Nigerian Professionals Consider Job in recent survey conducted by Phillips Consulting reveals that approximately 52% of Nigerian professionals are seriously considering leaving their current jobs and relocating abroad within the next year. The survey, titled ‘The Talent Management Report,’ was presented during the quarterly meet-up of the Nigerian Human Resources Directors Network in Lagos, with the theme “A New World Order: Shifting Paradigms in Addressing the Brain Drain.”
The report highlights the challenges faced by Nigerian businesses in the post-pandemic era, including market uncertainty, inflation, accelerated digitization, changes in consumer behavior, increased operational expenses, and heightened complexity. However, it identifies employee retention and brain drain prevention as the most pressing concerns of today.
According to the findings, Nigerian Professionals Consider Job working in sectors such as finance & insurance, professional services, education, healthcare, and IT are likely to be the hardest hit. Nearly 50% of employees in these fields are contemplating leaving their jobs, exacerbating the already alarming brain drain situation.
One of the main factors contributing to this trend is the rising cost of living in Nigeria. The report notes that the Nigerian economy has faced numerous challenges, including unemployment, a weak currency, and insecurity even before the Ukraine crisis. This situation has further escalated the cost of living, significantly impacting employees’ finances and purchasing power.
The research reveals that 90% of Nigerians experiencing an increased cost of living are cutting back on both essential and non-essential expenses. Consequently, financial stress, decreased purchasing power, lower job satisfaction, and higher rates of job mobility and migration have become prevalent.
To address these challenges, employees are focusing their efforts on increasing their revenue streams, achieving economic stability, and improving their standard of living. This has led many individuals to pursue side hustles, search for better-paying jobs, or consider relocating abroad. As a result, attrition rates across key sectors have skyrocketed.
The report also highlights the global rise in labor shortages and the intense competition for talent, particularly in low-to-middle-skilled occupations. It emphasizes that the demographic planning to leave their jobs within a year consists of millennials and Gen Z, comprising 88% of those intending to quit. This demographic shift could result in a significant loss of skilled workers, posing a detrimental impact on critical industries and the overall economy. Additionally, these young professionals possess valuable skills and extensive education, making them highly sought-after in the global job market.
Interestingly, over 50% of respondents expressed willingness to reconsider their migration plans if specific conditions were met within Nigeria. These conditions include a peaceful environment, improved economic conditions, access to competitive and fairly paid job opportunities, and effective leadership.
In light of these findings, the Phillips Consulting survey report suggests that businesses must review their employee value proposition and talent management strategies to thrive in the constantly evolving talent management landscape.
This entails considering hybrid work arrangements, implementing fair employee compensation strategies, and providing ample learning and career development opportunities. Moreover, employers should reassess their approach to address the ongoing cost-of-living crisis. By adopting strategic talent management practices, companies can enhance employee job satisfaction and retention, thereby fostering productive and diverse high-performance cultures
for more news visit https://arritoneconsult.com.ng/blog/wp-admin
for more educational post visit examhood.com.ng