Nigeria’s finance industry faces mounting challenges in retaining talent, as dissatisfaction with compensation grows amid inflation and economic instability.
A new report called Inside the Paycheck: Compensation Trends in Nigeria’s Finance Industry by Duplo underscores the need for inflation-adjusted pay and improved training support to address these issues.
By the numbers
- Survey size: 593 finance professionals, with 31.5% having 5–10 years of experience.
- Compensation dissatisfaction:
- 27% are very dissatisfied.
- 29% are moderately dissatisfied.
- Only 3% are very satisfied (down from 14.8% in 2023).
- Economic pressures:
- 91.6% are negatively impacted by exchange rate fluctuations and rising inflation.
- 34.5% cite migration (Japa) as a key retention challenge.
Driving the news
Professionals with regular salary negotiations report higher satisfaction, but most feel unsupported in acquiring advanced skills.
Only 12% received financial aid from employers for professional training, despite 79% undergoing such training in the last five years.
The recommendations
- For employers:
- Adjust compensation for inflation.
- Offer performance-based incentives and flexible work arrangements.
- Invest in staff upskilling, particularly in digital finance, data analytics, and compliance.
- For professionals: Focus on in-demand skills to boost earning potential.
What they’re saying
- Yele Oyekola, CEO, Duplo: “Organizations must prioritize transparent, inflation-adjusted pay and innovative benefits to retain talent without overburdening budgets. Upskilling is crucial for fostering loyalty and maintaining competitiveness.”
The Duplo 2024 Report is available to download for free on the Duplo website.
