Insights from the Boardroom on the Next Normal - A Phillips Consulting Report

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Friday, August 28, 2020 / 09:35 AM /by  Rob Taiwo and Victor Mba of Phillips Consulting / Header Image Credit: The One Brief

 

Major business events are often characterised by the populist narrative. But one thing is certain, our contribution as actors and the perception of success will be shaped by the opinions of others. Employee opinion will no doubt play a part.

 

The African region is nuanced and complex. In this report, the current state of affairs described by the Nigerian business community closely mirrors that of the global stage. If not in whole, certainly in part. Remote working, accelerated technology adoption, product and service innovation, office space optimisation, reduction in business travel and localisation of supply chains are all glocal themes. As an opening gambit, the subtle shift to 'stakeholder value' may explain the hesitance to pursue mass lay-offs. Despite this departure from the social norm, 97% of employees are still reporting job-related stress and many are working 40% harder since the lockdown.

 

Although nobody can be certain, the Nigerian economic landscape is predicted to normalise in the next 12-18 months. In the past three global recessions, across sectors, top-quartile performers with stockpiles of cash, have seen an increase in share price, often as much as 6%. Those in the bottom quartile fell by 44%. The reality for many is that business recovery will take years, if at all.

 

In the search for a second curve of business growth, many will be forced into premature risk-taking. Transforming business models, re-thinking talent management and staff welfare, shifting corporate culture, increasing technology spend, optimising costs and reallocating spend from nonvalue add areas to new spaces of innovation and exploration. Progressive executives will reflect upon deeprooted belief systems and pontificate on leadership philosophies of resilience and optimism. Beyond the comfort of analysis and conjecture, it is important that we 'get to doing'. The dirty little secret of futurism is that you don't always have to be right, but you must constantly evolve and move forward, while being prepared to fail and pivot. The sooner one can learn to effectively navigate within the uncertainty, the increased likelihood of emerging stronger. In boardroom's up and down the country, nothing should remain the same or off the table.

 

55% of businesses in Nigeria are currently operating at less than half capacity, due to disruptions caused by the pandemic.

 

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57% of CEOs expect Nigerian business recovery in August 2021 at the earliest.

 

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About the Authors

Rob Taiwo is the Managing Director of Phillips Consulting (pcl.). He has an MBA from Warwick Business School. With over 25 years international experience, he specialises in solving complex strategy, transformation and turnaround challenges for FTSE 100 companies and leading multinationals across the United Kingdom, Europe and West Africa.

 

Victor Mba is a senior consultant at Phillips Consulting (pcl.) in the Strategy and Operations Transformation (SOT) practice. He is a business professional with over 11 years' experience in research, data analytics, financial modelling, business development, process optimisation and reengineering, strategy development & implementation, change and project management. He is a certified trainer, project manager, and a member of the Institute of Directors.


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Downloadable Versions of 2020 Report (PDF)

1.       Executive Summary: CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions  July 30, 2020

2.  Full Report: CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions  July 30, 2020

 

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Previous Year's Report and Links

1.        CEO Remuneration 2019 Report: Making Sense of the Numbers for Listed Companies in Nigeria  July 30, 2019

2.     Full Report: CEO Remuneration 2019 Report - Making Sense of the Numbers for Listed Companies in Nigeria   July 30, 2019

3.      All Quoted Companies IR Pages - Proshare MARKETS

 


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