International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Financing from the financial crisis
The economic slowdown is inspiring professionals to create and tap into employment ideas which seem useful during these tough times.
February 10, 2009 11:58 by Aarti Nagraj
Although the financial crisis has resulted in thousands of job cuts, it is also giving a boost to others.
Trend spotting site Springwise reports on Wonga.com, a British service provider that offers tiny, instant loans through online-only applications. The company offers loans of GBP50 to GBP200, all to be repaid within a month, at an interest rate of 1 percent per day. Wonga.com also promises to deliver the amount to your account within an hour.
The trend is also present in the Gulf: German-based Manager Forces, a company that aims to provide skilled interim managers and specialists to medium sized and large international organizations, recently opened an office in Dubai for the Middle East.
The company says it will provide “highly skilled, experienced professionals on a temporary basis, typically from senior management through to executive board level, to provide additional support or expertise during times of change or challenge.” Manager Forces says that the interim manager will “parachute” directly into a company to deliver whatever kind of service it needs. Their no-strings-attached consultants may be just what the Emirate’s high-strung companies need in 2009.
The company claims to have over 50,000 qualified, experienced line managers, project managers and specialists, all of whom have passed the company’s evaluation process.
It works as a sort of bank of freelance managers, a concept which may work well for companies who are running short of work for regular staff but could have temporary projects.
Although ideas like these might have worked before the financial crisis, today they’re likely to be successful because of it. Can you think of any ideas?
A note from the editor: The interest rate charged by Wonga.com is not compounded as mentioned in the article earlier.