Avellon Williams
NIGERIA- Over half (52%) of Nigerian professionals are considering leaving their current jobs and moving abroad within the next year, according to Phillips Consulting. During the Nigerian Human Resources Directors Network’s quarterly meeting in Lagos, the Talent Management Report, “A New World Order: Shifting Paradigms in Addressing the Brain Drain,” was presented.
A number of professions will be hit hard, including finance and insurance, professional services, healthcare, and information technology. These fields are home to nearly 50% of employees who are considering leaving.
Nigerian businesses are faced with numerous challenges following the pandemic, including uncertainty in the market, inflation, digitization acceleration, consumer behavior changes, increased operational costs, and complexity. In today’s world, the most pressing concerns are employee retention and brain drain prevention.
A weak currency, high unemployment rates, and insecurity hampered the Nigerian economy before the Ukraine crisis. As a result of the situation, employees’ finances and purchasing power have been negatively impacted.
In the face of an increased cost of living, 90% of Nigerians are cutting their spending on essentials and non-essentials. Due to these factors, financial stress has increased, purchasing power has decreased, job satisfaction has declined, and migration and job mobility has increased.
Thus, employees now focus on growing their revenue streams, improving economic stability, and increasing their standard of living. Many people are relocating abroad, finding better-paying jobs, or creating ‘side hustles’ to accomplish these goals. The attrition rate across key sectors has increased significantly as a result.
Due to labour shortages around the world, competitors are fierce for talent, especially in low- to middle-skilled occupations.
Employees are resigning or migrating for a variety of reasons, some of which are within an organization’s direct control, while others are not. Based on the findings, Nigerian professionals looking to migrate prefer Canada, the United Kingdom, and the United States.
Among the reasons respondents plan to migrate, factors include better-paying jobs, less toxic work cultures, a desire to work from home, and concerns about the country’s economy and security.
According to Phillips Consulting, 88% of millennials and Gen Z plan to quit their jobs within a year. This demographic shift may have a significant negative impact on critical industries.
Moreover, these professionals are highly sought-after in the global labor market because they possess valuable skills and extensive education.
Among those surveyed, more than 50% said they might cancel plans to migrate to Nigeria if certain conditions were met. Among these conditions are a peaceful environment, adequate economic conditions, access to good-paying jobs, and effective leadership.
To succeed in today’s constantly evolving talent management landscape, businesses should review their employee value proposition and talent management strategy, according to Phillips Consulting’s survey.
As a result, hybrid work arrangements should be considered, an employee compensation strategy should be implemented, and employees should be provided with learning and career development opportunities. Additionally, employers should reevaluate their approach to the cost-of-living crisis.
The ability to manage talent strategically can enhance employee job satisfaction and retention, which is essential to fostering a work culture that is productive, diverse, and high-performing.
