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5 Remote Work and Hiring Trends That Will Shape Future Workforce Decisions
By Andrew Bourne, Region Manager, Africa, Zoho Corporation
Businesses around the globe have spent the better part of this year adjusting to the new reality of remote working. While a few companies have reopened their premises and allowed employees to office full-time, many companies have either gone fully remote or adopted a hybrid model that incorporates a ‘2-3 days in office’ requirement for staff. With workplace regulations also becoming stricter, buzzy office spaces might soon become part of a pre-COVID era.
Here are a few ways that remote work will shake up individual lifestyles, business operations, and functional areas like human resources:
1) A hybrid work model that supports work from ‘anywhere+office’
The adoption of the hybrid model of work, which is a combination of remote work and onsite work, will continue to increase in the post-COVID world. While some employees will prefer work-from-home as it allows them to be more productive, provides flexibility, prevents the office commute and supports location independence, others will opt for office as they feel face-to-face interactions with peers are necessary to be productive. Organisations may also adopt a model where employees are required to come into the office only a few days a week.
2) Hub-and-Spoke offices
An office style that might gain further traction is the hub-and-spoke workspace. Organisations may have their central headquarters (hub) for periodic team gatherings and strategy discussions, and a network of small satellite offices spread across various small towns or rural villages in a country.
The model promises dual benefits. Small offices substantially reduce operational costs for organisations, while also allowing employees to work in an office that’s closer to their hometowns. This will subsequently bring forth a true revitalisation of smaller towns and cities, as businesses slowly realise that they don’t need to be based in a metro in order to achieve success.
3) Adoption of HR tech
As remote work continues to take off, the adoption of cloud-based HR technologies will increase to provide seamless employee experience while working remotely. These technologies also help keep employees engaged and productive. Many organisations will turn to HR tech for functions like virtual hiring, onboarding, learning and development, performance management and smart decision-making.
4) Remote hiring
The way organisations hire employees changed drastically in 2020. In-person interviews were quickly replaced by video interviews. This trend will continue well into 2021.
● Companies will try to mimic the time-tested format of “test followed by interview” to evaluate a job applicant. However, the ineffectiveness of those practices will become evident in the remote-first world, and they will scramble for new approaches that address the core of the problem.
● The focus will shift instead to automated and manual evaluation of historic proof available online of a person’s capabilities, as demonstrated by their contribution to open source technology platforms, YouTube, Instagram, Dribble (user interface design), Medium, Facebook, and Twitter (marketing and content writing).
● Soft skills like communication, collaboration, teamwork, and adaptability will be given more importance while evaluating applicants.
● Diversity and inclusion will become an integral part of the recruitment strategy and many organisations will be able to improve workforce diversity with remote work.
● From an applicant’s point of view, the best talent will look for companies that offer remote work, flexible policies, better health cover and enable more family-time and a lower cost of living. Perks like gourmet cafeterias, gyms, game rooms, nap pods, and unlimited free snacks will lose their appeal.
5) Changing performance assessment trends
One of the key business aspects which has changed considerably by remote working is performance management. Organisations will start measuring what matters: work done instead of hours worked, and visions accomplished versus tasks completed. Some companies are making performance reviews an ongoing process, giving up annual routines. Continuous feedback will become an essential aspect of employee management, which will help the workers clearly navigate their job responsibilities and expectations when they work remotely. Rethinking the goal-setting approach and identifying core measurement functions is the first step towards sanity in this new normal.
No stopping evolution
Ultimately, the events of 2020 accelerated existing trends by forcing businesses to embrace the paradigm shift in workforce management and employee experience. While there will always be resistance at different levels, it’s clear that there’s no going back to the pre-pandemic normal. These trends will continue to shape the world of work in 2021. If anything, change isn’t such a bad thing if we’re now working smarter as opposed to harder.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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