A recent McKinsey & Co. article states only 3 in 5 new CEOs live up to performance expectations during their first 18 months on the job. "The high standards and broad expectations of directors, shareholders, customers, and employees create an environment of relentless scrutiny in which one move can dramatically make or derail an accomplished career," write Carolyn Dewer, Martin Hirt and Scott Keller. The authors began with the six main elements of the CEO’s job. Then, they broke those down into 18 responsibilities that fall exclusively to the CEO.  Next, they mined their database on CEO performance, which contains 25 years of data on 7,800 CEOs from 3,500 public companies across 70 countries and 24 industries.  The result is a model for CEO excellence, which prescribes mindsets and practices likely to help CEOs succeed. "What follows is a detailed look at these mindsets and practices," the article states. "Although our findings are most relevant to CEOs of large public companies, owing to our research base, many will also apply to CEOs of other bodies, including private companies, public-sector organizations, and not-for-profit institutions." Click for article

Want a sneak peek at the reasons employees place their bosses on the naughty list? Do you respond to employees' requests immediately, or do you blow them off and have to be reminded? Have you asked several workers to accomplish the same task ... because you forgot someone was already taking care of it? Do you expect your workers to pick up your slack when you're kicking up your heels? Do you overlook sharing critical information with the team ... or keep it from them on purpose? Click for article

Electric vehicle (EV) sales spike leading up to the expiration date of incentives, then drop sharply afterward, writes Earl J. Ritchie, a lecturer within the Department of Construction Management at the University of Houston. Ritchie cites such spikes and slumps in the Netherlands and China. California counts for half of U.S. EV sales and offers state and local incentives in addition to the federal tax credit and the state's complicated zero-emission vehicle (ZEV) mandate, he said.   Click for article  

  On Oct. 7, the average California regular retail gasoline price surpassed $4 a gallon for the second time since 2014. Prices fell after refiners in the state assumed normal operations, according to a report by the U.S. Energy Information Administration. The last time California gasoline prices reached $4 a gallon was in May 2019, which was a result of planned and unplanned refinery outages in California.  California’s petroleum markets are isolated from the rest of the U.S. because of California's lack of petroleum infrastructure connections to the rest of the country, so unplanned refinery outages in the state can have larger price impacts than in other areas of the country. In addition, California requires a different gasoline specification than the rest of the country, further narrowing supply options. Click for article

A new McKinsey & Co. report says companies that want to keep their employees need to be more flexible.  The company's recent study of more than 35,000 workers with spouses or live-in partners in various professional sectors found that 89 percent of women and 70 percent of men are part of a dual-career couple (DCC) — meaning both partners have jobs. The couples come from all racial and ethnic groups and span all income levels. "Companies can do more to base promotions and top-executive-hiring decisions on output rather than input to ensure equity for employees in DCCs," the report states. "Too many companies mistake quantity (as in the number of hours an employee spends on the job) for quality (reflected in the employee’s output)." The report explains that companies can help employees in DCCs succeed and feel fulfilled at home and work by ensuring these employees have access to professional development and career advancement, support for maintaining work–life balance, and sponsorship opportunities. Specifically, companies can take the following actions: Provide supportive managers and ensure equitable growth opportunities, especially for lower-level workers.  Encourage ambition by making top positions seem feasible.  Create a culture that encourages work–life balance.  Ensure consistent access to sustainable sponsorship.  Click for report