Startups
If you can’t trust employees to work flexibly, why hire them?
Productivity at the workplace depends on several elements one of which is a flexible working environment. This has been confirmed with several studies with the most recent one being one conducted with the Millennials.
Employees tend to be more motivated and productive when flexibility is enhanced at workplace. According to a survey.
91% of workers interviewed were of the view that a flexible working environment is essential with 92% indicating that if given a chance they will be comfortable working at home. 66% of the interviewees strongly asserted that they are more inclined to work at home compared to a formal office work setting.
Interestingly, none of them was of the opinion that absolute working from home is better.
Despite the above opinions, there are advantages and disadvantages in either working from a traditional office set up or home.
From experience, a flexible working environment can be initiated in any scenario. It is, therefore, the duty of the management to find out the components that can boost flexibility among their employees.
It is not about where someone work but the time and work schedule.
It extends to how employees relate among themselves and with the management.
The result should not only be maximum output in production but the quality of the end product.
It is critical to take note that situation differs with the type of industry or profession; they are specific niches such as advertising where employees prefer to work at particular time to be more productive. It is has been discovered that such workers tend to be productive in the evenings when other employees have left work since they need a quiet environment that is less stressful to enable them to deliver exceptionally.
Flexibility at work
Flexibility at work enable the employees to have a more balanced working life and leave them psyched at all the time. It encourages high energy level and reduced negativity at work as it has a propensity to diminish stress and work conflicts. When workers are allowed to set their own work schedule and atmosphere, they are not only left motivated, but they also feel appreciated.
It has also been found that high employees’ turnover is because of a stressful working environment and mistrust. Organizations that encourage flexibility often have high employees’ retention rate. They are in a position to maintain the best talents.
When the employee’s work schedule is designed to fit their lifestyle a win-win scenario for them, and business owners is realized. After setting targets for your employees, let them work in a manner that will make them attain their goals with their ease.
Trust
Trust them that they will deliver and avoid micromanagement, the best you can do is to set meeting that can be face to face or via a virtual platform such as Asana, Skype, Facebook Messenger, etc… So long as they are delivering the reports to the departmental heads in good time and there is proof that they are productive let them set their work diary.
A recent development at Yahoo that made the CEO to ban employees from working from remote places made most of the people feel that the management had not to trust on its workers.
Such management approaches tend to make potential employees shy away from such companies more so talented and highly skilled professionals. ut of sight out of mind’ mentality should be avoided by employers as it augments mistrust and makes the employees more tensed.
Trust must at all the time be enhanced by employers to make the employees develop high sense of ownership. When workers embrace ownership of the entire operation and production processes, the best outcomes are realized.
Employees should be trusted to manage their own time and even set their targets. Primordial working systems that had master-slave relationship elements need to be abolished at workplace, employees ought to be exposed to a more flexible environment that encourages creativity and productivity.
Companies should strive to design their office spaces to be more attractive to enhance a tranquil and lively atmosphere.
If the workers can deliver high-quality work while working from their homes let them be encouraged to do so without hesitation.
However, the management must be careful to ensure that the environment is exceptionally relaxed as it can result in low performance that can eventually affect business viability and profitability.
The employer should have consultative meetings with their employees to develop a friendly and flexible work plan that both the parties are comfortable with and would make them formulate a mutual understanding and trust.
Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.
Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.
The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.
Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.
“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.
Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape
Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”
“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.
Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).
Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.
The Small and Medium Enterprise financing landscape in the Middle East and North Africa (MENA) presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.
The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.
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