Wema Bank has increased the salaries of staff in order to compensate them for the removal of fuel subsidies.
The bank claimed that because employee welfare was a top priority, this was necessary.
The bank also stated that in light of the current economic conditions, which have seen recent increases in the cost of fuel, electricity, and other commodities, firms must put their employees’ welfare first.
The salary increase was announced in a statement that was endorsed by the divisional head for people, brand, and culture at the bank, Ololade Ogungbenro.
She claimed that in addition to financial incentives, the bank gave its employees chances for both personal and professional advancement by fostering a culture of learning and development.
“Wema Bank’s mission extends beyond its financial results,” she stated. “The bank anticipates that this compensation rise for its employees will have a beneficial ripple impact on the broader business community and the workplace.
“Employees are feeling more motivated and committed to their jobs as a result of the salary boost, knowing that their efforts are actually appreciated and recognized,” according to the company.
She said the bank appreciated every person’s contribution, regardless of employment status.
She pointed out that doing this would help the workers feel more a part of the bank’s success story and build a sense of belonging as she expressed hope that the rise would improve employee morale, which would also promote output and teamwork while lowering turnover rates.
According to Ogungbenro, the financial institution was fostering a more peaceful and vibrant workplace where the creativity and innovation for which it was renowned thrived.
