PROFESSIONALISM DURING ECONOMIC DOWNTURN

ESV Adanma Scholastica Okpeva – ANIVS, RSV

Professionalism is essential across all fields—whether in Estate Surveying and Valuation, Law, Engineering, or Sports—regardless of economic conditions. It remains crucial for delivering quality service to clients.

Defining Professionalism:

Professionalism encompasses the qualities associated with trained and skilled people (Cambridge Dictionary). It represents a set of workplace standards that professionals are expected to uphold. Drawing from my experience in the profession of Estate Surveying and Valuation, I define professionalism as a deliberate and conscientious approach to client service that instils confidence in their investment decisions. Clients seek professionals to ensure their investments are both profitable and secure.

Core Principles of Professionalism:

1. Competence: This refers to the knowledge, skills, and expertise required to perform tasks effectively.

2. Professional Ethics: This includes traits such as honesty, integrity, and transparency. Professionals must conduct themselves with responsibility and accountability, adhering to the standards set by regulatory bodies like the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) and Nigerian Institution of Estate Surveyors and Valuers (NIESV). Their commitment to the profession’s motto of honesty and devotion is essential for Estate Surveyors and Valuers.

Understanding Economic Downturn:

An Economic Downturn signifies a prolonged decline in economic activity, often marked by a decrease in gross domestic product (GDP). This period can result from various factors, including high-interest rates, government policies, stock market crashes, and loss of investment confidence.

In Nigeria, notable causes of Economic Downturn include:

1. Supply Shocks: Disruptions in the supply of essential commodities, often exacerbated by security challenges that hinder agricultural productivity.

2. Government Policies: Poorly timed monetary and fiscal policies, such as the sudden removal of fuel subsidies.

3. Financial Crisis: Tighter credit conditions can deter investment as lenders become cautious.

Impact of Economic Downturn on Professionalism:

The repercussions of economic downturn can be severe, manifesting as job losses, hardship, and uncertainty. For professionals, this can lead to:

1. Reduced Job Availability: Declining investments often result in fewer job opportunities, which may tempt some to compromise on quality to secure jobs.

2. Fee Compression: Economic strains can lead to lower pricing for professional services, challenging professionals to maintain ethical standards.

3. Delayed Payments: Cash flow issues arise from clients delaying fee payments.

4. Increased Competition from Quacks: Professionals may face pressure from unqualified individuals offering lower prices, forcing them to defend the value of their services.

5. Heightened Service Expectations: Clients demand greater value for their expenditures during tough economic times, placing more responsibility on professionals to deliver high-quality work.

Conclusion:

Upholding professionalism during economic downturn requires a commitment to excellence in service delivery. Clients seek professionals who maintain integrity and provide honest assessments, even in challenging circumstances. For instance, a client who once sought inflated property values later recommended my Firm for reliable estate management, highlighting the long-term benefits of maintaining professional standards.

For investors, engaging qualified professionals like Estate Surveyors and Valuers is a sound investment decision, ensuring that their assets are well-managed and protected against potential losses. Unlike unqualified practitioners, professionals offer the assurance of indemnity in case of mismanagement.

By adhering to professionalism, even in difficult economic times, we not only protect our clients’ interests but also foster trust and build lasting relationships.