The place of human capital, succession plan in organisation’s growth
…Case of Eventful 20 years’ narrative
Consultancy business requires expertise and tact to sell offers. And for any consultancy to exist for long, credit must go to human capital. Seyi John Salau x-rays event consultancy ecosystem in Nigeria narrowing on one of Nigeria’s foremost event management companies, Eventful which recently marked its 20 years of doing business in Nigeria
Any organisation craving for growth and long existence requires adequate human capital and succession planning from an early stage. This guarantees smooth running of the operation with less hitches.
Experts define the succession planning process as key for long-term business success. Kristin Ryba in an eBook titled ‘The importance of succession planning’ explained that succession planning fosters growth in future leaders and protects organizational health when key contributors leave.
Kristin stated that it helps increase the availability of candidates prepared to fill critical roles when your senior leaders leave or retire. She continued that succession planning is so much more than simply picking replacements. Leaders need to understand how open positions and bad hiring decisions can potentially impact the company.
An effective succession plan equips identified successors with the skills and competencies needed in their future role. “By using a customized development plan, you can promote employee growth and ensure your successors make the right impact. Plus, you won’t be scrambling to fill open positions when top leaders leave,” Ryba said.
On the other hand, human capital is an important part of succession planning and running an organisation. It is because the process of staffing helps identify employees with the right skill sets and talent that can fill the vacant position. To this end, the human resource management (HRM) department plays a critical role in regard to succession plans.
For Eventful Limited, an event consulting firm that has operated for 20 years, these two factors, it said, played key role in its success story.
“I want you to imagine, what it takes to have a dream and to think about what it takes to transition from the dream into reality, this may not be possible without adequate human capital,” said Ibukun Awosika, former chairman of First Bank of Nigeria.
Speaking at the Eventful’s 20th-anniversary celebration held recently, she stated that human capital is key in business succession.
Over the course of its 20-year history, Eventful Ltd has consistently delivered excellent professional services while demonstrating creativity with a vision to become the leading player in the organised events planning industry in Africa.
With a $20 billion value, the Nigerian events industry is estimated to be among the most extravagant in the developing world. Nigerians are not shy of throwing up parties in celebration of events. Besides the weekly ‘owambes’ parties across Lagos and other major cities, companies now use events as a marketing and communication tool.
From product launches to press conferences and corporate gatherings, there is hardly any passing week without an event taking place in Nigeria. Although a higher percentage of events held across Nigeria are often self-organised, there is still enough room for new investors who are willing to put in the right efforts and factors such as adequate budget, right target audience, quality equipment, and excellent catering services to deepen the event ecosystem in Nigeria.
“We are excited to be celebrating this important milestone with our clients and stakeholders. Today, we are also taking a bold step to give back to our community by contributing our quota to youth entrepreneurship in Nigeria. To this end, we have partnered with the University of Lagos and the Lagos Business School (LBS) to foster the spirit of entrepreneurship among students. We are an innovative company and as such we are delighted to be supporting these institutions with an endowment for the annual business pitch,” Fisayo Beecroft, the managing director, said during the thanksgiving ceremony in Lagos.
Beecroft said Eventful has remained at the top of the industry not only for its epoch-making corporate engagements, but also for its unforgettable weddings, memorable funerals, bespoke souks including movie production. He stated that Eventful has solidified its brands’ value proposition and far-reaching influence in the mind of the public.
According to him, as a pioneer event planner in Nigeria, Eventful is working round the clock to deepen its brand’s visibility. He said further that the level of creativity brought into the event management ecosystem was responsible for the company’s leadership position as an innovative leader in the event industry over the years; beyond enjoying the first comer’s status in the industry.
“We pride ourselves in our ability to think through and curate well-crafted experiences end-to-end; from design and theme to hiring of the right providers and vendors, to venue set up, and developing the appropriate budgets in accordance with clients’ desires, professionalism is our watchword,” he said.
Beecroft added that Eventful only works with reputable providers who have a track record of success in their respective fields of endeavour and who have demonstrated integrity. “We uphold the highest standards; excellence is one of our core values and we believe that is the minimum expected of a professional,” he said.
Omolola Owo, the head of events at Eventful, while speaking on the company’s growth, achievements, transition, and legacy of the organisation, revealed that the event consulting firm created EventfulPlus as a vehicle for the Gen-Z and Millennial.
“As an event company, we keep evolving all the time, trying to make sure that we are the first in the game; the smooth leadership transition in 2021 for us as a company is an achievement considering we have maintained an upward growth trajectory for this two-decade as an institution even after the founder Yewande Zaccheaus retired,” Owo said.
She stated further that with over 2000 events planned already, Eventful has remained at the top of the industry. “Eventful has solidified its brands’ value proposition and far-reaching influence in the mind of the public,” she said.
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According to a December 22, 2021 published article by Startup Tips Daily titled, ‘How to Start a Lucrative Event Planning Business in Nigeria: The Complete Guide’, event planning in Nigeria is a lucrative business venture with great options.
This is also true of the fact that organisation and coordination is a critical item for making an event work effectively. It is also the key ingredient to making any event the talk of the town. “There is a growing awareness among members of the public to leave their events management to experts and sit back and enjoy the events.
“In most societies, this is a representation of exposure, class and wealth. Going by this trend, the event planning business is bound to expand significantly across the world. The event planning business in Nigeria can be a lucrative and profitable venture to start-up, due to its vast market demand and on your ability to build a wide network”.
However, the event planning industry has witnessed a radical change in the 21st century due to evolving global interest in elaborate celebrations, and detailed coordination, both in unofficial meet-ups, social events as well as formal gatherings. The introduction of consumer technology such as mobile phones, 3D decorative items, among others has had a great impact on the events industry.
The global events industry has since grown from $1.1 trillion in 2018 and it is expected to double its value to $2.3 trillion by 2026 at a compound annual growth rate (CAGR) of 10.3 percent. According to available statistics, Europe contributed the largest share revenue to the global events planning industry, and this is largely because the region hosts major international events and conferences. Other major stakeholders are the United States, Canada, Australia, and Brazil.
Event planners are making big bucks everywhere, and the Nigeria economy also benefits from this trend. Eventful Ltd was founded in 2002 to serve the needs of corporate and individual clients. According to Owo, over the course of its 20-year history, Eventful has consistently delivered excellent professional services while demonstrating creativity with a vision to become the leading player in the organised events planning industry in Africa.