Three of the nation’s 23 banks effected cuts in staff pay last year while four others increased the average pay package of its staff, according to a report compiled by Thaddeus Investment Advisors & Research Ltd.


According to the investment firm, “We recently completed a proprietary analysis that reveals banks that are getting it right in terms of managing their workforce and those that are not.

It said that First Bank decreased its average salary per head in 2013 by 12 per cent and improved its employee value added ranking by 5 spots relative to 2012, moving from 9th place to 4th place. In addition, its employees scored four more points than the 2012 fiscal year when it came to value-added. Its employees also increased their productivity by three per cent despite the decreasein average salary.

GT Bank according to Thaddeus Investment,the toast of African fund managers decreasedits average salary per head in 2013 by 26 per cent while increasing employee count by 24 per cent and also improved its employee value added ranking by 2 spots moving from third place to first place.

In addition, its employees scored seven more points than the 2012 fiscal year when it came to value-added. Its employees also increased their productivity by 14 per cent despite the 26 per cent decreasein average salary.

The report said that Sterling Bank, with the best dividend yield in the banking industry in 2013, maintained its last position for the second year in a row as the least paying bank in the industry on average.

The bank increased salaries on average by seven per cent, little less than average inflation in 2013 and its employees responded as the bank improved its employee value added ranking by 3 spots.

In addition, its employees scored twomore points than the 2012 fiscal year when it came to value-added. Its employees also increased their productivity by 14 per cent despite being the lowest paid in the industry and this was achieved with a seven per cent increasein average salary.

You can imagine what its employees can do with just a little bit more of motivation.

Access Bank on the other handincreasedits average employee salary by 34 per cent (despite decreasing employee count by 19 per cent and turning over most of its executive management in the same year its first CEO let go of the reins at the helms of the bank.

Access Bank lowered its employee value added ranking by five spots relative to 2012 moving from fifth to 10th place. In addition, its employees scored five less points than the 2012 fiscal year when it came to value-added. Its employees also decreased their productivity by eight per cent despite the 34 per centincrease in average salary.

Zenith Bank, another toast of Africa fund managers, increased its average salary per head by 29 per centand also lowered its employee value added ranking by fourspots relative to 2012 moving from second place to sixth place. In addition, its employees scored five less points than the 2012 fiscal year when it came to value-added.

Its employees also decreased their productivity by 10 per cent despite the 29 per cent increasein average salary. The bank’s CEO during the period is now Governor of the Central Bank while its founding CEO is now back at the helms of the board of the bank as chairman.

According to Thaddeus, “Fidelity Bank increasedits average salary per head by 12 per cent without reducing employee count which we deem commendable and lowered its employee value added ranking by onespot relative to 2012 moving from 10th to 11th place. In addition, its employees scored four less points tha.....

Read more from source link