Sterling Bank has increased salaries to over 3000 of its workers, where its nearly NN460000.A former level employee now enjoys NN528000 net monthly compared to the previous NN320000 levels. Consistently if not similar, the nature of the changes saw significant increases in salary— more than 35%, compared with staff payout genesis which was characterized by a stingy 7% increase to the last salary that we saw in January, and which did not impress the employees.
This is a normal state of affairs in the banking sector, with other financial institutions such as GTBank, Union Bank, Wema also recently adjusting salaries; the extra money is a result of severe competition for good staff that banks and financial organizations are facing today.
However, three bank chiefs did not want to go on record for the fear of reprisal or other reasons and they said that the top players in the non-bank financial industry are not sparing other staff in banks. They mentioned salary payments that equaled the banks’ salaries and the staff were willing to change their places of work because of the monetary rewards. On the other hand, a growing number of youthful professionals are quitting this country for better jobs and in the process, further infusing the high talent pool.
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Sterling Bank did not immediately respond to a request for comments.
The group has focused on its traditional strengths, notably banking. It is also increasingly active in new areas such as financial technology, asset financing, even provided electric cars for public use, and the top managers view the attraction and retention of the best human resources as a key factor in the implementation of its strategy.
The bank again is the lead subsidiary in this division with capability of N221 billion gross earnings in 2023 which is higher than its revenue of N202 billion, a further ₦337 billion is being targeted as feet in the sand for 2024. However, these levels are subdued as compared to the likes of Wema Bank which has close to the same size of assets and deposits but they are doing twice as small revenue.
The leaders of the entity aim at actively attracting and preserving people capable of assisting in achieving goals of business expansion in various types of business.
The latest arrangements are as follows:
Lately, executive management students (starters) will get ₦528,000 post-tax wages every month. It is estimated that Assistant Banking Officers (ABOs) will earn about ₦850,000 and this would have fetched them an extra ₦150,000 than the current salary scales applicable to them. Banking Officers (BOs) on the other will have their salary structures build up from ₦700,000 to ₦1,030,000 in the latest salary scales Its Senior Banking Officers (SBOs) will be paid ₦1.1 million a month. Assistant Managers otherwise abbreviated as AMs will take home ₦1.3 million at the end of each month. The latest salary review in Sterling Bank is a clever strategy aimed at acquiring high-performing employees and at declaring the bank’s staying power. Whether it will be enough considering the ever changing landscape of finance to hold on to its best employees, we will find out.
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