Sterling Bank employees voice frustration over a 7% salary increase that fails to counter Nigeria’s inflation, citing low morale and dissatisfaction.
Sterling Bank’s recent 7% salary increment, announced earlier this month, has drawn widespread criticism from its employees.
Many feel undervalued, overworked, and underappreciated, as the modest raise fails to address the challenges posed by Nigeria’s soaring inflation rate.
Also read: Access Bank denies missing ₦500 million from deceased customer’s account
Executive trainees (ETs), who previously earned ₦327,000 monthly, now take home ₦351,000, while senior executives, earning ₦500,000, will see their salaries rise to ₦527,000.
However, employees have voiced their dissatisfaction, stating that the increase does little to improve their financial stability amidst rising living costs.
Internal sources report a sharp decline in morale and motivation across Sterling Bank’s workforce. Employee engagement and productivity are reportedly at an all-time low, which could significantly affect customer satisfaction and overall business performance.
This discontent contrasts sharply with the actions of competitors such as Union Bank and GTBank, which implemented substantial 40% salary hikes in late 2024.
These banks aim to reduce employee attrition and combat poaching by offering competitive remuneration packages.
Industry experts stress that competitive salaries are crucial in retaining top talent within Nigeria’s banking sector.
Sterling Bank’s decision to limit its salary increase to just 7% may have long-term repercussions for the institution, including higher employee turnover and decreased customer loyalty.
Efforts to obtain a response from Sterling Bank’s management have so far been unsuccessful. However, insiders suggest that the leadership is aware of the growing unrest among its employees.
As the dissatisfaction among Sterling Bank staff continues to grow, the situation underscores the critical need for businesses to prioritise fair compensation, especially in an inflationary economy.
Employees have made it clear that they will not remain silent and will continue to advocate for equitable pay adjustments.
Source: Read more at gazettengr.com
