The Duplo 2024 Salary Report has recommended more training assistance and inflation-adjusted pay to address the issues of talent retention in Nigeria’s financial industry.
The report highlights the rising discontent with existing pay and the effect of economic uncertainty on employee retention. It is based on a survey of 593 finance professionals.
The main conclusions of the report revealed low levels of satisfaction, with approximately 27% of respondents expressing extreme dissatisfaction with their income and 29% expressing moderate dissatisfaction. The percentage of respondents who said they were extremely satisfied dropped from 14.8% in 2023 to just 3%.
Migration, or “Japa,” accounted for 34.5%, and economic instability (41.4%) were shown to be critical retention issues.
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Regarding the impact of inflation, the study found that 91.6 percent of participants had experienced adverse effects from both rising prices and variations in exchange rates.
The study also emphasized the value of professional training and negotiation. Only 12% of finance professionals received financial support from their employers for professional training in the last five years, whereas 79% of respondents who often negotiate compensation changes reported better levels of satisfaction.
In response to the report’s results, Yele Oyekola, CEO of Duplo, emphasized the necessity for organizations to reconsider their approaches, saying that: “CFOs and finance leaders must prioritise transparent, inflation-adjusted compensation packages.” Additionally, without breaking the bank, creative advantages like technology solutions, performance-based rewards, and flexible work schedules can aid in retaining talent. Maintaining a competitive edge and cultivating loyalty can be achieved by upskilling staff in digital finance, data analytics, and compliance.
The report’s conclusions emphasize how important it is for businesses in Nigeria’s finance sector to make investments in employee development and happiness as well as adjust to the country’s current economic conditions.
