fight over green subsidies also comes as geopolitical tensions are pushing countries to focus on greater localization of production — not just for green energy, but also for sensitive technologies like computer chips.

☆ 34-year-old's startup, worth $1.5 billion and backed by Google, wants to make tutoring free for kids everywhere
▼ + stars: | 2023-02-09 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +4 min

As college prep season starts, some high schoolers — or their parents — are probably thinking about hiring private tutors to help boost their SAT scores. It makes a difference: Research shows that private tutoring can help improve SAT scores by roughly 37 points, which can make a difference on college applications. The 34-year-old is the CEO and founder of Paper, a Montreal-based virtual learning platform he launched in 2014 to try making private tutoring more financially accessible. He quickly learned that wealthier students often performed better in school, even before they hired private tutors. Over the last five years, the startup has made some of its biggest strides in "large, urban districts," Cutler says.

☆ Maintaing diversity in tech: Firms continues Atlanta investments
▼ + stars: | 2023-02-09 | by ( Frank Holland | ) www.cnbc.com time to read: +1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaintaing diversity in tech: Firms continues Atlanta investmentsVisa says it is still hiring and remains focused on hiring Black workers and partnering with Black startups at its new Atlanta office. 27% of Atlanta's tech workers are Black compared to 2% in the Bay Area and 3% in Austin according to CBRE. 2023 could be a major turning point for diversity in tech according to a new report this week from McKinsey. If the Black tech gap isn't closed there will be $360B in lost wages and the underrepresentation will grow. Frank Holland looks at the data, the companies emphasizing diversity, and speaks with Visa's Chief Diversity Officer about the importance of the Atlanta Office.

☆ Mobility study cites roadblocks for U.S. electric vehicles, sustainable aviation
▼ + stars: | 2023-02-07 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

Among those roadblocks, a looming shortage of battery raw materials could put government mandates “in conflict with manufacturing reality” — one of the macro trends charted in the 2023 Moving World Report, published by investment firm UP.Partners. Obstacles to the acceleration of EV production and demand in the United States include ongoing turmoil in global supply chains, insufficient vehicle charging infrastructure and an overloaded electrical grid, the 120-page report said. The study is based on dozens of interviews and cites technical and financial data from research studies by the International Energy Agency, the U.S. Energy Information Administration, McKinsey, Silicon Valley Bank, Carnegie Mellon University and others. While aviation companies continue to pursue alternative technologies from batteries to hydrogen, Managing Partner Cyrus Sigari said that sustainable aviation fuel is “the only rational pathway” to reducing aviation carbon emissions over the next 20 years. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ 7 ways to use ChatGPT at work to boost your productivity, make your job easier, and save a ton of time
▼ + stars: | 2023-02-04 | by ( Jacob Zinkula | Aaron Mok | ) www.businessinsider.com time to read: +3 min

With its impressive functions, the buzzy AI chatbot could give some workers a "productivity boost." Insider compiled a list of seven ways workers can use the AI tool to help do their jobs. But they can help workers across many industries – from tech to media – do their jobs better and more quickly. Workers should be careful when using AI tools, as the tech can be prone to misinformation, and it can remove the human touch from tasks like writing. Here's how you can use ChatGPT and AI to help make your work life easier.

☆ Electric semi-trucks are ready to be deployed, but there aren't near enough plugs to charge them
▼ + stars: | 2023-02-04 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

Truck manufacturer Daimler has a production capacity of around 2000 electric semi-trucks per year. Lack of charging infrastructure is slowing down adoption across the industry. Sure, the batteries are a bit heavier than truckers might like, but that's not what's slowing down the deployment of electric semi-trucks on US streets. But there are only around 100 electric trucks out on the streets. The majority of electric passenger vehicles charging stations have fast charging at around 150 kilowatt.

☆ I've been renting all my clothes for over a year. Here's what I love about it — and what everyone should know before trying it.
▼ + stars: | 2023-02-04 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +8 min

I've been renting all my clothes since late 2021 through Nuuly, an online-rental marketplace. It's helped me cut back on shopping, stop buying fast fashion, and focus on quality over quantity. As for me, I'm still hooked on renting over a year later, and I would recommend it to anyone who's thinking about trying it. But I've also uncovered some downsides that have made me rethink everything I thought I knew about clothes. Pro: Renting has made me more thoughtful about qualityPerhaps the biggest endorsement for renting all my clothes is the effect it's had on my mindset.

☆ I'm a virtual therapist who booked $350,000 in revenue last year. Here's how I built my business with patients, coaching clients, and social media.
▼ + stars: | 2023-02-03 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Kelly McKenna started her own virtual therapy practice in February 2021. Her longing for customer connection and her experience with telehealth prompted McKenna to launch a virtual therapy practice in February 2021 called Sit With Kelly. The telehealth industry grew in popularity during the pandemic, and virtual therapy and mental-health services saw substantial increases. There has never been a better time to start a virtual practice, McKenna said. The course comes in three tiers, which focus on specific aspects of running a virtual business.

☆ ChatGPT may be coming for our jobs. Here are the 10 roles that AI is most likely to replace.
▼ + stars: | 2023-02-02 | by ( Aaron Mok | Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

Experts say ChatGPT and related AI could threaten some jobs, particularly white-collar ones. Since its release in November of last year, the impressive AI chatbot has been used to write cover letters, create a children's book, and even help students cheat on their essays. But despite its flaws, the rise of ChatGPT has sparked debates over whether it will replace jobs. Insider talked to experts and conducted research to compile a list of jobs that are at highest-risk for replacement by AI. Here are the 10 jobs that AI may replace, based on our research.

☆ The 10 companies that produce the most startup founders, including Bain, McKinsey, and Sony
▼ + stars: | 2023-01-31 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +1 min

Working for a major tech company or consulting firm can be a launching pad for your startup. An analysis of LinkedIn data identified the US companies that produced the most founders. The small-business-lending platform OnDeck analyzed 228,000 LinkedIn career histories to identify which US companies produced the most founders in former employees. Meanwhile, tech companies are the second-highest generator of founders. Here are the top 10 companies that have produced the most founders.

☆ Want to quit your job and run your side hustle full time? Start by working at one of these 5 companies
▼ + stars: | 2023-01-29 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +4 min

In the case of many a successful startup founder, that means working a day job before they're ready to strike out and start their own new business. Multiple big-name companies top the list, according to a new report from small-business lending platform OnDeck, which examined large U.S. companies with high rates of former employees launching their own businesses. The top four companies on OnDeck's list all hail from the consulting world, which isn't surprising: Consultants at those companies are often tasked with helping clients hone their management and business strategies. Goldman Sachs leads the way among financial services companies on OnDeck's rankings, with 5.92% of former employees becoming founders. By focusing primarily on large companies, OnDeck's report doesn't provide a comprehensive list.

☆ Some CEOs are pushing workers to return to the office, but it could come with a cost: hurting diversity
▼ + stars: | 2023-01-28 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +6 min

But remote work has benefited many people with disabilities, many Black workers, and others. But Dimon appears more bearish when it comes to another measure that's been shown to promote diversity: remote work. Citadel CEO Ken Griffin slammed remote work at a conference last year, saying innovation and creativity declines because of it. The shift to remote work has been especially helpful for people with physical difficulties and mobility limitations. MoMo Productions/Getty ImagesSome Black workers report facing less discrimination and fewer microaggressions working from home than when they're at the office.

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