Global geopolitical and economic shifts have shaped labour market dynamics and workplace trends in Nigeria, presenting potential opportunities in the job market.
This was shared by Ugodre Obi-Chukwu, the founder of TheWitness Financial Advocates, as keynote speaker at the Workplace Outlook event, organized by Alan & Grant on the 24th of November in Lagos.
The theme of the event was: Balancing the Conversation: Aligning Employee and Employer Expectations.
Ugodre explained that balancing the conversation between employee and employer expectations in the evolving global landscape requires a nuanced understanding of geopolitical shifts, economic indicators, and proactive HR practices.
The Workplace Outlook event aimed to provide valuable insights into navigating these challenges and capitalizing on emerging opportunities in the labour market.
Here are the following highlights from the presentation and the panel discussion:
Ugodre’s presentation highlighted the events in early 2023 which were shaped by global conflicts like the Russia-Ukraine and Israel-Hamas wars, and others underscoring their repercussions on emerging markets such as Nigeria.
With China’s rise as a global superpower, Ugodre emphasized potential opportunities for job seekers and entrepreneurs to leverage China’s technological advancements.
Speaking further, he discussed the clampdown on cryptocurrency along with key economic indicators affecting Nigeria’s macro-economy.
Factors such as high inflation, driven by supply-side issues, were identified as influencing borrowing and project funding strategies.
In addition, the slow economic growth, recession in various industries since 2021, and the potential for increased taxes in Nigeria were outlined, providing a comprehensive overview of the economic landscape.
Ugodre identified diversification away from the oil and gas sector, emphasis on technology and innovation, infrastructural development, financial services expansion, tourism and entertainment, manufacturing and local production, export expansion, education and training, healthcare development, agriculture, and expansion as potential areas for job opportunities.
According to him, the trends shaping the workplace, including increased remote and hybrid work, digital transformation, a focus on employee well-being, upskilling, gig economy growth, diversity and inclusion initiatives, sustainability practices, automation, and entrepreneurial culture, were highlighted and discussed.
The event also featured a panel session with professionals who discussed challenges such as mass resignations and strategies to keep employees motivated.
The first panel comprised Jumoke Awolumate, CEO of Sceptre Advisory, Busola Ayelowo, a doctor and founder of Euracare Wellness centre, Stanley Eluwa, a Human Resources professional, Dr Deji Osasona (Dr Osas), a medical doctor & Psychologist turned Behaviour Therapist, Jacqueline Aki, Managing Partner, Wellness Designat James Cubitt Interiors, Taiwo Dayo Abatan, Regional Head HR, Sub Saharan Africa, VFS Global and Yewande Oso, an HR Business Professional.
Key points discussed include leveraging on training, creating a legal bond after training to ensure employee retention, and ensuring adherence to the employment contract.
According to Taiwo Dayo Abatan,
Others discussed are the importance of ensuring a psychologically safe work environment, aligning values with organizational goals, and understanding the impact of one’s formed attitude to work on international work prospects.
As advised by Dr. Osas,
As Yewande Oso rightly puts it,
Jacqueline spoke on employers needing to be innovative by creating a psychologically safe environment by focusing more on improving the look and feel of the work environment which affects the employee’s mental, physical and spiritual well-being. She advised that Ergonomics must be considered to fit into the workplace.
On Workplace culture, they advised that employers should set the tone of how the workplace should be which determines the culture of the workplace.
The second panel session delved on real-world issues or conflicting topics which HR managers face with their subordinates or employees.
Some of these are dealing with religion in the workplace, mental health, power dynamics. Also, the importance of training business owners on people management, balancing employer and employee expectation in pay levels, learning & development, and so forth.
The panel comprised of Busola Ayelowo, Operations Manager at Euracare, Onyinye Okonji, Co-founder & Chief Commercial Officer at Sycamore, Jimmy Mokikan, Head of Human Resources at MoneyMaster PSB, Faith Akintunde, HR Director for Nigeria & East Africa at Kimberly Clark Corporation, Misan Olukuade, Vice President at Terragon Group, Freda McCarthy, Head of People at Mono and Stanley Eluwa, Human Resources & Legal Director at Promasidor Nigeria Ltd.
