"No Going Back on Salary Increments" – Coleman Wires MD Makes Bold Commitment

In a refreshing departure from the corporate playbook typically deployed during periods of economic volatility, Coleman Technical Industries Limited has firmly pledged to maintain recent salary increments for its workforce—even if the naira strengthens significantly against major currencies.

This bold commitment was made by George Onafowokan, Managing Director of Coleman Wires and Cables, during an exclusive interview where he outlined the company's employee-focused approach to navigating Nigeria's complex economic landscape.

"The value we place on our human capital transcends temporary economic fluctuations," Onafowokan stated emphatically. "Once we increase salaries to cushion the effects of inflation and currency depreciation, those increments become permanent regardless of future currency movements."

This stance represents a remarkable shift from the common corporate practice of adjusting compensation packages downward when economic conditions improve, particularly in Nigeria's manufacturing sector where margin pressures remain intense.

Industry analysts have described Coleman's position as "strategically progressive," noting that it addresses one of the key concerns that often plague the Nigerian workforce—the fear that temporary relief measures will be withdrawn once economic indicators improve.

The company, which has established itself as a leading manufacturer of electrical wires and cables in West Africa, has reportedly implemented several rounds of salary adjustments over the past year to help employees cope with Nigeria's soaring inflation and the devaluation of the naira.

Human resource experts point out that this approach could give Coleman a significant competitive advantage in talent retention and acquisition, as workers increasingly prioritize employers who demonstrate long-term commitment to staff welfare over those offering merely reactive compensation adjustments.

"What we're witnessing is a company taking a principled stance on employee remuneration," noted Dr. Funmi Adebayo, a labor economist at Lagos Business School. "This could potentially set a new standard for how manufacturing companies approach compensation during volatile economic cycles."

For Nigeria's manufacturing sector, which continues to grapple with multiple challenges including power supply issues and foreign exchange scarcity, Coleman's employee-centric approach offers a different perspective on building resilience through investment in human capital.

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How has your company responded to Nigeria's economic challenges? Has your employer taken similar steps to protect staff purchasing power? Share your experiences in the comments section below.

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