Business

How To Leverage The Great Resignation

Published

2 years ago

March 8, 2022

In the year 2021, more employees were leaving their jobs than ever before. According to the Bureau of Labor Statistics, a staggering 4.5 million Americans quit their jobs in November. The instability brought on by the pandemic has had a greater hit on low-wage sectors including hospitality, transportation, and utilities.

However, the labor market itself is not contracting. People are leaving their jobs to take up other opportunities. The transition to the digital economy has also created a rich and robust gig economy, where freelancing provides a lucrative incentive to work remotely and with more flexibility.

Opportunities in a New Era

The online infrastructure has presented unique opportunities for entrepreneurs to arise. According to an Intuit survey, more people desire to start their own businesses in 2022.

The catalyst for people to start their own businesses or pursue a different career after the pandemic comes with “the ample time they were given to reflect, to realize that they desired the long-term sustainability that pursuing an entrepreneurial path could potentially bring”, Lezly says.

Not uncommon to the feeling of fragility in the corporate workforce, Lezly D’limi was presented with a difficult conundrum. After helping build a talent acquisition company to the millions under a span of a few years, she came to face the reality that she was going to lose it all because of her pregnancy.

“She was now just another ‘resource’ and ‘capacity gap’ that needed filling. This first-hand experience was the trigger she needed to leave and create something of her own, defining a new place where people actually mattered, and their uniqueness was celebrated”.

Lezly is not alone in this feeling. The pandemic has statistically impacted women in the workforce far more than it has in men.

However, as the old adage goes, with one door that closes, another one opens.

There are a variety of skills and services that are higher in demand than ever, and the need for true talent never goes away. Adaptable and quick-minded individuals are likely to benefit from the momentum generated from this transitionary period. This may allow people to explore different outlets of making money, and thus, make the best out of the “Great Resignation”.

Explore New Outlets to Make Income

The rising use of technology and the internet has transformed how many industries operate and redefined the types of skills that are coveted. The opportunities to learn a skill set at the touch of a keyboard are easier than ever. There’s always the option to go back to the drawing board and learn a skill that can be used to build a side hustle. These include, however not limited to e-commerce, writing, content creation, and web development.

Pursuing a freelancing career also allows you to have more reign over your schedule giving you more time to dedicate to the intellectual assets that you’re passionate about.

Another option is to apply your existing skills and expertise in an area to build your own company. Starting a company is a tedious endeavour, but the advantages include the option to scale as you would like, build your own team and work culture, as well as exercise leadership capabilities on a whole different scale.

Lezly D’limi, founding director of Talentko, saw the opportunity to build and scale her own talent acquisition company. However, this time around the company would employ a people-centric, value-driven, and trust-based approach. Taking on the lessons of her own pursuit of freedom in workplaces, she and the Talentko team are on a mission to create flexible working. This means, giving their consultants the skills and tools to be location independent, as well as building their ability to run their desks like their own businesses. Creating true freedom and wealth generation.

Evaluate Your Connection to Your Values

Throughout our working lives, it’s easy to get caught up in the day-to-day tasks, whether you’re an employee or in a management position. Sometimes we find ourselves lacking fulfillment in our careers, and instead of pinpointing exactly what it is, we use artificial targets to guide our work.

When our values are misaligned with our work, it can be difficult to stay engaged, productive, and satisfied long-term.

“Our greatest realizations are uncovered on the days that we take a step back to sit still and observe”, Lezly says.

Choosing to step away from the hustle every once in a while can be beneficial in helping us reevaluate our decisions and can sometimes lead us to make profound changes in our lives.

It was from these periods of quietness, that Lezly found the calling to build her company, Talentko. Reflecting had allowed her to see the detrimental patterns of her past, and how to reconcile these differences between the corporate hustle, and her own vision of the type of company she wanted to build. Today, Talentko operates on the principles of helping people prosper and find joy in their work.

Build a Career that Aligns with your Passion

It is helpful to think of career trajectories as many different opportunities for you to exercise your skills and passion for a subject. For example, if you like to help people; there are several ways you can make a living from that passion. You don’t have to become a doctor; you can teach academics or build an online business that teaches other entrepreneurs how to scale their own companies. If you love to write, you’re not subjected to a career of writing books. There’s an abundance of opportunities in the online space to monetize off your craft.

When we’re passionate about something, the job no longer is a chore, but something we’re happy to put in the extra mile for. This translates to better work, and likely higher productivity on our end so we can use the extra time to manifest into other important areas of our lives; like our health and families.

“The true freedom from owning her own business came from the connection to purpose, impact, and choice”. Lezly was able to leverage her passion for helping others to build a company that allowed people to prosper and grow under a non-toxic, unrestrained work environment.

Conclusion

In the modern age, we are presented with new and emerging opportunities to explore and diversify our skill sets. Climbing the rungs of the corporate ladder is no longer as desirable as it used to be. Employees are prone to choose workplaces that inhibit good work cultures, social and health benefits, as well as the option to work remotely. Freedom and quality of life are important factors in today’s modern workplace culture.

Instead of perceiving the Great Resignation as a signal for failure, we should accept that this new reality might just bring out the types of reforms and innovations that have been long overdue.

Business

Opportunities for Black Banx in Emerging Markets

Published

2 days ago

May 5, 2024

Matthew Wiles

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.