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RAMAMURTHY: Tips for hiring ‘right person’ for the job

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Essential tips for hiring ‘right person’ for the job

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Organisations which focus on building skills will build a sustainable business. FILE PHOTO | NMG 

They say your people are your greatest asset in any organisation – that’s true. This largely informs why most employers seek only the right candidate for the job.

This desire to have “right man for the right job” is often fuelled by the fact that the people you ultimately choose to hire are directly linked to the overall success of your business.

And so business have resorted to professional recruiting agencies to help them get the best man — or woman for the job. Other organisations have resorted to rigorous internal hiring mechanism to get only the best — and it takes time and sometimes resources. This is qualified by the fact business want candidates with the right attitude, skill set and knowledge for the job.

Of course there’s no true formula for hiring the right person for a job every time. There are instances you’ll make mistakes. It’s a delicate mixture of luck, skill and little sweat.

Just how then does one package and present themselves so they can be spotted by the hawkeyed employer or agency? How do you sell yourself to that potential employer?

Most employers love to attract a professional with the right attitude, passion, positive frame of mind, well balanced technical, human and conceptual skills, and an aggressive executor with aspiration to achieve results. This is most crucial to the employer —and it is largely justified because any business is as good as its people.

The conundrum is how to find all these qualities in one person. To the employers, it’s almost like getting a needle out of a haystack – but this does not mean it’s impossible. The most refreshing truth is that there are people out there with the right skill, knowledge and attitude for the job.

How then do you find them, especially in a fast growing businesses environment with technology driven dynamism? The other challenge is how to find a candidate who fits into an organisation’s culture – one who can align with the existing lot. It’s a BIG challenge.

So what’s the solution. There are two approaches often adopted by businesses; one is finding SHINING STARS from within the organisation – and enhancing their capacity for the future. This would include engaging them in cross functional roles, monitoring of tasks with deadlines, inter personal relationships.

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Others are changing environment, having focused training, recognition and motivation as some of the methods adopted to enhance people’s skills to fit into right slots.

The second approach involves finding candidates with special skills through their experience list— and bring them on board to kick start certain activities. However, it must not escape our minds that organisation and the environment is different, which warrants time to understand the people, policies and practices.

The new comer and the business need to work on alignment which takes immense efforts and time. The induction process helps to some extent, but the structures, protocols and the empowerment must be clear to hasten up the process of alignment.

Sadly, many businessmen aspire to institutionalise their businesses, but invariably fail even in the short span, despite finding good professionals due to their lack of commitment and sustainability of their own idea.

In the absence of clear road map and commitment one should never attempt to take professionals on board and let them leave in a short period of time. It not only dilutes the credibility of an organisation but also a cost to the company. Hence, careful choice and management of professionals is imperative and the policies and systems must be conducive to employee retention and growth from within.

Organisations which fail to build capacity will in the long run suffer from want of people with skills. Skill development is a process aligning the individual’s aspiration to the corporate goals.

The well-defined “path to growth” process and the planned efforts from the organisation to equip the people to fast track their growth will certainly help finding right people with right skills to fit into the right slots.

The leadership skill and ability to manage situations and people of varied nature are much wanted skills besides technical and commercial ones. The HR department is always under pressure to balance the expectation of the people and the business – and while at it, protect the brand equity and meet company obligations.

Many functional heads develop complacency yet manage their functions very well. But the challenge is building a business for future needs a dynamic leader who is aggressive with the honey bee attitude to keep acquiring knowledge and skills.

The Fortune 500 companies have great leaders who have risen to the top with a lot of knowledge, experience and required skills to manage the empires. Organisations which focus on building skills will build a sustainable business and those businesses will grow profitably and stand out of the crowd.

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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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