How Sterling Bank Uses Tiered Salary Structure to Hold Down Staff Without Promotion

Published

1 year ago

January 16, 2025

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How Sterling Bank Uses Tiered Salary Structure to Hold Down Staff Without Promotion—-Sterling Bank’s recent 7% salary increase which was announced earlier this month has been met with widespread criticism and disappointment among its employees, who feel undervalued, overworked, and underappreciated.

According to sources, the bank’s Executive Trainees (ETs) will receive a monthly raise of ₦24,000, from ₦327,000 to ₦351,000, while Senior Executives will receive a monthly raise of ₦27,000, from ₦500,000 to ₦527,000.

Employees have expressed frustration and disappointment with the raise, citing the bank’s failure to keep up with Nigeria’s soaring inflation rate.

The tired salary structure of the bank has sparked a crisis of morale and motivation among Sterling Bank’s staff, with employee engagement and productivity hitting an all-time low. This has significant implications for the bank’s business, as customer satisfaction is likely to suffer.

In contrast, other banks in the industry have taken a more aggressive approach to salary increases. Union Bank and GTBank raised salaries by 40% in late 2024, in a bid to retain top talent in an industry plagued by high employee turnover and poaching.

Research shows that competitive salaries are key to reducing employee attrition in Nigeria’s banking industry. Sterling Bank’s failure to deliver on this front may have far-reaching consequences for its business.

All attempt to get Sterling Bank’s management to respond as at press time proves abortive, but insiders say that the bank’s leadership is aware of the growing discontent among its employees.

As the situation continues to unfold, one thing is clear: Sterling Bank’s employees will not be silenced, and they will continue to demand a fair and living wage.

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BREAKING: Penalty Drama as Arsenal Draw Atlético Madrid Away

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16 hours ago

April 30, 2026

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BREAKING: Penalty Drama as Arsenal Draw Atlético Madrid Away—-Juliaan Álvarez 56th minutes spot kick cancels out Viktor Gyökeres’ penalty kick opener in 1-1 Champions League showdown aat Wanda Metropolitano.

Arsenal were held to a 1-1 draw by Atlético Madrid on Wednesday night in the first leg of their UEFA Champions League semi-final, as both sides traded blows in a tense encounter.

The Premier League leaders struck first just before half-time when Viktor Gyökeres won and calmly converted a penalty, giving Arsenal a crucial away lead.

However, the hosts responded in the second half. Julián Álvarez brought Atlético Madrid level in the 56th minute from the penalty spot after a handball by Ben White inside the box.

The equaliser set up a tense finish, with both teams pushing for a winner, but neither could find the breakthrough, leaving the tie finely balanced ahead of the second leg.

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Two Nigerians Confirmed Dead in South Africa Amid Rising Xenophobic Tensions

Published

3 days ago

April 28, 2026

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Two Nigerians Confirmed Dead in South Africa Amid Rising Xenophobic Tensions—-Two Nigerian nationals have reportedly been killed in South Africa in what is being described as a xenophobic attack, raising fresh concerns over the safety of foreign nationals in the country.

According to early reports, the victims were attacked by unidentified individuals amid rising tensions linked to anti-immigrant sentiments. While full details of the incident remain unclear, the killings have sparked outrage within Nigerian communities both locally and abroad.

Authorities in South Africa are yet to release an official statement confirming the circumstances surrounding the attack, but investigations are said to be ongoing.

The incident has once again brought attention to recurring xenophobic violence in South Africa, where foreign nationals—particularly from other African countries—have often been targeted during periods of unrest.

Nigerian officials and diaspora groups are expected to demand a thorough investigation and justice for the victims, while also calling for stronger protections for Nigerians living in the country.

This latest development adds to a history of strained tensions, as both governments continue to face pressure to address the root causes of xenophobia and ensure the safety of all residents.

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