How sustainable business practices can pave the way
In my nearly 25 years navigating Nepal’s evolving business landscape, I have faced many challenges in trying to uphold professionalism, fair trade practices, systematic approaches and transparency. These hurdles have been disheartening at times, especially when you are striving to introduce global best practices. But they are inevitable when you are trying to make a difference. My hope has always been that the next generation won’t have to face the same struggles we did and that we can pave the way for a more structured and streamlined path for their journey. In a marketplace where cutting corners and imitation often replace innovation, competition can be tough. I often reflect on whether we made the right choice by staying back, especially when so many of your friends left for better opportunities abroad. Every entrepreneur or professional who chooses to stay here must face this question repeatedly: Did we make the right choice?
Many businesses, even those capable of innovation, are stuck in the mindset of “this is how it is always been done.” But we need to ask ourselves – how long can this continue? Can we afford to encourage mediocrity while the world is moving forward? Look at our neighbouring countries: they are flourishing with opportunities for younger generations, not just in professional fields but also in entrepreneurship, with transparent and fair-trade practices that allow them to earn what they deserve.
If we don’t act now, how can we expect to retain our brightest minds? These young individuals have global ideas and opportunities at their fingertips. It is up to us to create an environment where they can thrive and innovate, here at home.
One of Nepal’s biggest challenges today is the mass exodus of talent. Every day, 3,000 young Nepalis leave the country in search of better opportunities abroad. In 2023 alone, over a million citizens left (Source: OnlineKhabar). These numbers are staggering, but the bigger question is: What are we doing to stop this trend?
Today’s young generation, digitally connected and globally aware, is hungry for recognition and growth. Many are highly skilled, with education from both Nepal and abroad, and some even have international work experiences. Yet, we struggle to provide them with an ecosystem where they can truly thrive. We must recognise that this generation – mostly millennials and Gen Z – has had different life experiences and the way they think and operate is different from previous generations. To engage them effectively, we need to adapt to their way of thinking and working. It is important to remember that this group represents Nepal’s largest demographic right now. They are our demographic dividend – mostly in their working age, capable of contributing significantly to their families, society and the country.
In recent years, Kathmandu has become home to many service agencies offering backend operations for overseas markets and the digital ecosystem has made it possible. These companies can offer competitive salaries and a lifestyle that many local businesses struggle to match. The reality is, as an industry, we have undervalued and undersold our services and, by extension, our talents. Just compare this to other South Asian markets and it is clear where we have fallen short.
With the rise of remote work, many professionals in Nepal are now working for international companies while staying in the country. What was once common mainly in the development sectors (UN, INGOs, NGOs, etc.) is now a growing trend in the service sector as well. This raises a crucial question: How do we retain top talent when they can earn more by working abroad or remotely for foreign firms? What motivation do they have to stay with domestic companies?
To keep them engaged, we need to offer more than just financial incentives. We must create an environment where their skills are truly valued and where they have opportunities to grow, innovate and lead. We need to show them that by staying in Nepal, they can contribute to shaping a better future for themselves and the next generation.
In my own organisation, I have seen many young professionals view their current roles as temporary stepping stones – waiting for work permits, study visas or better opportunities with overseas companies. This is a widespread issue in Nepal and even children from successful business families face it. Despite their education at top global institutes and international exposure, they struggle to thrive in the current business ecosystem we offer. To truly retain talent, we need to assign real value to homegrown professionals. The challenge is not just attracting talent – it is keeping them, especially when their education has been financed by expensive loans or their parent’s lifelong savings. Education is no longer cheap and young professionals have made a substantial investment in themselves. While there may be a debate on how relevant their education is to business applications, young professionals also need to understand the importance of patience and building a strong foundation early in their careers, which requires mentorship from experienced professionals. If we fail to create meaningful opportunities here at home, we risk losing our best and brightest to other countries permanently.
An Ecosystem for Growth
I firmly believe the responsibility of fostering an innovative and sustainable ecosystem rests on all of us (as well) – business leaders, corporate business, policymakers and professionals across industries. Sustainable business practices – fair trade, transparency and ethics – are non-negotiable if we are to create lasting value for ourselves, our teams and the country as a whole.
Nepal is at a unique crossroads. 70% of our population is below the age of 35 years. This demographic dividend presents us with an incredible opportunity, but it won’t last forever. If we don’t act now, this youthful energy could soon dissipate, leaving behind an ageing population without the innovations and advancements needed to sustain our growth.
The question is: Are we ready to build a business culture that nurtures talent and rewards creativity, innovation and hard work? Are we ready to embrace best practices and bring them into our business ecosystem? Or will we continue allowing mediocrity and outdated practices to drive our industries, forcing our most promising minds to seek fulfillment elsewhere? It is time for a meaningful conversation about creating a fairer, more sustainable business culture – one that retains talent and fosters growth right here in Nepal. This isn’t just about business, it is about the future of our country. It is about ensuring that our children can envision a promising future here in Nepal. Otherwise, we risk more families struggling with empty homes and ageing parents left behind.
Let’s start this conversation now: Are we ready to push for a fairer and more sustainable business culture? A culture that retains talent and fosters growth, right here in Nepal.
Mr. Ujaya Shakya is Founder of Outreach Nepal and author of Brandsutra
