Honeywell Group has said its greatest asset remains its employees and the long-term success of the company depends on coaching, mentoring and developing employees to attain their full potential.
The head of corporate responsibility and services for Honeywell Group, Tomi Otudeko, advised companies on the need to treat staff as treasured assets, not mere possessions that can help build the company.
Otudeko made this statement while facilitating a webinar on Business Sustainability & Succession Planning organised by the Lagos State Employment Trust Fund in Lagos State.
She highlighted the need to invest in talent, treating them as loaned assets, nurturing and encouraging them to grow and being ready to let them go if the time comes.
She emphasised the need for businesses to invest in their talent and create opportunities for them, saying “For you as a business, you should allow on-the-job learning. It is our responsibility to let people learn and grow. Yes, investing in employees is a risk, but choosing the right people to employ can help minimise the risk. However, the possibility of employees leaving should not be the driving force of determinants of whether or not to invest in them.”
During the session, she shared how Honeywell Group has built its talent base since its inception in 1972. From trading in food to other commodities in the 70s to an investment company with portfolio companies in various key sectors of the company, the goal of ‘impactful value creation that transcends generations’ has continued to drive the company.
On how they have been able to retain talent, she explained that “As Honeywell employees, we have a responsibility beyond ourselves. It transcends profit-making. We believe firmly in impacting our communities.
“So, it is not about you as the business leader, it is critical to work with people to share your values. You want them to understand the journey and to want to play critical roles in that journey.”
The chief executive officer of House of Tara, Tara Fela-Durotoye and the chief executive officer of PML Advisory, Fajimi Abiola also gave compelling insights into methods for transforming a small business into an empire and on financial planning and forecasting.