Aside from your salary or business income, it is crucial to explore other sources of income to meet your growing needs.
Despite the low salaries, many finance professionals in Nigeria opt to remain in their positions due to factors such as job security, work-life balance, and career development opportunities, as per a recent survey by Duplo.
The ‘Inside the Paycheck’ report for 2024 reveals that compensation satisfaction remains low in the industry. About 29 percent of respondents reported moderate dissatisfaction with their pay, while 27 percent were very dissatisfied. Only 3 percent were very satisfied, and 23.7 percent were moderately satisfied. The majority of professionals in Nigeria’s finance sector earn less than ₦500,000 per month, with only 7.2 percent earning above ₦1 million.
Mid-level professionals, particularly those with 5 to 10 years of experience, face the most dissatisfaction due to stagnant salaries that do not keep up with the high inflation rate that has reached its peak in almost three decades.
While salary dissatisfaction is prevalent, professionals are prioritizing work-life balance and job stability amidst Nigeria’s economic challenges. The survey indicates that finance professionals value work-life balance as much as their base salary, especially considering the emotional strain of economic uncertainty.
The decision to remain in underpaid positions is influenced by long-term career goals and the perceived security of their roles.
Duplo highlights five reasons why Nigerian finance professionals choose to stay in underpaid jobs:
- Job Security (41.8%): Stability is the most crucial factor for finance professionals in staying in low-paying roles.
- Work-Life Balance (40.2%): The balance between work and personal life is a key consideration for professionals.
- Career Development Opportunities (31.7%): Growth and learning opportunities play a significant role in their decision-making.
- Company Culture (25.3%): A positive company culture can outweigh financial compensation for many professionals.
- Base Salary (24.8%): While salary is important, other benefits often outweigh the monetary aspect for professionals.