Solely three per cent of finance professionals in Nigeria are glad with their present pay, based on a report from Duplo, a supplier of know-how options for Africa’s monetary sector.
This determine marked a drop from 14.8 per cent the fintech reported in 2023, reflecting widespread dissatisfaction with compensation throughout the sector.
The Duplo 2024 Wage Report, launched just lately, was primarily based on a survey of 593 finance professionals, with nearly all of respondents falling inside the 5-10 years of expertise vary.
“In keeping with their responses, satisfaction with compensation stays low, with practically 27 per cent of respondents very dissatisfied and 29 per cent reasonably dissatisfied with their present compensation.
“Solely a small portion (3 per cent) report being very glad with their present compensation (down from 14.8 per cent in 2023),” the report highlighted.
It underscored the necessity for extra aggressive and inflation-adjusted pay packages to handle these rising considerations.
The survey additionally highlighted the influence of financial instability, with 91.6 per cent of respondents reporting adverse results from current change fee fluctuations and rising inflation.
Financial instability (41.4 per cent) and migration, or ‘Japa’ (34.5 per cent), have been recognized as the highest challenges to expertise retention in Nigeria’s finance trade.
The report additionally said that professionals who usually negotiate wage changes reported larger ranges of satisfaction with their compensation, underscoring the worth of negotiation abilities.
These findings have been according to broader trade developments, which instructed that wage negotiations may considerably improve each job satisfaction and monetary development, the doc confirmed.
Talking on the findings of the survey, CEO and co-founder of Duplo, Yele Oyekola, stated, “CFOs and finance leaders have to prioritise clear and inflation-adjusted compensation packages to mitigate the present financial pressures and provides themselves one of the best likelihood of retaining expertise.
“Past salaries, organisations can discover modern advantages comparable to versatile work preparations, performance-based incentives, and enough know-how options to retain and get one of the best from high expertise with out overburdening their budgets.
“Worker upskilling also can drive larger ranges of engagement that’s vital to fostering loyalty and sustaining a aggressive edge within the market.”