56% of finance staff in Nigeria are sad with their salaries on account of decreased spending energy, based on “Contained in the Paycheck: Compensation Traits in Nigeria’s Finance Trade” report by Duplo, a Nigerian B2B cost automation startup. Solely 3% say they’re glad, down from the 14.8% who mentioned they have been pleased with their compensation in 2023.
The survey gathered responses from 593 finance professionals throughout finance, expertise, manufacturing, oil and gasoline, shopper items, actual property, training, and agriculture. Respondents got here from giant and small organisations with job titles starting from interns to accountants, chief monetary officers, and monetary controllers.
90.8% of those professionals mentioned Nigeria’s excessive inflation and overseas change (FX) volatility affected their earnings.
Nigerian staff are grappling with a excessive price of dwelling as naira devaluation and rising inflation have put their earnings underneath stress, forcing employers to assessment salaries. Whereas industrial banks have raised workers salaries in response to the macroeconomic situation, 37.7% of the finance staff surveyed reported no wage enhance up to now 12 months. Engaging compensation packages are essential to assist corporations keep aggressive within the finance trade.
Job dissatisfaction is most pronounced amongst professionals incomes lower than ₦250,000 month-to-month. One-third of them say they don’t really feel snug negotiating larger salaries. In the meantime, solely 7.2% of finance professionals earn over ₦1 million month-to-month, and professionals inside this earnings band are probably the most assured negotiating salaries, reflecting a big earnings hole within the sector.
This frustration is fuelling expertise migration. The report reveals that 22.8% of respondents have relocated within the final 5 years, pursuing higher pay and stability overseas. Financial instability, cited by 41.4%, stays the highest retention problem, adopted by migration tendencies (34.5%) and shifting worker expectations (31.7%).
Regardless of the trade’s expertise turnover charge, the report reveals that finance professionals more and more worth extra than simply salaries—they need profession development, work-life stability, and clear pay constructions. Organisations providing inflation-adjusted pay, skilled improvement, and advantages that match these wants can retain prime expertise.
“Organisations can discover revolutionary advantages equivalent to versatile work preparations, performance-based incentives, and ample expertise options to retain and get the most effective from prime expertise with out overburdening their budgets,” mentioned Yele Oyekola, Duplo CEO.
The report additionally reveals a pattern in upskilling amongst monetary professionals. Over 79% of finance professionals have pursued coaching within the final 5 years, specializing in expertise like digital transformation, fintech, cybersecurity, compliance, and information analytics. Nevertheless, even with higher expertise, compensation dissatisfaction persists when salaries don’t replicate financial realities.
Retaining expert professionals is essential for organisational development and the sector’s long-term stability. To thrive, companies have the choice of rethinking their compensation methods and providing development alternatives that meet worker expectations.
“CFOs and finance leaders have to prioritise clear and inflation-adjusted compensation packages to mitigate the present financial pressures and provides themselves the most effective probability of retaining expertise,” mentioned Oyekola.