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Welcome to another edition of Workshift! The exclusive newsletter for African Leaders, Founders and Managers.
If you missed last week's issue, catch up here
In Today's Email:
- Could This Be A Win For Workers?
- AI Tool Of The Week: Venturus AI generates an analysis of your business idea and gives you feedback on how to make it more successful
- Tom Gayner is one of the best investors ever. He just published a new shareholder letter. Here's a quick breakdown
- Opportunity Of The Week 💡: Apply for 250K (5% equity) for participants in the New York-based program and £250,000 for 5% equity for participants in the London-based program. See more or start here
THE BIG IDEA
Could This Be A Win For Workers?
Nigeria recently decided that companies hiring expatriate workers must pay a fee each year. This fee is meant to encourage companies to hire more Nigerians. The president, Bola Tinubu, says this fee shouldn't scare away investors but should help Nigeria earn more money and give more jobs to Nigerians.
So, what does this mean for companies? Well, if a company hires a foreign director, they must pay $15,000 every year. For other expatriate workers, the fee is $10,000 annually. However, people who work for embassies or the government don't have to pay this fee.
Why did Nigeria introduce this rule? The main goal is to ensure that Nigerian workers have more job opportunities and are paid fairly compared to foreign workers. By imposing this fee, Nigeria hopes to balance the employment scale between its citizens and expatriates. This new rule also applies to expatriates who work in Nigeria for at least half the year.
If a company doesn't follow this rule, they might have to pay fines or even go to jail.
Some people believe this is good for Nigeria because it will encourage companies to hire more Nigerians. For African business owners, it means you might have more chances to hire local people and help Nigeria's economy grow.
On the other hand, this news was also met with comments like:
What do you think? Share your thoughts
Challenge Of The Week 🎯
You know the stiffness that comes with long hours at your desk? Sedentary lifestyles are on the rise, a review of over 100k participants found a link between sedentary behaviour and an increased risk of depression.
But there's an easy fix: Just add quick stretches to your workday and watch your flexibility soar. It's that simple. Still sitting? You should get up for a quick stretch.
Strengthen Your Company 🏆
Are you yearning for outstanding African talents to join your company, so you can reduce employee turnover and have a stronger, more stable team?
Learn From The Best ✍️
The $100 billion man, Jeff Bezos, went from working at McDonald’s to becoming the richest man in the world. Here is his timeline, showing a very important lesson.
Here’s what Jeff did with his money:
In the beginning, he spent everything on the things that mattered to build Amazon. Once he took the company public and became a multimillionaire, he started investing in other companies.
He was one of the early investors in Google, Uber, Airbnb, Twitter(X) and others.
Delayed gratification is the act of resisting an impulse to take an immediately available reward in the hope of obtaining a more valued reward in the future.
Don’t forget to save the image so you can always glance through it!
Credit: Ambition Chronicles
Protect Your Digital Wealth 🔐
Imagine losing your digital assets with no quick fix in sight. It's like building a house without strong foundations – risky and unsettling. But, that’s where Bakkt Custody comes in. With Bakkt, your assets are safeguarded by multi-layered security measures, operated by Bakkt Trust Company LLC, a trusted NYDFS Qualified Custodian.
Plus, unlike others, they never play with what's yours – your assets remain solely yours. Since 2018, they've been leading the way in digital asset custody, with a proven track record you can continuously rely on.
Don't compromise your security. Choose Bakkt Custody today!
Your Target Audience Are Our Friends 🎯
Excited about the opportunity to spotlight your brand? We have a robust network of over 10,000 founders and a talent pool of 30,000+ professionals spanning HR, sales, creative, tech, and team leadership roles across Africa.
By partnering with us, you'll gain more visibility and access to a diverse audience eager to engage with innovative brands like yours.
Meme Of The Week 😂
Credit: BROSIX
Where You Should Be 🌍
Get ready for the Oxford Africa Business Forum 2024! Taking place from March 8th to 9th. This premier event at one of Oxford University’s historic colleges will spotlight the pivotal role of businesses in national development.
You'll discover firsthand how businesses drive innovation and economic growth, by forging crucial partnerships with governments to achieve national goals.
You would also meet other African CEOs, founders, and managers for insightful discussions and prestigious gala dinners.
Economic Trends For You 📈
- Earlier, CrunchBase highlighted how venture capital investment is currently down. In 2023, investors put in $258 billion, which is the lowest amount since 2017. This affects the economy since venture capital is a key source of funding for startups and new businesses.
- Have a look at the fastest-growingeconomic economy sectors in Nigeria
Credit: Nairametrics
What Do You Think? 🤔
Is it time for our government to reconsider its approach to owning and managing economic assets?
There's more…
Have something to say? Go ahead
Strengthen Your Company 🏆
“CareerBuddy gets it. Hiring isn’t a walk in the park but they make the recruitment process a lot less daunting. From how quickly they are able to source for candidates to ensuring the sourced candidates are of high quality and are a great fit for our company, they're great at what they do'' - Cadana
Investing News & Opportunities 💰
- Tom Gayner is one of the best investors ever. He just published a new shareholder letter. Here's a quick breakdown
- Jeff Becker, a VC, is looking to invest $7.5M into idea-stage companies in the next 3 months. $500K per company. 15 investments. If you're building check it out
Workplace Culture 👥
A $100BN CEO revealed game-changing insights on leadership at work
There’s More To Being A Leader🎖️
- Do you live in NYC? Use these spots to be more productive
- Here's a simple playbook for managers and employees to get on the same page fast
- AI tool of the week 🤖: Venturus AI uses GPT-3.5 and GPT-4 to generate an analysis of your business idea and give you feedback on how to make it more successful
- Opportunity of the week 💡: $250K for 5% equity for participants in the New York-based program and £250,000 for 5% equity for participants in the London-based program. See more or start here
Pro Tip To Take You Through The Week 🌟
Keeping your clients happy and satisfied means more revenue for you, here are some tips to do so…
What’s Happening? 🤷♂️
While you were away at work, these 5 things happened:
- IFC has announced the top 100 startups led by women in the She Wins Africa Initiative
- Nigeria's central bank increased the interest rate to 22.75% to control inflation
- ECOWAS warns that if sanctions continue on Mali, Niger, and Burkina Faso, West Africa could miss out on $500 million worth of projects
- Gro Intelligence in Kenya replaced its CEO due to struggles with paying workers
- US-led 'Justified Accord' military exercise in Kenya gathers 1,000 personnel from 23 nations, making it East Africa's largest event of its kind
Share With Your Friend 📣
If you know this newsletter can help someone in your network, why don't you go ahead and share?🚀
ABOUT CAREERBUDDY
Hire Smarter, Not Harder
At CareerBuddy, we make hiring seamless for fast-growing companies, we pride ourselves on knowing the best people that will excel in a Startup. With a candidate retention rate of 90.3%, it is safe to say “We are the best in the game for Startup hiring in Africa”.
We have worked with our partners to hire both for Technical and Non-Technical roles, we have also helped them with expansion in Africa. Some of our clients include Bamboo Invest, Helium Health, Cassbana, Cadana, Fincra, CrowdForce, Casava, TeamApt (now Moniepoint), Sabi, etc.
Are you hiring at the moment? Contact us
Written by Onekpe Regina
Edited by Oluwaseye Adesina
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