A weekly read for senior leaders

Field Notes.

Five short articles from the week, one analytical Field Note that ties them to a specific signal from the broader business and tech landscape, and a question worth reacting to. Built for COOs and CTOs in complex organizations. Saturday mornings, in your inbox.

Field Notes
Past issues
Issue 021October 24, 2026
Netflix, Inc., Q3 2026 Shareholder Letter (October 20, 2026)
This week's pieces each found a report that was accurate on its own terms and silent about where the cost landed, from a count of programs on plan to an executive answer that stayed near the subject and far from the question.
Issue 020October 17, 2026
Board of Governors of the Federal Reserve System, “The Beige Book, October 2026” (released October 14, 2026; contact reports gathered on or before October 5)
This week’s pieces kept finding work that a rule or a decision had created and that nobody was assigned to look at, from the learning still left inside a program granted the fast lane to a birthday card waiting on a store manager’s list.
Issue 019October 10, 2026
U.S. Bureau of Labor Statistics, “The Employment Situation, September 2026” (news release, October 2, 2026)
This week’s pieces followed decisions about who does what work, who holds the top job, how hard next year’s number looks and who gets promoted, and kept finding their effects later, or somewhere other than where anyone was measuring.
Issue 018October 3, 2026
U.S. Bureau of Labor Statistics, “Job Openings and Labor Turnover, August 2026” (news release, September 29, 2026; August estimates preliminary)
This week’s pieces kept finding information a decision needed already inside the organization, from the rehire that said something about last spring’s layoff to the test result a manager chose not to pass along, with nobody assigned to carry it to the person who could use it.
Issue 017September 26, 2026
Board, “The 2026 Planning Intelligence Report” (press release, September 16, 2026; survey of 300 CFOs, CIOs and COOs at enterprises with at least $100 million in revenue)
This week's five pieces kept finding the same thing in different rooms: a summary number that was accurate as far as it went, and something underneath it that nobody reported. An adoption dashboard, a season of one-reason exclusion notices, a flattening chart, a hiring vendor's pooled selection rates and a board's voting record all look fine from a distance.
Issue 016September 19, 2026
“Spillover Effects of Regulatory Inspections: Evidence from OSHA” by Matthew S. Johnson, David I. Levine and Michael W. Toffel, NBER Working Paper 35646 and Harvard Business School Working Paper 27-014, released September 2026
Every piece this week dealt with a number nobody had looked underneath, from a manufacturing productivity ratio held up by shrinking hours to a pilot readout taken before the tool had settled in. The Field Note adds a study of workplace safety inspections whose biggest payoff landed at sites nobody inspected, where the obvious measurement found essentially nothing.
Issue 015September 12, 2026
NBER Working Paper 35697, “Do Online Job Postings Capture Job Vacancies?” by Michael Dalton, Lisa B. Kahn and Andreas I. Mueller, issued September 2026
Five pieces this week, and every one of them turned on somebody changing the conditions and then looking. A camera fixed to a hard hat, an auditor asking who actually logs in, a state making employers publish a number, a tool taken away after three months, and a cost nobody had ever bothered to total up. None of those findings would have surfaced in a report.
Issue 014September 5, 2026
The Trade Desk workforce reduction, announced internally by CEO Jeff Green on 3 September 2026, effective 4 September 2026
Five pieces this week landed on the same failure from five different directions. Somewhere inside each story an organization was running on a statement nobody had gone back and checked.
Issue 013August 29, 2026
Reuters, "Special Report: Mark Zuckerberg had a bold plan to replace Meta staff with AI. Here's how it imploded," published 26 August 2026
Five pieces this week, and every one of them turned out to be about an instrument. Not a broken instrument either, which would be an easy problem, but a working instrument aimed at the artifact instead of the thing that produces it.
Issue 012August 22, 2026
Gartner, "Gartner Predicts AI Inference Costs Per Agentic Workflow Will Increase More Than Fivefold Through 2028," press release, August 17, 2026
Five pieces this week, and they turned out to be the same piece. Every one of them was about an organization that bought the visible artifact and assumed the machinery underneath came in the box with it.
Issue 011August 15, 2026
McKinsey & Company, "How to close the agentic adoption gap" (August 7, 2026)
This week kept circling one uncomfortable idea. Most organizations already know what is wrong with them, and they have built operating systems that make acting on that knowledge almost impossible.
Issue 010August 8, 2026
Challenger, Gray & Christmas July 2026 job-cut report (released the week of Aug 3-7, 2026): 33,429 announced cuts, a two-year low; AI the most-cited reason for the fifth straight month at 10,970; hiring up about 25% year over year.
Five pieces this week, and by Friday they had folded into a single argument. A leader looks at something reassuring on the surface, a calm board meeting or a headcount cut dressed up as strategy, and takes it for the truth sitting underneath. This issue is about the distance between the two.
Issue 009August 1, 2026
McKinsey CEO Bob Sternfels on the firm's "25 squared" restructuring: roughly 40,000 people working alongside about 25,000 AI agents, described at CES in January 2026, with every employee to be paired with an agent inside eighteen months.
Five pieces went out this week, and reading them back they keep pointing at one thing, the distance between what leadership settles from the top of the building and what the people doing the work already know.
Issue 008July 25, 2026
McKinsey, From Adoption to Impact: Three Horizons of AI Transformation (reported July 20, 2026), alongside Gallup's Q2 2026 adoption data (organizational AI adoption at 47 percent).
Five different subjects this week, and one nerve running under all of them. The chart and the dashboard keep reporting that things are fine while the human system underneath tells another story. Here is the week, and then a look at why the newest number everyone is quoting has the same problem.
Issue 007July 18, 2026
Sprout Social (NASDAQ: SPT) 8-K restructuring disclosure, board approval July 8, 2026, employee notifications beginning July 15, 2026: approximately 260 roles cut, 20 percent of staff, $18-20M pre-tax charges; shares rose roughly 7 percent the same morning.
Five pieces this week that looked unrelated when I wrote them and turned out to be the same piece. Each one is about an organization holding a pile of evidence about the wrong thing, and deciding anyway, because the pile is large and it is close at hand.
Issue 006July 11, 2026
Microsoft's Xbox reset under new division CEO Asha Sharma, announced early July 2026 (reported by Variety, Fortune, and Deadline)
Five mornings, five versions of the same underlying problem. The accountability an organization runs on almost always lives one floor below where the executives sit, and the company pays whenever the top mistakes its own vantage point for the whole view.
Issue 005July 4, 2026
Resume.org 'Great Turnover' survey (2026)
Five weekdays, five different failures, and underneath each one the same move: a leader renaming a choice they made so it reads as a problem someone else caused. The worn-out workforce gets called resistant. The stalled top gets called stable. Underneath the labels sits survey data where leaders admit, on the record, to doing exactly this with AI.
Issue 004June 27, 2026
Oracle 10-K filing, June 2026
Five days, five different dysfunctions, and underneath each one the same move: a leadership design choice wearing the costume of a people problem. This week a regulatory filing said the quiet part in the one place a company is not allowed to lie.
Issue 003June 20, 2026
LinkedIn / Fortune, June 18, 2026
Five days, five versions of one uncomfortable pattern. The further up you sit, the more the organization arranges itself to keep you from seeing the thing you most need to know.
Issue 002June 13, 2026
McKinsey, HR Monitor 2026
This week kept circling one idea. Organizations keep deciding that value lives in the visible artifact and not in the human work that produced it, and they keep paying for the artifact.
Issue 001June 6, 2026
McKinsey, State of Organizations 2026 (The Agentic Organization)
This week ran one argument through five lenses. The pattern that keeps appearing is the gap between the legible signal a senior leader is reading and the operating model decision that actually produced it.