In its September 2017 Fact Sheet No.45, Unesco Institute for Statistics (UIS) noted that literacy levels are rising. This directly impacts the quality and quantity of skilled labour supply in the market place.
How then does an organisation position itself to attract, acquire and retain the best talent?
One way is through the use of Employee Value Proposition (EVP); this is a set of attributes that the labour market recognise as the value they gain through employment with an organisation.
Human Resource Professions (HRPs) are continuously faced with the challenge of growing talent pool.
Other challenges include attracting the right talent and keeping it motivated.
Articulating and implementing an EVP addresses these challenges with the right set of attributes tailored for each stage of the employee life cycle.
These attributes touch on employee compensation, growth opportunities, the nature of work done, the people you work with, and the organisation’s reputation.
The EVP development and implementation process involves a considerable investment of time and participation from across the organisation.
The benefits include a strong employee brand, re-engagement of a dissatisfied talent force and an enhanced attraction and retention of talent which helps focus the Human Resource Professions’ agenda.
Imperatively, an EVP should be distinctive and captivating if it is to drive talent attraction, engagement and retention.
It should also be reflective of the peculiarities of the workforce, otherwise the Human Resource Policies and Programmes will be ‘cookie-cutter.’
Just as retailers profile customers based on specific characteristics, the same guiding principle should be employed in segmenting workforce in order to develop a competitive EVP.
Most employee surveys outcomes underpin the fact that employees are different.
For instance, employees at different life stages have different unique needs.
Key observations drawn from employee surveys reiterate that an EVP created after a proper employee segmentation looks at survey outcome as more than just big data but as a tool to creating meaningful employee experience and enhancing productivity.
KPMG’s 2017 report Meet the Millennial Secured notes that, Millennials are set to represent an astounding 50 percent of the global workforce by 2020.
The Employee Benefit Research Institute (EBRI) in their December 2015 issue: Worker Opinions about Employee Benefits equally noted that millennials are less likely than baby boomers to report health insurance as the most important benefit they receive at work.
Employee segmentation should form the basis for developing competitive EVPs that address the varying needs and wants of current and potential employees.
The writer is Management Consulting Advisor at KPMG Advisory Services Limited.
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.