A new report has called for inflation-adjusted compensation and enhanced training support to tackle talent retention challenges in Nigeria’s finance sector.
The Duplo 2024 Salary Report, based on a survey of 593 finance professionals, underscores the growing dissatisfaction with current compensation and the impact of economic instability on employee retention.
Key findings of the report showed low satisfaction rates, with nearly 27 per cent of respondents very dissatisfied with their pay, while 29 per cent are moderately dissatisfied. Only three per cent reported being very satisfied, a sharp drop from 14.8 per cent in 2023.
Economic instability (41.4 per cent) and migration, or “Japa,” (34.5 per cent) were identified as major retention challenges. On inflation impact, the report showed 91.6 percent of respondents have been negatively affected by rising inflation and exchange rate fluctuations.
The survey also highlighted the importance of negotiation and professional training. Respondents who regularly negotiate salary adjustments reported higher satisfaction levels, while 79 per cent of finance professionals received professional training in the last five years, only 12 per cent received financial support from their employers for such development.
Reacting to the findings of the report, Duplo CEO, Yele Oyekola emphasised the need for organisations to rethink their strategies, stating that: “CFOs and finance leaders must prioritize transparent, inflation-adjusted compensation packages. Additionally, innovative benefits like flexible work arrangements, performance-based incentives, and technology solutions can help retain talent without straining budgets. Upskilling employees in digital finance, data analytics, and compliance can foster loyalty and maintain a competitive edge.”
The report’s findings highlight the critical need for employers in Nigeria’s finance sector to adapt to current economic realities and invest in employee satisfaction and development.
