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 recent report revealed that a significant percentage of finance professionals in Nigeria are dissatisfied with their salaries, with only a small fraction expressing contentment with their pay.
A considerable number of finance employees mentioned that their salaries have remained stagnant over the past year, exacerbating their financial struggles amidst increasing inflation.
The report emphasized the importance of job perks that offer economic stability and opportunities for skill and career advancement, as well as the significance of clear compensation and career growth paths.
Employee retention is closely linked to satisfaction with compensation, as dissatisfied employees are more likely to seek employment elsewhere, either internationally or with more competitive local firms.
Similar to the tech industry, the finance sector is highly competitive, with professionals striving to enhance their earning potential. Financial institutions often review employee salaries to remain competitive and prevent talent poaching.
Notably, in 2024, two Nigerian commercial banks increased staff salaries to address the country’s cost of living crisis, highlighting the significance of transparent pay structures in retaining finance talent.