Navigating the current cost of living crisis

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If you’re reading this, you made it! You made it through yet another day regardless of the dollar rate, the rising cost of food, and the crippling price of fuel. And at the close of business, you now have the audacious task of thinking about tomorrow. We say well done, you should be proud! 👏

The economy has taken a hit over the course of the year – the Ukraine-Russian crisis, depletion of foreign reserves, and the recent subsidy removal have contributed significantly to the current economic outlook. The cumulative impact of these factors has disrupted overall living standards and caused purchasing power to decline, depleting consumer wallets. Generally speaking, Nigerians have resorted to ‘tightening their belts’ to retain a semblance of their previous lifestyle; or worse to survive. But, more critically, how does this affect the employer-employee relationship?

1. Does the employer have an obligation to the employee to provide a cost of living adjustment? 
2. What is the employer’s role in supporting employees through this crisis, to ensure their living wage actually helps them live well?
3. Should the employee be sensitive to the economic impact on their employer?

During the HR Expo Africa Expo Webinar held recently, our portfolio manager, Busola Jeje, and the Head of People and Culture, Ebenezer Akintomide, provided actionable insights from a finance and managerial perspective on the best strategies necessary to nurture the financial well-being of employers and employees so that both parties can thrive.

In this report, you’ll find:

1. The impact of financial well-being on the employer-employee relationship
2. Three key strategies to navigate the current economic climate
3. Actionable steps to keep your finances in check

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