May 06, 2009

THE era of de-marketing among Nigerian banks seems to be wanning, due largely to the timely intervention of the Central Bank of Nigeria (CBN).The strategy was to paint a rival bank black in order to get an unfair advantage in the pursuit of deposits.Now, the heat is on the staff of each bank, as Nigerian financial institutions have embarked on a new strategy to whittle down the monthly salaries of their staff by hinging their total emolument on target achievement.

Investigation by The Guardian showed that while some banks structured their staff pay structure on the scale of 20 per cent variable payment, others are insisting on 50 per cent.The layman explanation of this system is that out the 100 per cent monthly pay package of a staff, 20 per cent is dependent of successful delivery of bank staff monthly target.If such a staff fails to deliver the target, he/she forfeits 20 per cent of his/her salary.