- Mercer’s latest study found meaningful gaps between what workers in these emerging cities value when it comes to deciding where to live and work, and what employers believe are important to them.
- 79 percent of employees in Lagos, Nigeria fear they may lose their job in the next 5 years
- With a greater understanding of people’s particular needs, wants and motivations, as well as the advice they value, businesses can tailor offerings accordingly to attract and keep the best talent.
LAGOS, Nigeria, May 6th, 2019,-/African Media Agency (AMA)/-Mercer a global consulting leader in advancing health, wealth and career recently met with thought leaders to have an open dialogue about capitalizing on the growth trajectory of emerging megacities in Africa.The event took place recently at the Four Points by Sheraton in VI Lagos, Nigeria.
According to the United Nations Population Fund (UNFPA), Nigeria’s working population constitutes about 54 percent of the total population. Thus, in preparing for the future of work, it is important for companies and multinationals in mega cities like Lagos to focus on ways to accelerate talent strategies while meeting the needs of workers.
“Employers need to lead multi-stakeholder efforts to address pain points at scale. We need to start the transformation with tangible programs that will make an impact and change the mindset,” said Deon de Swardt, Principal Consultant at Mercer.
He also discussed some of the guilding principles for rethinking the workforce of the future, and how this is critical in building a more sustainable business. Some of the risks associated with certain groups of employees, alongside the competencies that are being built were also highlighted at the event.
Another opportunity highlighted during the event centred on the role of artificial intelligence.
Globally, 62 percent of employees feel that their jobs are at risk because it could become fully automated in emerging megacities. Pearly Siffel, Strategy, Geographic Expansion Leader International at Mercer explained that “while technology is vital, it is important to put people first. Technology is an entry point to compete, but human skills will accelerate the technology to succeed.”
The People First Emerging Megacities report is an extensive study that examines the needs of workers in the world’s fastest-growing cities across four key factors – human, health, money and work. The study also gives a critical insight into the motivations of workers against the backdrop of fierce competition for highly-skilled talent.
Employers believe workers prioritize money and other work-related factors when deciding whether to switch cities. But this isn’t the case. Most important to workers are the human and social factors essential to the quality of life. These include overall life satisfaction,security and safety, and proximity to family and friends. Although workers do rank total income as third, it is the only money factor in the top five.
The study found that employees in Lagos, Nigeria rank having access to employer subsidised health and wellness programmes as an important factor when deciding where to live and work. 42 percent of workers also say that life satisfaction is the top reason for them to stay in or leave their city.
Although the study’s 15 current and future megacities share some commonalities, some key differences were revealed. Based on performance against the four pillars mentioned above, the cities were grouped into advanced, progressing or approaching in terms of whether they meet worker’s expectations. Advanced cities score well in all four factors, with a small-to-medium gap between workers’ expectations and the city’s performance.
Overall, employers believe career and work opportunities, work satisfaction, and pay and bonuses are the most important to their workforce. But even though these elements may be important to attract and keep workers, businesses must also tailor their solutions, approaches and communications to the individual needs of each group to ensure they feel empathetically understood. For instance, white-collar professionals and graduates are particularly interested in career advice and thrive on interventions such as talent assesments.
Distributed by African Media Agency (AMA) on behalf of Mercer Africa.
Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 22,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With nearly 65,000 colleagues and annual revenue over $14 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. Marsh & McLennan Companies is also the parent company of Marsh,which advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions; Guy Carpenter, which develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities; and Oliver Wyman, which serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit www.mercer-africa.com. Follow Mercer on LinkedIn Mercer Africa.
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