In its recently completed recruitment process for its inaugural graduate trainee program, Flutterwave, Africa’s leading payments technology company, hired 200 trainees, thereby expanding its employee base by 38%.
In July, the fintech company announced vacancies for its graduate trainee program. Interested young graduates across Nigeria had the opportunity to apply for different positions in the company. The registration process lasted for 15 days with the company receiving 11,000 applications.
However, only 200 successful applicants were selected. In a note published on the company’s website, the program was introduced to support young Nigerian graduates by sharpening and honing their technical skills, soft skills, working them through the company’s problems and encouraging them to proffer solutions to them.
The program is the first project launched under the reappointed Chief of People and Culture Officer (CPO), Mansi Babyloni.
Mansi Babyloni worked as the Global Head of People Strategy and Special Projects, Flutterwave in 2020 before she left for an opportunity at Price Waterhouse Coopers in London, UK.
She rejoined Flutterwave as the CPO and will be focusing on investing in people, culture and devising ways to drive growth for the organization.
Speaking about the new training program, CPO said, “I’m thrilled to be back at Flutterwave as the Chief People Officer. This role offers me the opportunity to invest in the talent, develop our people and make us the best employer out there – things I am deeply passionate about. My work starts with the Flutterwave Graduate Trainee Program which has been a passion project of the People and Culture Team for a long time and we are delighted that it is now a reality.
“The program aims to teach our graduate trainees highly transferable skills via an on the job training methodology, skills that will set them up for success for the entirety of their careers. Flutterwave is what it is because of the talent, passion and innovation of a driven squad. We believe supporting the next generation of young talent to realize their potential is the most important way that we can give back to the community.
“This program is critically important to supporting our strategic growth needs, as we continue to expand across markets and geographies. As a global company, we’re looking forward to how this program can grow across other countries.”
Also, commenting on the program was Olugbenga GB Agboola, Founder and CEO of Flutterwave. He said, “The graduate trainee program is a key part of our continued efforts to support young talent and help them kick start their career. Over the years, we’ve been thinking about developing a program that serves as a pipeline for talent from the University to the workforce.
“We’re happy that Mansi and the entire People and Culture team at Flutterwave have made this a reality. Because of this project, 200 people will have an opportunity to break into their careers and get started on the path towards achieving their dreams. We’re elated that Mansi is back and pushing impactful projects in her first month with us.”
Kaduna Electric Implements 10% Salary Hike Amidst N110 Billion Debt Crisis
Kaduna Electricity Distribution Company (Kaduna Electric) has announced a 10% salary increase for its workforce, despite grappling with a debt of N110 billion and operational challenges.
The decision follows the dissolution of the company’s board of directors by the Nigerian Electricity Regulatory Commission (NERC) due to its failure to settle the substantial debt owed within the Nigeria Electricity Supply Industry framework.
Umar Hashidu, appointed by NERC as the company’s administrator under Section 75 of the Electricity Act, emphasized the strategic significance of the salary increment during a meeting with the management team.
Hashidu stressed the importance of boosting employee morale and enhancing overall company performance amidst economic uncertainties.
The salary adjustment is a proactive measure aimed at motivating staff in the face of prevailing economic challenges, noted Hashidu, acknowledging the pressing need to address the escalating cost of living crisis.
Despite Kaduna Electric’s struggles in meeting market obligations and complying with NERC performance indices, Hashidu expressed optimism in overcoming these hurdles through concerted efforts.
The announcement signals a period of transition and reform within Kaduna Electric, following the resignation of the former Managing Director, Yusuf Yahaya.
Despite the company’s debt burden and leadership changes, the salary hike reflects a commitment to prioritize employee welfare and maintain operational stability.
As Kaduna Electric navigates through its financial challenges and strives for improved performance, the salary increase serves as a testament to the company’s dedication to supporting its workforce amidst adversity.
It remains to be seen how this move will impact the company’s trajectory in the Nigerian Electricity Supply Industry landscape.
UPS Announces 12,000 Job Cuts Amid Cost Reduction Plans
Global logistics giant UPS has announced its decision to cut 12,000 jobs or 2.4% of its extensive 500,000-strong global workforce.
The decision comes as UPS seeks to achieve $1 billion in cost reductions, citing subdued demand and rising union labor expenses, as stated during its earnings call on Tuesday.
CEO Carol Tomé acknowledged the challenges faced in 2023, emphasizing the company’s commitment to focusing on controllable factors and fortifying its groundwork for future growth despite the adversities.
A UPS spokesperson clarified that the job cuts would impact less than 3% of the company’s total workforce and would not affect union-represented roles.
The reductions are expected to span across various regions and functions within UPS, with 75% of the cuts anticipated to occur within the first half of the year.
UPS’s fourth-quarter revenues for 2023 amounted to $24.92 billion, falling short of Wall Street analysts’ expectations of $25.43 billion.
Consequently, UPS shares experienced a decline of over 8% in Tuesday’s trading session.
The decision follows UPS’s agreement with the Teamsters union last July, which saw adjustments to the pay structure for both full-time and part-time workers.
This move is part of UPS’s broader strategy to streamline operations and navigate evolving market dynamics while maintaining its commitment to financial prudence and sustainability.
Microsoft Gaming to Slash 1,900 Jobs Amid Acquisition Fallout
Microsoft Gaming announced plans to cut 1,900 jobs, accounting for approximately 9% of its workforce.
The decision outlined in a Thursday memo comes just over three months after the completion of the high-profile acquisition.
Microsoft Gaming CEO Phil Spencer cited the need for an “execution plan” aimed at reducing redundancies and streamlining operations within the company.
The move underscores the challenges of integrating two major gaming entities and aligning strategies following the $69 billion acquisition of Activision Blizzard, which closed in late 2023.
Former Blizzard president, Mike Ybarra, also disclosed his departure from Microsoft and Blizzard on social media, further highlighting the changes within the organization.
Spencer emphasized that the affected employees, who played integral roles in the success of Activision Blizzard, ZeniMax, and the Xbox teams, would be provided with full support, including severance benefits in accordance with local employment laws.
The decision reflects a commitment to navigating the restructuring process with thoughtfulness and compassion.
The layoffs at Microsoft Gaming contribute to a broader trend of job cuts across the tech industry, with several companies making deep cuts in their workforce in the early months of 2024.
Economic pressures and efforts to streamline operations have been cited as driving factors behind these decisions.
Despite the anticipated efficiencies following the merger, layoffs are often expected outcomes, and Microsoft’s share prices remained largely unchanged following the announcement.
The company’s focus now lies in aligning its strategy, optimizing its cost structure, and continuing to invest in growth opportunities amidst the evolving landscape of the gaming industry.
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