Talent Management Report
The global cost of living is rising due to the ongoing war in Ukraine, putting a strain on household incomes and forcing individuals to be more conscious of their spending habits. Prices are increasing at an unprecedented rate, affecting various sectors of the economy in different ways. As a result, businesses are adjusting their prices to accommodate the rising living costs. The conflict between Russia and Ukraine has significantly impacted the worldwide economy, particularly in energy prices and trade. The duration and severity of the conflict will determine the extent of this impact.
Nigeria has been grappling with various challenges, such as unemployment, weak currency, and insecurity, even before the Ukraine crisis. Sadly, the situation has only worsened due to the skyrocketing cost of living. This has impacted employees’ finances and workplace productivity significantly. The resultant socioeconomic issues and the unprecedented rise in living costs have left an indelible mark on Nigerian industries and the job market. Financial stress, reduced purchasing power, reduced job satisfaction, and increased job mobility/migration are some of the effects that have been observed.
As labour shortages continue to rise globally, there is intense competition for talent, especially in low-to-middle-skilled occupations. To address this, countries are expanding temporary labour mobility schemes to attract highly educated migrants worldwide.
The impact of skilled labour mobility on Nigeria’s economy can be beneficial and detrimental. While remittances and knowledge transfer can foster economic expansion, the damaging consequences of brain drain in Nigeria must be addressed. The loss of valuable human capital will undoubtedly hinder the country’s economic growth and development, particularly in crucial areas such as Banking, ICT, and Manufacturing. A shortage of expertise will pose significant challenges in addressing pressing social and economic issues.
This report provides in-depth insights into Nigeria’s business environment, examining the impact of brain drain on the nation’s economy and the effects of rising living costs on different industries and employees.