When Victor Terry answered a call from State Farm CEO Michael Tipsord and chief administrator Mary Schmidt in June, he wasn’t expecting the news he received. “To hear them say, ‘Victor, we want to make you our first chief diversity officer,’ was really a moment that’s hard to describe,” says Terry, then an area vice president. “We had already experienced the murder of George Floyd and everything that unfolded Memorial Day weekend, but I didn’t see that coming.”



Perhaps he should have: A seat in the C-suite signals a company’s commitment to the area the role represents. In appointing Terry as CDO, State Farm did just that for diversity and inclusion. But it wasn’t the only organization to mint a new chief diversity officer this past year.



According to an&nbsp;<a href="https://www.linkedin.com/pulse/whos-reaching-c-suite-2020-16-roles-have-momentum-george-anders/" target="_blank" rel="noreferrer noopener">analysis of nearly 100,000 U.S. C-suite appointments</a>&nbsp;by LinkedIn, while overall C-level hiring declined 18% year-over-year, some roles, such as that of diversity chief, saw great growth. CDO appointments increased at a rate of 84% as a proportion of total C-suite hires in 2020 as compared to 2019—more than any other C-level role—with Terry, as well as&nbsp;<a href="https://www.sonymusic.com/sonymusic/sony-music-group-appoints-tiffany-r-warren-executive-vice-president-chief-diversity-and-inclusion-officer/#:~:text=New%20York%2C%20October%2014%2C%202020,Chief%20Diversity%20and%20Inclusion%20Officer" target="_blank" rel="noreferrer noopener">Sony Music’s Tiffany R. Warren</a>&nbsp;and&nbsp;<a href="https://www.pressroom.ups.com/pressroom/ContentDetailsViewer.page?ConceptType=PressReleases&amp;id=1607452098783-458" target="_blank" rel="noreferrer noopener">UPS’ Charlene Thomas</a>, being among those tapped to serve as their companies’ firsts.



Recent years have seen C-suites expand to encompass titles beyond the traditional CFO, CMO, COO and, of course, CEO. And while some newcomers have been sector-specific—think, <a href="https://investors.virgingalactic.com/news/news-details/2020/Virgin-Galactic-Announces-Michael-Colglazier-as-Chief-Executive-Officer-in-Preparation-for-Commercial-Service/default.aspx" target="_blank" rel="noreferrer noopener">Virgin Galactic’s chief space officer</a>, Michael Colglazier, named in July—most mirror the state of business and, more broadly, the world. “We’re going through a crisis, but at the same time, C-suites and boards are saying, ‘We need to reset,’” says Radhika Papandreou, senior client partner at Korn Ferry. “They need to make sure they have the right talent to not only recover, but to use the recovery as an opportunity to innovate.” And so it’s no wonder so many chief diversity officers made their debuts in 2020 amid the national reckoning on racial injustice.



For Terry, who had spent the better part of his 23 years with the insurer driving diversity and inclusion through its African American employee resource group, his appointment meant formalizing the organization’s efforts, facilitating company-wide conversations about race and creating a D&amp;I governance council. “This group is charged with refining and shaping our enterprise strategy,” Terry says. “While I have the formal title, and it’s something where I have a high degree of ownership and accountability, the truth of the matter is for any diversity and inclusion initiative to be successful, it has to live in the business, it has to be integrated into everything that we do.”



Diversity officers aren’t the only chiefs who have been in demand as a result of the events of 2020. When the coronavirus pandemic forced countless companies to embrace remote work overnight, chief revenue officers found themselves more reliant than ever before on marketing and technology to maintain healthy bottom lines. Some corporations consolidated these functions under the role of chief growth officer.&nbsp;



“You can have such a rigid split that it’s hard for everyone to cooperate and work together, to build the kinds of projects that are multi-teamed,” says George Anders, senior editor at large at LinkedIn and author of the study. “Having a chief growth officer provides a way that someone can look over the walls and see how all the pieces fit together.”



Chief growth officers were hired at a rate of 46% in 2020—second only to CDOs—after several years of steadily gaining steam, with such <a href="https://www.linkedin.com/pulse/we-found-57-routes-c-suite-youre-problem-fixer-step-right-anders/" target="_blank" rel="noreferrer noopener">appointments increasing 42%</a> from 2015 to 2019. Gap and eBay were among those organizations to tap their first CGOs, naming <a href="https://www.businesswire.com/news/home/20201124005379/en/Gap-Inc.-Appoints-New-Chief-Growth-Officer-and-New-President-and-CEO-of-Banana-Republic" target="_blank" rel="noreferrer noopener">Asheesh Saksena</a> and <a href="https://www.prnewswire.com/news-releases/ebay-names-julie-loeger-global-chief-growth-officer-301183002.html" target="_blank" rel="noreferrer noopener">Julie Loeger</a> in November and December. Meanwhile, Mars Wrigley expanded the responsibilities associated with its existing global growth officer role upon promoting <a href="https://www.mars.com/news-and-stories/press-releases/mars-wrigley-introduces-new-chief-growth-officer" target="_blank" rel="noreferrer noopener">Cathryn Sleight</a> to the job in July.



sumer behaviors and tastes have changed amid Covid-19, having all of these areas under one umbrella has paid dividends, chief among them partnerships with food delivery services DoorDash and goPuff, and the acquisitions of Kind and Nature’s Bakery.



But that’s not to say Sleight works in a silo. In fact, she often finds herself collaborating with one of her more traditional counterparts: the CFO. “We need to make sure that the programs we put in place have strong ROIs and are delivering the right level of growth to ensure we capture our fair share of the profit pools,” she says. “Working things through together, you get much better solutions.”



If the state of the C-suite is a reflection of the state of the world, it should come as no surprise that chief medical officer appointments increased in 2020. While it certainly isn’t a new position—or at least not in hospitals and healthcare companies, where it’s long been commonplace—and its growth rate wasn’t as high as that of CDOs and CGOs—LinkedIn pegs it at 4%—the coronavirus pandemic has spurred its expansion into new industries. PepsiCo and Tyson tapped <a href="https://www.pepsico.com/news/press-release/pepsico-appoints-dr.-pietro-antonio-tataranni-as-chief-medical-officer" target="_blank" rel="noreferrer noopener">Dr. Pietro Antonio Tataranni</a> and <a href="https://ir.tyson.com/news/news-details/2020/Tyson-Foods-Launches-New-Nationwide-COVID-Monitoring-Strategy-Expands-Health-Staff/default.aspx" target="_blank" rel="noreferrer noopener">Dr. Claudia Coplein</a> for their newly created chief medical officer roles in November and December, and <a href="https://www.royalcaribbeanpresscenter.com/press-release/1459/royal-caribbean-group-names-dr-calvin-johnson-global-head-public-health-and-chief-medical-officer/" target="_blank" rel="noreferrer noopener">Royal Caribbean hired Dr. Calvin Johnson</a> as its first CMO and global head of public health in July.



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow">“I don’t think these were knee-jerk reactions to what we’ve gone through. Some of this had already been thought about in board and C-suites—the pandemic accelerated the decisions.”-Radhika Papandreou, senior client partner, Korn Ferry</blockquote>



“Truth be told, if you’d asked me a few months earlier, I would not have believed you,” says Dr. Johnson of his appointment. “In a word, it was the pandemic. It literally stopped Royal in its tracks.”



The travel and hospitality industry has been hard hit by Covid-19, and cruise companies, including Royal Caribbean, were among the first to feel its effect, their common spaces and close quarters ideal settings for outbreaks. While Royal Caribbean did have healthcare infrastructure in place, as well as individuals to oversee it on a part-time basis, it didn’t have a dedicated leader, let alone one who had the ear of the CEO.



“A lot of C-level titles are created when companies have a crisis,” Anders says. “In 2019, we saw a lot of tech companies creating chief people officers. That happened to coincide with a sense that some tech companies were having a hard time getting the human side of their companies right.”



Like all medical chiefs, Dr. Johnson is responsible for delivering care to patients, in his case passengers and crew. He oversees more than 60 medical sites on ships sailing all around the world. During a global public health crisis, this means being in constant communication with his fellow executives. “Normal crew movement, which before wouldn’t necessarily have to have medical or public health involvement, now does because it involves ensuring the crew coming on board isn’t coming on with the virus. It is testing, screening and educating, from a prevention perspective,” Dr. Johnson says. “For crew rotating off, it’s ensuring they’re not taking the virus off and into the community.”



Would Royal Caribbean have needed a chief medical officer had it not been for Covid-19? It’s hard to say. But as reactive as the appointment—and that of this year’s other C-suite recruits—may have been, it’s not likely to result in a transient tenure. “I don’t think these were knee-jerk reactions to what we’ve gone through,” says Papandreou. “Some of this had already been thought about inboard and C-suites—the pandemic accelerated the decisions.”



-by Vicky Valet, Forbes Staff

Businesswoman looks across city at sunrise

The New C-Suite: How 2020 Shaped Corporate America’s Executive Ranks

TOPLINE As the bull market for stocks rages on and even bests pre-pandemic levels, some American households are bouncing back much more slowly than others, unearthing a pattern indicative of a K-shaped (or lopsided) economic recovery, Goldman Sachs said on Sunday–and without additional fiscal relief, it could take years for employment to fully recover.



<h4 class="wp-block-heading" id="h-key-facts">KEY FACTS</h4>



The biggest driver of the K-shaped recovery taking shape is that pandemic job losses were &#8220;highly concentrated in virus-sensitive industries&#8221; like retail, leisure and hospitality–all of which disproportionately employ low-wage workers, Goldman analyst Joseph Briggs wrote in a weekend note.



Some companies have turned to technology in an effort to boost productivity in the absence of real workers, and it’s working (which is bad news for American workers): Productivity is up 4% this year despite major job losses, according to Moody&#8217;s Analytics, which now estimates the 22 million jobs lost this spring won’t come back until early 2024.



While stimulus measures have helped keep overall disposable income afloat during the pandemic, Americans making less than $30 per hour are feeling the most economic pain.



Slowed wage growth has also been markedly worse for lower-income workers–further contributing to the disparate economic recovery, the Goldman report goes on to say.



Goldman projects a lack of new fiscal relief will cause a fourth-quarter decline in disposable income that will hit the bottom 25% of earners &#8220;particularly hard,&#8221; while also weighing on consumer spending this winter.



The outlook for lower-income workers will get &#8220;significantly worse&#8221; if Congress doesn&#8217;t pass another fiscal stimulus package of at least $700 billion in the first quarter, Goldman notes, adding that additional relief coupled with widespread vaccination could actually help yield a V-shaped recovery, which is characteristic of a quicker, more equitable economic bounceback.



<h4 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h4>



&#8220;The largest pandemic casualties have been less productive industries including retailing, leisure and hospitality, while the biggest winners have been in more productive industries like technology, wholesaling and professional services,&#8221; Moody&#8217;s Analytics Chief Economist Mark Zandi said in a weekend note, adding that within industries, smaller businesses have fared worse than their larger, more productive counterparts, which are more able to afford large investments in technology and organizational changes. &#8220;This is clearest in retail. Tens of thousands of mom and pop retailers have failed and mid-sized publicly traded retailers have filed for bankruptcy, while the retailing behemoths gobbled up market share. They knew those changes would entail difficulty for their labor forces, [but] the pandemic has effectively given businesses cover to make these wrenching changes.&#8221;



<h4 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h4>



November marked the best month for stocks in over 30 years, but the labor market and other economic indicators are flashing serious warning signs. Despite record-low mortgage rates, higher costs pushed pre-owned home sales down in October for a second month in a row, according to a report from the National Association of Realtors released on Monday, and new manufacturing data showed that production output and new factory orders are also falling as Covid-19 cases surge to new highs nationwide. “Storm clouds are gathering,” George Ratiu, a senior economist at Realtor.com&nbsp;<a href="https://www.reuters.com/article/us-usa-economy/u-s-housing-manufacturing-data-suggest-economic-recovery-slowing-idUSKBN28A2IX?il=0" target="_blank" rel="noreferrer noopener">told Reuters on Monday</a>. “This winter could pose an unusual challenge for many people across the country, unless Congress takes significant actions.”



<h4 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h4>



Potential relief before January. Goldman says it expects Congress to pass a small fiscal package in December that could extend the expanded unemployment insurance benefits set to expire at year’s end.



<h4 class="wp-block-heading" id="h-tangent">TANGENT</h4>



Despite highly encouraging vaccine-trial results from Pfizer, Moderna and AstraZeneca in the past month, a &#8220;parabolic&#8221; surge in the number of Covid-19 infections is threatening to overwhelm hospitals around the country and has already triggered new lockdown measures on businesses. In a note to clients last week,&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2020/11/23/13-million-americans-lose-jobs-covid-cases-skyrocket-but-double-dip-recession-is-unlikely-moodys/">Moody&#8217;s said</a>&nbsp;the resurgent virus could stall or even backtrack the economic recovery in the coming months and force another 1.3 million Americans into unemployment.



<h4 class="wp-block-heading" id="h-further-reading">FURTHER READING</h4>



<a href="https://www.forbes.com/sites/jonathanponciano/2020/11/23/13-million-americans-lose-jobs-covid-cases-skyrocket-but-double-dip-recession-is-unlikely-moodys/">1.3 Million More Americans Could Lose Their Jobs As Daily Covid Cases Skyrocket, But A Double-Dip Recession Is Unlikely, Says Moody’s</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/jonathanponciano/2020/11/24/dow-jones-industrial-average-hits-record-30000/">Dow Jones Industrial Average Hits Record 30,000–Reaching A Historic Milestone As 11 Million Americans Remain Unemployed Amid Pandemic</a> (Forbes)



-By Jonathan Ponciano, Forbes Staff

Holiday Season Begins Across New York City Area

It Could Take 4 Years To Recover The 22 Million Jobs Lost During Covid-19 Pandemic, Moody’s Warns

After seven months of lockdown, South African President Cyril Ramaphosa tabled an “economic reconstruction and recovery plan” on Thursday in response to the staggering effects of Covid-19 on the country&#8217;s economy.



The president’s plans respond to the immediate economic impact of the pandemic by driving job creation and expanding support for vulnerable households.



“We aim to do this primarily through a major infrastructure program and a large-scale employment stimulus, coupled with an intensive localization drive and industrial expansion,” Ramaphosa said in his address.



Some of Ramaphosa’s economic reconstruction and recovery plan highlighted in Parliament:



<h4 class="has-text-align-center wp-block-heading">1. “Create and support over 800,000 work opportunities in the immediate term to respond to job losses”</h4>



In his address to parliament, the president announced that the government has committed an R100 billion fund to create 800,000 public sector jobs in the next three years. This employment stimulus is focused on those interventions that can be rolled out most quickly and have the greatest impact on economic recovery.



“At the heart of the employment stimulus is a new, innovative approach to public employment which harnesses the energies and capabilities of the wider society,” Ramaphosa said.



Of the 800,000 job opportunities, 300,000 would go to unemployed grade 12 pupils to be hired as assistants to public school teachers. The aim is that these matriculants could help teachers with their added Covid-19 related responsibilities like such as ensuring classroom hygiene and daily health screening of pupils.



“We are going to create 300,000 opportunities for young people to be engaged as education and school assistants at schools throughout the country, to help teachers with basic and routine work so that more time is spent on teaching and enabling learners to catch up from time lost because of Covid,” said Ramaphosa.



<h4 class="has-text-align-center wp-block-heading">2. “Unlock more than R1 trillion in infrastructure investment over the next four years”</h4>



In his recovery plan, Ramaphosa announced that there is a pipeline of projects in works that will completely transform the landscape of South Africa’s cities, towns, and rural areas.



The president stated that there are several projects that have been prioritized for “immediate implementation with all regulatory processes fast-tracked”. These projects include the 276 catalytic projects, which had an investment value of R2.3 trillion by the end of June 2020. Furthermore, the list of 50 strategic integrated projects and 12 special projects that were gazetted in July 2020.



“Our infrastructure build program will focus on social infrastructures such as schools, water, sanitation, and housing for the benefit of our people. We will focus on critical network infrastructures such as ports, roads, and rail that are key to our economy’s competitiveness,” Ramaphosa said.



<h4 class="has-text-align-center wp-block-heading">3. “Achieve sufficient, secure, and reliable energy supply within two years”</h4>



The president said that the government would be accelerating the process of bringing additional energy generation on line. Part of this plan would be implementing the Integrated Resource Plan (IRP) to provide a substantial increase in the contribution of renewable energy sources, battery storage and gas technology.



“The work of restructuring Eskom into separate entities for generation, transmission, and distribution continues and will enhance competition and ensure the sustainability of independent power producers going forward,” Ramaphosa said.



“To achieve this, a long-term solution to Eskom’s debt burden will be finalized, building on the Social Compact on Energy Security recently agreed to by social partners.”

State Of The Nation 2020 in South Africa

Ramaphosa’s Rescue Plan For South Africa

With unemployment at a low 3.6%, American workers have been enjoying a candidate-friendly market, and many have used it to their advantage. According to a recent&nbsp;<a href="https://www.roberthalf.com/blog/compensation-and-benefits/salary-negotiation-0" target="_blank" rel="noreferrer noopener">survey</a>&nbsp;by recruiting firm Robert Half, 54% of job seekers negotiated for a higher payout before accepting their most recent position. Of those who didn’t ask for more, nearly one fifth said it was because they felt uncomfortable doing so.



“Anyone who has the experience is in demand,” says Paul McDonald, senior executive director at Robert Half. “Everybody should feel comfortable negotiating compensation today.”



Negotiating can be intimidating, but with a little preparation, job seekers can be better equipped to walk away with what they’re worth. Here are three keys to a successful salary negotiation, plus what to do if the hiring manager doesn’t budge.&nbsp;



1. Do Your Research



While hiring managers often discuss pay with candidates early on in the hiring process, with 35% of respondents reporting that the subject of salary came up in their first in-person interviews, McDonald advises against negotiating before an offer has been made. If salary range does come up, use that as the starting point to research industry averages for the role at hand, using online resources like&nbsp;<a href="https://www.glassdoor.com/Salaries/know-your-worth.htm" target="_blank" rel="noreferrer noopener">Glassdoor’s salary tools</a>&nbsp;and&nbsp;<a href="https://www.payscale.com/salary-calculator" target="_blank" rel="noreferrer noopener">Payscale’s salary calculator</a>&nbsp;as your guide. Another form of compensation that’s worth considering is benefits. A flexible work arrangement or student loan reimbursement, for example, may not pad your paycheck, but they are perks that could boost your bank account. Whatever you do, don’t overshoot—that could be a turnoff. Flexibility and knowing your market worth is key, he says.&nbsp;



2. Establish Your Must-Haves And Your Nice-To-Haves



Before you go into a salary negotiation, determine what you need and what you can do without. “If you’re interviewing for a new role, or if you’re going to your current employer for the annual salary review, know what your priorities are,” McDonald says. “Take the emotion out of it and be really in tune with what’s important to you.” Not being able to articulate what matters most can cost you a few extra thousand dollars, or even the position itself. 



3. Practice Makes Perfect



There’s no better way to calm prenegotiation nerves than to practice. McDonald recommends role-playing with trusted colleagues, mentors or recruiters so that you can get feedback from those who have been on different sides of the table. As you craft your pitch, remember to make liberal use of the words “we” and “us.” “It’s always good to try and join the parties when you’re negotiating,” McDonald says. Something as simple as “There are a few things that I’d like us to discuss” can demonstrate to the hiring manager that you’re a team player. For instance:  



“I’m so thrilled that you’ve extended an offer and I’m really enthusiastic about the role! I know I’d be the right fit for the [co. name] team and based on what we’ve discussed during the interview process, my background and experience align really well with the expectations of the job. I’m hoping we can discuss the offer you presented because based on my research, the salaries in our area for [job title] are typically around [number]. I’m confident you’ll be pleased with what I’ll bring to the role and organization and I’m looking forward to contributing.”&nbsp;



Next Steps



It is unlikely that your negotiation will end with you receiving an immediate “yes,” so leave by offering to continue the conversation. If the hiring manager doesn’t follow up regarding your request or just won’t budge, ask yourself if you can still afford to take the opportunity. If the answer is no, tell the company right away. “Don’t ghost the opportunity,” McDonald says. “Regardless of how it all turns out, always be professional, always be courteous, always be objective.”



&#8211;<a href="https://www.forbes.com/sites/samanthatodd/">Samantha Todd</a>, Forbes Staff, <a href="https://www.forbes.com/leadership-strategy">Leadership Strategy</a>

Business handshake in glass reflection in office

How To Successfully Negotiate Your Salary

“There is no greater asset to Africa than its youth,” a statement that has been repeatedly proclaimed, but the continent still has a long way to go. Despite robust economic growth over the past two decades, a 1 percent increase in growth between 2000–14 was associated with only 0.41 percent growth in employment. This figure suggests that employment stood at less than 1.8 percent a year, far below the nearly 3 percent annual growth in the labor force. If this trend continues, 100 million people will join the multitudes of the unemployed in Africa by 2030.



With this in mind, researchers, youth representatives, business leaders,
and policymakers have joined over 350 stakeholders in Sharm El Sheikh, Egypt,
to significantly move the needle on youth empowerment.&nbsp; 



The annual African Economic Conference (AEC), is jointly
organized by the African Development Bank, the Economic Commission for Africa
and the United Nations Development Programme, to discuss pertinent issues
affecting the continent. 



The 2019 AEC is held in Egypt and hosted by the
Bank on the theme; “Jobs, entrepreneurship and capacity development for African
youth” and runs from 2-4 December.



Turning the youth bulge into opportunities has been
the focus of the African Development Bank’s game-changing approach to job
creation, entrepreneurship, and capacity development. In recognition of the crucial
role that entrepreneurship plays in the creation of high-quality jobs, the Bank
developed its Jobs for Youth in Africa (JfYA) Strategy&nbsp;(2016-2025). The
Strategy aims to create 25 million jobs for African youth over the next decade as
well as equipping 50 million youth with a mix of hard and soft skills to
increase their employability and their entrepreneurial success rate. 



The impact is already being felt. Since its launch
in 2016, over $20 billion has been invested by the Bank across 318 projects.
These investments are directly making a difference in the African youth skills,
entrepreneurship, business development, and job creation.



In parallel and working closely with its partners,
the Bank is helping strengthen entrepreneurship ecosystems in Africa. &nbsp;The flagship Youth Entrepreneurship and
Innovation Multi-Donor Trust Fund&nbsp;(YEI MDTF) program provides&nbsp;interventions
that equip the African youth, women-led start-ups, and micro, small, and medium
enterprises (MSMEs) with skills and financial support to run bankable
businesses. 



The program also assists regional member countries (RMCs)
in their implementation of economic and social reforms toward job creation. 



In just one short year, the Trust Fund’s resources leapfrogged
from USD4.4 million (in 2017) to almost USD40 million (in 2018). By providing
technical assistance through enterprise support organizations and financial
institutions, the Fund is anticipated to reach more than 480 youth-led startups
in Ghana, Mali, Nigeria, Togo, and Zimbabwe.



The Bank has also been very active on the education
front, supporting higher education institutions to deliver innovative training
curricula that are adapted to the changing demand of the labor market and the private
sector. &nbsp;Academic incubators—also known
as innovation centers of excellence, have been established. 



One great example of success is the &nbsp;African Institutions of Science and Technology
(AIST) Program, whose mission is to deliver quality postgraduate education and
build collaborative research capacity in various fields of Science,
Engineering, Technology and Innovation (SETI). With funding from the Bank, a
total of 1,477 PhD and MSc students have graduated, out of which 676 are women.
Additionally, a total of 35 partnerships have been brokered with the private
sector to enhance the quality and relevance of research.



Technical and Vocational Education and Training (TVET) has
also been acknowledged by the Bank as one of the main drivers of human capital
development alongside enhanced basic education that generates knowledge and
skills more broadly. As such, the Bank’s TVET project in Tanzania, has bolstered
TVET and teacher education with an investment amounting to $52 million. The
expected outputs include expanded infrastructure of 13 institutions targeting
about 8,000 trainees, expanded and extensive use of ICT in instruction at 53
institutions, and increased capacity for teaching, policy formulation, planning,
and quality assurance.



The insights and thoughts provided by other African
stakeholders, youth representatives, and political leaders on the debate on
youth jobs, skills, and entrepreneurship capacities during the AEC 2019 are
immensely important in helping the continent move forward. 



Now, more than ever, we must listen to the voices of the African youth.



&#8211; Hanan Morsy, Director, Macroeconomic Forecasting and Research at the African Development Bank Group.

WhatsApp Image 2019-11-30 at 07.51.13

Op-Ed: Fostering Jobs, Entrepreneurship, And Capacity Development For African Youth: The Time For Disruption Is Now!

Unemployment is one of Africa’s biggest headaches. According to the World Bank, in the next 10 years, 600 million new jobs &#8211; that&#8217;s about half the population of Africa &#8211; are needed to keep the planet working and happy.
The International Labour Organization estimates that the number of unemployed youths in sub-Saharan Africa stands at 11.6 million. Another study, by the African Centre for Economic Transformation, claims that almost half of the 10 million graduates churned out every year from more than 668 universities in Africa do not get jobs. That means millions of young, restive and discontent Africans are educated well enough to know what they are missing out on. The unintended consequence of this is many of the youngest and brightest are looking for more than just jobs.
“With the rise in graduate unemployment, more and more graduates are reassessing their career options and looking for more entrepreneurial career paths,” says Franklin Cudjoe, President and Founder of the IMANI Center for Policy and Education.
<a href="http://www.forbesafrica.com/cover-story/2017/11/03/lessons-ideas-100-greatest-living-minds/" target="_blank" rel="noopener">READ MORE: Lessons And Ideas By The 100 Greatest Living Business Minds</a>
The dynamics of the employment game are changing fast, according to Cudjoe.
“We have several things that young people are looking for when they graduate from university these days. For example, Generation Y graduates are generally less motivated by money, and more focused on making an impact as well as having greater independence in their work,” he says.
As a result, there has been an upsurge in the number of start-ups across Africa. According to FORBES, African tech start-ups raised $129 million in funding in 2016, resulting in a 16.8% increase in the number of successfully funded start-ups from 2015. A 2016 Disrupt African Tech Start-ups Funding report shows that South Africa, Nigeria and Kenya remain the three most popular investment destinations on the continent, with over 80% of secured funds.
“Jumia has raised over $200 million, iROKOtv another $16 million and Konga $38 million, and the number of success stories just keeps rising. This year Andela closed another round of funding which saw investment from Mark Zuckerberg. So, given the current challenging economic climate, it seems entrepreneurship is the way to go for many young people,” says Richmond Quarshie, Founder of Goldsmiths Capital, a private equity firm in Ghana.
For Stephen Emenike Kamalu, a 23-year-old graduate from Madonna University in Rivers State, Nigeria, and an Associate Tax Analyst for American multinational conglomerate General Electric (GE) in Nigeria, both entrepreneurship and gainful employment can be beneficial for millennials.
“For me I think the most important thing for young people is finding your path. So if your path is aligned with having a career, then that is what you have to do. You have to build yourself along that path because you need to have self-fulfilment and for those who feel they have to do their own thing, then that is what they should also do,” he says.
“Employment is along my career path. I plan to have a professional career so that is in line with the path I have chosen for myself and I wanted to get the necessary skills and knowledge to take me along that path and take me to the next level. I am doing both and I can balance it because I feel once I get my experience in my nine-to-five I can also start a side business.”
<a href="http://www.forbesafrica.com/entreprenuers/2017/12/20/developer-quit-job-build-app/" target="_blank" rel="noopener">READ MORE: The Developer Who Quit His Job To Build An App</a>
His opinion conflicts with that of Chuks Anyaduba, Co-Founder of TOG Media.
“I started my own company about four years ago after I left university, so I would say I know a thing or two about entrepreneurship, but in my opinion traditional employment might be a better path for many young people. Running your own business might lead to more money, greater freedom and a chance to follow your passion, but employment provides invaluable experience in a safe environment. You get to learn on the job without every day being a battle to keep your company afloat,” he says.
Anyaduba believes the allure of doing what you like as an entrepreneur does not take into account the value of a multi-discipline experience.
“Most entrepreneurs start a business in things they have a passion for. If the person likes music, they start an entertainment business, and if someone is a fitness fanatic, they open a gym, but to get the business off the ground most entrepreneurs spend a majority of time selling and marketing which leaves no room to learn other skills. In employment, you get to try different roles and different sectors and delegate to those who are good at certain jobs to excel,” says Anyaduba.
Fredrick Aghuno is a 22-year-old multimedia designer, popular for creating wearable art, 3D backdrops, luxury art and papier-mâché. He is the founder of Dricky Stickman, a company he started after university last year. His opinion about employment is marred by his father’s experience.
“My dad did a nine-to-five for years and when he retired the company still owed him around N75 million ($210,000). Entrepreneurship is what is going to move this nation forward. I believe if people my age are able to find a vocation you can really boost the economy and drive growth,” he says.
Aghuno’s passion for art began in London where he learned graffiti from the age of 12. With the help of his fashion designer brother, Frank Aghuno of fashion brand Fruche, he launched his creative line to merge art with fashion.
“I wanted to experiment for a while so I thought how can I merge graffiti with the things I love. I decided to try graffiti on clothes because nobody could tell me I was defacing my clothes. I initially didn’t want to sell. The plan was to just do it for myself and take pictures for social media but I got my first order from another designer and from then more orders started coming in,” says Aghuno.
<a href="http://www.forbesafrica.com/entreprenuers/2017/12/14/situation-forced-entrepreneur/" target="_blank" rel="noopener">READ MORE: &#8216;Situation Forced Me To Be An Entepreneur&#8217;</a>
Despite dreaming of becoming a professional football player, Aghuno’s goal is to expand his fashion business.
As more and more students come to the unsettling realization that they aren’t guaranteed a job after graduation, those who are innovative are creating new opportunities for themselves.
“In today’s world, you can’t rely on anything or anyone to make you successful. You have to be accountable for your own career and create your own path,” says Jeffrey Manu, Founder of Manu Equity, a start-up based in Silicon Valley.
“Hundreds of colleges offer entrepreneurship courses and employers are starting to understand the importance of that type of education. More employers are actually looking for students with entrepreneurship experience when hiring simply because students who have an entrepreneurial mindset have what it takes to thrive in an extremely competitive environment,” says Manu.
The statistics are also stacked in favor of entrepreneurship.
“When you look at most of our most respected entrepreneurs of our time, Mark Zuckerberg, Bill Gates, Steve Jobs, Larry Ellison and Travis Kalanick are all college dropouts who have gone on to become billionaires. Why would anyone not want to become an entrepreneur?” asks Quarshie.
This is the big question. In the face of growing unemployment, millennials are changing their approach to the world of work. The changes that are disrupting traditional business models are the tip of the iceberg and if the next generation wishes to succeed in the new world, they will need to carve a new path and just maybe say goodbye to the nine-to-five model.

Entrepreneurs Born Or Made?

Entrepreneurship leads to a robust economy as it creates jobs and contributes to a country’s GDP. Entrepreneurs are brave people that influence a stable and growing economy. For this reason, it is essential to ensure that entrepreneurship is on the rise.
To promote growth, it is vital for government to provide assistance to established and emerging entrepreneurs.
To ensure that entrepreneurs are more likely to be successful, and subsequently influence job creation, it is important that they have access to the markets in which their goods and services will get the most benefit from. Currently, in South Africa, the government has a hand in the main challenges entrepreneurs face when trying to access markets – inflexible and unaccommodating taxes and bureaucracy, as well as a lack of entrepreneurship programs.
Business owners will only thrive in an environment that recognizes the need for entrepreneurs to be supported and nurtured. In South Africa there is a desperate need to teach entrepreneurship at an early stage of education.
With this promotion, and increased knowledge, youth will view entrepreneurship as a viable option for themselves rather than getting a conventional education so that they can be an employee. Furthermore, once someone has made the decision to pursue entrepreneurship, they need to be nurtured. This will allow them to use their knowledge and hone their skills to develop a viable and structured business venture.
Another challenge faced by South African entrepreneurs is getting finance to turn their ideas into a transacting business. It is also important to note that one can curb this by offering your service or product to other businesses, which will get some money flowing in. This revenue can be used to build a reserve and grow the business.
Cultural and social norms are also a contributing factor to the unwelcoming environment that entrepreneurs find themselves in. The ability of SMEs to penetrate existing and monopolized markets is hampered by internal market burdens as well as entry regulations.
Adding to this is the notion of established businesses that SMEs are not able to provide desirable goods and services due to the lack of experience they have. The government needs to promote the SMEs to established companies in accordance to the level of service that they are capable of providing. This will allow entrepreneurs to showcase their skills and products, which will change the perception that they are too amateurish to make an impact in business.
In our personal journey through entrepreneurship there are a few lessons that come to mind in relation to how others can thrive in South Africa today.
There is a lot to be gained from remaining focused on your goal.
Your success stems from relentlessly trying different avenues to expose your business and making the necessary sacrifices.

Tech scene in Cape Town, South Africa

The Relentless  Journey Of Entrepreneurship

Mara.com is an offshoot project of the Mara Foundation, one of Africa’s largest non-profit social enterprises, which lends support to emerging African entrepreneurs at the forefront of their journey. Mara Online will be the continent’s first online mentorship network and will connect young, budding African entrepreneurs to established enterprises and businessmen.  “Mara.com will be a transformational project and will nurture an ecosystem for African entrepreneurs and youth while improving skills and emerging talent,” says Thakkar.
“The idea for the Mara Mentors site started as an offline venture by Mara Foundation. We mentored 120 companies but felt we could have more impact and reach more people across Africa and other emerging markets. Through this initiative we want to share knowledge and expertise with the next generation of business leaders in Africa. The mentees will be given guidance by some of the brightest and best minds in the industry who have already volunteered to be mentors.”
The Mara.com platform will have three dimensions to it: mentorship, jobs and dating.
Mara Mentors will put young African users in touch with well-established and successful entrepreneurs from across Africa—mentors who will offer insight, expertise and experience into a wide spectrum of industries. The mentors on the network will also provide mentees with access to networks and will transfer knowledge and experience to those who are up-and-coming in order to help them transform ideas into sustainable enterprises. At their own discretion, the mentors can at some point opt to meet in person with the mentees and provide support with funding and infrastructure.
Mara Jobs, on the other hand, will provide a user-friendly platform for employers and prospective employees across Africa to post jobs and resumes as well as to promote careers and employment opportunities across all industries.
“With more than 5,000 people employed across Mara Group’s companies, we understand the difficulties of the hiring process in Africa today. We want to use the knowledge we have gained and give the employers and the job seekers a better user experience,” says Thakkar.
Mara Dating will help young Africans find love and companionship. However, according to the Mara.com team, access to Mara Dating will only be possible after registering with Mara Mentors or Mara Jobs, thus attracting a wide spectrum of youth and inspiring the next generation of African entrepreneurship.
The website is being developed by designers and programmers in Silicon Valley, Bangalore, London, Dubai and a few cities in Africa. It will be free to all users, but the network’s complementary jobs and dating sites will utilize third party advertising and other revenue-generating models to financially support the platform. In addition, revenue generated from Mara.com will be channeled to the Mara Foundation towards financing its other social enterprise initiatives such as the Mara Launchpad (a group of business incubation centers across Africa), Mara Launch Funds (which provides small start-up funding for small businesses and start-ups across Africa) and the Mara Entrepreneurship Academy.
Thakkar tells me Mara.com will kick start some innovative initiatives. Considering that Africa is transiting from personal computers to smartphones, the website will base its foundation on mobile and feature phones to fully get adopted by the target audience. Mara.com is currently launching in Nigeria, but the platform will go live globally in December.
Thakkar started trading computers at age 14, after immigrating to Uganda following his escape from the 1994 Rwandan genocide with his family. He parlayed that small computer trading operation into a pan-African conglomerate, the Mara Group, which has interests in everything from real estate and tourism to financial services, information and communications technology, renewable energy and manufacturing, with revenues of around $100 million. Through his Mara Foundation, he says he gives back millions of dollars annually towards grooming and mentoring young African entrepreneurs.
“With Mara.com, I want to ensure that other successful African business leaders have a platform to groom and support young African leaders,” says Thakkar.
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ADAPTED FROM AN ARTICLE ON FORBES.COM

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