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MAN ABOUT TOWN: Shiro thinks corporate affairs is not my forte

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Man about town

 

How will I tell CEO I don’t want this job without offending him?

Last week, I had a long conversation with Shiro about my discussion with HR where they want me to move to corporate affairs. I wanted to hear her views since she seems to always know how to manoeuvre the process. She was very clear, “babes, you would be lousy in corporate affairs, you suck at schmoozing and hobnobbing.” I was a bit offended by her comment and told her, “surely, you have not faith in me! how can you think I cannot do these things.” She laughed and said, “corporate affairs is about managing egos, if you do not manage the egos successfully you are out of a job.”

To be fair to her, Amisi my life coach said the same thing: “I do not get the sense that you have ever considered a career in that direction.” He went on to say, “is it possible that the HR guys are offering you this job because they see you as a pushover given how they have treated you in the past?”

I hated to say it but the same though had crossed my mind. You see I had heard through the grapevine that the company was struggling to recruit for roles in corporate affairs, but I was not aware that this would end up becoming my problem.

In all honesty, my conversation with Amisi and Shiro just confirmed what my heart knew; I did not want this job. So, I had to confess to both of them so that they could help me manage the bosses.

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I told Amisi, “I am sure the bosses will not take it kindly that I have rejected this job, they never do.” He laughed and said, “why are you behaving like your employer is like a lover, like they will not take rejection kindly. You work for a faceless corporate. Get over your feeling of self-importance!”

Sometimes, I find Amisi somewhat utopian and naïve in his analysis of things- surely, he has been out of the corporate world for too long.

I decided to ask Shiro for her opinion on managing my decision. She agreed with me, “you can be sure that they will not take it kindly that you are saying no especially considering the fact the CEO must be in on it.”

She gave me some tips about how to manage the conversation, something around saying that I “feel sufficiently challenged and utilised by my current roles and I am therefore not looking to change at the moment.” She also provided a caveat, “however, you need to know that the bosses will find a way of ‘punishing’ you for saying no, so watch your back going forward.”

The next day I arranged an official meeting with the HR manager to notify her my decision. As predicted she did not take it kindly and tried to give me reasons to reconsider. She said that I needed to see the role “ as an opportunity to stretch and grow.” Her reasons did not resonate with me and she finally realised I was not budging as she said, “I guess the CEO will be disappointed, he really likes you.” My natural distrust of HR people meant I could not believe what she was saying. As I walked out of her office, I was not sure if I had made the hugest career blunder of my life.

A few days later, I bumped into the CEO in the lift as I came into the office. He made some usual chitchat and just when I thought I was off the hook he said, “I hear you rejected my job.” I laughed somewhat nervously and gave him the same story I had given earlier. All the CEO said was, “I see.” Once again, as I walked out I was not sure what to feel, whether what I was doing was right or horribly wrong.

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World Bank pushes G-20 to extend debt relief to 2021

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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.

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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.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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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.

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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.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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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.

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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.

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