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MAN ABOUT TOWN: Shock, frustration as CEO rejects my work

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Man about town

Shock, frustration as CEO rejects my work

I had to endure the talk because I did not want
I had to endure the talk because I did not want to appear disrespectful. FILE PHOTO | NMG 

I am feeling frustrated with things at the office for I dislike doublespeak and innuendo.

So, a few weeks ago, I handed over some communication to the CEO regarding the various cost-cutting initiatives that will help us deliver results.

Since the work was confidential, I did not share the information with any of my manager colleagues for feedback like is the norm.

A few days ago, the Finance manager came to me, saying we needed to have a chat.

I really do not like Joe, the Finance manager, since he likes to think he is as important as the CEO.

He closed the door indicating that the was about to launch into a serious conversation.

He said: “My guy, since we are buddies, I felt I needed to give you some feedback.”

The Finance Manager is not my friend, but I was willing to listen to him.

He then went on to tell me how the “the other day in my chat with the CEO regarding the figures and numbers you shared with him and he shared some reservations.”

I was not aware of the reservations since the boss said he liked my presentation and thought that it ticked all the boxes.

The Finance manager seemed to have a different view.

He said that the boss said my ideas were “very rudimentary and would not deliver value.”

I was seriously annoyed about this, especially when the Finance manager went on to say how he had been asked to reassess the numbers and presentation to improve it.

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I was really galled by this and said: “Oh well, I am sure that since you are the finance guru, you will work your magic.”

I went back to my work though I was feeling upset. I decided to call my life coach and ask for his guidance on how to deal with the issue.

Amisi was clear and said: “You cannot let this pass, you need to get more tangible feedback from the CEO.”

I told him: “I do not believe in peddling gossip and hearsay” but he responded swiftly, saying “it seems that the CEO has some concerns regarding your output and you need to get on top of it.”

Amisi suggested that “you face the CEO and ask him to give you specific feedback so that he does not bring it later at the wrong forum during your annual review.” It could be lethal, he warned.

So, a few days later, I decided to ‘accost’ the CEO.

I started: “I hear you have some reservations about my presentation, and wanted to get more specifics so that I can improve.”

To be honest, I was somewhat disappointed with his feedback for it was very general and all over the place.

He said that my suggestions were not “aggressive or bold enough.”

He said, for example, that “I am surprised you did not bring up suggestions about outsourcing some of our support staff or changing from owning to leasing cars.”

Frankly, I was surprised by his views because we already lease all our cars and except for two of our staff — who work in his office — all our support staff are outsourced

I have since learnt not to fight too hard with the boss, so I thanked him for the feedback, promising to incorporate his thoughts next time.

He then went on to talk for half an hour about the importance of feedback and how he deals with it in his life.”

I had to endure the talk because I did not want to appear disrespectful.

So, imagine my shock when he said: “I think you and the Finance manager should work together on this next phase.”

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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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