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How Businesses Can Focus on Employees to Avoid The Great Resignation

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The Great Resignation

By Hyther Nizam

Across the globe, The Great Resignation has become a source of concern among businesses. It refers to the unprecedented number of workers quitting their jobs in the Covid-19 and post-pandemic eras.

In Nigeria, businesses have recently seen their fair share of voluntary employee resignations. Most notable was the “big quit,” an exodus of top tech talents from Nigerian Banks. Nigerian millennials and Gen Zers, who comprise a large percentage of job-hoppers, also account for the majority of the young workforce population in the country. Now, they are re-evaluating their working experiences after the hard hit of the pandemic. The Deloitte Global 2022 Gen Z and Millennial Survey reveals that the youngest generations in the workplace are now seeking balance, prioritising happiness, and expressing higher expectations for compensation.

With an unemployment rate of just over 33%, you may think few employed Nigerians can really afford to leave their jobs. But the truth is, even here, employers aren’t immune to The Great Resignation. Thanks to the rise of remote work, Nigerian workers (especially those with in-demand skills) can truly compete in the global job market, and not limit themselves to regional roles. They have faced many of the same pressures as other workers around the world as a result of the pandemic, meaning they have the same temptations to start their own businesses or enter the freelance market.

What can businesses do to avoid losing employees to the Great Resignation? While the answer may vary depending on industry and market, the one universally key solution is to earn employee support.

The importance of employee loyalty

Before digging into how organisations can earn employee support, it’s important to remember why it matters. Losing an employee can take a big toll on your company (with the effect magnified for smaller organisations). On average, it takes 41 days to fill a position. That’s 41 days other people in the business have to do all of a former employee’s duties in addition to their own.

Further, replacing an employee can be incredibly expensive. According to the analytics and advisory company, Gallup, it can cost one-half to two times the employee’s annual salary to replace them. Whichever way you cut it, you could give that employee a substantial salary increase and it would still be more financially viable than replacing them.

It’s also worth pointing out that there’s a positive correlation between good employee experiences and good customer experiences. That makes sense—a single positive interaction with an employee can dramatically alter how a customer perceives and experiences the company. The chances of a positive interaction taking place are much slimmer in companies that have high levels of employee turnover and a lack of institutional experience.

Building employee support

With that in mind, how should companies go about building the employee experiences they need to ensure they have the full support of their workers?

The HR team can leverage cloud technology and implement a comprehensive human resource management system (HRMS) in order to automate most of their mundane manual tasks. Through HRMS, an organisation can also create a self-service model so employees have a single portal for various activities, such as applying for leave and adding medical claims. By creating workflows, the company can ensure that when a request is raised, the appropriate approver is automatically notified. Automating processes will free up the HR team to focus on employee engagement activities.

Rethinking talent acquisition

The rise of remote work as a result of the pandemic saw many people leave big cities for smaller towns and villages. For some, the move was inspired by the prospect of a better quality of life; for others, it was about being closer to family.

Rather than lament the loss of centralised offices in big cities, smart organisations should see this as an opportunity. Instead of fighting over the same pool of talent available in metro cities, they can create opportunities for those living in non-urban centres or rural areas, and invest in skill development.

At Zoho, for instance, we have always believed that talent is everywhere, though opportunities are not. We have traditionally hired people from all backgrounds and opened offices away from city centres in order to tap under-utilised talent in smaller towns and rural areas. We expanded this approach during the pandemic by opening smaller, satellite offices wherever we had enough employees residing, instead of prompting them to come back to the office. We have been hiring locally in these satellite offices. By creating opportunities in the sought-after tech sector in non-urban and rural areas, we help communities retain talent and flourish. This adds a sense of purpose to the job, which also helps in retaining talent.

The right (virtual) environment

Even if an organisation meets its employees’ needs when it comes to working location, it’s still important for it to provide the best possible working environment (even if it’s a virtual one).

One of the most effective ways of doing this is to take a considered approach to the software solutions your employees work with on a daily basis. Rather than a patchwork of software solutions, for example, organisations can benefit from a unified enterprise software suite that meets all their needs—from documentation to meetings, to CRM. In an increasingly hybrid work environment, keeping data and processes on a unified system leads to better visibility and fosters cross-functional collaboration.

A holistic approach

Employers looking to ensure that their businesses do not fall prey to The Great Resignation need to have an understanding of the concerns Gen Z and millennial employees have with respect to the workplace and their career paths. They should be deliberate in creating a flexible working experience where the employee can thrive in a globally competitive environment.

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Tinubu Appoints Ogunjumi Acting Accountant General as Madein Retires

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Shamseldeen Babatunde Ogunjimi

By Adedapo Adesanya

President Bola Tinubu has appointed Mr Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF).

This was contained in a statement on Tuesday by presidential spokesman, Mr Bayo Onanuga.

“His appointment is effective immediately following the pre-retirement leave of the incumbent AGF, Mrs Oluwatoyin Sakirat Madein,” a part of the statement read.

“In announcing Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of the present administration’s treasury policy reforms,” the statement added.

Mr Onanuga said Mr Ogunjimi brings over 30 years of extensive experience in financial management across the public and private sectors.

He described the appointee as a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF),

“He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs.

“A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” the statement added.

According to Mr Onanuga, President Tinubu expressed his confidence in his appointment, saying, “The Office of the Accountant General of the Federation is pivotal to our nation’s treasury management operations. Mr Ogunjimi’s wealth of experience and notable competence will ensure the continued effectiveness of this vital institution as we advance our economic reform agenda.”

President Tinubu also commended the outgoing Accountant General of the Federation, Mrs Madein, for her dedication and selfless service to the nation.

After reaching the civil service’s statutory retirement age, Mrs Madein is retiring effective March 7, 2025.

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CBN Denies Forceful Mass Retirement Amid Restructuring

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CBN IMTOs

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirement as part of efforts by Governor Yemi Cardoso to restructure the workforce of the organisation.

In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, clarified that its Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.

According to the statement, the decision to implement the exercise was the outcome of extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.

Mrs Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.

“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said in the statement.

Addressing concerns about potential repercussions for staff who decline the package, Mrs Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.

She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.

According to wide spread reports, there have been plans to retire approximately 1,000 employees by the end of the year with a payoff estimated to cost over N50 billion.

The mass retirement, which was announced in a circular issued three weeks ago, mandates affected employees to apply for the Early Exit Package (EEP).

The statement allegedly warned employees with less than one year of service or unconfirmed appointments to refrain from applying for the program, noting that the application would remain open until December 7, with an effective exit date of December 31, 2024.

It was reported that the entire EEP was valued at N50 billion.

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CBN Okays Appointment of Benson Ogundeji as Greenwich Merchant Bank CEO

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Benson Ogundeji Greenwich Merchant Bank CEO

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has approved the appointment of Mr Benson Ogundeji as the chief executive of Greenwich Merchant Bank Limited.

The board of the financial institution for businesses had picked Mr Ogundeji as its substantive CEO but awaited the authorisation of the banking sector regulator.

He brings over three decades of extensive banking experience to this role as a seasoned financial services professional, who previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank.

In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.

Throughout his career, Mr Ogundeji has demonstrated exceptional expertise in business development and operational excellence.

Before joining the firm, he held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria, GTBank, and other notable banks, where he consistently displayed exceptional leadership skills.

His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans. Having related closely with the new CEO, as an Executive Director and acting CEO in the last four years, the board has expressed confidence about his ability to lead the bank in delivering our strategic goals.

“The board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer,” the chairman of Greenwich Merchant Bank, Mr Kayode Falowo, stated.

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