The unemployment rates in Nigeria which currently stood at 23.1 percent have been growing consistently over the years with obvious joblessness on the streets.
The increase in crime rates, especially among higher institution leavers in Nigeria cannot be unconnected with the level of idleness among graduates. As youthful energy If not dispatched towards productive activities will be channelled toward crimes.
The Banking sector being the most technologically advanced sector in the Nigeria have also proved to be the sector with consistent increased labour force. According to the Selected Banking Data Q1 2019 figures released on Friday by the National Bureau of Statistics (NBS).
The report revealed that Staff Strength in the Banking Sector has been increasing every quarter (QonQ) since 2017.
The figures also show that 44 percent of staff strength in the banking industry are Contract staff while Junior staff, Senior staff and Executive staff made up 39 percent, 17 percent and 0.2 percent respectively as at end of Q1 2019.
However, the employment increased in the banking sector is seen to have been positively skewed towards Contract Staff. The numbers of this category of bank workers increased by 997 in numbers QonQ. This figure represents 2 percent from 45,238 in Q4 2018 to 46,235 in Q1 2019 and also increased by 14,222 in numbers YonY representing 44 percent from 32,012 in Q1 2018 to 46,235 in Q1 2019.
The 3 other staff categories in the banking sector reduced in number QonQ: Junior Staff reduced by 540 representing 1.3 percent; Senior Staff reduced by 101 representing 0.6 percent and Executive Staff reduced by 8 representing 4 percent.
While for YonY. Junior Staff increased by 127 in number representing 0.3 percent from 40,444 in Q1 2018 to 40,571 in Q1 2019. Senior staff in the banking sector also increased by 1,077 in number representing 6.4 percent from 16,941 in Q1 2018 to 18,018 in Q1 2019.
While Executive Staff reduced by 17 in number YonY representing 8 percent from 210 in Q1 2018 to 193 in Q1 2019.
The shrinking of Banking Sector Labour force at the top of the employment ladder, and the growing number of contract staff. May not be unconnected with cost containment approach been adopted by Nigerian Banks as a means of boosting bottom lines.
The older banks are fast learning this cost line management tactics used by the newer banks and are now replacing front desk officers with contract staffs. Who could be trained to performs basic banking operation functions with lower cost and little or no long term employment commitments in the banking sector.