FIRMS URGED TO RETHINK HR AMID ECONOMIC PRESSURES

Human resource professionals and business leaders have been urged to rethink their human resource strategies to navigate the current economic challenges facing Nigerian businesses.

At a recent HR summit in Lagos, experts emphasised the need for more flexible work arrangements, talent retention programmes, and investment in employee upskilling to maintain productivity amid rising costs and inflationary pressures. “Traditional HR models may no longer suffice. Companies must adapt to retain talent and sustain operations,” one speaker noted.

Participants discussed the importance of mental health support, performance-based incentives, and digital HR tools to enhance efficiency. The event also highlighted successful case studies of organisations that have restructured their workforce strategies to remain competitive.

Stakeholders called on the government to create a more enabling environment for businesses, including policies that support workforce development and reduce operational costs.

The summit concluded with a call for continuous dialogue between employers, employees, and regulators to foster resilience in the face of economic headwinds.