This study explores the emerging trends in employee retention strategies in a globalizing economy, with a focus on Nigeria. The paper argues that globalization has enhanced the mobility of labor, and has also accelerated the rate of employee turnover in organizations in Nigeria. The paper identifies some of the reasons for turnover to include inequity in the compensation packages of organizations, employees’ dissatisfaction and autocratic managerial pattern in most organizations in Nigeria. It further identifies the effects of turnover to include disruption in production, cost of training new employees, the recruitment and selection cost and knowledge lost. As a panacea to minimize the rate of employee turnover and catch up with the current demands of global economic needs and organizational performance, the study proposes that organizations in Nigeria should adopt critical sustainable retention trends such as establishing a strategic plan, involving employees in decision-making process, initiating personalized compensation plan, installing mechanisms for career planning, training and development and building flexible work programs especially for critical knowledge - employees. These will help to retain core employees that will competitively drive the production wheel in the organizations in Nigeria in this era of globalization
It is stating the obvious that corruption has posed challenges to the socio-economic development of the Third World. Corruption permeates all facets of human life as it is observed in every economy, whether developed or developing. It is disheartening to observe that in the present millennium, when development is dictated by the forces of knowledge, capacity building and utilization, information and communication technology and management, the Third World countries, especially in Africa, appear to be enmeshed deep into corruption, bad governance and crises of all kinds. At the root of these cataclysmic disorder and crises of development include corruption, leadership ineptitude in Africa, rape of democratic processes and lack of structured foundation for economic development. Other major causes of this development enigma are the failed status of these states, dependence on foreign development assistance and the rhetoric theoretical economic framework. These factors challenge the spirit of commitment, patriotism, entrepreneurship, capacity building and nationalism as they commit the people to a socio-psychological battle for survival. This paper uses some paradigms to explain this duel. It suggests a reform of government policies redirected at capacity building, knowledge economy, entrepreneurship, critical youth empowerment, revaluation of the cultural values of material acquisition, making the fight on corruption to be holistic instead of selective, adoption of good governance, accountability and pursuit of critical agenda for micro-economic stability. These are recommended to strengthen the structures for critical economic development in the Third World
Despite the adoption of the Millennium Development Goals (MDGs) in 2000, the Nigerian youth is still caught in a web of poverty, hopelessness and missed opportunities. The paper argues that though corruption, lack of political will, poor policy implementation, etc. limit government's efforts at youth development, the primary challenge remains the fact that the government has not been able to properly conceptualise and prioritize youth development. In addition, government's implementation of the Millennium Development Goals remains manifestly insincere to an alarming degree. This paper relied on secondary information and data sourced from newspapers, magazines, journals, textbooks, etc. The methodology is analytical. The structural functionalist theory is adopted in the analysis. This study emphasizes the fact that the future progress of the Nigerian nation is critically tied to the quality of youths she is able to produce in the present. It posits that until government's efforts in the implementation of the MDGs become manifestly sincere to an appreciable degree and youth development is properly conceptuali(z)ed, the Nigerian youth will continue to be plagued by the challenges of poor value orientation(s delete s), disenchantment, negativity and inadequacy. The paper recommends that youth development should be given a priority attention in the ongoing constitutional review efforts in Nigeria.
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