You do not particularly like it but you’re hanging in there. The bills have got to be paid, somehow. You hope it doesn’t but it is reflected in your every move. You only work as much as they’re paying you and fold up by 4:30pm day in, day out and wait to dishonestly take home a salary you haven’t earned come end-month. You’ve grown beyond the job or the job has grown beyond your capabilities. Either way, you’re stuck, stagnant and miserable.
Stagnation is frustrating because we are built for continued progress. By sitting around sulkily doing your bare minimum, you’re effectively firing yourself and creating a vacuum in your position for a more energetic and engaged professional.
There’s probably nothing wrong with your job but you’re definitely the wrong person for it at this time. No one will have any qualms letting you go. If that’s not the outcome you’re hoping for, there are three ways in which you assure yourself continued growth in any position that you hold.
First, establish that there is a need for what you do — a vacuum that your skill-set and professional drive fill. Secondly, ensure that you are willing, ready and able to consistently provide the service. Lastly, no one ever really is but get as close as possibly to being irreplaceable. You want to work in such a way that your excellence is unrivalled. There must be great difficulty in replacing you because your stands are very high.
It is not easy or fun but intelligent leaders have an inner knowing of exactly how to lead effectively. Authentic leaders know that there are those that are unwilling to do more than what is expected. This lot will rarely be challenged enough to remain engaged. If we are not for whatever reason willing to do more than we are paid for, we will never be paid for more than we are doing. We all want to be paid more. The question is; do we actually do more or do we only do more when the appraisal period is around the corner?
Firing people is as important as hiring them. This is true both for the organisation and the employees. Intelligent leaders will simply not keep deadweight. Not for long, anyway because it is tantamount to defrauding their organisation by paying people for poor delivery. Not decisively dealing with weak links in the team sets a precedent for poor performance.
Popularity is rarely a true leader’s priority. A leader is the person with thick enough skin to take difficult decisions. You see; a true leader is very clear about what may not be obvious to others. If the end result of an action or inaction will not positively contribute to the oragisation’s objectives, his/her vision and legacy, it has got to be changed for the better. That’s all there is to it.
If you’re bored to the point of non-delivery of the service you promised to give, do the right thing. If you’re unwilling to do more than you’re being paid to do, do the right thing. The right thing is to either change your attitude and meaningfully contribute or honourably resign and create the space in your life for what you’re willing to commit more of yourself to.
If you’re keeping deadweight in your team, do the right thing — develop them or let them go thereby creating space in your organisation for better talent to come in.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.