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Elon Musk’s strict return-to-office policy causes problems for Tesla

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Elon Musk, the CEO of Tesla, enforced a stringent return-to-work policy this spring. On May 31, he abruptly informed staff members via email that they would need to “spend a minimum of forty hours in the office every week.” He asserted that anything less was “phoning it in.”

According to insiders who work for the firm in the United States and internal documents seen by CNBC, Tesla still does not have enough space or resources to bring all of its employees back to the office three months after this directive. Because they were not allowed to speak to the press on behalf of the company, the individuals chose not to give their names.

Morale has also suffered as a result of the return-to-office policy, particularly in teams where prior to Covid-19, staff was permitted to work remotely as needed.

Before the pandemic, Tesla had a generally positive attitude toward office workers working remotely. In recent years, as the company’s personnel increased, the emphasis was placed on developing global hubs and a new facility in Texas. At existing locations in Nevada and California, it did not construct enough additional workspaces or buy enough office supplies to staff all office workers and long-term contractors for forty hours each week.

A recent attempt by Tesla to send its employees in the San Francisco Bay Area to the office for three days a week apparently failed due to a lack of chairs, desk space, parking spaces, and other resources. (The Information has previously covered some of this.) Tesla reduced the number of in-office days to just two per week.

The company is now surveilling employees’ attendance, with Musk receiving detailed weekly reports on absenteeism.

 

In early September, internal records show, about one-eighth of employees were out on a typical day in Fremont, California, the home of Tesla’s first U.S. vehicle assembly plant. Across all of Tesla, that number was only slightly better, with about one-tenth of employees absent on a typical workday.

 

The numbers have remained within that range since March 2022, pre-dating Musk’s orders, according to internal reports viewed by CNBC. Absenteeism spikes on weekends and around holidays, as one might expect.

Absenteeism at Tesla is measured using data from workers badging into facilities, with unplanned absences divided by planned time off to tabulate daily totals, according to internal records and people familiar with the reports sent to Musk.

Not all employees are tracked the same way. Direct reports to Elon Musk do not have their badge swipes counted for the internal reports, for example.

The return-to-office policy — murky and informal as it is — has caused a significant decline in morale among some employees, according to internal messages seen by CNBC.

Before COVID-19 restrictions, Tesla managers generally figured out how much remote work was appropriate for their teams. Musk’s hardline policy eliminated that freedom in theory, though some execs may still be able to carve out deals for “exceptional” employees.

In early June 2022, right after Musk mandated 40 hours on site for all, Tesla made steep cuts to its headcount. Employees who were previously designated as remote workers but who could not relocate to be in the office 40 hours a week were given until September 30 to move or take a severance package from Tesla.

About a week after making that offer internally, Tesla HR asked people who lived far away whether they planned to move and work in a Tesla office 40 hours a week. Some of those who said they were not sure if they could relocate, or who said they definitely could not move, was dismissed in June without warning, according to internal correspondence read by CNBC and two people directly familiar with the terminations.

The policy has also depleted some of Tesla’s power to recruit and retain top talent. At least a few well-liked employees quit because they wanted more flexible arrangements, according to internal correspondence and two resignations confirmed by CNBC.

Some workers who lived far from a Tesla office are now living hours away from their families to meet the new requirements, one employee told CNBC.

This employee said they worried most of all about immigrant workers at Tesla, who could lose their visas if the company suddenly decides to terminate their roles over the shifting attendance mandate.

They also worried about how Tesla’s closed-mindedness about remote work could hit the company’s diversity goals.

 

In its 2022 diversity report, released in July, Meta disclosed that: “US candidates who accepted remote job offers were substantially more likely to be Black, Hispanic, Native American, Alaskan Native, Pacific Islander, veterans and/or people with disabilities,” and “Globally, candidates who accepted remote job offers were more likely to be women.”

In Tesla’s most recent 2021 Impact Report, which it published in May 2022, the company boasted about how it kept employees feeling connected even as they worked from remote offices.

The report said, “During the global pandemic, we focused a great deal on expanding our community engagement and ensuring our employees stayed connected. Specifically, we expanded our Employee Resource Groups (ERGs) and ensured our programming was accessible in a remote work environment…We ensured our employees felt more heard and connected than ever before as they pivoted to virtual events to promote inclusion across different locations, physical boundaries and time zones.”

The company did not break out numbers for how many employees it allowed to work from remote locations before and after the pandemic began, or how that impacted the demographic mix of its workforce.

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The Reason Nigeria’s Central Bank is debiting Banks

“For failing to satisfy the required minimum cash reserve ratio, 15 banks have been debited 838.32 billion by Nigeria’s central bank.”

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The Reason Nigeria’s Central Bank is debiting Banks

For failing to satisfy the required minimum cash reserve ratio, 15 banks have been debited 838.32 billion by Nigeria’s central bank.

First Bank, Zenith Bank, Access Bank, Union Bank, United Bank for Africa, Polaris Bank, and Keystone Bank are a few of the banks that are impacted.

In an effort to stop inflation and currency devaluation in the nation, the Central Bank of Nigeria (CBN) declared in September that the CRR will be raised to 32.5%.

As a result of 15 banks failing to satisfy the required minimum cash reserve ratio (CRR) standard, the Central Bank of Nigeria has debited them 838.32 billion.

Zenith Bank (270 billion dollars), Access Bank (205 billion), United Bank for Africa (134 billion dollars), FCMB (90 billion dollars), First Bank (33 billion dollars), Union Bank (29 billion dollars), Keystone Bank (14 billion dollars), Titan Bank (11.6 billion dollars), Polaris Bank (10 billion dollars), Nova (5.5 billion dollars), Unity Bank (one billion dollars), Heritage Bank (470 million dollars), FBN Microfinance Bank (460 million dollars), and Suntrust Bank (92 million dollars) are among the affected banks.

The Reason Nigeria’s Central Bank is debiting Banks

The amount of customer deposits that must be held with the Central Bank is known as the CRR. Commercial banks are required to deposit 325 for every 1,000 that their customers deposit at the present rate of 32.5%.

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), said at a meeting of the monetary policy committee in September 2022 that the bank was increasing its CRR from 27.5% to 32.5% as part of its efforts to control rising inflation in the nation.

The benchmark interest rate was also hiked by the CBN to 15.5% in addition to the CRR.

He said that failing banks would be prohibited from using the foreign currency market until they comply with the new rule. The CBN Governor added that one of the causes of the rising inflation rate and currency depreciation was the economy’s increased liquidity.

An effective way to control the flow of money through an economy is to raise the CRR. It has an impact on banks’ access to capital as well as their capacity to extend loans. Additionally, banks’ interest rates can rise as a result of this.

It also guarantees that banks will have a sizeable reserve to fall back on if clients demand their money.

 

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Africa’s GDP at 35% risk to Climate Change

“The president and chief executive officer (CEO) of the Africa Finance Corporation (AFC) stated during a panel discussion at the Reuters Impact climate conference on October 3rd in London that the continent’s gross domestic product (GDP) is at danger by up to 35% due to climate concerns.”

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Africa’s GDP at 35% risk to Climate Change

The president and chief executive officer (CEO) of the Africa Finance Corporation (AFC) stated during a panel discussion at the Reuters Impact climate conference on October 3rd in London that the continent’s gross domestic product (GDP) is at danger by up to 35% due to climate concerns.

He asserts that the number will continue to rise as long as Africa lacks climate change-resistant infrastructure.

The AFC, according to Zubairu, thinks that Africa has a chance to seize the moment and develop ecosystems of adaptation because of the difficulties associated with the energy transition, the energy crisis, and the food crisis that Africa and the rest of the world are experiencing.

Africa must create ecosystems that enable reforestation so that trees may absorb carbon and provide women with access to cleaner cooking options because the use of firewood as a cooking fuel depletes the forests, which serve as carbon sinks. Only 1% of the world’s finest solar resources are used, even though 60% of them are in Africa. The underdeveloped hydropower and natural gas resources of Africa could be a major factor in the current global difficulties, according to Zubairu’s statement.

To achieve a just energy transition, Zubairu stressed to the guests of the Reuters Impact conference the importance of dependable access that is affordable for the great majority of people.

In addition, he pointed out that up to 900 million Africans lack access to clean cooking, making up 80% of the world’s population without access to power.

Africa’s GDP at 35% risk to Climate Change      Africa’s GDP at 35% risk to Climate Change

“Just transition for us is access to energy that is affordable, energy access that does not compromise economic development in Africa, and energy access that allows for the key challenges around financing, and adaptation to be resolved at the same time as economic development.

“When we look at projects and opportunities, we are trying to see how we can build an ecosystem along value chains that allow for carbon neutrality as we go along but the focus is on economic development,” Zubairu says.

Numerous parties have urged to cast doubt on the philosophy underlying the Global North’s advice to Africa not to exploit its natural gas resources. Zubairu contends that asking individuals to stop using gas while imports of fuel oil or the use of coal are options is inappropriate. He claims that the AFC built Cape Verde’s first wind farm, which provides 20% of the island’s energy needs.

The company is also constructing the first independent power project (IPP) in Djibouti to replace fuel imported from Ethiopia, a gas-fired plant in Ghana to replace fuel imported in the form of fuel oil and diesel, as well as a gas plant in Senegal to use Senegalese natural gas. He claims that each of these initiatives lowers carbon emissions.

Zubairu urges Africans to be practical in his appeal for a consensus between the continent’s political and commercial elites to address the continent’s current energy poverty concerns.

He claimed that focusing on emissions reductions, to which Africans contribute the least, is not the most sensible course of action. Instead, emphasis should be placed on increasing capacity for solar energy, using electric vehicles, and altering how resources are extracted from the continent.

He claims that after mining, the minerals are sold to Asia, where they are processed before being exported to other regions of the world. He claimed that this could not go on and that Africa needed to process its mineral resources as well so that value could be captured before exports and that it could increase its mining capability.

Africa has to increase its mining capability, more minerals should be found, mined, and processed on the continent, according to Zubairu. Infrastructure capacity will rise with increased investments in adaptation.

Sudanese philanthropist Mo Ibrahim spoke forcefully for energy justice during the same panel discussion. He explained to the audience that a country’s carbon emissions increase with its level of development.

Africa’s GDP at 35% risk to Climate Change Africa’s GDP at 35% risk to Climate Change

“You cannot discuss environmental justice without addressing energy justice,” he asserts.

Despite being the lowest contributors to CO2 emissions, Africans are the ones most impacted by climate change. Desertification causes disputes between farmers and herders throughout Africa; these conflicts are distinguished by violence in Sudan and Nigeria due to environmental implications.

Africans are suffering as a result of external causes which Zubairu says he finds absurd that some people traveled to Glasgow last year and made the decision to stop funding worldwide fossil fuel projects. 600 million people in Africa lack access to electricity.

On the continent, there would be no jobs, no healthcare, and no education. Without regard for what the global South needs, the global North constantly discusses and makes decisions.

We are not allowed to use our gas, even though Europe receives half of the natural gas produced in Africa. This type of injustice must end; without Africans’ participation at the table, no one should discuss justice, he alleges.

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Heineken Invites Graduates for Finance Mgt Program in Cairo

“Graduates are invited to apply for Heineken’s Finance Management Trainee Program in Cairo.”

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Heineken Invites Graduates for Finance Mgt Program in Cairo

Graduates are invited to apply for Heineken’s Finance Management Trainee Program in Cairo.

The Heineken Finance Management Trainee Program is now taking applications, and young graduates who are eager and ambitious are encouraged to apply. Graduates will have a variety of professional opportunities as a result.

The program is designed to provide you early responsibility and enable you to get started right away. Additionally, a portion of your time will be dedicated to job-specific training to ensure that you have the skills you need as an employee for our organization.

Graduates of the trainee program will have the opportunity to receive regular feedback as well as training from knowledgeable coaches.

Heineken Invites Graduates for Finance Mgt Program in Cairo

The program going by its details takes place in Cairo, Egypt; the North section of Africa and its basically centered on those in the Finance field with a Bachelor’s degree qualification. The program is intended to run for 2 years with the application date closing 30th November 2022.

The Heineken scheme covers people of different nationalities.

Rotations among the Finance department’s duties are part of the Management Trainee Program. To guarantee that the joiners have access to a variety of learning and development opportunities, you will be given a specific assignment for each role.

To apply, click here

 

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