In Nigeria, a significant number of finance professionals are dissatisfied with their salaries, with a majority citing reduced spending power as the primary reason. A recent report highlighted that only a small percentage of these professionals are content with their compensation, a sharp decline from previous years. Factors such as high inflation and foreign exchange volatility have impacted earnings for over 90% of finance employees surveyed.
The study, which included responses from various industries and job roles, revealed that many professionals feel constrained in negotiating higher salaries, particularly those earning less than ₦250,000 monthly. Interestingly, a small percentage of finance professionals earn over ₦1 million monthly and are more confident in negotiating salaries, underscoring income disparities in the sector.
The dissatisfaction with salaries has led to talent migration, with a notable percentage of respondents relocating in search of better pay and stability abroad. Despite this trend, finance professionals are increasingly valuing aspects beyond just monetary compensation, such as career growth, work-life balance, and transparent pay structures.
Upskilling is also on the rise among financial professionals, with a focus on areas like digital transformation, fintech, and cybersecurity. However, the report emphasizes that addressing compensation concerns is crucial to retaining skilled staff and ensuring the sector’s long-term stability. Organizations are urged to rethink their compensation strategies, offer growth opportunities, and provide inflation-adjusted pay to attract and retain top talent.