As inflation persists and the struggle for prime expertise intensifies, Nigerian banks are responding in markedly alternative ways relating to worker pay.
Nairametrics has analyzed the 2024 monetary reviews of 9 listed banks, and the findings reveal sharp contrasts in how banks construction compensation.
From executive-heavy organisations to lean branch-driven fashions, every bank’s technique is mirrored in the way it pays its workforce.
How we assessed pay
We categorized worker earnings into three classes:
- Excessive revenue: Above N6 million yearly
- Center revenue: N3.5 million – N6 million
- Low revenue: Under N3.5 million
We then in contrast what share of employees fell into every bracket and examined the variety of govt administrators, administration employees, and total worker depend to higher perceive every bank’s staffing mannequin.
Banks with the best-paying workforce:
Stanbic IBTC emerged because the top-paying bank, with 76.5% of its workers incomes above N6 million every year, the very best amongst all banks reviewed. It’s intently adopted by Access Bank (70.5%) and Fidelity Bank (65.3%).
These establishments seem to prioritise a professional-heavy workforce with fewer junior-level employees.
Banks with the biggest low-income workforce
Whereas some banks have phased out junior roles, others nonetheless rely closely on lower-compensated employees.
Wema Bank stands out, with almost 46% of its workforce incomes lower than N3.5 million yearly, the very best amongst its friends.
Zenith Bank (35.2%) and GTCO (25.6%) even have considerably low-income employees footprints.
Against this, Fidelity Bank (0.9%), Stanbic IBTC (3.5%), and Access Bank (4.8%) have nearly utterly exited this bracket, possible a mirrored image of streamlined digital fashions and better minimal compensation flooring.
GTCO leads in middle-income stability
Banks like GTCO and UBA stand out for having a big share of employees incomes between N3.5 million and N6 million, which is the operational spine in most monetary establishments.
This alerts a wholesome layer of skilled non-executive professionals and staff leads.
Management focus and employees construction
The information additionally reveals how banks handle their management pipelines:
- Access Bank has the biggest management construction with 1,013 administration employees and 15 govt administrators for a workforce of 8,939.
- Zenith Bank manages over 9,300 employees with simply 196 managers, signaling a extremely operational, layered mannequin.
- Wema Bank is the leanest: solely 32 managers for two,300+ workers, reinforcing its retail-heavy technique.
What we discovered
- Stanbic IBTC, Access Bank, and Fidelity Bank are top-heavy of their compensation construction, suggesting a give attention to elite, professionalized expertise.
- GTCO and UBA supply probably the most balanced employees compensation, rewarding their operational spine.
- Wema Bank seems to take care of probably the most junior-heavy construction, probably as a consequence of a broader retail presence.
- Zenith Bank strikes a hybrid mannequin however nonetheless leans towards a big entry-level base.
Why this issues:
Compensation construction isn’t only a budgeting concern, it displays a bank’s operational mannequin, technique, and development stage.
- For instance, a top-heavy construction could align with funding banking, digital transformation, or advisory companies.
- In distinction, branch-heavy banks could have extra junior roles as a consequence of customer-facing operations.
- For professionals within the trade, job seekers, and traders alike, these insights present a revealing lens into how Nigerian banks prioritize human capital and who will get rewarded most.
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