Polaris bank salary structure: How much staff are being paid
August 2, 2022
Polaris bank salary structure – Are you looking to take up a career in banking, probably conducting research on Nigerian banks, and how much their staff earns?
If this falls within your area of interest, the guide you are about to read will provide a piece of first-hand information about the Polaris bank salary structure in the most seamless way.
Before we dig further, let’s take a look at some important highlights about Polaris Limited.
History of Polaris Bank Limited
The history of this bank dated back to 1989 when it was incorporated as a Limited Liability Company as well as known as Prudent Merchant bank Plc.
However, it merged with four other banks namely; Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc in consolidation in 2006 to form the defunct Skye Bank Plc, headquartered at 3 akin Adesola Street, Victoria Island, Lagos Nigeria.
On September 21, 2018, Polaris bank came into being following shady insider dealings which brought Skye bank to her knees as a result of poor financial standings and mismanagement.
Polaris bank bought over the assets as well as liabilities and commenced operations immediately having taken over from the defunct Skye bank.
Polaris bank as it stands sounds a bit off to a lot of the banking populace, most times customers think it’s a virgin bank entirely in Nigeria’s banking system, however, inherited every goodwill of the defunct Skye bank as such remains strong through the intervention of the CBN as at then, having paid back the sum in full, the bank can now boast of its own stable and suitable financial standings.
The essence of this guide is to provide ample ideas and nimble perspectives to guide whoever is looking to secure employment opportunities with the bank on the most and least likely expectations in remunerations and employee welfare.
The employment category is divided into two;
- The full staff and
- The outsource/contract staff category
The Full Staff
I will assume you are new to this terrain, the idea is that employment in the Nigerian banking sector is categorized into full staff and outsourced staff.
The full or core staff are those employees employed directly by the bank. This has been a practice across banks like GTBank, First Bank, Access Bank, Zenith Bank, etc.
The question you may be tempted to ask is; are there staff who are not employed by the bank itself? Kindly be patient enough to follow me, we’ll get there.
Make certain, that this is not an all Polaris Bank affair, no, it’s not. It’s a general practice across banks.
The core staff usually occupy certain positions like the; Transaction Officer desk, Cash Officer desk, Head of Operations (HOP), or the Business Service Manager (BSM) (now these are those heading and leading proceedings at the operations).
The Manager is usually the overall senior in the branch in this cadre and most banks head the Marketing unit. The Manager, however, is most times clustered with a few core staff who most times are steps below his/her rank.
This group most times forms the bank management at the branch level.
The sad reality about these core staff is that they perform the last task in the bank, most times authorize tickets routed, load the ATMs, concerned with vault movement and evacuation of cash as well as perform oversight functions.
The Polaris bank salary structure for the core staff usually starts from the;
These are fresh graduates from the training school; on recruitment, they will have to attend the Polaris Bank training school for at least 4 months.
Thereafter, they are deployed for preliminary attachments to the branches nationwide for a few more weeks to under study proceedings at the branch level which is geared at getting them prepared for the task ahead.
The salary structure for the Polaris bank graduate trainees is usually measured between N100,000 to N110,000. (One hundred thousand nairas to one hundred and ten thousand nairas only)
The Senior bankers
Now we have the senior bankers who have passed through promotions in their career pursuits they are usually the; Assistant Banking Officers (ABO), Banking Officers (BO), Senior Banking Officers (SBO), Banking Officers (BO), Assistant Managers (AM), the Managers (M), etc.
The salary structure for this category of staff is somewhere between N150,000 to N300,000 (One hundred and fifty thousand nairas to three hundred thousand nairas only).
Additionally, these set of staff are entitled to a certain payment scheduled every three months, it’s called quarterly allowance. The least of these core staff sometimes receive around N400,000.
They are as well as entitled to another payment called “Pay-per-performance” usually according to your input for the period under review.
The outsourced/contract staff
Finally, the outsourced/contract staff are the war horses of Polaris bank, they work like Donkeys, but, earn and eat like ants.
The contract staff range from; the teller/cashier who pays you as well as collects your deposits, to the customer service officers.
These groups of staff are usually higher in number in every bank. For instance, if there are a total of 20 staff in a branch the contract staff or SOF will measure up to 15 or more, while the remaining 5 are the core staff.
In essence, the banks operate on the principles of cheap labor, and this has been going on for too many years and counting.
The SOFs are employed by outsourcing firms, then seconded to work with the bank on request, logically they are not employed by the bank.
The SOF or contract staff in Polaris bank are divided into 3 ranks;
- Teller 1
- Teller 2 and the
- Teller 3
Polaris bank’s salary structure for these tellers is as follows;
Teller 3 is the least category and starts from N56,000. Promotion is a scarce commodity among these tellers, however, if after 6 or 7 years you managed to get promoted to teller 2 you will have an additional N10,000 which brings your salary to N66,000.
Teller 1 is the highest step, by any means you get promoted to this level you’ll earn N76,000. However, not many tellers will be this lucky before they clock 10 years in service, hence being asked to go home as services are no longer required.
Note: Polaris bank cannot and will not employ contract staff with B.sc or HND, no, they won’t do that. They will employ you with your Ordinary National Diploma (OND) even if you are HND or B.sc. It’s as bad as that.
There’s no room for career progression for the contract staff, no, instead, they’ll employ fresher annually, however, the SOFs who have put in many years of faithful service remain stagnant with no conversion.
The life of a bank teller is quite unfortunate, however, you may have to manage it given there are no jobs.
Now you have an honest review of the Polaris Bank salary structure, it’s up to you to decide and be informed timely on what you are about to get involved with.
Like I would always advise, set a plan for yourself, go in there, work a few years, and plan your life outside the system if you get employed as a SOF, you shouldn’t relax about it, good luck.
Have other inquiries to make? Kindly use the comment box.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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