In a country like Nigeria where the unemployment rate coupled with the inflation rate is alarming, the race for getting gainful employment increases daily. While job candidates give their best shot, employers select the best, who not only fit organisational goals like a square peg in a square hole, but who’s prospect is bright.
Attracting Top Talents
Attracting top talents is a crucial aspect of building a successful corporation or organisation. Over the years, one effective way that organisations have constantly used to get the best candidates is by offering a competitive annual income. Some even offer what others are not willing to offer in terms of benefits. Top performers are often in high demand, recognising their worth.
By providing a salary that reflects their value, organisations differentiate themselves from one another, making a strong case on why these candidates should work with them. The recent report on Nigeria’s labour force issued by the National Bureau of Statistics has shown that the unemployment rate among Nigerian youths is at 6.5 percent based on the second quarter in the previous year.
According to the body in charge of issuing these statistics, the Nigeria Labour Force survey is designed to collect comprehensive data on employment, unemployment, and other characteristics of the population labour force. It provides quarterly estimates of the main labour force statistics with sufficient precision at the national level.
The statistics are measured based on the labour force framework as guided by the international standard for labour statistics for international comparability and the specific data requirements for the country.
The Labour Force Survey also serves as a tool for monitoring progress towards national goals and global commitments with an overarching goal of promoting the welfare of the Nigerian population while ensuring the availability of the labour market statistics to feed into the global sustainable development goals agenda.
Annual Income and Other Benefits to Attract Top Talents
In addition to offering a competitive annual income, employers provide other benefits that enhance the overall compensation package prepared for the prospective employee.
These benefits include bonuses, stock options, additional perks, such as flexible working hours, remote work options, or professional development opportunities. The provision of a comprehensive compensation package gives employers the opportunity to convince candidates of their commitment to their growth and well-being.
Offering competitive annual income is just an aspect of attracting top talents; it is essential to create a positive and supportive work culture, provide opportunities for growth and development as well.
Employers have seen a way that works in reducing turnover and sustaining employee retention and that is through using annual income to attract top talents.
By providing a fair and comprehensive package, organisations differentiate themselves from competitors, demonstrate their commitment and in the long run build a high performing team that drives organisational success.
