Many times, employers increase staff salaries to motivate employees to stay. However, increasing salaries and benefits to unmotivated employees means paying more money to unmotivated employees. Staff have different career aspirations and expectations. Those in mid-career, with six (6) years or more work experience need great pay and better working conditions However, new young hires need challenges and opportunities for growth Many times, employees want to know two things Is there room to get to the top? What positions are ahead of my current title? If yes, what does it take for one to qualify for one? What are core…
The best of WhatsApp: Uganda at the Dubai 2020 Expo
[Once in a while, I land on articles that I find well reasoned, with great prose. Below I reproduce an article shared on the WhatsApp groups. Take time and read. You will learn a thing or two.] By Dr Daniel Tumwine Apparently among a section of Ugandans, if you criticize mediocrity, and downright laziness, and incompetence you are labelled “unpatriotic”, a “hater” and “negative”… To them, we must all sing “kumbaya” instead of confronting our weaknesses. No. I won’t be part of that game. If your spouse or mother won’t point out your flaws, who will? Your harshest critics should…
Corporate vs retail: which one in Uganda?
Both segments are good. But you need a good strategy to optimize corporate banking in a way that does not compromise your overall profitability and other core indicators specifically deposits, asset quality, and jaws ratio to mention but four. Winning banks first conquer retail, and corporate success comes naturally thereafter even for banks that say they focus on the high-end corporate. They first pursue the individuals at the helm of the corporate clients they target. Retail is where the heart of banking is. And it will remain so. The rise of fintech, which mostly powers the payment ecosystem, is fuelled…
Fraud diamond vs fraud triangle
A criminologist, Donald R. Cressey, coined the Fraud Triangle (2). It describes the three main causes fraud and corruption. In any organisation, 2 out of every 3 people will commit fraud if all the three conditions are present i.e. they have pressure (incentive or motive), opportunity (absence of controls) and rationalization (justification for wrongdoing). It is a human condition to want to get rich quick, leave beyond our means, show appearances, want to live in a house costing a monthly rent of Ugx 500,000 when our monthly salary is just Ugx. 600,000! Sometimes it is due to peer pressure or just…
The fraud starts and stops with you
The Black’s Law Dictionary defines fraud as a knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment. According to the ACFE, “fraud is the intentional misrepresentation of a material fact, to cause again to one party and a loss to another party.” From this we see the elements of fraud: (1) Intent (You are of sound mind. Know the right thing to do in the circumstances). (2) Misrepresentation (you tell lies knowingly i.e., misleading statement of fact). (3) For personal or friend’s benefit. (4) At the loss or…
A future with fewer banks: the rise of boutique banking. Are you ready?
Banking is transforming so fast to something like where it all started: few people in the banking hall. However, in the early 1980s few people in the banking hall were driven by the lack of access and affordability of financial services. Owning a bank account was a preserve of the very few privileged technocrats. Folks who had the means to pay bank charges and save. Banking was done manually with big ledger books. Transaction turnaround time lasted over three hours. Despite the inefficiency, there were always few people in the banking hall. Today, banking is being driven by convenience and…
