Jobs/Appointments
How Businesses Can Focus on Employees to Avoid 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.
By Aduragbemi Omiyale
The former Director General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has been confirmed as a deputy governor of the Central Bank of Nigeria (CBN).
The nomination of the capital market expert was confirmed on Wednesday by the Senate after undergoing screening.
At the plenary today, presided over by the Senate President, Mr Godswill Akpabio, the chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mr Adetokunbo Abiru, submitted a report on Mr Yuguda’s screening to his colleagues, saying he is capable of occupying the position.
Also screened by the upper chamber of the National Assembly was another nominee of President Bola Tinubu, Mrs Peggy Ufanima Onwu, who is to serve as an independent director of the Nigerian Deposit Insurance Corporation (NDIC).
Mr Abiru, whose report was seconded by Mr Wasil Sani, told the parliament that during the screening exercise, the ex-SEC chief demonstrated strong knowledge of monetary policy, financial regulation, and institutional governance.
After deliberations on the matter, the Senate confirmed Mr Yuguda as a deputy governor of the central bank and Mrs Onwu as an independent director of the NDIC.
By Modupe Gbadeyanka
A Norwegian investment fund for developing countries, Norfund, has appointed Mr Erik Sandersen as its new chief executive, succeeding Mr Tellef Thorleifsson, who in January announced that he would step down after over seven years in the position.
The appointee, who assumes office on July 1, 2026, will be responsible for Norfund’s three mandates: the original development mandate from 1997, aimed at reducing poverty through job creation in developing countries; the Climate Investment Fund, which Norfund has managed since 2022; and the Ukraine Fund, established in December 2024.
A statement disclosed that Mr Sandersen is armed with 25 years of experience from the financial sector and has, for the past decade, headed Norfund’s Financial Inclusion department.
He joined Norfund in 2014 as Investment Director in the Financial Inclusion department, which invests in banks, microfinance and fintech, with a particular aim of contributing to job creation in small and medium-sized enterprises.
Since 2016, he has headed the department, and from 2024, he has also led the work on the Ukraine Fund. Over a number of years, he has represented Norfund on the boards of, among others, Arise, an investment company for banks in Africa, and Abler Nordic, which invests in microfinance in Africa and Asia.
The chairman of the Norfund board, Ms Olaug Svarva, said Mr Sandersen “has strong investment expertise, in-depth knowledge of Norfund’s work and a strong commitment to the fund’s mission.”
Reacting to his appointment, Mr Sandersen described Norfund’s profitable investments as “an effective tool for development – whether it is about creating jobs in low-income countries, avoiding emissions in emerging economies or contributing to reconstruction in Ukraine.”
“The strong results Norfund delivers are based on the efforts of a highly skilled and diverse staff of 152 employees from 33 nationalities, and I look forward to working closely with them to further develop Norfund as a leading purpose-driven investment company,” he added.
Mr Sandersen said he looks “forward to leading the organisation going forward at a time when access to the capital and expertise we can offer is becoming increasingly important.”
By Adedapo Adesanya
The Minister of Power, Mr Adebayo Adelabu, is set to resign from his position in the coming days after a high-level meeting with President Bola Tinubu at the Presidential Villa, Abuja.
The development was confirmed in a statement issued by the Minister’s Special Adviser on Strategic Communications and Media Relations, Mr Tunji Bolaji, after the closed-door meeting on Tuesday.
“President Tinubu commended the minister for his dedication and the progress recorded, particularly in laying a strong policy foundation for the transformation of the power sector,” the statement read, adding that the President granted Mr Adelabu his “consent and blessing” to pursue his governorship ambition in Oyo State for 2027.
“In view of this development, Adebayo Adelabu is expected to resign his position as Minister of Power in the coming days,” the statement added.
At the meeting on Tuesday, Mr Adelabu presented a comprehensive report on his stewardship of the power sector over the past two and a half years.
He outlined key milestones recorded during his tenure, including efforts to stabilise electricity generation, strengthen transmission infrastructure, and implement reforms aimed at improving efficiency across the power sector value chain.
A major highlight of the engagement was the presentation of the National Integrated Electricity Policy (NIEP), alongside its Strategic Implementation Plan (SIP), as well as the Medium- to Long-Term Integrated Resource Plan for the power sector.
The minister, who’s an Oyo native, explained that the NIEP provides a long-term roadmap for achieving energy security, expanding electricity access, integrating renewable energy, and building a more resilient electricity system.
The SIP, on the other hand, serves as the operational framework detailing specific actions, timelines, and institutional responsibilities required to translate policy objectives into measurable outcomes.
The minister noted that the timing of his anticipated resignation reflects his commitment to addressing critical challenges in the sector and ensuring continuity in ongoing reforms before exiting office.
These include efforts to stabilise electricity supply amid recent declines in generation caused by gas supply constraints, pipeline repairs, and outstanding obligations to gas suppliers.
Mr Adelabu also expressed appreciation to the president for his support, reaffirming his commitment to the advancement of Nigeria’s power sector and national development.
His planned exit follows weeks of speculation surrounding his political future and compliance with a presidential directive requiring cabinet members with political ambitions for the 2027 elections to resign.
Rumours of his resignation spread around late March 2026, when a purported resignation letter circulated widely on social media. However, his camp denied the rumours.
Following the March 31 deadline reportedly set for political appointees, speculation intensified that Mr Adelabu had halted his governorship ambition, but he debunked the claim.
With the latest development, Mr Adelabu is expected to join the Oyo State governorship race under the All Progressives Congress (APC), where he will face strong competition from other aspirants within the party.
He had attempted governorship bids in 2019 and 2023.
He ran in 2019 as the candidate for the APC. Despite strong backing, he lost to Seyi Makinde. In 2023, after losing the APC primary to Teslim Folarin, he defected to the Accord Party to run as their flag bearer. He finished third in the general election.
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