Forum highlights survival options for workers amid socioeconomic headwinds

With the nation’s economy battling a significant downturn characterised by slow growth, galloping inflation, high energy costs and a weak currency, among other challenges, which have weakened the purchasing power of an average citizen, workers have been advised on how to survive current economic woes, largely through legitimate and sustainable ways.

At a capacity building workshop organised by the Labour Writers’ Association of Nigeria (LAWAN), with the theme: ‘Challenges of Nigeria’s Economic Downturn: Survival Options for Workers’, Human Resource Director, Cadbury Nigeria Plc, Dr Wole Odubayo, who noted that the episodic downturns in the economy have always been part of reality, as seen in other climes, however, said it was the approach to addressing the challenges that determines the recovery period.

He said in the absence of an enabling environment that was required to succeed, lots of people are now devising various ways to survive.

However, by exploring how to survive legitimately and sustainably, he said workers must upskill, reskill, and adapt to changing job market demands to remain employable.

Odubayo said workers needed to explore entrepreneurship as a viable option for income generation.

According to him, Micro, Small and Medium Scale Enterprises (MSMEs) have been adjudged over the years to be a veritable tool for survival not only for the entrepreneur but also to contribute to the economic growth of the nation.

The HR expert said there was a need to build and leverage professional networks for job opportunities, mentorship, and support as well as curtail their spending habits by being financially disciplined.

According to him, “Never spend without a budget. It is a very valuable tool in navigating financial distress, as it helps remove unnecessary spending and instils the discipline of financial management.”

On how employers could contribute to employees’ survival options, the Cadbury director called for enhanced benefits and wellbeing programmes, such as the Employee Assistance Programme (EAP), equipping them with skills needed to survive in a depressed economy and ensuring that employees continue to receive essential benefits such as health insurance, pensions and allowances, offering comprehensive health and wellness programmes, as well as organising sessions to educate employees, including mental health support.

He advised employers on the need to create flexible work arrangements, inviting employees to share their concerns and suggestions that could help create a supportive and inclusive work environment and also minimise layoffs.

He said all these could help employees cope with stress and maintain their well-being.

For the government, Odubayo said the government should provide incentives such as tax waivers, reduction of import duty, and removal of bureaucratic bottlenecks to stimulate local manufacturing.

He said there is a need to diversify the economy away from oil, stating that non-oil export was key to the country’s economic survival due to the volatility of the international oil market.

He said the government needs to revive incentives such as the Export Expansion Grant (EEG) to encourage more non-oil exports and generate FX for the country.

He added that despite the tough reforms embarked on by President Bola Tinubu’s administration, such as the removal of fuel subsidies, devaluation of the naira, and tax reforms, among others, he maintained that the economic reforms should have a human face such that the pains do not outweigh the gains.

In his welcome address, Chairman, LAWAN, Toba Agboola, who noted that the last decade has proven extremely thorny for the nation’s economy, said the theme was chosen to take a cursory look into the growing impacts of the economic downturn on the Nigerian workers.

He said the economic recession was coming at a time when employers, both in the public and private sectors, were compelled to place an embargo on further employment, while others adopted either the retrenchment method or pay as a survival option.

According to him, Nigerian workers have been in a pitiable situation as a result of the economic downturn that befell the nation’s economy.