A human resources expert, Dr Wole Adebayo has expressed his disappointment with the Federal government’s failed efforts to ameliorating the ongoing economic challenges faced by the employers of labour and workers in the country.
Dr Odubayo ,Human Resources Director of Cadbury Nigeria during a workshop organised by the Labour Writers Association of Nigeria (LAWAN) , provided suggestions on how both workers and employers can mitigate these challenges.
The human resource expert used the event, titled: “Challenges of the Nation’s Economic Downturn: Survival Options for Workers,” to address the effects of the economic downturn on the workforce.
He classified the challenges faced as both domestic and global factors as lingering impact of COVID-19, insecurity issues, over-reliance on oil exports, economic instability, inconsistent policies, inefficient ports, and erratic power supply, among others.
Dr. Odubayo criticised the lack of a clear approach by the Federal Government to addressing the economic downturn, highlighting the reduction in manufacturing capacity due to the weak economy in Nigeria.
In order to combat the economic challenges, Dr. Odubayo, advised Nigerian workers to acquire new skills and further their education.
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He emphasised the importance of workers transitioning from being consumers to becoming producers and urged them to prioritize budgeting and saving.
For employers, Dr. Odubayo recommended offering enhanced benefits and prioritising employee well-being.
He suggested engaging financial experts to assist employees and implementing flexible work arrangements in light of the current hybrid work model.
He also stressed the importance of job security, retention strategies, investment in employee training, and open communication within organizations.
Dr. Odubayo also called on the government to provide incentives for workers, such as tax waivers, and to diversify the economy to ensure future stability.
He, however, acknowledged that economic reforms are necessary, but emphasised the importance of considering the human impact to prevent the hardships outweighing the benefits
