Categories
Finance and Accounting

Creating a Savings Masterplan for 2021

I have discovered that most of the challenges people face stem from a lack of control of their finances. Apparently, many people have a distorted view of the place and the value of money. While some overestimate money, others underestimate money such that they do not give thought to how much comes in, how much goes out and where it goes to. This nonchalant attitude has run so many households into financial crises. 

In this article, I am going to share with you why savings is important as well as some strategies you can use to save a sizable amount by December 2021.  First, let’s look at some statistics that show that the lack of savings is a major problem in the world today. 

STATISTICS ON SAVINGS 

According to an article by fool.com,

1.     42% of the American workforce live from paycheck to paycheck (including 25% of those earning more than $100,000 per year). 

2.     29% of the American workforce have less than $1,000 in savings. Half have less than one month’s income saved. 

3.     The personal savings rate in 2014 was 4.4%. This means that out of every $1,000 earned, an average American spent all but $44. 

4.     Thanks to factors like high student loans and skyrocketing rent prices, millennials in America have a savings rate of negative 2%.

5.     Approximately 10 million households in America have no bank account whatsoever. 

6.     52% of Americans can’t cover a $400 unforeseen expense without borrowing or selling something. 

7.     Only 17% of the population have an emergency fund that can last three to five months.

8.     Finally, 36% of Americans are not saving at all for retirement.

Although the statistics apply to America, I believe the situation is not different in Nigeria and other developing countries. The statistics give you an idea of the poor level of savings in the world today. Unless we educate ourselves about the need to save and budget, nothing will change. This is why I write this article: To help you understand where you lost it, pick yourself up and get ready to take charge of your finances in 2021. 

WHY YOU LOST CONTROL OF YOUR FINANCES IN 2020 

Before I divulge some strategies to take control of your finances in 2021 and beyond, let’s examine what went wrong in 2020 – why the New Year Resolutions you made on 1st January 2020 fell through after the first 2 months! We are taking stock of your financial life in the past year to ensure you don’t repeat the mistakes made anymore. 

Lack of financial discipline in the way you manage your money is the major reason your finances went haywire. It doesn’t matter that you intended to save a certain amount every month. What really matters is that you have the discipline to “work out your intention” by creating a plan and sticking to it. That said, here are the specific reasons you lost control of your finances in 2020.

1.     You Didn’t Have a Budget: 

In my next article, you will learn in-depth how not creating a “written budget” for your finances literally cost you a lot of money in 2020. To achieve financial discipline, a budget is necessary!

Perhaps, you have negative thoughts about budgeting. You see it as a self-imposed constraint and as such, you detest it. You are not alone; I was there too until I realized what harm I was causing myself! The truth is this: If things must change, you have to DUMP that mindset. You must understand the purpose of a budget. It is created not to prevent you from spending money, but to ensure you have money for what is most important to you. Without it, you will spend money on impulse. So, you need to be convinced to make a budget for yourself as we get into the new year. 

2.     You Failed to Stick to Your Budget: 

The decision to take control of your finances by having a budget is preliminary. Following up on it is where many people give up. Perhaps, you were disciplined enough to sit down and draft a budget for yourself. But, somewhere along the line, you ditched it for your old habit of financial uncertainty. Why so? Here are some reasons: 

·       You Didn’t Have A Concrete Financial Goal for Your Budget: Having a budget without a financial goal is like having a map without a destination in mind. 

·       You Got Distracted from Your Goal: You couldn’t contain the temporary pains of delayed gratification. 

·       You Didn’t Have an Accountability Partner: Many a time, all you need to stick to a new habit is to have someone you are accountable to like a spouse, reliable friend or coach. 

3.     You Spent a Lot on Liabilities: 

According to my Rich Dad mentor, a liability is anything that takes money out of your pocket. Most of the things you were happy and eager to buy actually took money from you. In the long haul, you discovered that you had very little money left for the things that are important to you and financial hardship set in. 

Save

WHAT IS SAVINGS? 

The Business Dictionary defines savings as “The portion of disposable income not spent on consumption of consumer goods but accumulated or invested directly in capital equipment or in paying off a home mortgage.”  

To me, savings is income not spent or deferred consumption. It is not necessarily the absence of spending, rather, it is the intentional act of setting money aside for a particular goal or purpose. Any money that is not used for immediate consumption but preserved in a deposit account for future use can be referred to as savings.

Accumulating money for future use and delaying impulse buying can help you to determine whether what you want to spend on is a need or a waste of money. If you do not save your money and your expenses exceed your income, you can be said to be “living from paycheck to paycheck”. 

WHERE DO YOU SAVE YOUR MONEY? 

There are various ways of saving money. Some people make use of a jar, piggy bank or envelope system when dealing with hard cash. This is okay for short-term saving. However, long-term savers need a safer method of keeping money, which is why it is wiser for them to use a depository institution like a bank or cooperative. 

In banks, there are different kinds of account in which you can save, e.g.: 

1.     Savings Account

2.     Current Account

3.     Certificate of Deposit 

4.     Money Market Deposit Account 

These accounts offer varying interest rates based on certain terms and conditions. You need to educate yourself on their pros and cons to make an informed choice. 

HOW MUCH MONEY SHOULD YOU SAVE? 

How much you should save depends on your financial goals. To be considered “financially secure,” it is recommended that an individual or family should save at least 6 months’ worth of expenses. For example, if your household incurs a monthly expense of N50,000, you are expected to have a balance of at least N300,000 as savings to be considered “financially secure.” To reach this amount, it is recommended that you save between 10 – 20% of your net income until that amount is reached. 

WHY YOU SHOULD SAVE MONEY 

Your savings is money which you set aside for a specific purpose. It takes discipline and sacrifice to save. Now, it is tough to develop a saving habit without understanding why you should put in the effort in the first place. Here are some reasons to save instead of splurging:

1.     Save for Freedom:

If for no other reason, save money because it gives freedom – the state of knowing that you have cash reserves to use whenever and however rather than feeling stuck in financial problems because you await the next paycheck. 

2.     Save for Financial Security:

Financial Security is only possible when you have enough money saved to cover your emergencies and support your future financial goals. 

3.     Save for Annual Expenses:

There are certain (household) expenses that are far beyond your budget. They require that you save for them. 

4.     Save for Retirement:

For government workers, retirement money is automatically deducted from their gross income alongside taxes so that they never waste it. However, for entrepreneurs and workers in the private sector, they must put money aside every other month for their retirement. 

5.     Save for Emergencies:

We don’t pray for them, but unexpected circumstances happen every now and then, ranging from health issues to car and house repairs, etc. It is wise to save for rainy days. 

6.     Save for Education:

Some people save in order to further their education.

7.    Save for cars, homes, electronic appliances and gadgets.

8.    Save to get out of debt.

9.     Save for Investment:

For those who want to grow their wealth, this is the most pertinent reason for saving money.

Saving is important to the economic progress of any country as well as wealth creation for any individual. There is always an increase in productive wealth when people are willing to abstain from consuming their entire income. This is consummated when these savings are invested in productive ventures in order to earn more money.

HOW TO SAVE MONEY 

Usually, people save by subtracting their current expenditures from their income and keeping the remainder. The problem with this method is that many a time, after subtracting expenditures, very little or nothing is left for savings.  

Therefore, the RECOMMENDED method of saving is by Paying Yourself First. What this means is that you decide beforehand what percentage of your income will go into your savings account, deduct that percentage FIRST whenever you receive your paycheck, then live off the remainder. Although it takes greater financial discipline to tow this path, this method works, every time. 

HOW TO DEVELOP A CONSISTENT SAVING HABIT 

Once you have made the decision to save, the first challenge you will face is the struggle to keep the ball rolling. Without a clear goal and a concrete plan, it is easy to give up on your Savings Masterplan. When trying to save, it is important to take on the challenge as you would when trying to develop a new habit. This new, consistent saving habit is called Financial Discipline. To develop this habit, here are the steps to take: 

1.      Be Angry at Your Current Financial Situation:

Until you get mad and express dissatisfaction with where you are today, you will not have the willpower to do anything meaningful. You cannot solve a problem with the same mindset used to create it. Don’t just wish to save. Get your emotions involved by being so mad about your finances that you want to do something about it. 

2.      Increase Your Financial Intelligence: 

After you realize what a financial mess you are in, the next step is to invest in financial education and learn how money really works. Visit blogs, read articles and take courses on Personal Finance. Depending on your situation and schedule, you may employ the services of a financial coach to guide you. 

3.      Make a Budget:

A written budget is a plan that shows where your money comes from and where it goes to. It gives you a sense of direction and makes the habit of saving easier to adopt. Experts recommend that you allocate, at least, 20% of your income to savings in your budget. You may allocate a greater percentage if you want. However, if 20% seems like a hurdle, feel free to start with a smaller percentage and grow from there. Savings is a habit that can be cultivated by taking baby steps. 

4.      Pay Yourself First: 

You may automate your savings (using either a bank standing order or FinTech platform like PiggyVest). Hence, you will save without even thinking about it. Remember, your savings should be your first major expenditure after receiving your paycheck. 

5.      Be Mindful of Your Spending: 

Before you buy anything, ask yourself, “Do I need this? Is there a cheaper alternative? Can I do without it altogether? Am I just buying this to feel good?” 

6.      Reward Yourself Periodically: 

Find creative ways to celebrate when you cross certain milestones in your Savings Masterplan. It trains your brain to remember that good things come with hard work. 

Savings, like every other endeavour or resolution, needs a masterplan, a systematic approach, and focused commitment for it to work for you.

Given the information shared in this article, I believe that you are well-armed with all you need to take your finances seriously in 2021. If you need help creating a customized savings and budget masterplan for the next year, I advise you to enroll for my 2021 Savings and Budget Masterplan Accountability Program which lasts for 30 days. I will guide you through such that you will be confident enough to create a Savings Masterplan for next year. By the time you complete the program in early January, you will have a personal finance blueprint that can guide you throughout the year. Enroll now

If you cannot afford the program, there is a limited offer for a discount on my book, “How to Save Like A PRO: 30 Radical Money Saving Hacks That Can Help You Hit Your Financial Goals.” You can get it here

N/B: This article is an excerpt from a webinar which was first published on my Facebook community – Financial Intelligence Forum (FiFo). Join the community to access my past and future publications. 

AUTHOR

Obot Essiet Jr. is an Associate Solutions Architect at LEAD Resources, a Financial Intelligence (FINTEL) Coach and a Co-founder/COO of Naiyuan Mart, a Chinese-Nigerian procurement and manufacturing company. He runs a blog and a community on Financial Intelligence. He is passionate about helping people journey towards financial freedom through practical financial literacy solutions. Obot Essiet Jr. loves writing, gardening, watching adventurous movies, cycling and playing chess. 

Categories
Finance and Accounting

An Introduction to Financial Literacy

According to Wikipedia, financial literacy is the possession of the set of skills and knowledge that allow an individual to make informed and effective decisions with all of their financial resources.

Most of us believe that having more money or getting a bigger pay at work will reduce our financial stress and solve half of our problems. However, we fail to realize that one’s financial wellbeing is considerably more determined by how they manage and spend their money rather than how much money they make. Your beliefs about money and your spending patterns greatly influence your potential to create wealth. 

Financial literacy covers topics such as budgeting, expense tracking, investing, debt, taxes, emergency funds, retirement savings and estate planning.

WHY IS FINANCIAL LITERACY NECESSARY?

Financial literacy is necessary because it equips people with the knowledge and skills needed to manage money effectively. What do I mean? Financial literacy ensures that every financial decision you make is backed by a rationale that empowers you to be confident and secure in your choice. 

Statistics from a study in 2019 by the Financial Industry Regulatory Authority (FINRA) in America showed that lack of financial literacy cost Americans a total of $295 billion in 2018. Some of the households which participated in the study reported annual losses of up to $2500 due to poor financial decisions. Furthermore, it was stated that 63% of Americans could be categorized as “financially illiterate.” This buttresses the fact that financial literates make better money decisions than those who are not. Imagine how much you will be able to do if you can track your expenses, seal the loopholes in your purse and save more money?

Also, we must intentionally seek financial literacy because it is a subject that is rarely taught in our conventional education system even when much of what happens outside the four walls of school revolves around money management. Without financial literacy, even a well-educated and gainfully employed graduate can slide into bad debt and poverty. 

FINANCIAL INTELLIGENCE AS A PRODUCT OF FINANCIAL LITERACY

In my words, financial intelligence (FINTEL) is the basic knowledge of how money works and the application of this knowledge in making financial decisions that make life better. It is the knowledge and skills gained from understanding finance and accounting principles in the business world. This understanding, financial intelligence, can only be gained through financial literacy. 

There are three types of education: academic, professional and financial education. The primary school system places much emphasis on basic literacy skills such as reading, writing, speaking and solving arithmetic. Students are graded based on their ability to develop these skills and apply them in solving real-life problems. Very little or nothing is taught about financial education and money management in higher institutions. Hence, you must be deliberate about educating yourself on money. As you strive to build your intelligence quotient, also work on your financial intelligence. 
 
Interestingly, the skills gained in FINTEL are NOT innate; rather, they are learned and can be developed at all levels. So, you don’t have to worry about having a low grade in this. You can improve no matter the level you are. Contrary to popular beliefs, financial intelligence is NOT the state of having a lot of money. It is neither a goal nor a course that you are graded for. Rather, it is the means to the goal of financial freedom!

QUESTIONS TO HELP YOU GAUGE YOUR FINANCIAL LITERACY

It is easy to assume that you are financially literate because you “know yourself.” However, your personal finances need extra attention if you want to live well. The only way to get a better handle on your personal finances is by identifying what you don’t know and putting in the effort to get educated.  

Here are a few questions identified by Bayportsa to help you identify your financial literacy gaps: 

  1. Budget: Do you have a monthly budget that includes all of your basic expenses, debts and savings?  
  2. Expenditures: Are you tracking your expenses and do you know about how much money you spend to cover living expenses over a period of three to six months? 
  3. Debt: Are you in debt? Are you taking active steps to reduce your debts? 
  4. Emergency Funds: Do you have emergency funds that can help you to get through an event like losing your job or crashing your car without having to borrow money? 
  5. Savings: Do you pay yourself first? What percentage of your income goes into savings? How do you manage your savings? 
  6. Investing: Are you investing and growing your money? Do you understand how compound interest grows invested money? 
  7. Insurance: Do you understand the importance of insurance? Do you have insurance to protect you in the event of a major life emergency? 

If you answer “No” to two or more questions, you have some learning to do. 

HOW TO INCREASE YOUR FINANCIAL LITERACY

  1. Read self-help books on financial education. Follow authors like Robert Kiyosaki, Dave Ramsey, T. Harv Eker, Brian Tracy, etc. 
  2. Read blog posts and articles on personal finance in newspapers and magazines. Some popular blogs include investopedia.com, entrepreneur.com, forbes.com, Business Insider, Bloomberg and fintelcoach.com. For a steady supply of information, you may subscribe to their email newsletters. 
  3. Watch YouTube videos on money management.
  4. Attend financial literacy seminars online and/or offline and take notes. 
  5. Take an online course on any aspect of financial literacy that you want to master.
  6.  Listen to podcasts and radio programmes on financial management. 
  7. Get a competent financial intelligence coach or personal finance expert to give you financial advice. 
  8. Join a community of people who learn about financial intelligence. This allows you to ask questions and learn faster from other people. 
  9. Practice and share your knowledge. Put your newfound literacy into practice. Draw up and stick to a budget. Save. Invest. Don’t just learn and keep the knowledge you acquire to yourself. Teach others whenever you have the chance. This is the best way to consolidate your knowledge. 

BENEFITS OF FINANCIAL LITERACY

In an article by Georgiasown.org, it was stated that financial literacy is important because it helps people become self-sufficient and achieve financial stability. Financial literacy enables people to save money, distinguish between wants and needs, manage a budget, pay bills, buy homes, pay for college and plan for retirement. In a nutshell, it helps you create a realistic roadmap for making financial decisions all through your life.

Financial literacy empowers people. Although I am not trying to imply that you need to become a financial guru or accounting expert, however, knowing how interest rates work, the difference between stocks and bonds and the factors that impact your financial wellbeing will give you a sense of financial security and control over your life. 

Need I say that financial literacy decreases your stress level? When you lack financial education, anything that resembles credit, interest rates or investments seems intimidating and leaves you feeling at a disadvantage. When people are well versed in the state of their finances, they have the information needed to take action, modify their investment portfolio or continue with their current strategy. 

Furthermore, understanding your finances helps reduce the risk of becoming a victim of fraud. Some tactics are easy to believe especially when they come from someone who seems to be knowledgeable and well-intended. A basic level of financial education will help you recognize red flags and, at the very least, talk with a trusted advisor before making financial commitments. 

In conclusion, financial literacy is an essential life skill that every person, whether employee or entrepreneur, should deliberately learn and hone. If you stay committed to personal development and investment in financial intelligence, you are on the pathway to achieving financial freedom. 

If you would like to take an in-depth course on financial literacy and how to manage your personal finance, I recommend that you enrol for LEAD Resources’ Digital Economy Emerging Managers’ (DEEM) programme as more practical measures of attaining financial freedom in the digital economy have been distilled therein.

Obot Essiet Jr.

ABOUT THE AUTHOR

Obot Essiet Jr. is an Associate Solutions Architect at LEAD Resources, a Financial Intelligence (FINTEL) Coach and a Co-founder/COO of Naiyuan Mart, a Chinese-Nigerian procurement and manufacturing company. He runs a blog and a community on financial intelligence. He is passionate about helping people journey towards financial freedom through practical financial literacy solutions. Obot Jr. loves writing, gardening, watching adventurous movies, cycling and playing chess. 

Categories
Human Capital Development Technology and Innovation

LEAD Resources Commemorates World Youth Skills Day (WYSD) 2020

On 15th July 2020, LEAD Resources joined YALI and NACCIMA to commemorate the World Youth Skills Day (WYSD). WYSD is designated by the United Nations to celebrate skillful youths who channel their competencies towards causes that benefit the society. By so doing, WYSD creates awareness about the value of youth skills development.

LEAD Resources commemorated WYSD by hosting a seminar themed, “The competencies the youth should develop to leverage on COVID-19 era opportunities.” The speakers at the event were Alhaji Popoola (Ogun State Coordinator, NACCIMA Youth Entrepreneurs) and Mr. Kehinde Sogunle (Chief Solutions Architect, LEAD Resources).

WYSD
LEAD Resources Commemorates WYSD 2020

How to Leverage Your Skills for Growth

Alhaji Popoola was the first speaker at the event. He taught, “How to leverage your skills for growth.” He stated that he was particularly pleased that the event was commemorated at a time where many have lost hope in Nigeria. The aim of his presentation was to help the youths identify skills (often regarded as useless) and determine how to make the contribute their quota by engaging their skills.

He explained that many youths regard their skills as irrelevant for income generation. He gave an example of a friend that loves to iron who established a laundry business that is scaling. Leveraging skills for growth begins by identifying one’s skills. He suggested that youths ask themselves the following questions to identify their skills:

  • What can I do effortlessly?
  • What do I derive joy in doing?
  • What are my parents and grandparents good at?
  • What skill do I believe can make me a better person?

Next, he emphasized the principle of apprenticeship. Submitting to a mentor helps one refine a crude skill to the end that it becomes money-spilling. Everyone needs to follow successful mentors to know the ups and downs to generating income from their skills as well as what made them successful.

He gave the following tips in submitting to mentorship:

  • Understand that building a brand takes effort, patience and determination.
  • Allow your mentor to determine the time-span of your apprenticeship.
  • Note the points that your mentor makes at every opportune time.
  • Determine to be a voice in your choice industry.
  • Avoid bad company and societal influence.
  • Connect with people of like minds.

He informed the youths that his organization, NACCIMA, pools information about relevant opportunities such as:

  • Training with GIZ for the growth and commercialization of tomato and chili pepper.
  • Access to CBN COVID-19 response loan (as well as multiple kinds of loans).
  • Aso-oke textile production in an organization in South Africa.

He encouraged the youths to connect with organizations such as his, play their roles and benefit from the influx of information to develop their skills and/or scale their businesses.

He wrapped it up by emphasizing that in this digital era, businesses become seamless, efficient and worthwhile when digital competencies are integrated in the administration of one’s skills. He said, “If you want to work for the future, learn whatever you need to learn including AI.”

“If you want to work for the future, learn whatever you need to learn including AI.”

Alhaji Moruf Popoola, Ogun State Coordinator, NACCIMA Youth Entrepreneurs

The Competencies the Youth Should Develop to Leverage on COVID-19 Era Opportunities

After acknowledging the efforts of NACCIMA and YALI in raising skilled youths especially in the heat of the COVID-19 pandemic, Mr. Kehinde Sogunle (Chief Solutions Architect, LEAD Resources), the second speaker for the day, took the stage at the WYSD celebration.

He started out by pointing out the fact that following the outbreak of COVID-19, a new era has emerged. Due to the restricted movement of all peoples for over 90 days, it is scientifically proven that this new lifestyle has been formed. He gave examples of how convergences happen online via the use of networking tools as opposed to unnecessary physical meetings.

Therefore, he highlighted the need to develop necessary competencies to thrive in this new era. He gave the following framework for personal discovery:

Self-Discovery – Self-Development – Self-Mastery – Self-Actualization

He said, “There are two types of people in life: Those who live with purpose and those who don’t.” In addition to the simple steps given by the first speaker, he gave the following steps to personal discovery:

  • Understand why you are here.
  • Identify where you are going to.
  • Have confidence in your convictions.
  • Determine how to arrive there (character and competence).

He said, “Those who create their life purpose are often able to live with extraordinary energy and motivation to overcome challenges.” He gave the example of the situation the Nigerian teachers have found themselves in: the inability to teach in classrooms and get paid. He explained that teachers in this age can thrive by sharing knowledge using new age tools and techniques to leverage their skills.

“Those who create their life purpose are often able to live with extraordinary energy and motivation to overcome challenges.”

Mr. Kehinde Sogunle, Chief Solutions Architect, LEAD Resources

Purpose is an intersection of the following:

  • What you love doing.
  • What you are good at.
  • What the world needs.
  • What you can be paid for.

Furthermore, he taught the concept of the virtual realm. The virtual realm is the realm between the physical realm and mental realm. For example, people wrote on paper tangibly but now write on devices intangibly. The former exemplifies the physical realm while the latter exemplifies the virtual realm.

He made the audience understand that this is the new normal for the new economy, the digital economy. He gave the elements of traditional economy:

  • Resources, e.g. Raw materials.
  • Secondary, e.g. Manufacturing.
  • Tertiary, e.g. Real estate.
  • Quaternary, e.g. Education.

He also gave examples of the elements of the digital economy:

  • Resources, e.g. Big Data.
  • Infrastructure, e.g. Data Carriers.
  • Services, e.g. Software-as-a-service.
  • Customers, e.g. IoT, eCommerce, eLearning.

The Business and Sustainable Development Commission gave a projection that a staggering $12 trillion & 380 million new jobs will be enabled by the digital economy in 2030. Especially in Africa (the continent with the largest and youngest workforce), the youths need to develop the new age skills to create solutions, play in the Digital Economy and make Africa great.

He taught that regardless of what a person studies, he or she can find a niche in the virtual economy. He highlighted that the critical areas and business imperatives that Africans can engage among the 17 global goals:

  • Food & Agriculture.
  • Transport, Infrastructure & Logistics.
  • Health.

Albert Einstein said, “We can’t solve problems by using the same kind of thinking we used to create them.” Mr. Kehinde Sogunle explained that the problems we created in the traditional economy and physical space can only be solved in the digital economy and virtual space.

“We can’t solve problems by using the same kind of thinking we used to create them.”

Albert Einstein, Theoretical Physicist

Furthermore, he encouraged the youths to choose to contribute to the global goals by leveraging technology. He explained that they will get value if they resolve to attain them.

After it was established that accelerated acquisition of knowledge and skills is required, he taught that it is wise to subscribe to the offerings of transition organizations such as LEAD Resources that help raise a new breed of competent youths that can take the world by storm.

He said, “Education + Vocational Skills + Computer Literacy are not enough to guarantee employability and entrepreneurship in the Digital Economy.” He stated that the required competencies for the digital economy are:

  • Digital Literacy.
  • Financial Literacy.
  • Business Enterprise Literacy.
  • Talent Management.

“Education + Vocational Skills + Computer Literacy are not enough to guarantee employability and entrepreneurship in the Digital Economy.”

Mr. Kehinde Sogunle, Chief Solutions Architect, LEAD Resources

He stated that LEAD Resources’ offerings for new age competencies include:

  1. Enterprise Development
  • Access to Finance through Business Enterprise Development
  • Start Up School Nigeria/Scale Up Academy

2. Digital Conversion/Leverage

  • Digital Quotient
  • Digital Economy Emerging Managers’ Programme
  • Digital Economy Conversion Programme
  • Turning Academic Research into Innovation

3. Personal Talent Management

  • Personal Assessment
  • Personal Digital Profiling & Management

4. Successor Generation Streaming Initiative

To learn more about these offerings, click here. He added some other relevant avenues for the youths to upskill such as:

  • IBM Digital Nation
  • Google Digital Skills
  • LinkedIn Opportunity

He gave the ten jobs in highest demand in 2020 and encouraged the youths to explore and acquire skills in these areas:

  1. Digital Marketer
  2. IT Support
  3. Graphic Designer
  4. Financial Analyst
  5. Data Analyst
  6. Software Developer
  7. Project Manager
  8. Sales Representative
  9. IT Admin
  10. Customer Service

Mr. Kehinde Sogunle rounded off with the parable of the sower in the Holy Bible. He encouraged the youths to have hearts that are fertile soils by choosing to develop their skills, acquire competencies and revolutionize their world, one day at a time.

To subscribe to relevant updates and opportunities for youths, click here.

Categories
Human Capital Development Technology and Innovation

The Core Offering of LEAD Resources: Digital Economy Emerging Managers’ (DEEM) Programme

ABOUT LEAD Resources

LEAD Resources is a strategic human capital development social enterprise with a focus on governance, enterprise and technology hinged on generating opportunities, stimulating innovation and creating solutions to address challenges in the polity.

ABOUT DEEM

The Digital Economy Emerging Managers’ (DEEM) programme is LEAD Resources’ intensive 3-month internship for graduates designed to equip them with practical knowledge of and competencies for the Digital Economy.

The DEEM programme provides measurable on-the-job training that yields performance allowances and commissions during the internship. The DEEM programme is the core offering of LEAD Resources.

The DEEM programme aims to develop talented youths by providing:

  • Awareness of the Digital Economy
  • Talent management
  • Industry-based projects
  • Guided work experience
  • Wholesome mentorship
  • Networking opportunities
  • Advocacy and ambassador opportunities

JOB OFFERS

Listed below are some of LEAD Resources’ partners offering business development, project management and executive assistance jobs. The DEEM programme provides a fast-track, intensive training to equip participants with the competencies required for the jobs below (and many more).

  • An Oxygen Production Plant: This facility is at construction stage and will be commissioned in Ogun state. The plant aims to supply sufficient oxygen to health institutions in Ogun state and environs.
  • A United States Health Diagnostics Device Company: This company seeks a digital health diagnostics representative to interface with hospitals, health management organisations and high-net-worth-individuals that require personalized healthcare.
  • A Precious Metals Buying Platform: This technology platform seeks regulators to manage transactions for solid minerals in Lagos while interfacing with the executives and service maintenance developers in Abeokuta.
  • A Domestic Gas Production and Marketing Plant: This company seeks executive assistants for profiling and accountability duties.
  • A Tertiary Education Management Platform: This platform seeks innovators and developers for:
    • A locally and internationally certified blended learning platform.
    • A robust university management platform.
    • An internationally recognized online assessment platform.

PHASES OF THE DEEM PROGRAMME

PHASE 1: CAPACITY BUILDING

This is the first phase which occurs during the first 5 weeks of the DEEM programme. It comprises a set of introductory classes and tutelage training on the following:

  • Introduction to LEAD Resources, our partners and projects
  • Introduction to LEAD Resources’ collaboration platforms
  • Mercer/Mettl personality profiling
  • Video-based reflections
  • Questions and answers
  • Digital Economy Competency roadmap learning
  • Delivery of 9 DEEM modules: Here, the competencies required for the Digital Economy are taught extensively in 9 modules by world-class facilitators who are professionals in these fields. The classes are highly engaging as all participants are required to share their views, lessons learnt and practical applications to real-life situations.

OVERVIEW OF THE 9 MODULES OF DEEM

PILLARS SELF ENTERPRISE TECHNOLOGY
PRINCIPLES Character Entrepreneurship Digital Economy Principles
PRACTICES Financial Literacy Business Models & Digital Transformation Emerging Technology
TOOLS Talent Management Digital Social Business Data Science & AI
GOALS CITI – Creative, Intelligent, Talented, Innovative Disruptive Leapfrog, Enabled, Valuable, Leverage, Scales
  1. Character –  This is the first course in the DEEM programme. Here, the participants learn, unlearn and relearn the pillars of character and the proper work ethics to breakthrough, thrive and retain relevance in the 21st century.
  2. Financial Literacy – This is a course wherein the participants are equipped with the knowledge and skills to effectively manage and grow personal and organizational financial resources. They are given insights into principles and measures for making the best decisions towards the achievement of financial goals.
  3. Talent Management In this course, the profile, skills and brand of each participant are objectively assessed. This is to the end that the participants reposition themselves (showcase their strengths and work on their weaknesses) while morphing into competent players in the Digital Economy.
  4. Entrepreneurship – Here, participants are enlightened on the principles of value creation and exchange. They are educated on the fundamentals of starting, sustaining and scaling organizations in the Digital Economy.
  5. Business Models & Digital Transformation – In this course, participants are given insights on harnessing technology for optimal business performance in the Digital Age. They are taught how to create digital business models.
  6. Digital Social Business – Here, participants learn how to acquire, build and retain customer relationships across various media channels so as to sell value and achieve desired goals. They are taught how to collect and harness big data for big profit.
  7. Digital Economy Principles – This course provides participants with guidelines and measures for operating as competent players in an economy that is driven by digital technologies. Participants are taught to play in the global economy regardless of the apparent limitations of their immediate environment.
  8. Emerging Technologies – This course introduces participants to the world of novel technologies such as Augmented Reality and Internet of Things to the end that participants learn to leverage them to be at the forefront of the Digital Economy.
  9. Data Science and Artificial Intelligence – The 21st century has presented the world with the 4th Industrial Revolution wherein data is king. Participants are taught how to harness big data so as to predict future outcomes and simulate desired customer experiences in any venture.

PHASE 2: EXPERIENTIAL LEARNING

This is the second phase which occurs between the sixth week and tenth week of the DEEM programme. It involves the practical application of all principles learnt and competencies gained in the first phase of the programme hence deepening the learning experience. It covers the following:

  • Digital Economy Competency tasks and activities
  • Acquisition of professional badges and certifications
  • Individual and collaborative assignments within the organization
  • Engagement in internal projects of LEAD Resources for real work experience
  • Interaction, consultancy sessions and submission of feedback to facilitators

PHASE 3: MONITORING AND EVALUATION

This is the third phase which occurs between the eleventh week and twelfth week of the DEEM programme. This is the period for the review and assessment of all the competencies gained. Here:

  • The performance of each participant is assessed and recorded
  • A Mercer/Mettl learning and development assessment is carried out
  • Each participant is required to develop a personal action plan for career and/or business by the application of new knowledge and tools

PHASE 4: GUIDED ENGAGEMENT

This is the fourth phase which occurs during the 13th week of the DEEM programme. Here, each participant is guided into an appropriate career path. This phase provides the following:

  • An online forum for mentorship by facilitators and interaction with peers
  • Lifetime access to all lecture materials (recordings, lecture notes and books)
  • After graduation, retention of successful participants or referral to our partners and clients

FOR WHOM

DEEM is designed for graduates who have completed the mandatory NYSC year or will complete it in about 2 months. Therefore, the minimum qualifications are:

  • Bachelor’s Degree or HND equivalent
  • NYSC call up letter or certificate

Other requirements include:

  • Proficiency in the use of Microsoft Office Suite and the Internet.
  • Proficiency in the use of English language (spoken and written).
  • Learning agility and zeal to upskill.
  • Critical thinking and stress management.
  • Ability to work under minimum supervision.
  • Communication and presentation skills.
  • Ability to handle confidential matters.
  • Ability to develop SMART goals and prioritize accordingly.
  • A good laptop and smartphone.

SUBMISSION GUIDELINES

To apply for the DEEM internship:

  1. Register via the link: https://bit.ly/leadinternship
  2. Submit your CV and cover letter (letter of motivation) through the registration form.
  3. Note that the deadline for submission (for the third batch of participants) is 11:59 pm on Friday, 25th September 2020.
  4. Anticipate the response of the organization if shortlisted.

N.B: LEAD Resources is equal opportunity employer hence applicants of all genders, religions and races are encouraged to apply.

Got questions? Visit our DEEM webpage here.