5 things to consider when negotiating salary in Nigeria: “How much do you expect to earn in this position?”
That is one of the most difficult questions for job hopefuls to answer. As a candidate, you are trapped between not underselling yourself and jeopardizing your chances, an intriguing and perhaps daunting crossroads.
Occasionally, someone will respond with, “What is the budget for this role?” but believe me, most recruiters will insist on you providing a number. Additionally, some recruiters provide their compensation range and allow you to negotiate upward if the range falls short of your expectations.
5 things to consider when negotiating salary in Nigeria
The following are some points to consider when negotiating salary in Nigeria.
Which industry does the organization operate in?
Pay ranges vary considerably across industries. For instance, a finance associate’s salary in an investment firm may be much different than his or her salary at an oil and gas company. Earning power varies by industry, and you should keep this in mind while negotiating your pay. This is not a factor unique to technical/functional professions. His category includes support functions such as receptionist, clerical, and other related roles.
What is the content of the job description?
In Nigeria, like in most places, there are occasionally disparate expectations for various job descriptions. For instance, in one firm, the word “People Operations” may refer to the end-to-end process of onboarding and offboarding an employee, whilst in another, it may encompass payroll-related operations. In some businesses, the Finance Officer may be responsible for audit-related responsibilities, whereas, in others, audit-related tasks may be excluded. Thus, it is critical that you understand the job description and expectations prior to initiating compensation discussions.
Certifications pertinent to the role include the following: When discussing your pay, you should always take your certificates into account. Certain industries and organizations (such as consulting and the big four) take certifications into account during salary negotiations; however, even if this is not stated explicitly, you can inform recruiters about your certifications and their relevance to the role you are applying for and the organization as a whole. For example, as an auditor, being a chartered accountant adds significant value; as a tax consultant or manager, being CITN certified adds significant value, much like being a CFA charter holder adds significant value in the banking industry.
Determine the range from an inside source
Nigerians are by nature reserved, particularly when it comes to money and related subjects. However, if possible, it’s usually beneficial to hire someone who already works at the business in a nearly identical job. Because the majority of businesses have a pay band, you do not need to be explicit in your request.
Alternatively, you might request that they share the pay range with you. People may be hesitant to discuss their wages, but providing a range may not be inconvenient; nonetheless, you should not compel them if they are unwilling.
Take note of the years of experience required
Occasionally, we come across a position that requires 5-8 years of expertise. This suggests that a worker with five years of experience would be sufficient for this position. That means that if you have eight years experience and apply, you should be aware that, all other circumstances being equal, they will very certainly begin the salary discussion at the level at which a candidate with five years’ experience would be content. For instance, if there is an opportunity for a data analyst with 3-5 years experience and a salary range of 500-800k naira per month, regardless of whether you have 3 or 5 years experience, if the interview process is scaled, your wage negotiation would begin at 500k.
It’s important to understand that for many organizations, your remuneration extends beyond your income (or monthly take home). Human resources are constantly expanding, and there are other forms of remuneration available, including performance bonuses, employee stock options, and 13th salary.
Additionally, there are benefits like HMO, remote/hybrid work, breakfast (or lunch), transportation allowance (or staff bus), and data allowance that you should consider while negotiating pay.
Contrary to popular belief, a recruiter is not out to exploit you; they are, however, tasked with acquiring the best talent at the most affordable price possible for the industry, which is why you should always prepare for the negotiation stage as thoroughly as you have for the rest of the interview.
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