By Gom Mirian
According to a recently released report, more than half of Nigerian professionals accounting for 52 per cent are thinking of quitting their current job to relocate abroad within a year.
The report by Talent Management tagged: “The New World Order: Shifting Paradigms in Brain Drain” disclosed at the quarterly meeting of the Nigerian Human Resources Directors Network in Lagos, stated that almost 50 per cent of workers in those sectors were considering leaving the country.
It also shows that businesses in the country face many setbacks in the post-pandemic world which include markets, inflation, acceleration of digitization, changes in consumer behaviour, increased operational costs, and complexity, noting that the rising cost of living has affected workers’ finances and productivity.
“Before the Ukraine crisis, the Nigerian economy faced multiple challenges, including unemployment, a weak currency, and insecurity. The situation has exacerbated the high cost of living and affected employees’ finances and purchasing power.”
Results of the study further showed that 90 per cent of Nigerians who have experienced an increase in the cost of living are cutting back on essentials and non-essentials.
“Consequently, employees now channel their efforts toward increasing their revenue streams, improving economic stability, and enhancing their standard of living.
“To achieve these objectives, many are creating a ‘side hustle,’ finding better-paying jobs, or relocating abroad. As a result, the attrition rate across key sectors has increased significantly.
“As labour shortages continue to rise globally, there is intense competition for talent, especially in low-to-middle-skilled occupations,” it added.
The results showed that Canada, the UK, and the US are the top three destinations for Nigerian professionals to move to, reasons for planning a move varied, with respondents citing factors such as the search for better-paying work, a less toxic work culture, the desire to work from home, and concerns about the country’s economy and uncertainty.
According to Phillips Consulting, 88 per cent of people who plan to leave their jobs within a year are millennials and Gen Z. Adding that “This demographic includes young professionals with valuable skills and extensive education, making them highly sought after in the global job market.”
