Phillips Consulting Provides Insights on Employee Retention Rates

Emma Okonji

Phillips Consulting, in its new report titled ‘Talent Management, A New World Order: Shifting Paradigms’, has charged organisations on reimagining talent experience and retention to reconsider employee engagement at the HR Directors Network (HRDN) quarterly meeting.

 The consulting firm made the disclosure at the  2023 edition of the HRDN Quarterly meeting. The event centered on the critical theme of Reimagining Talent Experience and Retention and it featured top executives engaging in insightful discussions and presenting innovative solutions to navigate Nigeria’s fiercely competitive war for talent.

At the event, the speakers delivered valuable insights on how companies can enhance their talent experience, boost employee retention rates, and foster a culture of inclusivity. With the ever-increasing challenges of talent migration, employee expectations, remote work, and skill gaps, companies must approach these issues with creativity and innovation.

The report aims to equip organisations with the necessary tools to reimagine talent management and enhance employee and stakeholder outcomes.

The report delves into the root causes of the exodus of skilled professionals from Nigeria and its adverse impact on the public and private sectors. Moreover, the report proposes pragmatic suggestions and remedies to tackle this pressing concern.

During his closing statements, the Managing Director of Philips Consulting, Rob Taiwo, emphasized that “Talent goes where talent wants, and employees have the freedom to choose where they work”. He further stated, “In an employee market, companies must offer attractive value propositions that meet the needs of their employees, such as improved compensation, remote work options, and psychologically safe work environments. If companies fail to prioritize employee well-being and job satisfaction, they risk losing top talent to organisations that do.”

Partner, People Transformation at Philip Consulting,  Olawanle Morenikeji, said  new actions in managing talents must speak to dynamism, the promotion of belongingness, inclusion, empathy, guts, constant and consistent communication and motivations.