Institute charges companies on survival strategies
To enhance operational efficiency and deliver results in spite of recession, the Nigerian Institute of Management (Chartered), lkeja Chapter has challenged companies and individuals to adopt cost saving strategies.
They should also invest in continuous personal development and communicate effectively with members of staff to engender growth and development.
General Manager, Training and Human Resources Development, Federal Airports Authority of Nigeria (FAAN), Nath MCAbraham-Inajoh, gave the charge at a seminar to mark the 2017 the institute’s Members’ Week in Lagos with the theme: Economic Recession in Nigeria and Survival Strategies: A Management Approach.
He said in spite of reports indicating that Nigeria’s Gross Domestic Products (GDP) grew by 0.55 per cent in the second quarter, signaling the end of recession that lasted several months, smart organisations and individuals still need to prepare for a reoccurrence of economic downturn.
MCAbraham-Inajoh, a fellow of NIM lamented that the country’s economic recession impacted negatively on employment with records showing about 14.7 per cent higher unemployment rate, lower standard of living due to lack of money, increased government borrowing to finance government operations and falling asset prices.
He pointed out that the only way businesses could come out of recession was for managers to effectively utilize available resources, be defensive to retain what they have, shut down certain expenditure due to uncertainties, take risks and explore opportunities through the offensive approach.
“Survival strategies for management include operational efficiency and ability to deliver the needed result, process audit to cut down unnecessary spending and advertising to drive patronage.
“It also entails engaging in open communication with employees, as well as engaging and updating new technologies that would help organisations to do more with less human knowledge to enhance their businesses,” he added.
Speaking during training workshop sections on Ofada Soup making and Cloth Purse/ bow tie production for members and other participants, Chairperson of Ikeja Chapter of NIM, Mrs. Talabi-Akinbile said the institute sees the need to go back to the drawing board and fashioned out how to empower members and the general public.
This, she noted, would be achieved through knowledge sharing for people to be gainfully employed and be employers of labour to grow the economy and for personal development.
A facilitator at the programme, Mrs. Hannah Amao, an Ofada Soup maker, tasked the participants to be passionate and creative in their trades to compete favourably and excel as entrepreneurs.