CITIZENS COMPASS – SOME Deposit Money Banks (DMBs) in the country like Zenith Bank Plc, First Bank of Nigeria Limited and Wema Bank Plc.have increased staff’s salaries in order to cushion the effects of fuel subsidy removal.
At Zenith Bank, it was learnt that the salary increase was all-encompassing, covering both contract and permanent staff members.
Depending on their respective grade levels, some employees were fortunate enough to receive substantial raises ranging from 25 to 50%.
Leading with a workforce of over 8,000 employees, Zenith Bank allocated a significant N86.4 billion for personnel expenses as of December 2022.
Same applies to First Bank which was said to have increased the salaries of its workers few weeks before the stoppage of subsidy payment by the federal government.
Similarly, Wema Bank was sad to have followed the steps of Zenith Bank amd First Bank of Nigeria.
A statement signed by its divisional head, People, Brand & Culture, Ololade Ogungbenro on Thursday, July 27, 2023 said the decision became necessary to prioritise its employees’ welfare.
The lender noted that the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers.
Beyond financial incentives, Ogungbenro disclosed that the bank provided opportunities to its workers for personal and professional growth by nurturing a culture of learning and development.
According to her: “Wema Bank’s vision extends beyond its bottom line; with this salary increase for its staff, the bank expects the ripple effect of positive change to extend to the wider industry and world of work.
“Wema Bank’s unwavering support for its employees lies at the heart of this expected transformation.
“The impact of this salary increase bears more than mere numbers on a pay slip, employees are experiencing a renewed sense of motivation and dedication to their roles, knowing that their hard work is genuinely recognised and rewarded.
“The bank valued every individual’s contribution, regardless of employment status.”
This is a way of fostering a sense of belonging in its staff, she noted, ensuring that each member felt like an integral part of the bank’s success story.
The salary increment is expected to boost the morale of the employees, leading to enhanced productivity, improved teamwork and fostering a sense of appreciation and loyalty among staff.
-The WITNESS
