Sterling Bank’s recent 7% salary increase which was announced earlier this month has been met with widespread criticism and disappointment among its employees, who feel undervalued, overworked, and underappreciated.
According to sources, the bank’s Executive Trainees (ETs) will receive a monthly raise of ₦24,000, from ₦327,000 to ₦351,000, while Senior Executives will receive a monthly raise of ₦27,000, from ₦500,000 to ₦527,000.
Employees have expressed frustration and disappointment with the raise, citing the bank’s failure to keep up with Nigeria’s soaring inflation rate.
The tired salary structure of the bank has sparked a crisis of morale and motivation among Sterling Bank’s staff, with employee engagement and productivity hitting an all-time low. This has significant implications for the bank’s business, as customer satisfaction is likely to suffer.
In contrast, other banks in the industry have taken a more aggressive approach to salary increases. Union Bank and GTBank raised salaries by 40% in late 2024, in a bid to retain top talent in an industry plagued by high employee turnover and poaching.
Research shows that competitive salaries are key to reducing employee attrition in Nigeria’s banking industry. Sterling Bank’s failure to deliver on this front may have far-reaching consequences for its business.
All attempt to get Sterling Bank’s management to respond as at press time proves abortive, but insiders say that the bank’s leadership is aware of the growing discontent among its employees.
As the situation continues to unfold, one thing is clear: Sterling Bank’s employees will not be silenced, and they will continue to demand a fair and living wage.
KEY TAKEAWAYS The Office of the Auditor-General for the Federation said it could not verify…
