Nigeria’s banking sector struggles to retain staff due to inflation, economic uncertainty.

Duplo’s financial result has outlined the challenges in Nigeria’s finance sector, revealing that inflation and economic instability are leading to dissatisfaction with compensation and difficulties in retaining talent.
According to a press release from Duplo, 593 finance professionals call for inflation-adjusted salaries and better training support for employees.
Duplo, a provider of technology solutions to optimize financial operations for businesses in Africa, conducted the 2024 Salary Report survey, focusing on issues impacting talent retention in Nigeria’s finance sector.
The survey included 593 finance professionals, with most respondents having 5-10 years of experience (31.5%), followed by those with 3-5 years (19.9%), and less than 3 years (18.6%).
The results showed that nearly 27% of respondents were very dissatisfied with their current compensation, while 29% were moderately dissatisfied. Only 3% reported being very satisfied with their pay, a decrease from 14.8% in 2023.
The survey found that economic instability (41.4%) and migration, commonly referred to as ‘Japa’ (34.5%), are the biggest threats to talent retention in the sector. 91.6% of respondents reported being negatively impacted by exchange rate fluctuations and inflation, underscoring the economic pressures on finance professionals in Nigeria.
The findings suggest that these challenges are leading to increased dissatisfaction and a growing need for competitive compensation strategies.

source: nairametrics

EntekHub.com

All Author Posts