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27/01/15
RECOMMENDATION FOR
THE PROPOSED SALARY
INCREASE
Presented
by
Femi Adele
27/01/15
Presentation Outline
• AIM
• APPROACH
• PREAMBLE
• WHY SALARY INCREASE?
• FINANCIAL PERSPECTIVE
• PROPOSED NAME F...
AIM
• Our task is to recommend salary increase to
management which will be at reasonable cost to
the organisation.
27/01/15
APPROACH
• The approach we employed is to use a
percentage of the gross pay on the employment
letter that is set aside as ...
PREAMBLE
• High performing organisations the world over
take their employees’ remuneration packages
very seriously. They d...
WHY SALARY INCREASE ?
• To attract talented people
• To retain key employees
• To maintain an excited and motivated
workfo...
FINANCIAL PERSPECTIVE
• AVERAGE MONTHLY SALARY OUTLAY (3
MONTHS AVERAGE FROM JULY – SEPT 2010)
27/01/15
AVERAGEMONTHLYSALA...
• PROPOSED INCREASE: 50% of amount
warehoused at each levels for Bank’s year-end
profitability
27/01/15
LEVELS FULL YEAR B...
• TOTAL MONTHLY SALARY OUTLAY AT
PRESENT
27/01/15
LEVELS NOOFSTAFF MONTHLYAVERAGE TOTALOUTLAY
EOT 10 11,543.29 115,432.92
...
PROPOSED NAME FOR THE SALARY
HEAD
• Proposed name for the income head will be
EDUCATIONAL SUBSIDY which by tax
law is tax ...
CONCLUSION
• Based on our current staff strength and the
number of staff in the affected levels, our
proposed remuneration...
27/01/15
•THANK YOU
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  1. 1. 27/01/15 RECOMMENDATION FOR THE PROPOSED SALARY INCREASE Presented by Femi Adele
  2. 2. 27/01/15 Presentation Outline • AIM • APPROACH • PREAMBLE • WHY SALARY INCREASE? • FINANCIAL PERSPECTIVE • PROPOSED NAME FOR THE SALARY HEAD • CONCLUSION
  3. 3. AIM • Our task is to recommend salary increase to management which will be at reasonable cost to the organisation. 27/01/15
  4. 4. APPROACH • The approach we employed is to use a percentage of the gross pay on the employment letter that is set aside as year-end profitability. 27/01/15
  5. 5. PREAMBLE • High performing organisations the world over take their employees’ remuneration packages very seriously. They do this by engaging in salary review from time to time to maintain relevance and remain competitive in the industry in which they operate. 27/01/15
  6. 6. WHY SALARY INCREASE ? • To attract talented people • To retain key employees • To maintain an excited and motivated workforce. 27/01/15
  7. 7. FINANCIAL PERSPECTIVE • AVERAGE MONTHLY SALARY OUTLAY (3 MONTHS AVERAGE FROM JULY – SEPT 2010) 27/01/15 AVERAGEMONTHLYSALARYOUTLAY(3MONTHSAVERAGEFROMJULY-SEPT) MONTHS TOTALSALARYOUTLAY JULY 4,602,529.90 AUG 4,723,247.37 SEPT 4,320,308.81 TOTAL 13,646,086.08 AVERAGE 4,548,695.36
  8. 8. • PROPOSED INCREASE: 50% of amount warehoused at each levels for Bank’s year-end profitability 27/01/15 LEVELS FULL YEAR BONUS 50% of FYB MONTHLY AVERAGE EOT 277,039.00 138,519.50 11,543.29 AEO 318,604.71 159,302.36 13,275.20 EO 366,384.07 183,192.04 15,266.00 SEO 439,660.72 219,830.36 18,319.20 AM 527,593.07 263,796.54 21,983.04 DM 633,111.68 316,555.84 26,379.65
  9. 9. • TOTAL MONTHLY SALARY OUTLAY AT PRESENT 27/01/15 LEVELS NOOFSTAFF MONTHLYAVERAGE TOTALOUTLAY EOT 10 11,543.29 115,432.92 AEO 3 13,275.20 39,825.59 EO 3 15,266.00 45,798.01 SEO 2 18,319.20 36,638.39 AM 0 21,983.04 - DM 1 26,379.65 26,379.65 TOTAL 264,074.56
  10. 10. PROPOSED NAME FOR THE SALARY HEAD • Proposed name for the income head will be EDUCATIONAL SUBSIDY which by tax law is tax exempt. 27/01/15
  11. 11. CONCLUSION • Based on our current staff strength and the number of staff in the affected levels, our proposed remuneration package will increase the average total monthly salary outlay from N4,548,695.36 to N4,812,769.92, a % increase of 5.8% which in our opinion is reasonable considering the cost exposure on the organisation. 27/01/15
  12. 12. 27/01/15 •THANK YOU

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