Remuneration Levels and Practices in the Nigerian Banking Industry

Remuneration Levels and Practices in the Nigerian BI

For close to a decade, KPMG has supported the People Agenda of the Nigerian Banking Industry via its annual Banking Industry Remuneration Survey (BIRS). The survey provides market intelligence and insights for banks to develop performance-driven and cost-effective rewards strategies to facilitate strategy execution.

Wale Ajayi

Partner & Head, Tax, Regulatory & People Services

KPMG in Nigeria

Remuneration Levels and Practices in the Nigerian Banking Industry

The BIRS was KPMG’s response to the call of three (3) banks in 2010 for a reliable and robust industry-wide data for taking informed pay decisions. Today, most banks leverage the BIRS in developing people strategies to drive achievement of corporate objectives.

Based on current trend, the challenge of optimising returns on investment, amidst rapidly changing consumer taste and behaviour, stiffer competition from disruptors, as well as keeping up with technological changes, has become heightened. Technology is not only changing the approach to service delivery, but banks are also fast realising the need to relook their strategies for attracting, retaining and motivating top talent, especially IT/Technology talent, who are now critical to driving their transformation agenda.

In addition to the banking sector, KPMG focuses on supporting other sectors such as: Consumer Markets, Insurance, Investment Banking & Asset Management, Legal Services, Oil and Gas, Pension, and Fintech with valuable market insights, through our various industry remuneration surveys that facilitate informed pay decisions.

Click to download and read more on the key highlights of KPMG 2018 BIRS.

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