Saturday, October 12, 2024

g-f(2)3040 Unlocking Potential: How Small Businesses Can Drive Economic Growth

 


genioux Fact post by Fernando Machuca and Perplexity


Introduction:


The McKinsey report "America's small businesses: Time to think big" provides a comprehensive analysis of the role and productivity of micro-, small, and medium-sized enterprises (MSMEs) in the United States economy. It highlights their significance, challenges, and potential for growth.



genioux GK Nugget:


"US MSMEs are the backbone of the economy but lag in productivity compared to large firms and international peers, presenting a significant opportunity for economic growth." — Fernando and Perplexity, October 12, 2024.



genioux Foundational Fact:


MSMEs in the United States employ 58% of workers and produce 39% of value added in the business economy. However, they are only 47% as productive as large firms, compared to 60% in other advanced economies. Closing this productivity gap could significantly boost US economic competitiveness.



The 10 most relevant genioux Facts:


  1. MSMEs account for 58% of jobs and 39% of value added in the US business economy.
  2. US MSMEs are only 47% as productive as large firms, compared to 60% in other advanced economies.
  3. MSMEs dominate certain sectors, accounting for over 75% of workers and value added in construction.
  4. 17% of publicly traded companies valued at $10 billion or more were MSMEs at some point since 2000.
  5. Small tech companies have produced more patents per employee than larger competitors.
  6. US MSME productivity is on par with the UK, Japan, Germany, and Italy in purchasing-power-parity terms.
  7. MSME performance varies across US states and metro areas, influenced by sector mix and local conditions.
  8. Strengthening networks and collaboration between small and large businesses could boost collective productivity.
  9. New technologies, including generative AI, present opportunities for MSMEs to increase productivity.
  10. Closing the productivity gap between MSMEs and large firms could add 5.4% to US GDP.



Conclusion:


The report underscores the critical role of MSMEs in the US economy while highlighting the significant productivity gap they face. By focusing on improving MSME productivity through technology adoption, collaboration with larger firms, and supportive infrastructure, the United States has a substantial opportunity to enhance its overall economic competitiveness and growth.



REFERENCES

The g-f GK Context


Olivia White, Anu Madgavkar, Adi Kumar, Asutosh Padhi, and Kanmani Chockalingam, America’s Small Businesses: Time to Think Big, McKinsey, McKinsey Global Institute, Report, October 2, 2024.



ABOUT THE AUTHORS


Olivia White is a senior partner and a director of the McKinsey Global Institute (MGI) in the Bay Area office; Anu Madgavkar is an MGI partner in the New Jersey office; Adi Kumar is a senior partner in the Washington, DC, office; Asutosh Padhi is a senior partner and global leader of firm strategy in the Chicago office; and Kanmani Chockalingam is an MGI fellow in the Bay Area office.


This report was edited by David Weidner, a senior editor in the Bay Area office.



Classical Summary of the Report


The McKinsey report "America's small businesses: Time to think big" provides a comprehensive analysis of micro-, small, and medium-sized enterprises (MSMEs) in the United States economy. Here's a classical summary of the key points:


  1. Economic Significance: MSMEs are the backbone of the US economy, employing 58% of workers and producing 39% of value added in the business economy.
  2. Productivity Gap: US MSMEs are only 47% as productive as large firms, compared to 60% in other advanced economies. This productivity gap is equivalent to 5.4% of US GDP.
  3. Sector Dominance: MSMEs dominate certain sectors, particularly construction, where they account for over 75% of workers and value-added.
  4. Growth Potential: 17% of publicly traded companies valued at $10 billion or more were MSMEs at some point since 2000, highlighting their growth potential.
  5. Innovation: Small tech companies have produced more patents per employee than larger competitors, demonstrating their innovative capacity.
  6. Regional Variations: MSME performance varies across US states and metro areas, influenced by sector mix and local conditions.
  7. Productivity Comparison: US MSME productivity is on par with the UK, Japan, Germany, and Italy in purchasing-power-parity terms.
  8. Opportunity for Growth: Closing the productivity gap between MSMEs and large firms could significantly boost US economic competitiveness.
  9. Collaboration Potential: Strengthening networks and interactions between small and large businesses could enhance collective productivity.
  10. Technological Opportunities: New technologies, including generative AI, present opportunities for MSMEs to increase productivity.


The report emphasizes the critical role of MSMEs in the US economy while highlighting the significant productivity gap they face. It suggests that focusing on improving MSME productivity through technology adoption, collaboration with larger firms, and supportive infrastructure could substantially enhance overall US economic competitiveness and growth.



The categorization and citation of the genioux Fact post


Categorization


This genioux Fact post is classified as Bombshell Knowledge which means: The game-changer that reshapes your perspective, leaving you exclaiming, "Wow, I had no idea!"


Type: Bombshell Knowledge, Free Speech



g-f Lighthouse of the Big Picture of the Digital Age [g-f(2)1813, g-f(2)1814]

  • Daily g-f Fishing GK Series
  • Game On! Mastering THE TRANSFORMATION GAME in the Arena of Sports Series


Angel sponsors                  Monthly sponsors



g-f(2)3040: The Juice of Golden Knowledge



GK Juices or Golden Knowledge Elixirs



REFERENCES



“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)3040, Fernando Machuca and Perplexity, October 12, 2024, Genioux.com Corporation.


The genioux facts program has established a robust foundation of over 3039 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)3039].



List of Most Recent genioux Fact Posts


genioux GK Nugget of the Day


"genioux facts" presents daily the list of the most recent "genioux Fact posts" for your self-service. You take the blocks of Golden Knowledge (g-f GK) that suit you to build custom blocks that allow you to achieve your greatness. — Fernando Machuca and Bard (Gemini)


September 2024

  • g-f(2)3003 Strategic Leadership in the Digital Age: September 2024’s Key Facts
  • g-f(2)3002 Orchestrating the Future: A Symphony of Innovation, Leadership, and Growth
  • g-f(2)3001 Transformative Leadership in the g-f New World: Winning Strategies from September 2024
  • g-f(2)3000 The Wisdom Tapestry: Weaving 159 Threads of Digital Age Mastery
  • g-f(2)2999 Charting the Future: September 2024’s Key Lessons for the Digital Age


August 2024

  • g-f(2)2851 From Innovation to Implementation: Mastering the Digital Transformation Game
  • g-f(2)2850 g-f GREAT Challenge: Distilling Golden Knowledge from August 2024's "Big Picture of the Digital Age" Posts
  • g-f(2)2849 The Digital Age Decoded: 145 Insights Shaping Our Future
  • g-f(2)2848 145 Facets of the Digital Age: A Month of Transformative Insights
  • g-f(2)2847 Driving Transformation: Essential Facts for Mastering the Digital Era


July 2024


June 2024


May 2024

g-f(2)2393 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (May 2024)


April 2024

g-f(2)2281 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (April 2024)


March 2024

g-f(2)2166 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (March 2024)


February 2024

g-f(2)1938 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (February 2024)


January 2024

g-f(2)1937 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (January 2024)


Recent 2023

g-f(2)1936 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (2023)


By
Labels: , , , , , , , , , , , , , , , ,

g-f(2)3039 Bridging the Productivity Gap: A New Era for U.S. Small Businesses

 


genioux Fact post by Fernando Machuca and ChatGPT



Introduction by Fernando and ChatGPT


Welcome to g-f(2)3039: Bridging the Productivity Gap: A New Era for U.S. Small Businesses, a crucial post for anyone navigating the evolving landscape of the g-f New World. In this post, we extract powerful insights from McKinsey’s report, "America’s Small Businesses: Time to Think Big," and demonstrate how these lessons are essential for both winning the g-f Transformation Game (g-f TG) and achieving g-f Personal Digital Transformation (g-f PDT).


U.S. small businesses, which account for nearly half of private-sector jobs and over 43% of the nation's GDP, are the backbone of the economy. However, they face significant challenges that hinder their ability to compete with larger firms, including a wide productivity gap. g-f(2)3039 highlights the critical strategies needed to overcome these obstacles—such as adopting digital tools, accessing capital, developing talent, and leveraging support networks. These strategies are not just essential for small businesses; they also offer a roadmap for individuals seeking to excel in the digital age through continuous learning and adaptation.


Mastering these principles is key to winning the g-f TG, where balancing present performance with future transformation is paramount. Additionally, the same strategies empower individuals in their g-f PDT journey by providing a framework for personal growth, digital fluency, and professional agility. The post provides actionable insights that not only elevate small businesses but also guide individuals in navigating the complexities of the g-f New World.


The era of digital transformation is here, and by closing the productivity gap, we can unlock immense potential for growth, innovation, and sustainable success in both business and personal development.



Introduction


Small businesses in America play a critical role in the nation’s economy, employing nearly six in ten workers and generating close to 40% of value added. However, McKinsey’s latest report, "America’s Small Businesses: Time to Think Big," underscores a key challenge: the productivity of small businesses in the U.S. lags significantly behind that of larger companies, and this gap is even wider compared to other advanced economies. Addressing this productivity gap is not only essential for small businesses but for U.S. competitiveness as a whole, especially in a world increasingly shaped by technological advances, shifting global production, and the demand for sustainable growth.



genioux GK Nugget


"Unlocking the productivity potential of small businesses is a strategic imperative for U.S. economic competitiveness in a rapidly evolving global landscape." — Fernando Machuca and ChatGPT, October 12, 2024



genioux Foundational Fact


Small businesses are the backbone of the U.S. economy, employing a majority of the workforce and contributing significantly to value added. However, they are only half as productive as large firms, a gap that poses a challenge to overall national competitiveness. By embracing technological advancements, leveraging collaborative networks, and enhancing access to resources such as finance and human capital, small businesses can significantly improve productivity, benefiting both themselves and the larger economy.



The 10 Most Relevant genioux Facts


  1. Small Businesses Are Critical: Micro-, small-, and medium-sized enterprises (MSMEs) employ 58% of U.S. workers and contribute 39% of the business sector’s value added.
  2. Productivity Gap: U.S. small businesses are only 47% as productive as larger firms, which is significantly lower than the 60% productivity rate seen in other advanced economies.
  3. Sector Variations: Small business productivity varies widely across sectors, with construction, professional services, and accommodation and food showing a larger contribution to the economy.
  4. Collaborative Networks Boost Productivity: Interaction between small and large businesses, particularly in supply chains and industry clusters, can help small businesses scale and improve productivity through shared technology and resources.
  5. Technology Access: Small businesses struggle to adopt technologies like artificial intelligence (AI) and customer relationship management (CRM) systems, lagging far behind larger firms in tech adoption.
  6. Regional Variations: Productivity and economic contributions of small businesses differ by region, with states in the Northeast showing higher contributions compared to those in the South.
  7. Gen AI and Digital Tools: New technologies like generative AI (gen AI) offer small businesses the opportunity to automate and streamline operations, potentially closing the productivity gap with larger firms.
  8. Workforce Challenges: Labor market tightness, particularly in high-demand industries like construction and healthcare, underscores the need for small businesses to focus on improving productivity rather than relying solely on expanding their workforce.
  9. Role of Larger Companies: Large firms can help small businesses by sharing advanced tools and training, supporting collaborative partnerships that benefit both sides.
  10. Call to Action for Stakeholders: Policymakers, large firms, and small businesses themselves need to foster networks, improve access to technology and finance, and create an environment where small firms can thrive and contribute to national competitiveness.



Conclusion


In a world where geopolitical shifts, technological advances, and sustainability goals are reshaping the global economy, boosting the productivity of small businesses is essential for the U.S. to maintain its competitive edge. By closing the productivity gap between small and large firms, embracing new technologies, and fostering collaborative networks, America’s small businesses can unlock their full potential, driving growth, innovation, and economic resilience. This shift will not only benefit small businesses but will also play a crucial role in securing the future of the U.S. economy in a rapidly evolving world.



REFERENCES

The g-f GK Context


Olivia White, Anu Madgavkar, Adi Kumar, Asutosh Padhi, and Kanmani Chockalingam, America’s Small Businesses: Time to Think Big, McKinsey, McKinsey Global Institute, Report, October 2, 2024.



ABOUT THE AUTHORS


Olivia White is a senior partner and a director of the McKinsey Global Institute (MGI) in the Bay Area office; Anu Madgavkar is an MGI partner in the New Jersey office; Adi Kumar is a senior partner in the Washington, DC, office; Asutosh Padhi is a senior partner and global leader of firm strategy in the Chicago office; and Kanmani Chockalingam is an MGI fellow in the Bay Area office.


This report was edited by David Weidner, a senior editor in the Bay Area office.



Classical Summary of the Report


The McKinsey report "America’s Small Businesses: Time to Think Big" explores the significant role small businesses play in the U.S. economy, accounting for almost half of private sector jobs and 43.5% of GDP. Despite their importance, small businesses face several challenges, including a productivity gap when compared to larger firms, especially in sectors such as retail, hospitality, and healthcare. The report stresses that closing this gap is essential to driving national productivity growth and maintaining U.S. economic competitiveness.


The report highlights four key strategies for small businesses to "think big" and bridge the productivity divide:


  1. Adoption of Digital Tools: Leveraging digital technology can help small businesses automate tasks, improve efficiency, and expand their customer reach.
  2. Access to Capital: Ensuring that small businesses have greater access to financial resources is critical for fostering innovation and growth.
  3. Workforce Development: Investing in employee skills and fostering talent development can increase productivity and allow small businesses to compete effectively in an increasingly automated economy.
  4. Support Networks: Collaboration with larger firms and government support initiatives can offer small businesses the guidance and resources needed to scale up and remain competitive.


In addition, the report underscores the importance of fostering diversity, equity, and inclusion within the small business sector, which has been disproportionately impacted by the COVID-19 pandemic and systemic barriers to access. To overcome these challenges, McKinsey recommends the creation of comprehensive support structures that include education, mentorship, and public-private partnerships.


In conclusion, the report calls for a concerted national effort to support small businesses, recognizing their untapped potential as key drivers of innovation, employment, and economic growth. With the right tools, investment, and collaborative frameworks, small businesses can close the productivity gap, scale effectively, and contribute meaningfully to the future of the U.S. economy.



The categorization and citation of the genioux Fact post


Categorization


This genioux Fact post is classified as Bombshell Knowledge which means: The game-changer that reshapes your perspective, leaving you exclaiming, "Wow, I had no idea!"


Type: Bombshell Knowledge, Free Speech



g-f Lighthouse of the Big Picture of the Digital Age [g-f(2)1813, g-f(2)1814]

  • Daily g-f Fishing GK Series
  • Game On! Mastering THE TRANSFORMATION GAME in the Arena of Sports Series


Angel sponsors                  Monthly sponsors



g-f(2)3039: The Juice of Golden Knowledge



GK Juices or Golden Knowledge Elixirs



REFERENCES



“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)3039, Fernando Machuca and ChatGPT, October 12, 2024, Genioux.com Corporation.


The genioux facts program has established a robust foundation of over 3038 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)3038].



List of Most Recent genioux Fact Posts


genioux GK Nugget of the Day


"genioux facts" presents daily the list of the most recent "genioux Fact posts" for your self-service. You take the blocks of Golden Knowledge (g-f GK) that suit you to build custom blocks that allow you to achieve your greatness. — Fernando Machuca and Bard (Gemini)


September 2024

  • g-f(2)3003 Strategic Leadership in the Digital Age: September 2024’s Key Facts
  • g-f(2)3002 Orchestrating the Future: A Symphony of Innovation, Leadership, and Growth
  • g-f(2)3001 Transformative Leadership in the g-f New World: Winning Strategies from September 2024
  • g-f(2)3000 The Wisdom Tapestry: Weaving 159 Threads of Digital Age Mastery
  • g-f(2)2999 Charting the Future: September 2024’s Key Lessons for the Digital Age


August 2024

  • g-f(2)2851 From Innovation to Implementation: Mastering the Digital Transformation Game
  • g-f(2)2850 g-f GREAT Challenge: Distilling Golden Knowledge from August 2024's "Big Picture of the Digital Age" Posts
  • g-f(2)2849 The Digital Age Decoded: 145 Insights Shaping Our Future
  • g-f(2)2848 145 Facets of the Digital Age: A Month of Transformative Insights
  • g-f(2)2847 Driving Transformation: Essential Facts for Mastering the Digital Era


July 2024


June 2024


May 2024

g-f(2)2393 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (May 2024)


April 2024

g-f(2)2281 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (April 2024)


March 2024

g-f(2)2166 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (March 2024)


February 2024

g-f(2)1938 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (February 2024)


January 2024

g-f(2)1937 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (January 2024)


Recent 2023

g-f(2)1936 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (2023)


By
Labels: , , , , , , , , , , , , , , , ,

g-f(2)3038 The Circular Economy: A Sustainable Match Plan

 


genioux Fact post by Fernando Machuca and Gemini


Introduction


Just as a successful soccer team needs a sustainable strategy to compete season after season, businesses need to adopt sustainable practices to thrive in the long term.  The INSEAD video "INSEAD Explains Sustainability: Circular Economy" provides a "match plan" for achieving sustainability through a circular economy, highlighting the challenges and opportunities for businesses in this evolving game.



genioux GK Nugget


"Embracing a circular economy is like adopting a winning and sustainable strategy in soccer: it requires resource efficiency, continuous play, and adapting to the changing conditions of the game to achieve long-term success." — Fernando Machuca and Gemini, October 12, 2024



genioux Foundational Fact


The traditional linear economy, with its "take-make-dispose" approach, is unsustainable in the face of finite resources and growing environmental concerns.  Just as a soccer team cannot keep losing players without replacing them, businesses cannot keep consuming resources without replenishing them.  The circular economy, which aims to keep resources in use for as long as possible, offers a more sustainable and resilient approach.



The 10 Most Relevant genioux Facts:


  1. Sustainability as a Business Imperative: Sustainability is not just an ethical concern but a business necessity, driven by consumer demand, regulations, and investor pressure, much like fair play and adherence to rules are essential in soccer.
  2. Circular Economy for Business Continuity: A circular economy ensures access to critical resources in the long run, enabling business continuity, just as a team's ability to retain and develop players ensures its long-term success.
  3. Resource Efficiency: Circularity maximizes resource efficiency and reduces pollution, similar to how a soccer team optimizes player performance and minimizes wasted effort.
  4. Rethinking Business Models: Transitioning to a circular economy requires rethinking business models, products, and services, much like a soccer team adapts its strategy and tactics to stay competitive.
  5. Consumer Behavior: Influencing consumer behavior is crucial for circularity, as consumer choices impact resource use and waste generation, similar to how fan support and engagement influence a team's success.
  6. Closed-loop Systems: Creating closed-loop systems, where resources are reused and recycled, is a key challenge for circularity, analogous to a soccer team developing a strong youth academy to nurture future talent.
  7. Value Creation: Capturing and creating value through circularity is essential for businesses to adopt these practices, much like a soccer team needs to generate revenue to sustain its operations.
  8. Innovation: Innovation in product technology and business processes is crucial for overcoming the challenges of circularity, similar to how innovation in training and tactics can give a soccer team an edge.
  9. Finite Resources: The depletion of critical resources necessitates circular thinking, just as a limited pool of talented players necessitates a focus on player development and retention.
  10. Environmental Sustainability: A circular economy contributes to environmental sustainability by reducing waste and pollution, similar to how responsible soccer clubs promote environmental initiatives to minimize their impact.



Conclusion


By embracing the principles of a circular economy, businesses can achieve both environmental and economic sustainability, ensuring long-term success in the "game" of the global marketplace. Just as a soccer team with a sustainable strategy can compete for championships year after year, a business with a circular approach can thrive in the face of resource constraints and environmental challenges, scoring victories for both the planet and its bottom line.



REFERENCES

The g-f GK Context


INSEAD Knowledge with Atalay Atasu, INSEAD Explains Sustainability: Circular Economy, INSEAD Knowledge, October 8, 2024.



ABOUT THE AUTHORS


INSEAD Knowledge is the expert opinion and management insights portal of INSEAD, The Business School for the World. 


Atalay Atasu is a Professor of Technology and Operations Management, the Bianca and James Pitt Chair in Environmental Sustainability, and the Academic Director of the Sustainable Business Initiative at INSEAD. 



INSEAD Explains Sustainability: Circular Economy, INSEAD, YouTube channel, October 7, 2024.

  • 288 views  
  • In this first episode of the INSEAD Explains Sustainability series, INSEAD Professor Atalay Atasu explains why to be more sustainable, we need to embrace circularity. He discusses the challenges of implementing circularity, including the need to influence consumer behavior, rethink business processes, and find ways to capture and create value. 
  • Gain insights on moving from a linear to a circular economy from Atasu, the Bianca and James Pitt Chair in Environmental Sustainability, and the Academic Director of the INSEAD Sustainable Business Initiative.




Classical Summary of the Video


The INSEAD video "INSEAD Explains Sustainability: Circular Economy" explores the concept of a circular economy and its importance for businesses to achieve sustainability. The speaker emphasizes that businesses face increasing pressure from consumers, regulations, and investors to adopt sustainable practices. The circular economy, which aims to keep resources in use for as long as possible, offers a solution. However, transitioning from a linear to a circular economy presents challenges for businesses, such as scaling closed-loop systems, rethinking business models, and capturing value. To overcome these challenges, businesses need to innovate and consider consumer behavior, product technology, and the true value potential of circular solutions.



The categorization and citation of the genioux Fact post


Categorization


This genioux Fact post is classified as Breaking Knowledge which means: Insights for comprehending the forces molding our world and making sense of news and trends.


Type: Breaking Knowledge, Free Speech



g-f Lighthouse of the Big Picture of the Digital Age [g-f(2)1813, g-f(2)1814]

  • Daily g-f Fishing GK Series
  • Game On! Mastering THE TRANSFORMATION GAME in the Arena of Sports Series


Angel sponsors                  Monthly sponsors



g-f(2)3038: The Juice of Golden Knowledge



GK Juices or Golden Knowledge Elixirs



REFERENCES



“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)3038, Fernando Machuca and Gemini, October 12, 2024, Genioux.com Corporation.


The genioux facts program has established a robust foundation of over 3037 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)3037].



List of Most Recent genioux Fact Posts


genioux GK Nugget of the Day


"genioux facts" presents daily the list of the most recent "genioux Fact posts" for your self-service. You take the blocks of Golden Knowledge (g-f GK) that suit you to build custom blocks that allow you to achieve your greatness. — Fernando Machuca and Bard (Gemini)


September 2024

  • g-f(2)3003 Strategic Leadership in the Digital Age: September 2024’s Key Facts
  • g-f(2)3002 Orchestrating the Future: A Symphony of Innovation, Leadership, and Growth
  • g-f(2)3001 Transformative Leadership in the g-f New World: Winning Strategies from September 2024
  • g-f(2)3000 The Wisdom Tapestry: Weaving 159 Threads of Digital Age Mastery
  • g-f(2)2999 Charting the Future: September 2024’s Key Lessons for the Digital Age


August 2024

  • g-f(2)2851 From Innovation to Implementation: Mastering the Digital Transformation Game
  • g-f(2)2850 g-f GREAT Challenge: Distilling Golden Knowledge from August 2024's "Big Picture of the Digital Age" Posts
  • g-f(2)2849 The Digital Age Decoded: 145 Insights Shaping Our Future
  • g-f(2)2848 145 Facets of the Digital Age: A Month of Transformative Insights
  • g-f(2)2847 Driving Transformation: Essential Facts for Mastering the Digital Era


July 2024


June 2024


May 2024

g-f(2)2393 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (May 2024)


April 2024

g-f(2)2281 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (April 2024)


March 2024

g-f(2)2166 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (March 2024)


February 2024

g-f(2)1938 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (February 2024)


January 2024

g-f(2)1937 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (January 2024)


Recent 2023

g-f(2)1936 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (2023)


By
Labels: , , , , , , , , , , , , , , , ,

g-f(2)3037 Building Diverse Leadership Teams: Enlisting Stakeholders for Long-Term Success

 


genioux Fact post by Fernando Machuca and ChatGPT


Introduction


In the rapidly evolving global business landscape, diverse leadership teams are not just a have; they are essential for innovation, resilience, and long-term success. Karen Brown’s article in MIT Sloan Management Review, "How to Build Diverse Leadership Teams by Enlisting Stakeholders," provides a comprehensive roadmap for organizations to leverage internal and external stakeholders to strengthen their talent pipelines and develop diverse leadership teams. The article underscores the importance of engaging key players, both within the organization and in the broader community, to create a lasting and meaningful impact on diversity, equity, and inclusion (DEI) efforts.



genioux GK Nugget


"Building diverse leadership teams requires the strategic involvement of stakeholders across the organization and beyond, creating partnerships that foster inclusion, innovation, and long-term resilience." — Fernando Machuca and ChatGPT, October 12, 2024



genioux Foundational Fact


The foundation of a successful DEI initiative lies in enlisting a wide array of stakeholders. From C-suite executives to middle managers and external partners like universities and local communities, engaging these key players in the talent development process ensures that organizations are well-positioned to attract, retain, and nurture diverse talent. This collaborative approach leads to stronger, more innovative leadership teams that reflect the diversity of the world around them.



The 10 Most Relevant genioux Facts


  1. Stakeholder Involvement: Successful DEI efforts rely on building strong partnerships with both internal and external stakeholders, including executives, middle managers, universities, and communities.
  2. Diverse Talent Pipelines: Expanding recruitment efforts to reach diverse talent pools is crucial for industries traditionally dominated by homogeneous groups.
  3. Leadership Development: Offering leadership development opportunities to underrepresented groups strengthens the pipeline of future leaders.
  4. Community Engagement: Engaging with local communities and external partners can help organizations create inclusive environments that attract diverse talent.
  5. Support for Middle Managers: Providing middle managers with the resources and support they need to onboard and retain diverse talent is critical for success.
  6. Retention Strategies: Organizations must implement retention strategies, such as providing support for new hires and their families, to ensure the long-term engagement of diverse employees.
  7. Influence of External Stakeholders: Partnerships with educational institutions and local businesses can enhance recruitment and retention efforts, helping companies build more diverse leadership teams.
  8. DEI as a Business Priority: Framing DEI as a business imperative, tied to the organization's success and mission, helps secure buy-in from stakeholders.
  9. Continuous Feedback: Regular feedback loops between new hires, managers, and leadership teams help address concerns early and foster a more inclusive work environment.
  10. Cross-Sector Collaboration: Collaborating with external organizations, such as universities and community groups, enhances recruitment efforts and builds a reputation for inclusivity.



Conclusion


Karen Brown's insights highlight the importance of stakeholder engagement in building diverse leadership teams. By fostering partnerships inside and outside the organization, businesses can create inclusive environments that attract and retain top talent from underrepresented groups. This approach not only strengthens the leadership pipeline but also drives innovation, resilience, and long-term business success.



REFERENCES

The g-f GK Context


Karen Brown, How to Build Diverse Leadership Teams by Enlisting Stakeholders, MIT Sloan Management Review, October 09, 2024.



ABOUT THE AUTHOR


Karen Brown is a management consultant with 35 years of experience as a leader in corporate operations and diversity, equity, and inclusion. This article is adapted from her book, The Leaders You Need: How to Create Diverse Leadership Teams for a More Dynamic, Resilient Future (MIT Press, October 2024).



Classical Summary of the Article


The article "How to Build Diverse Leadership Teams by Enlisting Stakeholders," written by Karen Brown and published in MIT Sloan Management Review, emphasizes the importance of engaging stakeholders both inside and outside organizations to create diverse, inclusive leadership teams. Brown highlights how diverse teams—composed of individuals from varied economic backgrounds, genders, races, ethnicities, sexual orientations, physical abilities, and religions—lead to stronger, more innovative, and resilient organizations. These teams are better equipped to drive value for all stakeholders, including employees, customers, investors, and the communities where businesses operate.


Drawing on her experience as a global chief diversity and inclusion officer at Rockwell Collins (now Raytheon Technologies), Brown outlines how the company transformed its leadership pipeline by building partnerships with universities, professional associations, and community organizations. These partnerships helped recruit and retain diverse talent, while also providing leadership development opportunities for underrepresented groups. Key initiatives included strategic partnerships with institutions like Georgia Tech, where company executives, including women and minorities, engaged in leadership and advisory roles to promote diversity and build networks.


The article stresses the need for comprehensive support, including tangible resources for middle managers tasked with hiring and retaining talent. Additionally, gathering and acting on feedback from new hires ensures that diverse employees feel welcome and supported, which is crucial for retention.


Brown concludes by outlining the importance of understanding and categorizing stakeholders based on their power, influence, and role within the organization. This includes engaging with those who may resist diversity, equity, and inclusion (DEI) efforts, helping them understand the business benefits of diversity, and enlisting their support. By building a broad coalition of stakeholders, organizations can generate momentum for DEI initiatives, ensuring long-term success and more dynamic, resilient leadership teams.



Karen Brown


Karen Brown is a distinguished management consultant with over 35 years of experience as a leader in corporate operations and diversity, equity, and inclusion (DEI) [1]. As the founder and managing director of Bridge Arrow LLC, Karen has been at the forefront of advancing DEI initiatives within global organizations [2].


Karen's extensive career includes working with top-tier companies to create more diverse and inclusive leadership teams [1]. Her innovative ABCD Framework has been field-tested and proven effective in fostering dynamic and resilient leadership [2]. Karen is also a published author, with her latest book, "The Leaders You Need: How to Create Diverse Leadership Teams for a More Dynamic, Resilient Future," receiving acclaim for its practical and actionable insights [2].


In addition to her consultancy work, Karen is a Governance Fellow at the National Association of Corporate Directors and a global keynote speaker [2]. She has contributed thought-provoking articles to prestigious publications like the Harvard Business Review, emphasizing the importance of inclusion over mere diversity [2].


Beyond her professional achievements, Karen is passionate about poetry and community building [2]. She often hosts dinners that bring together accomplished career women to share their expertise and experiences, fostering a supportive network of professionals.


Karen Brown's dedication to creating equitable and inclusive workplaces has made her a respected leader and a catalyst for positive change in the corporate world.


[1] tribunecontentagency.com https://tribunecontentagency.com/article/how-to-build-diverse-leadership-teams-by-enlisting-stakeholders/

[2] herstorymatters.com https://herstorymatters.com/my-name-is-karen-brown-and-this-is-my-story/



The categorization and citation of the genioux Fact post


Categorization


This genioux Fact post is classified as Breaking Knowledge which means: Insights for comprehending the forces molding our world and making sense of news and trends.


Type: Breaking Knowledge, Free Speech



g-f Lighthouse of the Big Picture of the Digital Age [g-f(2)1813, g-f(2)1814]

  • Daily g-f Fishing GK Series
  • Game On! Mastering THE TRANSFORMATION GAME in the Arena of Sports Series


Angel sponsors                  Monthly sponsors



g-f(2)3037: The Juice of Golden Knowledge



GK Juices or Golden Knowledge Elixirs



REFERENCES



“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)3037, Fernando Machuca and ChatGPT, October 12, 2024, Genioux.com Corporation.


The genioux facts program has established a robust foundation of over 3036 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)3036].



List of Most Recent genioux Fact Posts


genioux GK Nugget of the Day


"genioux facts" presents daily the list of the most recent "genioux Fact posts" for your self-service. You take the blocks of Golden Knowledge (g-f GK) that suit you to build custom blocks that allow you to achieve your greatness. — Fernando Machuca and Bard (Gemini)


September 2024

  • g-f(2)3003 Strategic Leadership in the Digital Age: September 2024’s Key Facts
  • g-f(2)3002 Orchestrating the Future: A Symphony of Innovation, Leadership, and Growth
  • g-f(2)3001 Transformative Leadership in the g-f New World: Winning Strategies from September 2024
  • g-f(2)3000 The Wisdom Tapestry: Weaving 159 Threads of Digital Age Mastery
  • g-f(2)2999 Charting the Future: September 2024’s Key Lessons for the Digital Age


August 2024

  • g-f(2)2851 From Innovation to Implementation: Mastering the Digital Transformation Game
  • g-f(2)2850 g-f GREAT Challenge: Distilling Golden Knowledge from August 2024's "Big Picture of the Digital Age" Posts
  • g-f(2)2849 The Digital Age Decoded: 145 Insights Shaping Our Future
  • g-f(2)2848 145 Facets of the Digital Age: A Month of Transformative Insights
  • g-f(2)2847 Driving Transformation: Essential Facts for Mastering the Digital Era


July 2024


June 2024


May 2024

g-f(2)2393 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (May 2024)


April 2024

g-f(2)2281 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (April 2024)


March 2024

g-f(2)2166 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (March 2024)


February 2024

g-f(2)1938 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (February 2024)


January 2024

g-f(2)1937 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (January 2024)


Recent 2023

g-f(2)1936 Unlock Your Greatness: Today's Daily Dose of g-f Golden Knowledge (2023)


By
Labels: , , , , , , , , , , , , , , , ,
Subscribe to: Posts (Atom)

Featured "genioux fact"

g-f(2)2988 Navigating the AI Revolution: Leadership, Innovation, and Global Power Dynamics

  The g-f Fact Post of the Week (9/29/2024) genioux Fact post by  Fernando Machuca  and   ChatGPT Introduction In the rapidly evolving digit...

Popular genioux facts, Last 30 days