IMPORTANCE OF SALARY NEGOTIATION AND KEY FACTORS TO CONSIDER

Hello everyone! It’s another moment to express myself using my fingers on the keyboard. As the topic for Week 91 of the Naija Weekly Prompt demands, I will be explaining the importance of salary negotiation and the key factors to consider when determining salary requirements.

Before I dive in, permit me to emphasize that salary negotiation is crucial, whether you are offering someone a job or accepting a job offer from a company or organization.

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So, I would like to start with the key factors to consider when determining salary requirements as an aspiring employee seeking for a job or an employee seeking for a new position in an organisation. These factors are:

Job Role/Responsibility: The reason why we have different salary scales is because we have employees handling different job roles/responsibilities. That is to say that the job function for each role differs and as such an employee needs to put this into consideration when negotiating salary. It will be very unfair for a junior staff member to have the same salary as the supervisor. Or the salary of the managing director of a company to be the same as that of an operations manager. The role and responsibilities are not the same so the salary has to differ as well.

Experience and Skills: Our level of education and expertise varies based on various fields and industries. That is why many companies would prefer an experienced employee over the inexperienced. This is because an experienced employee must have mastered some basic skills and also understand some work ethics in discharging his previous duty. And many companies are willing to pay more to have such people work for them. Experience counts when it comes to job offer, therefore you must leverage on that

Cost of Living: As an employee, I believe you would not like to use all your salary on food while you use your extra income to transport yourself to go and work for a company you don’t know the fate of (Funny enough I know a friend who once did that). So to avoid such a situation you need to consider this factor when negotiating salary.

There are many other factors to consider but personally I feel these are the key once you don’t have to toy with as a job seeker or an employee seeking a better role in the organization or even outside the organisation.

Importance Of Salary Negotiation
Just like I mentioned earlier, salary negotiation is very important. And that is to create a favourable and a satisfactory work environment for both the employees and the employer. I don’t think an employee who is not fairly compensated will be motivated to put in all the skills, potentials and experiences needed to develop and generate more revenue for the company.

Also, for an individual to be proactively confident and productive, such an individual needs to be free from financial stress and anxiety (an article I published recently). So it is important to negotiate salary so as to have a fair payment that matches up a good standard of living that will have a positive impact on you as humans.

Thanks for reading through my publication for the week and I hope it's worth your time.

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