Economy
Ways Firms Can Optimise Human Capital—PwC Nigeria
By Modupe Gbadeyanka
Organisations that will thrive in a constantly disrupted and divergent world will require adaptability, rethinking their employer value proposition and leveraging organisational data more effectively.
Human Resources department needs to take a more prominent role in enabling their organisations build these capabilities.
This was the overriding consensus that emerged at a breakfast meeting hosted by PwC’s People & Organisation (P& O) team on the theme Disruption in HR: Revving your game with strategic reward which recently held in Lagos.
The firm says that the current environmental realities present an opportunity for discerning HR leaders to deliver greater value.
The options open to HR leaders looking to achieve better results from their workforce and sustain employee engagement formed the crux of discussions at the breakfast meeting, which was well attended by HR leaders across industries.
Dr Bert Odiaka, PwC Nigeria Partner and Advisory leader, in his opening remarks at the event clearly illustrated the changing landscape when he noted: “The average tenure on a job for Millennials who will constitute 75% of the workforce in 2025 is now about five years. This is a major departure from the employment for life philosophy of older generations.”
The breakfast meeting featured presentations from various subject matter specialists drawn from across the firm. The discussions also addressed questions around how HR can be more innovative and flexible with rewarding and engaging employees in the face of shrinking budgets while also helping them increase their pay-outs through tax efficient reward.
Esiri Agbeyi, PwC Nigeria Partner and P & O Tax unit leader, commenting on the tax presentation made during the event highlighted that:
“HR leaders must help their organisations achieve a strategic balance between rewarding employees and costs to other relevant stakeholders. They can achieve this by adopting a multi-competency approach that considers the entire business and core strategic values.
“As an example, paying attention to tax advantages or leakages in determining a reward policy is critical to mitigating extra costs to both employees and employer, more so when such employees are internationally mobile and can pick up more costs in the host countries due to difference in tax treatments or the absence of a double tax treaty.
“We typically find this with long term incentive schemes such as share schemes where the cost consequences of accounting, tax and even foreign exchange implications should not be overlooked.”
Ibironke Tolu-Ogunpolu, PwC Nigeria P& O Advisory Competency Leader comments: “Drawing on our research on disruptive developments across various sectors and the future of work, we’ve identified key priorities for optimising talent – or human capital – today, while building for the future. Some of these include developing dynamic models for the workforce of the future, maximising the potential of digital talent exchange, digitising the work place to fuel productivity and integrating data analytics for decision making support. It is also important to redesign jobs and compensation models to reward contribution to business value.”
During the session, other presenters, Seyi Onasanya and Ade Ogunsanya, Senior Manager and Manager respectively of the P & O team also announced PwC’s upcoming 2016 REMbenefit and REMChannel Policies Survey. The survey which seeks to explore how benefit policies and practices compare between employers in Nigeria, will be published early 2017 and is now open for participation.
Speaking on the reward survey, Seyi explained that one way organisations around the globe retain talent is through robust and value adding benefit structures. Benefits form one of the key elements of any value proposition and it is essential for organisations to understand the landscape of current and future benefit trends in Nigeria and globally. PwC aims to achieve this through the survey findings, which will be published as a report and serve as a guide for Nigerian employers in decision making.
The breakfast meeting ended on a positive high with many participants welcoming the opportunity to share experiences, and discuss various trends that impact their contributions as HR professionals with subject matter specialists from PwC. They also welcomed the insights shared on best practice and ways they can better align their people strategy to help their organisations remain competitive today and in the future.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further dropped 0.35 per cent on Tuesday, March 17, with the market capitalisation down by N8.80 billion to N2.471 trillion from the preceding day’s N2.480 trillion, and the NASD Unlisted Security Index (NSI) dipping by 14.71 points to 4,130.89 points from 4,145.60 points.
The loss recorded during the session was influenced by three securities, which overpowered the gains recorded by four stocks.
Okitipupa Plc lost N15.00 to sell at N215.00 per unit compared with the previous day’s N230.00 per unit, FrieslandCampina Wamco Nigeria Plc depreciated by N1.23 to trade at N122.32 per share versus Monday’s closing price of N123.55 per share, and Afriland Plc declined by 90 Kobo to quote at N17.05 per unit versus N17.95 per unit.
On the flip side, Central Securities Clearing System (CSCS) gained 36 Kobo to close at N75.43 per share versus the preceding session’s N75.07 per share, Geo-Fluids Plc added 6 Kobo to trade at N3.11 per unit compared with the previous day’s N3.05 per unit, Lighthouse Financial Service Plc improved by 5 Kobo to 60 Kobo per share from 55 Kobo per share, and Industrial and General Insurance (IGI) Plc rose by 1 Kobo to 55 Kobo per unit from 54 Kobo per unit.
Yesterday, the volume of securities surged by 97.5 per cent to 921,265 units from 265,610 units, the value of securities advanced by 64.6 per cent to N54.7 million from N33.2 million, and the number of deals went up by 46.2 per cent to 38 deals from 26 deals.
The most active stock by value (year-to-date) was CSCS Plc with 38.7 million units worth N2.4 billion, trailed by Okitipupa Plc with 6.4 million units valued at N1.2 billion, and FrieslandCampina Wamco Nigeria Plc traded 6.8 million units for N649.1 million.
The most traded stock by volume (year-to-date) was Resourcery Plc with 1.1 billion units sold for N415.6 million, followed by Geo-Fluids Plc with 130.9 million units exchanged for N505.1 million, and CSCS Plc with 38.6 million units worth N2.4 billion.
By Dipo Olowookere
A 0.54 per cent surge was witnessed by the Nigerian Exchange (NGX) Limited on Tuesday as a result of strong investor demand and broad-based gains in the banking and industrial goods sectors.
According to data from the bourse, the industrial goods space expanded by 4.44 per cent, and the banking index chalked up 4.30 per cent, offsetting the losses recorded by the three other indices due to profit-taking.
Business Post reports that the consumer goods sector depreciated by 1.30 per cent, the insurance counter shrank by 0.41 per cent, and the energy landscape lost 0.13 per cent.
At the close of business, the market capitalisation soared by N696 billion to N130.026 trillion from N129.330 trillion, and the All-Share Index (ASI) surged by 1,084.52 points to 202,559.41 points from 201,474.89 points.
BUA Cement ended the day as the best-performing equity after it jumped 10.00 per cent to N326.70, Premier Paints appreciated by 9.86 per cent to N23.40, Zenith Bank expanded by 7.91 per cent to N111.15, NAHCO moved up by 7.14 per cent to N175.60, and RT Briscoe grew by 6.67 per cent to N11.20.
Conversely, Presco was the worst-performing equity, with a decline of 10.00 per cent to quote at N1,875.60. Caverton dropped 8.70 per cent to N6.30, Secure Electronic Technology lost 7.69 per cent to trade at N1.20, Guinea Insurance shed 6.43 per cent to quote at N1.31, and International Breweries crashed by 6.35 per cent to N14.00.
During the session, 1.8 billion shares worth N88.1 billion exchanged hands in 62,654 deals compared with the 948.2 million shares valued at N49.2 billion traded in 72,735 deals a day earlier, implying a contraction in the number of deals by 13.72 per cent, and an expansion in the trading volume and value by 89.83 per cent and 79.07 per cent, respectively.
Dominating the activity chart was FCMB with a turnover of 516.2 million equities valued at N6.6 billion, Wema Bank transacted 213.4 million shares for N5.6 billion, Zenith Bank traded 163.1 million stocks worth N18.1 billion, Access Holdings sold 123.9 million equities valued at N3.2 billion, and GTCO exchanged 100.0 million shares worth N12.4 billion.
By Adedapo Adesanya
It was another outstanding performance for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, March 17, as it further appreciated against the US Dollar by N8.46 or 0.62 per cent to trade at N1,344.04/$1, in contrast to Monday’s closing rate of N1,357.77/$1.
It also gained N6.85 against the Euro in the official FX market during the session to sell at N1,551.46/€1 compared with the previous day’s N1,558.31/€1, but weakened against the Pound Sterling by N6.33 to close at N1,795.87/£1 versus Monday’s value of N1,789.54/£1.
At the GTBank forex counter, the Naira improved its value against the Dollar yesterday by N20 to settle at N1,365/$1 compared with the preceding session’s N1,385/$1, and in the black market, it remained unchanged at N1,395/$1.
With over $50 billion in foreign reserves, analysts assert that the outlook for the Naira is positive, powered by expectations of increased forex receipts from Nigeria’s hydrocarbon sales, as potential disruptions to global oil supply have increased volatility in energy markets.
The pressure that has piled on the local currency appeared to ease, buoyed by higher oil prices that have continued to bolster market sentiment.
Call for allies to help reopen the Strait of Hormuz was ignored, prompting traders to speculate that a continued closure is likely, which means oil prices will remain higher.
Meanwhile, the cryptocurrency market was in green ahead of a Federal Reserve meeting. There are no expectations that the US central bank will move rates at its Wednesday meeting, but Chairman Jerome Powell’s tone regarding the inflation outlook could prove a catalyst.
Analysts noted that a hawkish tone alongside hot February Producer Price Index (PPI) inflation data could weigh on equities and crypto, but Mr Powell’s signal that the Federal Reserve is treating rising oil prices as a temporary shock could extend the crypto rally.
Cardano (ADA) appreciated by 2.6 per cent to $0.2905, TRON (TRX) grew by 2.3 per cent to $0.3033, Ripple (XRP) jumped 1.2 per cent to $1.52, Ethereum (ETH) rose 0.9 per cent to $2,320.83, Dogecoin (DOGE) increased by 0.8 per cent to $0.1005, Solana (SOL) gained 0.6 per cent to sell at $94.11, and Bitcoin (BTC) went up by 0.3 per cent to $74,073.07.
However, Binance Coin (BNB) lost 0.3 per cent to close at $672.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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