Wema Bank has raised the salaries of its employees to cushion the effect of fuel subsidy removal.
It said this was necessary because it prioritised its employees’ welfare.
The bank said the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers.
The bank disclosed the salary increase in a statement signed by its Divisional Head, People, Brand & Culture, Ololade Ogungbenro.
Beyond financial incentives, she said, the bank provided opportunities to its workers for personal and professional growth by nurturing a culture of learning and development.
She said, “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.”
According to her, 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.
She expressed optimism that the increment would boost the morale of the employees, leading to enhanced productivity, improved teamwork, and reduced turnover rates.
Ogungbenro said the financial institution was creating a more harmonious and dynamic work environment where the creativity and innovation for which it was acclaimed, flourished very well.