Inflation Affects 91.6% of Finance Professionals, Study Finds

In order to address the issues of talent retention in Nigeria’s banking industry, the Duplo 2024 Salary Report has recommended inflation-adjusted pay and increased training assistance.

Based on a survey of 593 finance professionals, the report highlights the impact of economic uncertainty on staff retention as well as the growing unhappiness with present compensation.

Nearly 27% of respondents were extremely unsatisfied with their income, and 29% were moderately dissatisfied, according to the report’s key results, which revealed low satisfaction percentages. Just 3% of respondents said they were extremely satisfied, a significant decrease from 14.8% in 2023.

Among the main obstacles to retention were economic instability (41.4%) and migration, or “Japa,” (34.5%).
According to the research, 91.6 percent of respondents said that rising prices and volatility in exchange rates had a negative influence on them.

The significance of professional training and negotiation was also emphasized by the poll. While 79 percent of finance professionals attended professional training in the last five years, just 12 percent received financial help from their employers for such development, respondents who routinely negotiate wage changes indicated higher levels of satisfaction.

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“CFOs and finance leaders must prioritise transparent, inflation-adjusted compensation packages,” said Yele Oyekola, CEO of Duplo, in response to the report’s results, emphasising the need for organizations to reconsider their approaches. Furthermore, cutting-edge perks like technology solutions, performance-based rewards, and flexible work schedules can aid in talent retention without breaking the bank. Employee loyalty may be increased and a competitive edge can be maintained by upskilling them in digital finance, data analytics, and compliance.

The study’s conclusions emphasize how important it is for companies in Nigeria’s financial industry to adjust to the country’s current economic climate and make investments in the growth and happiness of their workforce.