Journal Entry – December 12, 2024: Exploring HR realities and redefining Workforce Management in Nigeria
Autors: Keran Oyoue, Investment Officer ESP in collaboration with ESP communication dept.
On December 12th, 2024, as part of the Mastercard Foundation Africa Growth Fund, we (ESP) co-organized an event in Lagos, Nigeria, in collaboration with PaidHR, one of the startups we proudly support. The WorkLife Forum 2024 aimed to address a critical subject for our portfolio companies and investment vehicles—human resource management in Nigeria.
The event brought together a diverse audience, including our portfolio companies (Lifestores, Pricepally, Regxta, and others), investment vehicles, and key ecosystem players like Oui Capital and Hervest. In total, leaders, HR professionals, and industry experts, participated in the forum.
Key Takeaways :
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| 3. Redefining Talent Locally Gbenga Totoyi from Consolidated Hallmark Insurance encouraged redefining talent through a local lens. He shared his unique perspectives on addressing Nigerian employees’ daily challenges |
4. Targeted Employee Benefits With Nigeria’s inflation at 35%, Gbenda Totoyi emphasized the importance of targeted benefits over nominal salary increases. Suggestions like mid-month benefit disbursements were shared as effective solutions for financial relief. |
| 5. Localized Benefits Tailoring employee benefits to local living conditions ensures they are meaningful and impactful, especially in a country as diverse as Nigeria. |
6. Retention Strategies The session highlighted the importance of providing growth opportunities, setting challenging goals, and addressing employees’ real-life concerns to retain top talent. |
| 7. One-on-One Engagements Direct engagement with employees was underscored as a way to uncover actionable insights and prioritize impactful changes. |
8. Workforce Contextualization The evolving dynamics of working hours, especially with remote work, were explored. Empathy and clear expectations were identified as essential to maintaining productivity without burnout. |
The event was a resounding success. PaidHR’s team organized a well-structured and engaging forum, and the insights shared could serve as best practices for businesses even beyond Nigeria. The WorkLife Forum truly embodied our mission at ESP: empowering businesses to thrive in a rapidly evolving work landscape.
Check out the pictures : https://flic.kr/s/aHBqjBXxrx
