Brain drain in banking ICT sector

Recently, the exodus of professionals across all sectors in Nigeria to other

countries have increased immensely. BLESSING AFOLABI reports the effect
the brain drain has caused in the banking ICT sector as well as the health
sector

A vibrant young tech guy, passionate about data science was a staff of a new
generation bank for four years before he called it quits early this year. Seyi had
for a long time planned to travel out of the country to further his education.
He got admission to a university in the United Kingdom to study data science
and resigned from his banking job.
Seyi felt stagnated and didn’t see a future in the banking sector, hence his quest
for a better job offer. Promotions, salary review would take donkey years to
attain.
“There is a massive brain drain in the IT department of most banks. I’m sure of
some new generation banks. The management doesn’t appreciate staff except
those at the top. One would stay donkey years in the bank without any form of
significant growth, promotion or increment in salary.

A former bank worker in the IT department of a new generation bank, Elijah

Opeyemi, left the bank in frustration after over five years of rigorous service.
He had hoped for promotion and a raise upon confirmation, alas he remained
clogged in the graduate trainee trap for years.
According to him, when he got tired of frustrations from all angles coupled with
his work load, he decided to throw in the towel and resign.

Opeyemi quite embittered by the whole issue, said, “Basically, banks are losing
years of organisational knowledge. Someone who has known the organisation
through and through and who to call to sort issues almost immediately. Now,
the replacement is someone who has barely understudied this person leaving
and does not have enough organisational knowledge to get things going
smoothly. The funny thing is the departure is often sudden, years of frustration
thrown at their employer's face.”

He noted that the whole economy is hurting, but banks have been notorious for
grossly underpaying their staff. IT staff have also realised they can get paid
better outside, they have received the 'goodnews' from outside (abroad) that it
pays more there. Moreover, when they convert their salaries to dollars and see it
is barely 500 dollars, they just want to get out and earn more. 

“So, basically, poor pay which sometimes I feel is beyond banks themselves
though I get to ask questions when I see the jumbo pays of the senior
management, but then that is how it is everywhere, management takes the most. 
“Also, the need for a better economy and a better life. Knowing IT experts are
paid better outside and they have relevant experience? It is a no-brainer that
they try to leave.

On probable increase in work load and more vacancies in the banking sector,
Opeyemi affirmed that there was an obvious increased work load and banks
have gotten into a tight corner where they needed to cut down on costs.

He added, “When they sack in droves, they raise dust. Now, people leave in
droves, of course, they must be excited somewhere within them. So more
workload for the remaining team members. I feel bank management always
have the thought that the staff are not as effective as they should, meaning two
people doing the work of one person, it could be true in some cases though.
“But there are key roles that should have a proper replacement. But generally, it
has increased the workload. Job opportunities might have opened up but I am
almost sure it is to fill up empty teams or heavily distressed teams.”