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How To Address Remote Work Skepticism

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I saw a video on IG where the poster mentioned that her employer allows her to work remotely one day a week, and that is the day when she creates content for her dropshipping business and does everything else.

At this point, one may wonder, is it your day off work or the day you must work from home?

Do you remember a post from last year about double-dipping? Well, instances like these are part of the reasons why some employers remain skeptical about adopting a fully remote work model. They feel that the employees will divert their time to do other non-work related activities, which is not good news for any employer.

Rather than completely discarding the idea of a part or fully remote work model, managers and entrepreneurs can instead apply technology that would help maximize employee input and boost overall productivity.

1. Time Tracking Software

If your business model is hinged on the number of hours employees put into work; you might want to invest in time-tracking tools to monitor how employees allocate their work hours. Platforms like Toggl, Clockify, or Harvest allow for accurate tracking of project-specific time, helping employers identify potential bottlenecks and allocate resources more efficiently. You can see when an employee clocks in, clock out and know how many hours they have put in for the day. Some can even detect idle time during the clocked-in hours, so you can tell if the employee is clocked in or being productive.

2. Project Management Platforms

If you are process and result-driven, try project management tools such as Asana, Trello, or Jira to monitor task progress. These platforms enable teams to collaborate seamlessly, provide transparency into project timelines, and offer insights into individual contributions to work done. At every point, you can tell who is working on a task and when they are done. At the end of the week, you can also get a summary of completed tasks, ongoing tasks, and yet-to-be-started tasks. If you already have a standard operating procedure, you will know how long it takes to complete every task on average, and you can tell how many work hours the employee has put in.

3. Employee Monitoring Software

If it suits your business, you may Implement employee monitoring software like Time Doctor or Hubstaff to track computer activities. These tools offer features such as screen capture, website usage tracking, and activity logging, providing employers with insights into time spent during work hours.

4. Virtual Communication Platforms

Leverage virtual communication tools like Slack or Microsoft Teams to facilitate real-time collaboration. These platforms allow for quick communication, file sharing, and team collaboration, fostering a sense of connectivity even in a remote work environment.

5. Performance Analytics

Integrate performance analytics tools to assess individual and team achievements. Tools like Google Analytics or Salesforce can provide valuable insights into key performance indicators (KPIs), allowing employers to measure progress and identify areas for improvement.

6. Proper Goal Setting and Performance Reviews

Establish clear performance goals and conduct regular performance reviews. You can’t possibly fault people for not delivering on what they have not been tasked to do. Make the expectations realistic and clear during goal setting. Tools like 15Five or Workday can assist in goal tracking, performance assessments, and developing individualized improvement plans.

7. Cybersecurity Measures

If your employees work with sensitive data, then a significant concern about remote work will be how to protect the data. Prioritize cybersecurity measures to protect sensitive data and ensure a secure remote work environment. Implementing virtual private networks (VPNs) and multi-factor authentication enhances security, assuring employers that remote work is conducted in a safe digital space.

In summary, the idea is that instead of entirely ditching the remote work model because of a few challenges, you can look for and adopt the technology that helps solve them. By adopting a thoughtful combination of these monitoring tools and strategies, employers can foster a collaborative and productive remote work environment that benefits the organization and its dispersed workforce.

How we can Shape Policy and Habits for a Sustainable Future?

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Sustainability, climate action, and environmental stewardship are no longer what we can consider just moral duties. They are moving fast to become legal obligations. Considerations like disclosing Environmental, Social, and Governance (ESG) data, conducting comprehensive supply chain assessments, protecting biodiversity, and combating greenwashing have become significant concerns on the political and regulatory fronts, as they should.

These changes are not just reactive measures but proactive steps to mitigate the impact of climate change, ensure ethical business practices, and create a resilient foundation for the future.As you may know, people are working behind the scenes to forge strong relationships with government bodies and regulators. Overall, the goal is to advocate and drive policy changes to ensure a more sustainable future for you and me.

This group comprises diverse stakeholders such as businesses, non-profits, and advocacy organizations, pursuing a mission to create a regulatory framework that fosters sustainability, supports climate action, and upholds environmental stewardship. Here’s some of what these stakeholders do.

Advocacy for Change:

They advocate policy changes that align with the principles of sustainability. By leveraging their expertise and influence, they work towards shaping regulations that address current environmental challenges and lay the groundwork for a sustainable future. Their input ensures that policies are effective and considerate of diverse interests.

Transparency and Accountability:

Another one is promoting transparency and accountability. These stakeholders actively participate in disclosing ESG data, ensuring that information about an organization’s environmental impact, social responsibility, and governance practices is open to all. This transparency builds trust and enables informed decision-making by investors, consumers, and regulators.

Supply Chain Sustainability:

Recognizing the interconnectedness of global supply chains, they emphasize the need for comprehensive supply chain assessments. By identifying and mitigating environmental and social risks within supply chains, they contribute to creating more sustainable and resilient business practices. This approach not only safeguards against reputational damage but also aligns with the broader goal of fostering a sustainable global economy.

Combatting Greenwashing:

In pursuing genuine sustainability, they play a crucial role in combating greenwashing – the deceptive practice of presenting a false impression of environmental responsibility. By actively engaging with regulators to establish clear definitions and stringent measures against greenwashing, the collective ensures that businesses are held accountable for their sustainability claims.

So, where do you and I come in?

You don’t need a label that says “stakeholder” for you to start doing something, too. We must step up collectively to begin doing rather than just watching. So long as you live on this planet, you can consider yourself a stakeholder. How do you want to drive positive changes for a sustainable future? What personal commitments are you making? Within your network, how are you driving your friends and family to make commitments to a sustainable future? Do you have access to circles of influence?

It can be as simple as looking at the waste disposal culture around where you live or work and asking how this can enhance a sustainable future. And if you find an issue with it, you begin to drive for some policy changes even at that level. How do your neighbors take care of the waterways and drainage systems? How do you take care of your non-recyclable waste?

The collaboration can start from the bottom and go all the way up.

The Lesson from AT&T for Nigerian Telcos on Service Delivery

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A lesson for telcos in Nigeria. An American telecom company, AT&T, had a network outstage which lasted hours for many customers. The company has apologized, and apologized, and is now working out a way to credit them dollars to compensate for the time they could not use the service: “No matter the timing, one thing is clear – we let down many of our customers, including many of you and your families. For that, we apologize.”

There was no threat from the consumer protection for AT&T to deliver this goodwill. 

Good People,  how many times did you buy data and never got to use it because the network was very poor – and at the end of the month, that data expired? Ideally, that was against the constitution of Nigeria (yes, theft is illegal), but we live with it.

Every sector in Nigeria remains at infancy for a world-class service delivery! And that is an opportunity out there!

Bitcoin Price Surges to $57k as ETFs Continue to Record Massive Inflows

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The price of Bitcoin has surged to $57,000 during the opening trading session of the week, following news that nine of the US-listed spot Bitcoin exchange-traded funds (ETFs) recorded all-time high trading volumes.

Reports reveal that Bitcoin Spot ETFs amassed $2.4 billion in a single-day trading volume, an all-time high. BlackRock’s shares of Bitcoin Trust (IBIT) ETF topped the charts, recording around $1.3 billion in total net inflows, representing roughly 55% of the overall figure.

Apart from BlackRock, spot Bitcoin ETFs from Fidelity, Franklin Templeton, Invesco, Bitwise, VanEck, Valkyrie, WisdomTree and Hashdex also contributed to the figure by attracting considerable amounts of inflows.

Speaking on the impact of ETFs approval on Bitcoin price, Mike Novogratz, the CEO of Galaxy Digital and a prominent figure in the digital asset space, shared his views on the future of Bitcoin and the impact of Exchange-Traded Funds (ETFs) on retail demand.

Novogratz’s optimism is significantly buoyed by the recent U.S. Securities and Exchange Commission’s approval of the first U.S.-listed spot bitcoin exchange-traded funds. This development, according to him, marks a watershed moment for the industry, potentially heralding a new era of institutional and retail engagement with digital assets.

He added that ETF approval could address some of the liquidity and volatility concerns that have previously deterred more conservative investors from entering the crypto market.

Despite the positive momentum generated by the introduction of ETFs, Novogratz cautions about the lingering regulatory uncertainties that cloud the industry’s future.  His critique extends to the regulatory approach of the SEC and the need for a more coherent and supportive legislative framework to foster innovation and stability in the crypto sector.

However, he remains bullish on Bitcoin’s role as a store of value, drawing parallels with gold, as reports reveal that the crypto asset is performing better than Gold and stocks in 2024.

This year, Bitcoin’s price has surged by 33%, as sustained upward momentum in the market has also fueled interest in other leading cryptocurrencies like Ethereum (ETH) and BNB. In January alone, over 150 new Bitcoin wallet addresses were created, with each of them holding more than 1,000 BTC worth an estimated $56 million.

As the price of Bitcoin continues to surge experts predict a $6 Trillion market cap for Bitcoin. A bitcoin surge to $64,900 would represent a potential upside of 22% from current levels and would put the cryptocurrency just a few thousand dollars below its record high of about $69,000, reached in November 2021.

Meanwhile, the Bitcoin blockchain is set to undergo a block reward reduction process in April called the ‘Halving. This once-in-four-year event reduces BTC’s supply, further contributing to its high demand.

Percentage of Self-Employed Nigerians Witnessed A Decline in 2023 as Businesses Shut Down

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According to a recent survey, the percentage of self-employed Nigerians reportedly experienced a decline from 88.0 to 87.3 percent in the third quarter (Q3) of 2023.

As businesses continue to shut down, this has given rise to wage employment, as Nigerians are dumping their businesses to look for white-collar and blue-collar jobs to survive the harsh reality on the ground. The percentage of wage employment is reported to have increased from 12.0 percent to 12.7 percent.

Part of the report reads,

“Informal employment in Nigeria and other developing countries seems to be very high when compared to the developed countries. The share of employed persons in informal employment was 92.3 percent in Q3, a reduction of 0.4 percent when compared to 92.7 percent in the previous quarter”.

The report disclosed that the unemployment rate rose for the second straight time in Q3 to 5.0 percent from 4.2 percent in Q2. Experts say that the decline in self-employment in Nigeria, which has led to the shutdown of businesses, poses a serious threat to the country’s entrepreneurship growth and development.

Speaking on this, the national president of the Association of Small Business Owners of Nigeria, Femi Egbesola said,

“The reduction in self-employment is an indication that more businesses are going down, particularly the micro and nano ones which are run as self-employment as a result of harsh economic realities. Inflation is on the high side and their working capital has been eroded.”

He added that it is becoming increasingly difficult to do business in the country and that the ease of business has dropped drastically.

Nigeria’s struggling economy has reportedly slowed the growth of major job-creating sectors of the economy such as agriculture, manufacturing, trade, construction, and transportation. According to the NBS GDP report, the agricultural sector slowed to 1.88 percent last year from 2.13 percent in 2022.

The manufacturing sector grew by 1.40 percent, down from 2.45 percent; while trade’s growth slowed to 1.66 percent from 5.13 percent. The growth of the construction sector also slowed to 3.57 percent from 4.54 percent, and transportation and storage contracted to 30.17 percent as against 15.20 percent.

As Nigeria continues to battle with an economic downturn, it has continued to pose a serious challenge to business owners especially small business owners who have been grappling with a combination of issues such as, Epileptic power supply, Rising borrowing costs, rising inflation, restrictive economic policies, forex crisis, amongst others.

The rise of uncertainty in Nigeria’s macroeconomic environment is on course to further dampen business activities, with some firms seen closing shop late last year and early this year.

Notably, unstable macroeconomic indicators have affected the medium and long-term plans of many businesses, a situation experts said could drive down profitability, lead to more job losses, and low tax revenue, threaten the survival rate of many businesses, or trigger more exits of multinationals.

Operators in the Micro, Small, and Medium Enterprises (MSMEs) are fuming over the harsh economic scenario in the country that is leading to the death of many Small and Medium Enterprises(SMEs) in recent times.

The business environment in Nigeria is no longer promising and futuristic as more businesses have plunged into debt due to the overhead cost of running businesses. Lots of Entrepreneurs are currently retooling their business models, while others are closing shops and revamping operating space, which has also led to the downsizing of their workforce.