As global supply chains are disrupted, the International Monetary Fund (IMF) has predicted the worst Nigerian recession in 30 years. Studies suggest that areas most topical for Nigerian businesses are liquidity and layoffs. Board rooms up and down the country are desperately trying to figure out how long the recovery will take and the impact on their cash flow. However, a recent pcl. study indicates that the well-being of employees must also feature highly on the executive agenda.
From our experience, negative impacts on employee well-being can be protracted and longlasting, often leading to a psychological disconnection between the employee and the organisation. With a recession looming, if this disconnection is not tackled head-on, organisations will witness low employee productivity, resulting in a slower-than-expected business recovery in a COVID-19 new normal.
This report summary highlights the experiences of both businesses and employees during this time, and how they are responding to the situation. It provides insights into the challenges both parties are facing and recommends solutions for managing employee wellbeing and performance, while simultaneously focusing on strategic and financial goals.