At the office, everybody pays homage to the finance department on salary days. Who would have thought that the same numbers game would leave finance employees feeling shortchanged?
A new report from Duplo showed that 56% of these professionals in Nigeria are unhappy with their salaries. Only a small number, about 3%, are happy with their pay.Β
About 38% of finance employees working across different industries reported that their salaries have not increased in this past year, adding more salt to their injury as rising inflation continues to erode their spending power.
According to the report, these professionals value job perks that provide them with economic stability and other opportunities for skill and career development. Compensation and clear career growth structures are two valid reasons anybody wants to work.
Compensation satisfaction is closely tied to employee retention. Those dissatisfied with their pay are more likely to look for new jobs. Mid-level professionals earning between β¦500,000 ($302) and β¦1,000,000 ($603) said they are likely to leave their jobs, either for better pay abroad or at more competitive local companies.
Like the tech industry, the finance industry is a competitive field for talent with professionals trying to climb up the income ladder faster. Financial institutions like banks often review staff salaries to stay competitive and keep other banks from poaching their employees.
In 2024, two Nigerian commercial banks, Union Bank of Nigeria and GTBank increased employee salaries to help them adjust to the countryβs cost of living crisis. From the report, organisations that provide clear pay structures will have a better shot at retaining talent in the finance sector.
