Economic Hardship: Wema Bank Announces Salary Increment For Staff
In response to the economic fluctuations occasioned by the removal of the fuel subsidy in Nigeria, Wema Bank has announced an increase in salaries for its employees in the business.
With this singular act, Nigeria's leading financial institution in innovation and technology is not only equipping the full cadre of its staff to maintain standards of living in the current economic climate but has also set the standard for pro-employee initiatives in Nigeria.
The recent subsidy removal, in addition to a number of other factors, has led to a nationwide price inflation, and this has compelled Nigerians at both individual and corporate levels, to devise and adopt measures that will help them survive the inevitable adverse effects. Businesses and organisations have had to review their spending, downsize staff and cut general costs. All this makes Wema Bank’s decision to go against the grain and increase staff salaries a commendable surprise. It also further solidifies the widely held narrative that Wema Bank is among the best places to work.
Over the years, the rise and permeation of technology in the world has inadvertently reduced the need for human resources in many aspects of industry. Wema Bank remains a brand which in addition to job creation, also ensures that its employees execute their duties in an enabling and rewarding environment without compromising their work-life balance. It is a stance that has rightfully earned the financial powerhouse its spot among the top 2 banks in the industry.
Beyond financial incentives, Wema Bank has maintained a track record of actively driving the personal and professional growth of its employees; staff benefit from a plethora of health, wellness, lifestyle, career and financial empowerment initiatives, developed to help them achieve and live their best lives. From providing gyms and health insurance, to organizing fitness activities, personal and career development training. There are also the occasional rewards, cash prizes and more. Wema Bank is constantly innovating to ensure the satisfaction of both its customers and employees as further evidenced by this recent increase in the salaries of its employees.
Wema Bank is well aware that an effective, enabling working condition comprises all the physical, psychological, and financial factors that boost the well-being, performance, and productivity of employees. These factors include the work environment, remuneration policy, work schedule, and other conditions of employment that influence the employee’s health, safety and sense of job security. Again, the ideal working condition would adequately support employees’ lives, well-being, health and safety, and ensure they are fully rewarded for their services, allowing them to achieve true work-life without compromising the finance factor. Wema Bank also creates a sense of community among its employees, in the process building a support system for every member of its staff.
One way of sustaining customer satisfaction is nurturing staff well-being; and Wema Bank has maintained a steady and impressive growth while meeting and exceeding customer and industry expectations. With the news of the staff salary increase, it is evident that Wema Bank is becoming a one-stop solution provider to not just customers, investors and partners, but its staff as well. When employees are happy with their work conditions, they are more intentional in carrying out their duties, producing better results and creating an even higher level of customer satisfaction.
Wema Bank seems to have cracked the code to rewarding banking and hacking work-life balance.
It is likely this innovative financial pacesetter will continue to break records and set the standards for integrated banking in Nigeria and beyond. What will it do next? A world of its current and prospective customers, investors, partners and employees watches with excitement.