As the Naira continues to appreciate, businesses will experience increased purchasing power and improved economic stability. This positive economic trend will result in companies feeling more confident about investing in expansion and growth initiatives as well as increasing their workforce.
Naira appreciation meaning
Naira appreciation refers to an increase in the value of the Nigerian currency, the Naira, relative to other currencies. This means that the purchasing power of the Naira strengthens, allowing it to buy more goods and services both domestically and internationally.
Read here to see reasons why the naira is appreciating?
How does the Naira appreciation improve your recruitment strategy?
In recent months, the Nigerian business environment have witnessed market and workforce expansion initiatives, investors’ confidence and better employee compensation as the value of the Naira sees an uptick.
With the appreciation of the Naira, businesses may invest in hiring additional staff. A stronger Naira signals economic stability and can instill confidence among investors and businesses; Companies are more inclined to make long-term investments. This then opens up Senior Executives to options of either recruiting in-house personnel or contracting to third-party outsourcing agencies.
Businesses are now exploring opportunities to produce more goods and services and expand into new markets. This is because consumers now have a bit more purchasing power. Forward thinking companies are seeing the need for more capable human resources to join their workforce under quick and flexible conditions to exploit present opportunities.
Businesses must remain competitive in attracting and retaining top talents. Outsourcing allows companies to achieve this balance by optimizing compensation and benefits while controlling costs. By leveraging outsourcing solutions, businesses can be more profitable amidst an improved economic outlook.
Why outsource now?
By partnering with outsourcing providers, organizations can access specialized expertise and technology platforms dedicated to payroll management, benefits administration, and employee relations. These outsourcing partners often operate at scale, allowing them to offer cost-effective solutions that leverage economies of scale and efficiency gains.
Outsourcing recruitment processes to specialized agencies can further reduce the cost per hire for businesses. Third-party recruitment agencies often operate at scale, leveraging technology and expertise to streamline candidate sourcing, screening, and on-boarding processes. By partnering with outsourcing providers, businesses can benefit from cost-effective solutions that help lower the cost per hire while ensuring access to qualified talent.
With the appreciation of the Naira, the value of monetary compensation offered to employees may increase. Businesses can leverage this stronger currency to enhance salary packages, bonuses, and other financial incentives for employees without significantly increasing their expenditure. This allows companies to attract and retain top talent in a competitive job market without compromising their budgetary constraints.
What difference can OnePyramid Consulting Limited make?
We are a one-stop human resource solutions partner, helping to create insightful employee engagement for better decision-making and increased profit.
By contracting your Personnel Outsourcing to us, we can help you focus on the things that matter most to you i.e your operations. OnePyramid Consulting currently manages personnel for the likes of AAVA Brands, FIBNL, CGCL, etc. Our flexibility in providing outsourcing services that are in line with the requirements of various clients is what makes us unique.
You can reach out to us to schedule a consultation by sending us an email to enquiry@onepyramid.com.
Author
Business Development Manager, Digital Marketing Executive at OnePyramid Consulting Limited