Human Resources (HR) leaders trying to navigate a rapidly changing workplace environment now have a clear set of objectives to focus on: digitization, talent, and the future of work.
That is the central finding of a new report by Boston Consulting Group (BCG) and the World Federation of People Management Associations (WFPMA). The report, titled Creating People Advantage 2021: The Future of People Management Priorities, was on Wednesday, June 30, 2021.
BCG and WFPMA have collaborated on similar studies dating back to 2008, and this year’s analysis is the most comprehensive one yet. The authors surveyed more than 6,600 respondents in 113 countries and interviewed more than 30 executives at leading companies and startups worldwide, resulting in highly detailed quantitative and qualitative findings.
“Our results offer critical guidance for CHROs, senior people management executives, and all other leaders—including CEOs—aiming to build a future-proof workforce and workplace to support execution of their company strategy,” said Jens Baier, a senior partner at BCG and co-author of the report.
The report ranks 32 people management topics on two dimensions: the future importance of each topic, and companies’ current capabilities for addressing each one.
Assessing these dimensions in tandem enables the authors to highlight three areas where the need for innovative action is most urgent.
These are Digitization, including the use of new technologies such as people analytics, cloud-based applications, AI, and robotics; Talent, comprising strategic workforce planning, leadership development, upskilling and reskilling, and working with an ecosystem of employees, contractors, and other types of labour and the future of work, including more agile HR, the incorporation of “smart” work, and change management.
Another key finding in the report is the need to create personalized experiences for employees. Among survey respondents, 85% say that focusing on employee needs and expectations is a key success factor in the intensifying competition for talent. That figure represents the highest level of agreement in the entire study, underscoring the importance of an employee-centric approach.
“Companies today must navigate an exceedingly challenging business environment—and strong, proactive people management is the only way to ensure that companies have the right talent in place to succeed,” said Bob Morton, president of the WFPMA and a co-author of the report. “A data-driven, objective approach that places people at the front and centre of work can help HR leaders allocate scarce resources to the most urgent priorities.”
FG Tasks New NEITI Board on Achieving Buhari’s Agenda
By Adedapo Adesanya
The newly inaugurated governing board of the Nigeria Extractive Industries Transparency Initiative (NEITI) has been charged by the federal government to enhance the smooth running of its administration in the area of transparency and accountability.
Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), who performed the inauguration of the new NEITI board on Thursday in Abuja, congratulated the members, saying their appointment as NEITI board members were based on individual merits and track records.
“Your appointment and inauguration, which is taking place here today, is another practical demonstration of President Muhammadu Buhari’s commitment to transparency and accountability in the management of our economic resources.
“And especially, given the mandate and objectives of NEITI,” Mr Mustapha said.
The nation’s scribe said that the present administration was passionate about the NEITI process because it served two key agendas of the administration.
He said that the extractive industry was very strategic to Nigeria’s economy, hence central to the administration’s economic agenda.
According to Mr Mustapha, transparency and accountability in the management of the nation’s resources are equally central to the anti-corruption agenda of Nigeria.
He said it was, therefore, irrevocably committed to the implementation of NEITI in the oil, gas, and mining industries.
The SGF, therefore, tasked NEITI board members to ensure that the agency continued to preserve the virtues for the benefit of the present and for future generations of Nigeria.
“In order to achieve this, I must remind you that your assignment is non-partisan because NEITI itself is non-political and has maintained dignified neutrality all through almost two decades of existence.
“It is also necessary for me to stress that your appointment is a part-time one. You are therefore advised to conduct yourselves in accordance with this requirement,” he said.
According to Mr Olusegun Adekunle, serving on the board, he assured that the board would not disappoint the president in the course of carrying out its assigned duties.
The retired permanent secretary said his appointment alongside other board members was another opportunity to serve Nigeria in another capacity.
“Let me also congratulate my colleagues on the board for this wonderful opportunity to serve our nation in a different capacity.
“I must say that the confidence reposed in us is huge but our commitment to this assignment is also strong; we shall, therefore, work as a team with focus and with integrity,” Mr Adekunle said.
The board comprises:
Olusegun Adeyemi Adekunle, Esq. – Chairman (Public Administrator/Retired Federal Permanent Secretary)
Group Managing Director, (NNPC) Mele Kyari – Member (Representing National Oil Gas Company Industry)
Executive Chairman, FIRS, Muhammad Mamman Nami – Member (Extractive Industry Revenue accountability)
President, Nigeria Mining & Geosciences Society Alabo Charles – Member (Extractive Industry Professional Union)
President, PENGASSAN Comrade Festus Osifo – Member (Extractive Industries Professional Union Industries)
Mr Lorenzo Fiorillo – Member (Chairman OPTS Representative- IOCs, Oil, Gas Industry Companies)
Permanent Secretary, Ministry of Mines and Steel Development, Dr Oluwatoyin Akinlade – Member (Representative, Government Extractive Industries- Mining)
Peter Egbule – Member (National Coordinator, Publish What You Pay representative, Civil Society)
Dr Bashir Bature Gafai – Member (Geo-Political Rep: North-West Zone)
Dr Iliya Gashinbaki – Member (Geo-Political Rep: North-East Zone)
Godwin Akor Ogwuche – Member (Geo-Political Rep: North-Central Zone)
Professor Damilola Olawuyi – Member (Geo-Political Rep: South-West Zone)
Dr Nze Joe Ibeh – Member (Geo-Political Rep: South-East Zone)
Awowoh Christian – Member (Geo-Political Rep: South-South Zone)
Dr Orji Ogbonnaya Orji – Member (Executive Secretary, NEITI by virtue of Office)
CBN Approves Miriam Olusanya as First Female MD of GTBank
By Dipo Olowookere
Leading financial institution, Guaranty Trust Bank (GTBank) Limited, a subsidiary of the newly established Guaranty Trust Holding Company (GTCO) Plc, now has its first female Managing Director and she is Mrs Miriam Olusanya.
A statement from the lender on Wednesday disclosed that her appointment has been approved by the Central Bank of Nigeria (CBN) as well as others.
GTBank Limited will be governed by a board of directors comprising Mr Ibrahim Hassan as Chairman, Mr Jide Okuntola as Deputy Managing Director, Mr Haruna Musa as Executive Director, Mr Olabode Agusto as Independent Non-Executive Director, Ms Imoni Akpofure and Mrs Victoria Adefala as Independent Non-Executive Directors.
As for the parent company, GTCO, it would be led by a board comprising Mr Sola Oyinlola as Chairman, Mr Segun Agbaje as the Group Chief Executive Officer, Mr Adebanji Adeniyi as Executive Director, Mrs Cathy Echeozo as Non-Executive Director, Mr Suleiman Barau and Mrs Helen Bouygues as Independent Non-Executive Directors.
GTCO, which was formerly GTBank Plc, re-organised its structure as part of its efforts to strengthen its long-term competitiveness and growth prospects.
Under the terms of the re-organisation, a new operating company has been established and amendments made to the articles of incorporation for a corporate name change. The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc will be used by the newly established operating company.
Commenting on the completion of the corporate reorganization, Mr Segun Agbaje said, “We believe that a holding company structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base.
“We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships.
“As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities.”
He further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success.
“As a Proudly African and Truly International band, we will continue to live by these values—of excellence, hard work and integrity, even as we create faster, cheaper, safer and more diverse products for people and businesses of varied types and sizes.”
Prior to its corporate reorganization to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders.
It is widely regarded as the best managed financial institution in Nigeria and has, over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than 3 million customers in 2011 to over 24 million customers in 2020, and profit before tax from N45.5 billion at the end of the 2010 financial year to N238.1 billion at the end of the 2020 financial year.
FCMB Confirms Yemisi Edun as CEO, Absolves Nuru of Wrongdoing
By Dipo Olowookere
Mrs Yemisi Edun has been confirmed as the substantive Chief Executive Officer (CEO) of First City Monument Bank (FCMB) Limited.
Recall that early this year, Mrs Edun was announced as the acting CEO of the financial institution after media reports that the former occupier of the position, Mr Adam Nuru, allegedly violated one of the banking rules.
He was accused of having a romantic affair with a female staff of the company, Mrs Moyo Thomas, who was married to another man, Mr Tunde Thomas.
In the media reports, it was alleged that the women had children for the bank chief, which the husband of the woman thought were his.
Upon discovery, according to the media reports, Mr Thomas went into depression and subsequently died in December 2020.
In order to protect the image of the bank, the board asked Mr Nuru to step aside to give room for an independent investigation into the matter.
On Tuesday, FCMB issued a statement confirming that Mr Nuru will not be returning to his position as Mrs Edun has been favoured by the board of directors to lead the lender.
In the statement, it was disclosed that after reviewing the “media allegations made in late 2020 against the former MD, [it] did not establish any contravention of its policies” by Mr Nuru.
“Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours,” a part of the statement read.
The new occupier of the exalted seat, Mrs Edun, is said to have work experience spanning nearly 35 years. Prior to her appointment, she was the Executive Director/Chief Financial Officer of FCMB.
She graduated from the prestigious University of Ife with a Bachelor’s degree in Chemistry and holds a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.
Mrs Edun is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Certified Financial Analyst (CFA) Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.
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