Ever heard the old idiom, “If it ain’t broke don’t fix it”? Meaning if you are happy with the way something works then don’t change it. This way of thinking has become somewhat misplaced in the modern era that we live in.
Perhaps it works when you are talking about a couch that you have had since your college days 10 years ago. If it’s still in good shape and comfy then agreed, don’t change it. I concede there are instances where this saying still applies.
But where this indisputably does not apply is in the world of commerce and industry. In this space if you are not able to make the right decisions and changes at crucial stages of development then you are setting yourself up for failure. In this world we know that yesterday’s success is today’s benchmark.
So we shouldn’t get lost in the celebrations of past success. In other words, give your successes, as a person or company, a time limit. Do this so that you don’t become so fixated on the past that you lose all relevance to the present. Around the world today innovation happens at a rapid rate.
Today’s brand of innovation is incredibly weary of benchmarks of yesteryear and seeks to distance itself from the past in order to clear the path to efficient ways of doing things in the future. Here at home, innovation is a highly sought after commodity. Companies are mindful of the necessity to ensure their businesses are not just benchmarking but go beyond and look to the future.
Incorporating technology into all possible aspects of the business is one way of insuring the company is poised and ready for eventual technological advancements. Companies don’t want to be sent into a panic when “innovation strikes”.
We are slowly but surely shifting to tech-driven solutions that allow for seamless integration and interoperability so that when innovation does come it actually serves us as appose to alienate us. Take electronic recruitment for instance. Human resource practitioners around the world are switching to this new tech-based form of recruiting.
And locally we are not too find behind. Botswana’s top companies are aligning themselves to these methods because they are a lot more efficient and offer automated tools that streamline the recruitment process to the advantage of the companies. Everything is now becoming digital and paperless. HR departments are looking to the future in terms of talent, their aim is to build talent pools today for the future.
Through the use of recruitment software, social media, online job boards and other tech-based tools at their disposal, mammoth tasks like talent mapping now become a cinch. Yes, companies can accept applicant CV’s in hard copy form but what happens to that wad of paper once it leaves the receptionist desk? Say it does get to the right person, how long will it be safe in that person’s office for before it ends up in the wrong stack of papers and is sent to the shredder?
Even if the CV does manage to allude all the dangers of obscurity what happens to it once it is reviewed but the candidate isn’t successful? Especially in the case where the HR practitioner has identified certain attractive skills and experience in the candidate that he could utilize in the future? By the time an opening has arisen 9 times out of 10 the specific CV will be nowhere to be found.
The organization loses out on valuable talent and the applicant misses out on a livelihood. So you see the disservice to the applicant is actually accepting a hard copy. Accepting a job applicant’s hard copy CV is the couch that isn’t broken in this instance. It has worked for years, so why change it now? This type of benchmarking is not even from this century. It exhibits a serious need to innovate. Remember mainframes? Don’t worry, I don’t either.
Mainframes displaced adding machines in the 1950s, only to be uprooted by personal computers (PCs) in the 1980s. Today, PCs are being displaced by services that leverage the wireless internet and cloud computing, working on a wide range of devices from tablets to TVs (and soon eyeglasses and watches). Benchmarks tend to miss these revolutions. Since they’re backward looking, their indices reflect yesterday’s successes, not tomorrow’s.
So benchmark-sensitive or index-tracking approaches will be overly bound to legacy technologies. In contrast, active managers can look forward and capture innovation well before it’s reflected in the benchmark. I am greatly encouraged by the practitioners I meet every day.
They truly have their fingers on the pulse of innovative ways of fulfilling their mandates. I present Careerpool to practitioners as an e-recruitment tool whose functionality allows for, amongst other things, talent mapping and the creation of a secure, easy to navigate database or talent pool. From then on they express to me where they see our alignment and interoperability with their current systems as well as other e-recruitment systems they are putting in place.
This is greatly encouraging as it shows we have a willingness to change and try out an array of multifaceted solutions through technological innovation. We may only be a developing country but we are employing First World thinking to the way we work to ensure a brighter future for us all.
The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.
Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.
According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.
The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.
Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.
Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company‚Äôs market capitalization.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana. ¬†The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.
African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).
AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.
The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, sub-regional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.
The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, and boost overseas exports by a third, double intra-continental trade, raise incomes by 8% and lift 50 million people out of poverty.
To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. ‚ÄúOur wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,‚ÄĚ said B√łrge Brende, President, and World Economic Forum. ‚ÄúThe Forum‚Äôs initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.‚ÄĚ
Given the continent‚Äôs historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. ‚ÄúThe promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,‚ÄĚ said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.
The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.
‚ÄúMacro trends in the four key sectors and across Africa‚Äôs growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,‚ÄĚ said Wamkele Mene, Secretary-General, AfCFTA Secretariat.
The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.
About the World Economic Forum Annual Meeting 2023
The World Economic Forum Annual Meeting 2023 convenes the world‚Äôs foremost leaders under the theme, Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information,