Salary Negotiation Statistics in Nigeria 2020
It is the dream of all job seekers or applicants to secure the job of their dreams, or at least a to earn them a decent living, while on the other hand it is the ultimate dream of many job seekers and applicants to secure a well-paying job. However as important as it is that job seekers or applicants see to it that they leverage on their ability and chances to negotiate a favorable salary figures, many have ignored this very important process, hence they end up getting the job, yet being underpaid.
This is a common feature of the labor market in Nigeria, the high level and rate of the unemployed in Nigeria have made it easier for many recruiting firm or agency to always exploit the respective job seekers or applicants that comes to them for job opportunities or openings. When we have a situation whereby for an advertised job opening, there are over 50 people applying for the advertised or vacant position, it makes it easier for the recruiting firm to beat down the salary or wages which they intend to pay whosoever they eventually employed. In cases like this, there will definitely be several job seekers or applicants who will be willing to take a lower pay package to the standard and official pay package, some might even be desperate to the extent of accepting any terms and conditions all in order to get the job.
As a job seeker or applicant, it is a must that you understand and know how to negotiate salary during interviews, do not leave everything to fate, it is quite important that you understand how to leverage on your bargaining power to ensure that you get yourself a good deal or salary pay package. No matter what the situation is, never leave or ignore the need to iron this important aspect out with your interviewer or recruiting firm.
It is also important to note that it is not only job applicants or seekers who entitled to make a case or push for salary negotiation; current employees of a firm or an organization also have the right to demand for a pay rise. You have to understand that for many people working in the private sector, their respective bosses or employers may not always to approach this subject as the major goal for business owners is to maximize profit at all cost and thus in the process, they always try to avoid this conversation.
Thus, it not really matters if you are a long time employee or a short one, before you take a job, ensure that you get a comfortable pay figure for yourself. Adding to this, if you feel that you are being underpaid, be bold enough to approach the necessary channel to help you facilitate the process.
What are Salary Negotiations?
This is the discussions which takes place between an employee or a potential employee with an employer over the salary structure or pay package of the employee or the potential employee. This is the process whereby the involving parties or their representative sort out the details which has to do with how much a company of an employer of Labor is willing or ready to pay for the services of the employee or potential employee.
In the process of negotiating your salary with a potential employer or recruiting agency or an employer, you must be prepared to do the following-
- Build your case- this is done by knowing and recognizing your worth, in the process of negotiating your salary with your employer or potential employer, it is very important that you bring to the table all the values and benefits which the recruiting agency or potential boss stands to gain from having you or you working with them. You must understand that you need to leverage on the values you have to offer and make a good bargain with it to get a good and suitable offer. You must ensure that you do well to make your potential employer understand that you are worth every penny being invested in you. Adding to this, if you are already employed and you are seeking a pay rise, then you must bring to the fore front of discourse, the various values and laudable achievements which you have given to the firm since you started working with them. When you make claims or demands which are backed with verifiable proofs, it goes a long way in adding weight to the validity and credibility of your demands
- Face some resistance- definitely you do not expect your employer or potential employer to immediately agree to your demand for a given salary structure or the demand for an increased and improved pay package, however when you are in the process of negotiating for a pay package, you must be ready to be convincing and persistent. You must not give up in the first attempt but must continue to constructively make premises that will see to it that you build a good and strong case for yourself. You must be ready to justify the major question which will definitely emanate in the process of demanding for an improved salary structure or negotiating a salary structure, and this question is, why do you deserve this salary?
Why it is important to negotiate your Salary
Negotiating salary or payment structure is not just for the sole aim of having a better and improved monthly take-home package which will see
to an improved standard of living. There are other benefits that are attached to you negotiating a good salary structure or package for yourself. It is a normal thing that you as demand for a better salary package, and one of them is that it goes a long way in guaranteeing your productivity. A staff or employee works better when they are well paid and rewarded for work done or their contribution to their respective organization or firm. Also, when you are better paid, it goes a long way to show that you are appreciated and that the company or organization values you and your skills.
Salary Negotiation Statistics in Nigeria
These statistics will go a long way to helping job seekers and employees understand some few salary negotiation statistics in Nigeria, one that was taken after a due process of both online and onsite survey through questioning, interviews etc. from different people across the 36 states of the Nigerian federation.
- A larger percentage of Women are underpaid- it has been revealed that many women are underpaid in their respective work places in Nigeria, according to the survey; it was revealed that 70% of the female workforce especially in the private sector are paid below the minimum wage structure. This might be related to the fact that we live in a male dominated society whereby the role and importance of the women is under-estimated. As against their male counterpart, many women earn less.
- More Men take the risk to negotiate than women- another survey taken shows that more men take the initiative to demand for an increased pay package than their female counterpart. There are several reasons which were identified to be the cause, and according to the findings, 60% of the men populace claims that they are the bread winner in their respective families, thus when they do a good job or offer good services, they expect that this should be complimented with a deserving pay package.
- Your earnings at your jobs influences your salary in your next job- this is because many do not always want to settle for less, they prefer to go for a job that offers more pay than the previous one they were doing
- For the same job, men are given higher salary than their female counterpart- this is a quite worrisome situation, it has been observed that some employers have developed the perchance for paying the male counterpart more than their female counterpart even when they are doing the same job.
- About 70% of recruiting firms or hiring companies during hiring or taking in new workers expect the potential staff or worker to negotiate a salary package. Thus, because of this, do not deny yourself the chance to make a good negotiation process. The recruiters have it at the back of their mind that there is a higher chance that you will initiate a salary negotiation process.
- 40% of job seekers do not bother to negotiate their salary package during interview sessions- it has also be found out that 40% job seekers or applicants do not always remember or bother on negotiating a good salary package for themselves. Many of them stated that all they want is a job that pays, no matter how small.
- Professionals or specialist do have more bargaining power to make a case or demand for increased or a better salary package in Nigeria.