It’s usually very difficult for both employers and employees to keep their jobs and fly higher in a difficult economy. Such is the scenario right now with some entrepreneurs ENCOMIUM Weekly spoke to. However, they all highlighted some ways of dealing with the situation.
Whenever there is an increase in inflation, and the wages and salaries of staffers are not proportionally increasing, there are bound to be recession such as we are slowly witnessing now in Nigeria. In the absence of a salary increment, the only option for staffers is to cut down on their expenditure, and perhaps look for an additional means of income, or another job with a better pay, or to start up a business venture on their own.
As for me, I try to raise their wages to keep them motivated, and help them meet their needs. Every good business person ought to be prepared to rise to the challenge of recession by making sure they increase the wages of their staffers, otherwise the business could suffer atrophy, as the workers might not be well motivated to keep it running.
ZAINAB ASIFAT, CDE Formula Beauty Care Salon
It’s not easy coping with the present economic situation. That’s why you need to be extra hard working and prayerful to keep your business as an entrepreneur.
Also, you need to avoid running your outfit like a charity home. If care is not taken, some customers may ruin your business and abandon you for another person. That’s why I am a little strict this time around.
The time for free service is gone. Also, I have advised my workers to be creative and more hard working. And for them to keep their job, they must be ready to go the extra mile by bringing in good clients capable of paying their bills.
When the economy is tough as this, we all need to go back to the drawing board and adjust to what the economy dictates at that moment. As for me, I do everything possible for my business to survive. I believe there will be light at the end of the tunnel. And what’s happening at the moment is a kind of sacrifice we all need to ensure stability in the polity later in the day.
My advice to my workers is that they should be more steadfast in their various duties and constantly come up with ideas that will help us remain in business.
BOLAJI AMUSAN (MR. LATIN)
To keep my job and fly high as an entrepreneur in a tough economy like what we’re experiencing now in Nigeria, I try as much as possible to be more creative and produce quality movies. Then as a master of ceremonies (MC), I always put in my best at every function to satisfy the celebrant so that I can be invited another time.
As for my workers, I always advise them to be up and doing in order for them to retain their jobs.
SUNNY EKEH, SE MEDIA
It is difficult, but the best way to keep your job in a difficult economy is to become the best in your field. If you do, when they sack others they will promote you.
They have to walk extra miles to keep their job in the difficult economy. If they don’t, the company will not have enough to pay them.
FEMI ADERIBIGBE, Uptown lounge
Gone are the days when there was job security and employees had to only show up at work. Now, employees have to position themselves as “partners in progress”, that way you become an asset to the company, and nobody gets rids of an asset. An employee has to learn to do more than just the one task, that’s multi-tasking, even the ones that are not your basic responsibility. When you are able to do even the job you are not hired to do, when I as an entrepreneur want to fire someone, I know who to and who to keep. I’ll keep the guy who can do more than a single job, because he offers me more value.
It is getting harder and harder for employers to retain anybody and for different reasons. People move all the time from one organisation to another – for some it’s a career move; for some others maybe they just want more money, and others didn’t feel where they were working was challenging enough.
The employer has to make the work environment as friendly and competitive as possible. Also, he should look more into the welfare of his people and pay competitive salaries – try as much as possible to make them comfortable.