How Can I Engage in Foreign Exchange Business in Kenya?

How Can I Engage in Foreign Exchange Business in Kenya?
How Can I Engage in Foreign Exchange Business in Kenya?

How Can I Engage in Foreign Exchange Business in Kenya?

Online Forex Brokers business in Kenya is regulated by The Capital Markets Authority (CMA). The authority was established in 1989 as the state’s financial market regulator.

Here is what you need to engage in the forex brokerage business in Kenya.

Obtain a License

To engage in forex business activity in Kenya, you are required to obtain the relevant license from Capital Markets Authority.

CMA is responsible for monitoring, licensing, and supervising the activities of market intermediaries in Kenya. It is an autonomous financial regulatory agency of the Government.

Traders are assured of the safety of their funds by trading with brokers regulated by CMA. Protection is assured in case of a dispute with a regulated broker. Traders also get local supervision for fair trading practices/conditions by the Brokers.

Recently, CMA cautioned Kenyans regarding online Forex trading through unregulated platforms. The regulatory authority stressed to citizens that they are at risk of loss of their investments.

In 2017, the Capital Markets Authority (CMA) came up with regulations to regulate the forex industry in Kenya. Among its regulations is the requirement that forex brokers operating in the country need to get a license from the regulatory authority.

The regulations made it an offense for a forex broker to accept Kenyan retail traders if the broker does not hold a valid license from CMA. However, it is not until recently that the body started enforcing the regulations.

The enforcement has seen good and reputable foreign brokers exit the Kenyan market. The anticipated mass exodus of CMA-unregulated forex brokers has led most traders to work with only forex brokers regulated by Capital Markets Authority.

A forex broker who is not regulated by the Capital Markets Authority is regarded as illegally trading and can be charged with fraud.

The standards for compliance for all Forex brokers offering services to Kenyans have been defined by the CMA. They include being licensed and registered with the Authority, undergoing regular audits and communicating specific changes of service to their clients.

Licensed Forex Brokers in Kenya are also subject to evaluations and review by Capital Markets Authority. This is to ensure compliance with industry norms.

It helps in ensuring that currency trading is fair and ethical to all parties involved. Thus, a trader trading with CMA-regulated brokers is cushioned from scams.

The CMA updates a List of Licensees” on its website after every few weeks. Also, whenever CMA approves a new broker, they issue a press release on their website.

Here is what you need to do to obtain a forex brokerage license in Kenya.

    1. To start the process, you will need to fill in some basic documentation related to your brokerage.
    2. Upon receiving all required documents, you can proceed to incorporate the business entity in Kenya.
    3. After successful company registration, the next process is the license application.
    4. During the license application, there will be consistent communication regarding updates and any additional items that may be required.
    5. Upon successful approval of the license, you will need to open a bank account.

Capital Requirements

To be licensed as a forex broker in Kenya, you need to be a limited share company, have a minimum capital of 30 million Kenyan shillings (about $300,000), and maintain a minimum capital of liabilities to clients plus five percent. In addition, 80% of the capital must be in cash or cash equivalents.

Foreign dealers wishing to trade in Kenya will also be required to maintain an equivalent of 40 million Kenya Shilling or $400 000 of their capital reserves in financial instruments in Kenya.

The new regulations also impose a leverage restriction – the maximum leverage allowed with forex transactions is capped at 1:20.

In conclusion

The forex brokerage business in Kenya is on an upward trend thanks to the internet and smart phone penetration. Kenyans from all walks of life are embracing online forex trading thereby creating huge opportunities for investors in this space.

Why do Forex Brokers Want a License in Kenya?

Why do Forex Brokers Want a License in Kenya?
Why do Forex Brokers Want a License in Kenya?

Why do Forex Brokers Want a License in Kenya?

Many foreigners are increasingly showing interest in operating an online Forex brokerage in Kenya. As an emerging market with relative stability and a solid regulatory regime, Kenya is becoming an attractive destination for forex brokers.

To operate in Kenya, you require a Forex Broker License from the Capital Markets Authority (CMA) – the country’s regulatory body.

Here are some of the reasons why there is a high demand for a forex broker license. They include;

Double Taxation Agreements

Kenya is among few African countries that have signed double taxation agreements with other countries making it an attractive jurisdiction for international investors.

The main objective of DTA is to allocate the right of taxation between the engaging countries, to circumvent differences so taxpayers have equal rights and security, and to avert tax evasion.

Forex Broker

Under the double taxation agreement, a firm or its subsidiary that has paid taxes in the country of operation cannot be asked to pay levies of a similar nature for proceeds repatriated home.

The dialogue that leads to DTAs has been helpful to the interested parties in the past. Studies have shown that there is substantial Foreign Direct Investments and size asymmetry in mediation between elevated and low-income countries resulting in the preference for double taxation agreement.

As of April of 2022, countries with double taxation agreements with Kenya include; Canada, Denmark, France, Germany, Iran, South Korea, Norway, Qatar, Seychelles, South Africa, Sweden, United Arab Emirates, United Kingdom, and Zambia.

A Reliable Tax System Offering Multiple Benefits

Kenya’s favorable tax system has also made the country attractive to international investors. Not only is the tax system favorable, it also provides multiple benefits to investors.

The country is keen on building on the gains made in improving the ease of doing business in the country to attract foreign direct investment.

In the 2017/18 budget, it offered tax measures and legal and regulatory reforms to attract and retain investors like online forex brokers.

The provision provides that the benefits under a DTA in respect to exemption from tax, exclusion of an item from tax, or reduction of the tax rate, will only be available to a person in the other contracting state.

This also applies, where 50 percent or more of the underlying ownership (direct and indirect) of that company is held by an individual who is resident in that other state except companies listed on the stock exchange of that country.

A Stable Financial Service Sector with a Reliable Banking System

Financial services make up one of the economy’s most important and influential sectors. It provides the free flow of capital and liquidity in the marketplace. When the sector is strong, the economy grows, and companies in this industry are better able to manage risk.

Kenya’s financial sector is the third-largest in sub-Saharan Africa and it makes a significant contribution to economic growth and job creation. Through Vision 2030, the Government aims to create a ”vibrant and globally competitive financial sector.

Currently, there are 14 foreign commercial banks with branches, agencies, and other outlets throughout the country. These have made it easy for forex brokers to make easy money transactions together with their traders.

Why do Forex Brokers Want a License in Kenya?

Kenya is East Africa’s Economic Hub

Kenya has emerged in recent years as one of the fastest-growing economies in the world. The country has often been referred to as the key economic and commercial hub for East Africa.

For that reason, it has continued to underpin the notable economic development of the country and offer a wealth of opportunities for businesses and investors.

There has also been a sufficient business market for forex as the Kenyan economy grows daily. This has led to more establishments of forex brokerage firms.

Youthful Majority Population

Majority of youths – who make the largest population in Kenya have embraced the forex business. This has made the country an attractive forex brokerage hub.

More Kenyan traders have had the opportunity to engage in the forex market largely because of the live trading accounts that starts from as little as one US dollar.

It is also worth noting that there is a huge penetration of affordable internet connectivity. Smartphone access among the youthful growing population has served to offer the desired demand for forex traded products.

Conclusion

Are you a forex investor wishing to invest in Kenya? Kaith Consultants will help you every step of the way until you obtain an online forex brokerage license from the capital markets authority.

How Will HR Change in The Future?

How Will HR Change in the Future?
How Will HR Change in the Future?

How Will HR Change in the Future?

People management is more complex than ever before. Human resource will need to spend more time focused on people challenges arising from new work practices, skills and talent shortages, new employment legislation and many more.

HR is evolving at a rapid pace. As technology and regulations continue to evolve, in-house HR teams will get leaner, generalist roles as we know them today will cease to exist. This will be made possible by outsourcing HR and changes in technology among others.

They include;

An increase in outsourcing

There will be an increase in human resource outsourcing in most companies in the future. In-house HR departments will reduce in size due to new software and its consequent employee independence.

Self-service portals will become all the rage with employees doing much more on their own. Most employees will work with data systems to automate processes. 

So many roles will be outsourced to specialists. These specialists also include specialized cloud HR software that can simplify transactional tasks such as providing payroll or managing engagement. 

HR outsourcing will assist in payroll processing and employment law compliance for organizations. They will also be required when hiring new employees. That way, it will be easy to make contract and employment documents.

Change in core HR competencies

HR has become an absolute strategic business partner since 2020. CHROs are now included in making business projections along with understanding long term goals. Along with that, metric analysis is an integral part of core HR functions.

A prediction made for future HR is that HR professionals will be involved in business operations and strategy. This is true for most global enterprises where strategic planning will become a core HR competency.

How Will HR Change in the Future?

Technology to manage remote employees

Even before COVID-19 hit the world, companies had recognized the need to adapt to remote working. Today, managing remote work motivation and culture is the number one HR issue.

Working time and productivity are being measured through technology. HR is now expected to produce more result-based performance analysis compared to earlier times.

Focus on industry adaptations

Covid-19 has forced HR to rethink all the ‘best practices’ they knew of so far. The business conditions are highly different from ever before and most predicted trends have become non-existent.

However, this is a lesson to be learned for HR while moving forward. Current HR heads must learn everything about the industry, competitors, and business operations to fully evaluate the future.

Remote work practices

With an increase in remote working, the new HR will have to adapt to the diverse work situation. Training and development practices will become much more personalized and available through remote devices.

Data and AI

This is probably one of the biggest trends that will change the shape of future HR. Despite concerns that AI is going to replace humans, HR will largely benefit from this technology.  Big data helps to increase the value and efficiency of the CHROs.

Hence, HR Chatbots are becoming a vital part of the HR departments every day.  They can analyze and organize people-centric data for seamless attendance management, pay slip generation through conversational interfaces.

Inclusive culture and gig economy

The gig economy works on short-term contracts or freelancers as compared to long term jobs.  This is becoming increasingly rampant in every industry across the globe.

For that reason, HR will have to look at its current practices to form a more inclusive and diverse culture. 

    1. People analytics
    2. Global organizations are also now recognizing the need to apply data to:

Evaluate recruiting methods

    1. Identify gaps in skill sets
    2. Assess the demand and supply of talent

Employee experience

In the future HR will highly depend on employee and user experience. Conventional employee engagement tools will be reimagined to make the employee experience a competitive advantage. 

However, large scale implementation of employee experience platform is correlated to the organizational business outcomes.

Focus on cyber security

Cyber security will be one of the major challenges for future HR due to the increase of data use. New cyber security policies will be formed to curb issues such as data confidentiality and employee privacy.

Having a secure remote infrastructure has never been more important. Companies with large remote workforce may open themselves up to Ransom ware attacks. Large employers will need to setup strong cyber security practices.

Work from Home leading to Work from Anywhere

The upcoming generation of workers will not only log in to their Human Resource Management systems from home. They will also be able to log in from anywhere.

There is a revolution coming in the facilities and infrastructure domains that will enable solutions to a permanently mobile workforce. That way, it will be easy for employees to work at their own comfort zones.

Absence of face-time

It is true that body language and our interpretation play a big part in communication. Remote working has now forced the absence of this critical signal to interpret intention.

How Will HR Change in the Future?

Unless handled carefully, this may lead to a rise in misunderstandings and communication breakdowns. In the future HR has to create policies that ensure communication best practices in the absence of visible body language.

HR Jobs to Expect In The Future

HR Business Director

It will be challenging to resume to business practices after COVID-19. Workplace safety will be a primary concern for both on-premise and remote employees. HR business director will lead the HR on creating safe work environments.

Head of WFH development

Working from home culture has set into motion several changes in:

    1. Organizational processes: A complete business transformation to remote workflows and HR operations automation
    2. Policies: Development of dedicated WFH policies and modification of all existing policies

Technology: Embracing the latest HR Tech such as Slack, MS Teams and corresponding apps has never been more important.

So it is an important job role as maintaining remote workers’ motivation and satisfaction will be under his/her purview.

Head of Skill Design

This is a crucial in continually developing skills for a diverse workforce. The focus will help on adding to existing skill sets as well as identifying new strategies to analyze future work requirements.

Head of Human-Machine Integrations

This role will help in creating a bridge between people and machines.

Why Wealth Management is a Must to Secure Your Future

wealth management
wealth management

Why Wealth Management is a Must to Secure your Future?

Most people with a lot of financial assets find it hard to keep tabs on everything. They tend to be poor managers who only probably focus on surviving today rather than worrying about the future. It can be tiresome for them to hold a stream of communications, meetings, or calls from different experts in different sectors.

For that reason, you will find most of them turning back to wealth management services to assist them in handling everything. 

Others think that wealth management services are exclusively for the rich. However, this is not the case since you cannot build wealth without a proper financial management strategy. A wealth manager offers various financial services, including estate and retirement planning, which go a long way in securing your future and that of your generations.

After carefully examining your income, responsibilities, and opportunities, they will offer workable solutions to boost your finances even more. However, if you are uncertain whether you genuinely need these services, check out the following reasons.

They include:

  • Expert Advice on Tax and Investment Management

If you think managing and building wealth is easy, it is important to understand that this is not always the case. Building wealth takes time, skills, and effort. Wealth making is a never-ending process. Therefore, even if you did possess the skills, it would still be a major challenge, especially if you have a busy schedule. For example, it would be almost impossible for a working mom to find time to manage their assets as there would be no time to evaluate their options or research for answers to their pressing questions.

Expert Advice

One of the major functions of wealth management is giving expert advice on investment opportunities and tax planning. It is not easy to handle tax and investment issues all on your own. Choosing a wealth management firm can help you avoid making wrong decisions. By making informed decisions on where and when to invest you can protect your assets from risk and reap the benefits from them.

Wealth Management will help you know the impacts of your decision and how it can affect your wealth. Besides, they can offer more practical options for you to consider. If you want to build a solid financial future, then it is about time you hired wealth management experts. They will help avoid making mistakes, grow your investment portfolio, and avoid financial challenges.

Also, when choosing which firm to select for your wealth management be sure to choose one that is independent of other entities, such as banks, so that you receive impartial advice in your best interests. You can be sure that choosing Kaith Consultants is the best you would do for yourself. Kaith Consultants have the best expert advice on tax and investment management. 

  • Securing Mortgages That Work For You

Most people who need wealth management services will have a stake in the property market. Taking out mortgages when you own substantial property, be it residential or commercial, needs to be done with care and consideration of the short and long term tax implications. You might not have adequate knowledge when securing mortgages. For that reason, it is good to get help from wealth management services to ensure that you have a smooth time running. When looking forward to securing mortgages, you should not hesitate to check out Kaith Consultants.

  • Time-Saving Management

It is not easy to create enough hours to commit to work, family, and friends and at the same time maintain an eagle-eye on your finance. That is why most people opt for wealth management services. You may have reached a stage in your life where your career demands all of your attention, or you have to spend more time caring for children or older members of your family.

When this occurs, time can feel precious. Sadly, the management of your investments can be an extremely time-consuming activity for those who are aiming to maximize their earnings. The act of following markets, studying financial reports, and analyzing economic data can be simply too demanding to keep on top of. Wealth management services from Kaith Consultants take care of the time-consuming work on their behalf. This leaves clients to spend their newfound free time however they see fit.

  • Protecting Your Assets

You might find yourself in a situation where you lose a portion or even all of your investment assets. This mostly happens to people who have more investments and property across locations. Losing assets can be one of the most painful things in life especially if you cannot chase or trace them. But wealth management companies like the Kaith Consultants will ensure that you’re protected as well as can be against problems, be they personal or commercial. You will be ensured that your property is safe all the time.

  • Continued Communication

If you value communications with your investment advisor it is a good reason to look out for wealth management services. Traditional financial advisors are not quite as good about consistent communications with investors. Wealth advisors like Kaith Consultants, on the other hand, center all their work on client communications. Using wealth management services, you can benefit from constant communications with updates regarding investment performance and progress towards your financial goals.

Kaith Consultants strive to keep you up-to-date and in the loop regarding your investment portfolio. That way, you can make investment decisions that will help you achieve your financial objectives together. This is one of the biggest advantages of wealth management and certainly a reason to consider hiring wealth management for yourself.

  • Helping You Secure Your Retirement

After many years of hard work, you should get a comfortable retirement. Unfortunately, too many people end up with a less than stellar result from a lifetime of work due to underperforming assets. A quality wealth management service should be able to make your assets work hard for you while you’re still working and investing.

Optimize Assets for Retirement

With expert tax knowledge and pension planning, you can expect the best possible results from your investment as you enter your golden years. You can seek testimonials from people who chose Kaith Consultants when securing their retirement. You can be sure to trust their services because they ensure you get a comfortable retirement.

  • Planning For Your Heirs

After many years of hard work and savings, we cannot take all the property with us to the end. You might be worried about how you will plan for your will in the long run. Your children, grandchildren, and loved ones should not be denied the fruits of your labor.

Too many families are faced with the prospect of seeing huge swathes of family inheritance being swallowed up by Inheritance Tax and having to liquidate assets to meet the Tax Man’s needs. But it doesn’t have to be like that if adequate steps are carried out. Your wealth management advisor will be able to help you get everything to make sure your family is provided for. Wealth management will work according to your requirements and will.

  • Collaborative Advantages

Hiring wealth management services provides collaborative advantages to consumers, which is a great reason for people like you to consider doing the same. Wealth consultants like Kaith Consultants form working relationships with your attorneys and other personal advisors you may have. Because of this, they can better collaborate with your attorney and, say, your accountant. That helps you optimize all areas of your life to better achieve your personal goals.

Ultimately, this improves your financial health. The collaborative advantages wealth advisory services provide investors are certainly one reason to consider hiring a wealth consultant.

  • Assists in Improving Your Current Wealth Situation

A good saving or investment plan will help you know where you stand financially. As such, it would be best if you hire Kaith Consultants to help you figure this out. One of the ways Wealth management can help is by developing a more unified strategy and a means of tracking your financial goals.

However, that is not the end of the wealth-building journey. You still need to implement your investment strategy, stay on track, and make sound changes where necessary. Therefore, you need ongoing wealth management support to stay on track.

Conclusion

Owning, buying, or selling assets is not an easy process. Therefore you will need expert advice to ensure you make the right decisions when managing your property. Property management will ensure even your heirs enjoy your inheritance without any hassle. For that reason, you should not overwork yourself on each property making you feel overwhelmed. You can hire wealth management services like Kaith Consultants who will ensure you have an easy time all through. They will also ensure that you improve your current wealth situation.

Why you Should Optimize your Assets for Retirement

Optimize Assets for Retirement
Optimize Assets for Retirement

Optimize your Assets for Retirement

Many career professionals entering retirement come to find that the right strategy can be just as important as the actual dollar amount, they have saved. Having worked hard for years to save for retirement, and now that time knocks at the door. Their mind gets preoccupied with two key items; Firstly, are all the pieces in place to enjoy a happy and worry-free retirement and secondly, are proper strategy in place to guarantee the retirement phase of life desired?

Our wealth management services provide time tested retirement strategies to retired, retiring and potential retirees. We take an extensive look at each client’s unique mix of assets — this includes everything from your bank accounts, pension, and Social Security benefits to your estate plans, wills, taxes, insurance policies and more.

Our services and strategic partnerships allow us to integrate all aspects of our clients’ wealth into a coordinated effort. Our end goal is to create financial clarity for you and your loved ones, and to promote multi-generational wealth plans.

Our solutions:

    • Insurance planning
    • Beneficiary review
    • Retirement strategies
    • Financial needs analysis
    • Analysis of present and future expenses
    • Estate preservation
    • Income planning

When you work with us, we organize all your financial, estate and tax preparation materials into a customized binder. Crafting your comprehensive retirement strategy is a coordinated effort on our part and is done so using an all inclusive view. Although many financial services professionals focus on specific products, our experience has proven that our clients’ needs are best fulfilled focusing on processes, and most importantly, people.

Making a recommendation on a retirement strategy is not a one-size-fits-all proposal. When you speak with Kaith Consultants, we provide you a framework that aims to satisfy your retirement income budgeting needs to go along with a risk tolerance that satisfies your growth expectations.

A retirement strategy simply is not something you do once, but something that may be ever evolving throughout your retirement and knowing who to turn to for advice can make a world of difference.

When Should You Outsource HR Department

When Should You Outsource the HR Department

Your business’s human resources department is responsible for many critical parts of your workforce. It’s responsible for finding, hiring, assessing, and training employees’ performance throughout their time at your company.

Leaders of the HR department are in charge of ensuring the company complies with all labor and employment laws. They may also be in charge of overseeing payroll. In short, human resources have a lot to stay on top of.

To help lighten the load, some businesses outsource HR, or a portion of its purview, to consulting firms. A HR department outsources such tasks as benefits administration, taxes and payroll, and employment law compliance, as mentioned above.

Many businesses choose to outsource HR as it’s not always easy to afford someone to handle HR responsibilities, especially for smaller companies or startups.

If your business is growing and HR responsibilities are causing a log jam or significant stress among HR employees, outsourced human resources could be the solution. Here are some reasons to help determine when you should outsource your HR to local consultants like Kaith Consultants.

  • Tricky Employees

The best time to outsource your HR is before any tricky people issues arise. Outsourcing HR will help you manage any tricky employee in your organization.

It is also easy to deal with employees when you are proactive rather than reactive. Kaith Consultants will help you manage any issue that needs to be resolved such as grievances, redundancy, or employee performance management.

At some point, you will need to have difficult conversations with employees. They might have poor performance or inappropriate behavior that might require you to terminate their contracts.

Mishandling a termination can result in a wrongful termination lawsuit. Even if it goes in your favor, the time and money spent battling are damaging. By outsourcing to a HR expert, you can get all of your proverbial ducks in a row before having a difficult conversation.

They can help you ensure you have the right paperwork in place and provide guidance on your approach. Firms like Kaith Consultants even offer assistance with the conversation itself, either as a guide or taking the lead.

  • Employee Recruitment

It is also advisable to Outsource HR whenever you are looking forward to hiring an employee. That way, they will assist you in the recruitment process. They will also assist you in drafting employment contracts and agreements professionally.

They will ensure your documents are legally compliant and protect business interests. A HR professional might look at an employment contract you’ve drafted and suggest additions you wouldn’t have considered. Focus on your area of expertise and trust your outsourced HR manager to do the same.

  • You’re Spending Too Much Time on HR Problems

Business owners have to wear many hats, and leaders in a HR department have to as well. But HR problems can be very time-consuming, taking time and energy away from revenue activities. The more time you spend trying to learn about employment law or taxes, the less you spend doing what your business does.

When you outsource HR services, you pay someone else to handle these problems, freeing you up to accomplish what you need to as a business owner. Kaith Consultants are happy to help you handle all HR problems as well as help you save up on time. You will also, be more likely to have a smooth time running when you hire HR Consultants.

  • You Need to Save Money

When you outsource HR, you gain the expertise of someone you won’t have to train or give benefits to. When you have a competent HR expert outsourced to you to help lighten the load, you spend money, but you also gain time and focus back to devote to your core business functions.

In a situation where you have spent so much money on in-house HR, it is advisable to try outsourcing. They are cheaper mainly because they will work from their comfort zones.

  • Response Time is Way Down

When you outsource HR, you have many more resources at your disposal for hiring the right people you need quickly. Losing an opportunity due to an overworked HR team in charge of new recruiting tasks on top of everything else they do in a day gives others the advantage.

Outsourcing HR is a great choice when keeping your business responsive and flexible. Quality of work goes hand-in-hand with time management. If you choose to handle things yourself, it will take a lot of time and frustration to create something that may not be as good as it would be if a professional handle the task. However, when you outsource to an HR firm such as Kaith Consultants, they’ll be able to do the job more efficiently due to their experience.

  • The Human Resources Line of Accountability Are Not Clear Anymore

If supervisors handle some of the HR functions, you may get all the HR tasks done, but you may be greying accountability lines. An employee may not know where to report an issue, and some HR tasks may get lost in the day-to-day operations.

When HR is outsourced, your managers can handle their departments without worrying about pesky HR responsibilities. It is also more likely that an outsourced HR is productive unlike an In house HR. they will tend to be more accountable hence making your organization run smoothly.

Conclusion

When you first start your business, your priority is to hire people who are integral to building the product and growing the company. From engineers and marketers to salespeople, consultants, and so on, every new company needs to fill the roles that move the bottom line and grow the business.

At some point though, a business grows big enough that it needs people to take care of the back-office operations of the company. You need someone responsible for coordinating interviews, sending offer letters, managing benefits administration, and much more.

The problem with that job is that it’s incredibly multifaceted, and it can be hard to find all those skills in one person. You might find yourself beefing up your back office with multiple people just to get everything done.

How HR Outsourcing Can Benefit your Organization

How HR Outsourcing can Benefit your Company

What Is HR Outsourcing?

Business leaders and owners have a lot on their plates these days. You may never have considered an excellent resource that could free up your time and save money – HR outsourcing.

Human resource outsourcing refers to a process in which an organization transfers responsibilities and risks for HR functions to the external provider which performs these tasks for the company.

Companies can outsource all or just a portion of their HR responsibilities, or use a consulting firm to manage a few pertinent or challenging short-term HR tasks.

HR responsibilities are much more complex than they were just a few decades ago. Gone are the days when HR’s main role was to hire fire and manage payroll.

HR is now tasked with federal and state legal compliance, benefits administration, professional development, succession planning, management training, performance management, employee relations, and the list goes on.

These tasks require a considerable amount of personnel time and company money. For many companies, outsourcing their HR to an outside company frees up internal personnel, allowing leadership to focus more on the business and less on HR administration.

HR Outsourcing Services

HR Outsourcing can assist your organization in variety of services. It is upon you to settle for a service your organization requires. Some of the HR Outsourcing services include:

Recruiting

HR Outsourcing recruiting function allows your organization to use advanced online and cloud-based technologies combined with successful HR practices to recruit the absolute best candidates.

You can outsource the process from beginning to end. From the development of recruiting strategies to candidate sourcing, screening, skills assessment, reporting, interview and selection assistance, activity metrics, and on-boarding.

The hiring process usually involves four steps:

    1. Posting job descriptions on job boards
    2. Screening applications and performing background checks
    3. Interviewing shortlisted applicants
    4. Introducing the new hires to the company

Benefits administration

A HR consulting firm can also help your company manage employee benefits. HR consultants can assist you in creating a competitive benefits package and manage all aspects of it, from enrollment and administration to reporting.

  • Performance management

Effectively managing employee performance is critical to your company’s success.  

A HR consulting firm such as Kaith Consultants can help your company build a performance management system from the ground up that includes effective evaluation tools and processes along with training to ensure your supervisors and employees know how to use the system. Therefore, a good HR consulting firm will ensure your performance management system aligns with your company’s culture.

  • Projects

HR consulting firms can also provide project-specific assistance, such as developing job descriptions, updating an employee handbook, or developing strategies to improve employee morale.

  • Audits

 A HR audit is an excellent way to take an in-depth look at your HR function to identify weaknesses and/or areas that need improvement.  A HR outsourcing firm can conduct a HR audit that examines legal compliance, HR processes such as recruiting and onboarding, and whether HR is using best practices for your industry.

During an HR audit, a HR consultant reviews, among other items, personnel files, employee handbooks, job postings and applications, job descriptions, performance appraisals, disciplinary documents, compensation systems, and data security.

  • Management training

HR outsourcing may include developing and providing opportunities for professional development.

A HR outsourcing firm can assess your employees’ career development goals and help you implement training programs to help employees achieve them.

  • Executive coaching

You can invest in your leaderships’ growth and development through executing coaching whereby leaders learn a variety of skills and competencies to make them better leaders.

This coaching can range from a focus on lifestyle goals such as how to stay healthy and balanced, to improving communication or project management skills.

How Can HR Outsourcing Benefit your Organization?

  1. Audit

HR consultants like Kaith Consultants can objectively evaluate how your employees are implementing your policies, and make recommendations to management on any appropriate changes to comply with laws and regulations. Kaith Consultants are experienced with helping companies improve staffing efficiencies through workflow changes or organizational changes. If necessary, the consultant can advise management on more effective ways to administer their human resources policies and procedures.

  1. Time Savings

Lengthy HR processes take hours that one could have spent on critical business tasks. In addition, all the paperwork requires a lot of attention and time, turning the administrative work into a ground-hog day. Besides, if you lack expertise in certain aspects, be it compensation or training and development, handling all these processes takes even more time and resources.

So, what is a human resource outsourcing perk for the business? It’s significant time savings that result in increased efficiency and improved performance. You free up your working days once you outsource your HR tasks. It will help you optimize work schedules and focus on long-term goals.

  1. Reduced Workforce Turnover

Bringing in new talent and retaining the existing one is challenging, especially in today’s competitive labor market. So, employee relations are as critical as the benefits you offer.

However, to manage the performance of each employee and give regular feedback, you need to spend your working hours on these tasks only.

It’s better to reduce this load because you won’t have the opportunity to address pressing issues, which might turn into big problems. And that’s when HR outsourcing steps into the game.

Your outsourced HR manager for hire will build trusting relationships with employees, gather and provide feedback, and ask their opinions about workload or the updates you introduced. After having all the necessary information, your remote HR specialist will ensure you stay on the same page with your workers and are aware of their successes.

Employees that feel valued and included are more likely to stay at the company for longer. So, if you analyze all the received information and have one-on-ones with employees, this will boost their motivation, help them understand their strong and weak sides, and inspire them to achieve excellent results.

  1. Access to Improved Benefit Packages

Working with remote HR ultimately provides you with access to top-rated health benefits for your workers. Even if you have a startup or an SMB, you can leverage benefits similar to those offered by larger companies. You’ll get access to comprehensive coverage for a reasonable price, which will make your employees happier.

  1. Increased Focus on HR Policies

You can significantly minimize risks when outsourcing HR functions. The federal and state regulations are constantly changing, and keeping up with them is complicated. But if the business is unable to adhere to the guidelines and changes, it might lead to non-compliance. So, you can rely on your outsourced HR to keep up with the updates and check on your compliances in various critical aspects. If you choose to work with Kaith Consultants, be sure to be updated on all state policies and regulations.

  1. Improved Training and Development Opportunities

A one-size-fits-all development program won’t work for your employees because they all have specific preferences and approaches to studying. For example, some prefer taking a slower path, while others treat it as a marathon. And you have to consider these aspects if you don’t want to waste money on useless training plans. 

Having outsourced HR by your side will make you more confident in your employees’ training and development activities because they’ll match their taste. Also, these programs will be customized to help each person fill in specific gaps and emphasize certain skills.

For that reason, an individual approach will bring more benefit than spending money on a random, hyped-up program. 

  1. Access to Global Talent

You’re a professional in your business area, so you’d want your HR outsourcing company to match your level. Choosing a reliable partner company, like Kaith Consultants, provides access to an experienced team of dedicated HR managers who know the HR industry from “A” to “Z” and help you handle complex tasks and make your business grow.

9. Cost effectiveness

A major reason why a lot of companies consider hiring HR outsourcing companies is to cut down significant costs. Outsourcing the service can free up considerable amounts of money and be used on investing to more crucial matters. This can be particularly advantageous in the preliminary stages of your business. It will reduce the costs of labor significantly and it can let you focus more of your attention and time on training and honing your employees where they will be the most efficient during working hours. For that reason, you can trust Kaith Consultants to help you cut all additional costs in your organization

Conclusion

HR outsourcing is one of the best ways to cut costs in your organization. They are flexible to work with even from outside your company. They will also help you in company management like auditing, employee recruitment, and time-saving among others.

Kaith Consultants will help you with all HR outsourcing services that your company would require. They can surround your employees with support and a bunch of morale boosters to make them feel appreciated.   It is upon you to choose the specific HR service or package that suits the needs of your company.

Why Kenya’s Online Forex Broker License

Why Kenya’s Online Forex Broker License
Why Kenya’s Online Forex Broker License

Why Kenya’s Online Forex Broker License?

Today almost every e-commerce book being written with no substantial chapters on Africa as a major market be it on fast moving consumer goods, professional consultancy services, Fintech or conventional financial services is an open disservice to its authors and readers.

Africa’s growing appetite for e-commerce and adaptation to world technological advancements cannot be more evident than a mere look at growth millions of internet users in Africa, which is perhaps second-largest internet-user population on the planet, just after China, Asia.

These portents, Africa as a viable destination for both direct and indirect investments and a clear indication that Africa has reasonably overcome the barrier to geographical location in her quest to actively participate in the global business.

Taking this further home, Kenya both as an investment hub in East Africa and a home for multinational companies and a host to many world’s organizations, her position as a gateway to access the wide African market stands out.

Kenya’s M-Pesa among other FinTech solutions traces their proud roots to Kenyan’s innovative population.

It’s on this background, that we expect an upsurge in the number of online forex brokers and traders in this region. With an already existing regulatory framework, licensed operators, and knowledgeable population, both investors and traders stand to benefit in terms investment diversification and penetration of trades on alternative asset classes.

With stringent regulatory measure being meted on jurisdictions that were traditionally friendly, online forex brokers are constantly on the look out to emerging markets. One such a market, is Kenya and by extension progressive African countries like South Africa and Nigeria.

Below factors hold in favor of Kenya’s online forex broker license

• Relatively faster approval period of the license.

Most jurisdictions granting of such licenses takes from six months to 12 months, on the contrary a Kenyan Forex Broker license on average takes from three months, upon submission of all the required documentation.

• Availability of banking institutions to support this kind of business.

Those with experience will attest that one of the challenges facing regulated forex brokerage businesses around the world is finding the right banking institution willing to open a banking relationship. Kenya, with over forty (40) licensed banks, the licensees will enjoy a variety of options to choose from.

• Comparatively low set up costs.

In terms of operational costs like office rent, staff cost and capital requirements, Kenya is a competitive jurisdiction to set up and operate forex business.

• Availability of ready market and internet infrastructure.

Substantial penetration of affordable internet connectivity, and smartphone access among the youthful growing population serves to offer the desired demand for forex traded products. Growing interest in forex trading is notably among the youthful population to a majority considered as a source of livelihood

Kaith Consultants https://kaithconsultants.com/ is a bespoke Investment & Business Consulting firm registered and licensed in the republic of Kenya to engage in the practice of Investment and Financial Analysis, perform investment advisory services and investment transactions. Contact us at info@kaithconsultants.com for customised information.

Why the “Scramble for Africa” by Online Forex Brokers, Dealers and Traders

Why the “Scramble for Africa” by Online Forex Brokers, Dealers and Traders

Despite the on-going global regulatory and economic challenges, Africa continues to experience sustained growth in the volumes of online securities brokerage and dealing business.

Though this is the general trade, only a few African countries have taken an active role to regulate the sector. On top of the chart is Kenya, South Africa, and Nigeria.

From our observations in the recent past below are some of the key factors contributing to this trend.

    • Coordinated efforts to attract traders from Africa by EU licenses as a front end to their reputation. Notably, a good number of forex brokers have already witnessed a trading market ripe and ready to be penetrated and featuring near-endless possibilities for traders ranging from beginners, intermediaries, and expert traders.
    • Presence of major forex brokers that have obtained the necessary regulation from top-tier authorities to offer their services to African forex traders.
    • Global restrictions because of the Covid-19 pandemic and various measures to prevent its spread a lot more people have been confined to their homes to work remotely whereas others were left without employment hence resulting to online trading an alternative way to secure an income.
    • Improved telecommunication across the continent and increased access to the Internet all over Africa brought in massive numbers of new forex traders who signed up to trade on the established electronic trading platforms.
    • Eminent realization of the high liquidity that the forex market offers in addition to lowered transactional costs, making it possible for anyone to trade forex, especially through mobile trading by Africa’s youthful population.
    • Africa’s economy is growing substantially and quickly, despite many challenges the continent faces. Africa remains one of the most lucrative destinations for foreign investment and there are many international companies that have established themselves across the continent.
    • The regulatory push seen in Europe, China, and Australia is squeezing the forex industry especially on reduced leverage for retail trading of contracts and marketing restrictions.
    • Finally, existing forex clients are increasingly willing to take the risk to move their money to an offshore-regulated entity