A new report from Duplo, a provider of technology solutions, has highlighted the need for inflation-adjusted compensation packages and better training support for staff to address talent retention challenges in Nigeria’s finance sector.
The Duplo 2024 Salary Report is based on a survey of 593 finance professionals, with the majority of respondents falling within the five to 10 years of experience range (31.5 per cent), followed by those with three to five years (19.9 per cent) and less than three years (18.6 per cent).
According to their responses, satisfaction with compensation remains low, with nearly 27 per cent of respondents “very dissatisfied” and 29 moderately dissatisfied with their current compensation.
Only a small portion (three per cent) reported being very satisfied with their current compensation (down from 14.8 per cent in 2023), indicating a growing need for more attractive and comprehensive compensation strategies.
The survey also revealed that economic instability (41.4 per cent) and migration – commonly referred to as ‘japa’ – (34.5 per cent) represent the biggest threats to talent retention in the sector.
About 92 per cent of respondents have been negatively impacted by recent exchange rate fluctuations and rising inflation, underlining the rising economic pressure on finance professionals in the country.
On the contrary, professionals who regularly negotiate salary adjustments reported higher levels of satisfaction with their compensation, highlighting the value of negotiation skills. These findings align with broader industry trends, which indicate that salary negotiations can significantly boost job satisfaction and financial growth.
