The migration wave, popularly known as Japa, continues to dominate headlines after the move by the UK Government to tighten its immigration policies regarding immigrant students and their families.
Nonetheless, a new survey, carried out by Phillips Consulting, has indicated that over half (52%) of Nigerian professionals are considering leaving their current jobs and moving abroad within a year.
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The Talent Management Report, “A New World Order: Shifting Paradigms in Addressing the Brain Drain,” was presented during the quarterly meetup of the Nigerian Human Resources Directors Network in Lagos.
Regarding the Japa phenomenon, the survey indicated that Finance & Insurance, Professional Services, Education, Healthcare, and IT would be the hardest-hit professions, stated that nearly 50 per cent of employees working in these fields were considering leaving the country.
The paper claims that there are several difficulties for Nigerian businesses in the post-pandemic world, including market uncertainty, inflation, accelerated digitization, changes in customer behaviour, higher operational costs, and complexity.
The most urgent challenges now, however, are prevention of brain drain and employee retention.
The survey went on to say that increasing living expenses were having an effect on both employee finances and workplace productivity.
It noted;
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.
The research findings showed that 90 per cent of Nigerians who have faced an increased cost of living are cutting their spending on essential and non-essential items. This has resulted in financial stress, decreased purchasing power, lower job satisfaction, and higher job mobility and migration rates.
It added;
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.
The research found that the top three countries for Nigerian professionals wishing to immigrate are Canada, the UK, and the US.The reasons given by respondents for wanting to move vary, and include things like looking for higher-paying jobs, less toxic work environments, a desire to work from home, and worries about the economy and security of the current location.
Millennials and Gen Z made up 88% of those who planned to leave their jobs within a year, according to Phillips Consulting.
According to the report, this generational transition may result in a large loss of competent people, which might harm important businesses and the economy.
