There is work to be done; are you ready?

Are you among the minority of Kenyans who are in formal employment? Brighter Monday Kenya, an online jobseekers platform estimates that job opportunities have dropped by 58% in the last 4 months.

According to the Kenya National Bureau of Statistics (KNBS), over one million people in Kenya lost their jobs as companies closed or downsized to survive the economic downturn brought about by the COVID 19 pandemic

Jobs in some sectors have survived the downturn in the economy. Lockdowns and curfews have been blamed. Workers in creative and design, marketing and communication, legal services, human resources and administration have survived the massive job cuts.Have their employers insured them against new workplace related risks? Maybe they have to support relatives who have been downsized.

Pardoxically, jobs for Doctors are being advertised abroad while local Doctors are unemployed. Clinical Officers and Public Health Officers are being infected due to the lack of Personal Protective Equipment. This latter cadre are managing the pandemic in public facilities. They will get it soon. They must manage the risk of sickness and death in the workplace themselves. How many of them have Life or Medical Insurance?

Maybe you were one of the lucky few who supplied masks and PPEs and got paid. You may want to consider investing your funds in a Money Market Fund or Wealth Management Fund until your next windfall.

This has made many economically productive adults leverage on their other skills, exposure, education, expertise and networks to pay their bills. In other words, they have become small business owners. Business is about adding value and managing risks. What new risks do they face – fire, floods, theft? Are these risks insurable?

Last week was interesting. A class-mate lost an ex girl-friend to what he thinks, were COVID related complications. A Public Health Officer in Wajir lost his life to the same disease. A colleague has come down with COVID 19 - she is in self isolation.

Our risk profiles have changed whether we are self-employed or in formal employment. Risks have to be avoided, shared or mitigated. The Insurance Industry could help you out.

Everywhere I looked last week, I was reminded that I am merely mortal, that I live in interesting times and that I must try and make a difference in the lives of those I come in contact with. I have little time and so do you. If you have read thus far, you will want to get in touch with me about how to navigate these interesting times; how to save,invest and manage risk.

Dr Melvin D'lima is a Personal Financial Consultant with Britam, A Business Coach and mentor at Passion Profit Limited with a background in Dentistry and Public Health. He enjoys writing poetry,short stories and blogging.

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