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
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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