HOW THE NIGERIAN BANKING SYSTEM IS KILLING EMPLOYEE LOYALTY.

I was at the bank last week to complete a pending transaction that has lingered for two weeks because my account officer has been changed Three times in just one year. NO, they didn't "Japa" they have simply moved to another bank in search of promotion. With the hike in commodity price, removal of subsidy and now increase in Electricity tariff I do not blame the staffs for moving to get the next grade.

The Nigerian banking industry—a system that unfortunately rewards employees who jump from bank to bank in search of faster promotions, rather than recognizing the value of loyalty and commitment.

The average duration for an employee to progress to the next grade within a single bank is around four years. However, the situation drastically changes when individuals decide to move between banks. Shockingly, they can achieve promotions every six months by hopping from one institution to another.
When I was in the banking industry, I personally spent 3 years on a grade before getting promoted and I was considered to be a superstar as this was slightly faster than the industry average. Meanwhile, my friends at the Big4 got promoted three times during the same period.

We must consider the adverse consequences of this practice.
Why is Employee loyalty important?
- Employees no longer invest enough time or effort in acquiring in-depth knowledge of the products and services offered by the bank. As a result, customers are left with unanswered questions, inefficient service, and a diminished level of trust.
- Lack of loyalty can hinder the development of long-term relationships between employees and customers. Job hopping disrupts this bond, making it harder to establish strong connections and understand customer needs.
- It is cheaper to retain an employee than employ a new one.
-The culture of rewarding job hopping creates an environment where employees are constantly focused on their next career move. This mentality can undermine teamwork, collaboration, and the sharing of knowledge and experiences among colleagues.

To address this issue, it is crucial for Nigerian banks to reevaluate their reward systems and place a stronger emphasis on rewarding loyalty, commitment, and skill development.

In a nutshell, Dear banks please promote your performing staffs and review salary constantly as it makes no sense to be paying staff the same salary range for 10 years when the economy has experienced a cumulative 85% inflation over the years.

Let us come together as professionals and bring back corporate loyalty, this issue cut across other industries as well. By addressing this flaw in the system and promoting a more balanced and sustainable approach to career advancement, we can ensure better service delivery, enhanced customer satisfaction, and ultimately, the growth and prosperity of the industry as a whole.
written by Olabode Ifeanyi

olamilarks:
The fastest way to get a salary increase and faster career growth in Nigeria is by job hopping. Loyalty doesn't pay

DolbyDigital:
Most companies think it is OK to pay so little to people who are passionate about their work. Spending over 8 years in the last company I worked with is the biggest mistake of my life. I didn't really care much about the salary when I made my career debut. I was young, 21, and fresh out of school when I got the job and I was just excited about practising what I learnt in school. As I grow older with more ends to meet, the realities of life started setting in. For the first time in four years, I realised that I was underpaid and the excitement started to wear out.

Within that period of 4 years, the company witnessed massive growth, that we have to get bigger office spaces and recruit more hands. I keep negotiating for 80% salary increase which is already ridiculously low and the company keep stalling them. Although I didn't push for it aggressively because I do not like to appear entitled and I do not like to think my fate depends on something or someone other than me. It is easier for me to be that conservative because I have some side jobs I do that pay little, but it feels like a dagger in one's heart to know one is being cheated on and I know I am going to have to leave someday. It seems to me that the only people that matters in the eye of the management are the subcontractors, consultants, and the expatriates.

As a senior member and team leader, I always tell my colleagues to give their all regardless of the poor pay, but seems that giving your all while suffering is harder that the thought I put to it when I preach to my colleagues to do their best. Subconsciously, my productivity started dwindly. My life feel paused, and slow and somehow I feel empty. I feel like something is wrong with my life but I couldn't figure out what I am doing wrong. I started waking up late, talking back at my boss, engage in unprofessional interactions, and not caring about what is going on in the office anymore. That is unlike me, I am aware of that but somehow I couldn't get myself to change. I know it is a matter of time for me to leave that company and their is so little sand in my glas. Before the excitement died completely, I know I have to leave.

I started sending out my CV and surprisingly, I got another job faster than I thought. And what is actually more surprising is the fact that I got 200% increase in my salary for doing the same thing (a tiny little bit more) when I have been spending 4 years negotiating for 80% and the best they came up with is 30% (which is even the highest in my division that year).

I loved my new job but after spending two years, I thought there is nothing wrong in applying for more challenging jobs. I started sending out my CV again and I had just accepted an offer with the pay about 420% increase from my first salary.

emoboy4u:
Not just Banks. It happens in every sector

DolbyDigital:
Most companies think it is OK to pay so little to people who are passionate about their work. Spending over 8 years in the last company I worked with is the biggest mistake of my life. I didn't really care much about the salary when I made my career debut. I was young, 21, and fresh out of school when I got the job and I was just excited about practising what I learnt in school. As I grow older with more ends to meet, the realities of life started setting in. For the first time in four years, I realised that I was underpaid and the excitement started to wear out.

Within that period of 4 years, the company witnessed massive growth, that we have to get bigger office spaces and recruit more hands. I keep negotiating for 80% salary increase which is already ridiculously low and the company keep stalling them. Although I didn't push for it aggressively because I do not like to appear entitled and I do not like to think my fate depends on something or someone other than me. It is easier for me to be that conservative because I have some side jobs I do that pay little, but it feels like a dagger in one's heart to know one is being cheated on and I know I am going to have to leave someday. It seems to me that the only people that matters in the eye of the management are the subcontractors, consultants, and the expatriates.

As a senior member and team leader, I always tell my colleagues to give their all regardless of the poor pay, but seems that giving your all while suffering is harder that the thought I put to it when I preach to my colleagues to do their best. Subconsciously, my productivity started dwindly. My life feel paused, and slow and somehow I feel empty. I feel like something is wrong with my life but I couldn't figure out what I am doing wrong. I started waking up late, talking back at my boss, engage in unprofessional interactions, and not caring about what is going on in the office anymore. That is unlike me, I am aware of that but somehow I couldn't get myself to change. I know it is a matter of time for me to leave that company and their is so little sand in my glas. Before the excitement died completely, I know I have to leave.

I started sending out my CV and surprisingly, I got another job faster than I thought. And what is actually more surprising is the fact that I got 200% increase in my salary for doing the same thing (a tiny little bit more) when I have been spending 4 years negotiating for 80% and the best they came up with is 30% (which is even the highest in my division that year).

I loved my new job but after spending two years, I thought there is nothing wrong in applying for more challenging jobs. I started sending out my CV again and I had just accepted an offer with the pay about 420% increase from my first salary.