While the business model of products and services providing value to consumers exists as the backbone of any company, employees serve as the hands and feet of a firm. Employers expect their employees to not only fulfil the functional duties of their job description, but also be kind and help one another when needed, go the extra mile for the organisation, speak up to give useful moneymaking or money-saving suggestions, and raise the alarm when dangerous or unethical events could cause grave harm.
Sometimes, despite an employer’s earnest desires, the staff fail to speak up at work yet in their own personal lives those same individuals talk freely with others and share meaningful ideas.
In a social setting, ever seen a friend behave one way in front of one person but then act an entirely different way in front of a second person? Such duplicitous behaviour can prove frustrating for friendships. Among our social circles, humans crave authenticity.
In the workplace, employees unable or unwilling to behave consistently across differing groups people might suffer from organisation silence. The term describes situations whereby otherwise communicative employees keep silent on helpful or harmful firm practices instead of speaking up. When the plurality of staff in a firm decide not to share opinions and concerns, then the entity suffers from collective organisation silence and no one practices the important behaviour of telling truth to power.
Some employees thrive under some bosses but whither under others. Creative more assertive workers, as an example, get demoralised and reduce work output and outcomes when they feel forced into organisational silence.
Akram Akbarian, Mohammad Esmail Ansari, Ali Shaemi, and Narges Keshtiaray looked at dozens of research studies on why employees in varying firms display organisation silence behaviour. The social scientists found the following five primary causes of organisational silence.
First, a toxic organisational culture could give rise to organisational silence by not celebrating divergent thinking or looking down on new ideas.
Second, employee fear about what might happen to them if their innovative suggestion fails to yield fruit or fear about blaming the bearer of bad news.
Third, when workers do not trust their superiors or their coworkers, they tend to go quiet and become less helpful.
Fourth, bad previous experiences from irrational or overtly punitive managers correlates strongly with organisational silence.
Fifth, a history of condescending, unappreciative, false, or negative feedback by management can push workers into reticence.
As an executive, if you face a quieter or quieting workforce, sit and ponder which of the five causes might underpin your organisation silence dilemma.
On the other hand, if as an employee you currently do not speak up and give your contributions in the workplace, then identify the source of your fear, firm’s culture, distrust, or poor human resources mitigation.
Then, either work to change your response to the negative stimuli or commence a job search for a new position where you can thrive and contribute happily.
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.