AFRICA ( Commonwealth Union) _ According to a report by Phillips Consulting Limited (pcl), more than half of highly skilled employees in Nigeria are planning to quit their jobs and relocate abroad within the next year. The report, titled “Talent Management, A New World Order: Shifting Paradigms,” surveyed over 1,000 Nigerian adults and found that 22% plan to migrate abroad within the next two to three years, while 26% are still considering their plans or have no intention of relocating.
The finance and insurance, professional services, and IT sectors are expected to be the hardest hit by this trend. The report indicates that 26.1% of respondents who plan to move abroad and leave their jobs belong to the finance and insurance sectors, followed by professional services (20.8%), IT/telecom (13.9%), and education (9.3%).
The migration of skilled workers could have a significant impact on the performance of these sectors and the overall economy, as the ICT and financial services sectors were experiencing rapid growth in Nigeria. The report highlights that the reduced skilled workforce, decreased tax revenue, loss of talented personnel, increased pressure on foreign exchange demand, and loss of trade and tourism are potential consequences of this migration trend.
The reasons behind Nigerians’ desire to immigrate include high poverty, unemployment, poor human capital development, insecurity, and a lack of quality education. Seeking better job opportunities, addressing security challenges, and pursuing higher education are the top three motivations for people planning to move to another country, according to the report.
Canada, the United Kingdom, and the United States are the most popular destinations for Nigerian professionals looking to relocate. These countries are relying on immigration to offset the effects of an ageing workforce due to the retirement of the Baby Boomer generation.
The report suggests that organisations should review their talent management strategies, align their work arrangements, rework their compensation strategies, and address the cost-of-living crisis to retain talent.
Millennials make up the largest portion of the workforce and their departure from the country could significantly impact various industries. Talent leaders play a crucial role in recruitment, succession planning, leadership development, and performance management, and they are urged to develop tailored strategies to adapt to the changing workplace.
Overall, the report highlights the challenges faced by Nigeria in retaining its highly skilled workforce and the potential consequences for the country’s economy and various sectors.
