Only three per cent of finance professionals in Nigeria are satisfied with their current pay, according to a report from Duplo, a provider of technology solutions for Africa’s financial sector.
This figure marked a drop from 14.8 per cent the fintech reported in 2023, reflecting widespread dissatisfaction with compensation across the sector.
The Duplo 2024 Salary Report, released recently, was based on a survey of 593 finance professionals, with the majority of respondents falling within the 5-10 years of experience range.
“According to their responses, satisfaction with compensation remains low, with nearly 27 per cent of respondents very dissatisfied and 29 per cent moderately dissatisfied with their current compensation.
“Only a small portion (3 per cent) report being very satisfied with their current compensation (down from 14.8 per cent in 2023),” the report highlighted.
It underscored the need for more competitive and inflation-adjusted pay packages to address these growing concerns.
The survey also highlighted the impact of economic instability, with 91.6 per cent of respondents reporting negative effects from recent exchange rate fluctuations and rising inflation.
Economic instability (41.4 per cent) and migration, or ‘Japa’ (34.5 per cent), were identified as the top challenges to talent retention in Nigeria’s finance industry.
The report also stated that professionals who regularly negotiate salary adjustments reported higher levels of satisfaction with their compensation, underscoring the value of negotiation skills.
Those findings were consistent with broader industry trends, which suggested that salary negotiations could significantly enhance both job satisfaction and financial growth, the document showed.
Speaking on the findings of the survey, CEO and co-founder of Duplo, Yele Oyekola, said, “CFOs and finance leaders need to prioritise transparent and inflation-adjusted compensation packages to mitigate the current economic pressures and give themselves the best chance of retaining talent.
“Beyond salaries, organisations can explore innovative benefits such as flexible work arrangements, performance-based incentives, and adequate technology solutions to retain and get the best from top talent without overburdening their budgets.
“Employee upskilling can also drive higher levels of engagement that is critical to fostering loyalty and maintaining a competitive edge in the marketplace.”
