It’s no secret that many African professionals are unhappy with their salaries, and a new report from Duplo on compensation trends in the finance industry sheds light on why. The usual suspects? Inflation, FX volatility, and stagnant salary reviews.
But some of the other findings might just surprise you.
First, the bad news: over 56% of finance professionals are dissatisfied with their salaries. Only a tiny 3% say they’re very satisfied, down from the 14.8% who said they were happy with their compensation last year.
Inflation and FX volatility have taken a heavy toll, eroding purchasing power and leaving professionals feeling undervalued.
The good news? Negotiation confidence is on the rise(but only among high earners). Professionals earning above ₦1 million per month are flexing their negotiation muscles, with 100% expressing confidence in salary discussions. For mid-level earners (₦500k–₦1M), 66% feel confident negotiating, a significant leap from previous years. But here’s the kicker: even with increased confidence, satisfaction isn’t keeping pace.
Women leading the way
One interesting finding is that women in finance are out-earning their male counterparts, a shift from traditional compensation trends. But while negotiation comfort among women is strong, it hasn’t always translated into satisfaction, signalling deeper systemic barriers.
It’s not just about the salary anymore
Sure, base salary matters (a lot), but it’s no longer the only dealbreaker. Retention trends reveal that finance professionals are prioritising:
- Job security (41.8%): Professionals are looking for stability more than ever. Job security has become a top priority, as workers seek roles where they feel safe and valued, especially amidst economic turbulence
- Work-life balance(40.2%): With economic instability fueling mental strain, professionals crave jobs that let them breathe.
- Career growth opportunities(31.7%): Upskilling and clear growth paths are now as attractive as a fat paycheck.
What does this mean for you?
If you’re a job seeker, this is your moment to:
- Upskill strategically: It’s not enough to rely on your current skill set. Continuously investing in upskilling can significantly boost both your earning potential and career growth.
- Negotiate like a boss: Use data to benchmark salaries, and don’t shy away from asking for what you deserve.
- Prioritise jobs with development opportunities: Target companies that value growth, invest in training, and offer flexibility.
