30 Job Titles Fetching Over N1m Monthly Salary In Nigeria
LAGOS OCTOBER 28TH (NEWSRANGERS)-Report indicates that the job title of Senior Software Engineer and 29 others within Nigeria’s workforce typically attract monthly gross salaries of N1,000,000 or more.
This is extrapolated from a report titled: Nigerian workplace report 2024 based on a survey conducted by Intelpoint in collaboration with Alt School conducted between December 2023 – March 2024 among more than 2600 individuals across various industries.
The roles span across various industries, including agriculture, construction, education, energy, financial institutions, healthcare, manufacturing, media, mobility and logistics, real estate, services, telecommunications, tourism, and trade.
The aim is to provide valuable insights for business and HR leaders, job seekers, policymakers, researchers, and anyone seeking to understand the future of work in Nigeria to navigate and optimise the Nigerian workplace.
The findings reveal that, out of the sample size, senior software engineers account for 8.82% of those earning N1 million and above, followed by HR managers, who account for 5.88 percent, and team leads, who also account for 5.88 percent. Other roles account for 2.94 percent each.
Jobs fetching ₦1millon or more in Nigeria
The job titles, in no particular order, include: Software engineer, network support engineer, engineer, web designer, operations lead, supervisor, operations manager, senior product manager, growth project manager, manager, sales manager, development manager, programme manager, product manager, executive director, CTO, CEO, business owner, recruitment and learning consultant, HR associate, finance and compliance manager, internal control officer, data analyst, IT analyst, product marketing manager, and academic writer.
Findings on earnings indicate that 33.9 percent of respondents are at the senior level. However, 55 percent of respondents do not believe that remuneration reflects the value they provide, while 45 percent believe otherwise.
Additionally, 66.67 percent of HR professionals agree that individuals at the same experience level receive equal pay, irrespective of gender, marital status, or race. However, 33 percent of HR professionals disagree.
The report also reveals that there are more experts in each salary range, accounting for more than half of those earning between N200,001 and N700,000. Only a small fraction of respondents earn between N200,001 and N500,000, and no intern earns more than N500,000.
Interestingly, the findings show that more experts (those just below senior level) and mid-level respondents earn less than N100,001.
These findings suggest that the Nigerian workforce lacks a clearly defined pay-grade structure.
Peace Ndudim, a performance management specialist at Checkoff Finance had this to say about the factors which are responsible for the discrepancy between the remuneration of people at the same level and others with the same education and experience.
“Several factors are responsible for this. First is the influence of sentiments, which cannot be understated because they play a significant role in shaping compensation differentials. Also, factors such as marital status, seniority within the organisation, or familial connections can inadvertently sway decision-making processes. These subjective influences can lead to unclear evaluation criteria and potentially impede talent retention in an organisation”.
“Second is the absence of a well-defined pay grade structure. Many enterprises need comprehensive frameworks for determining compensation, resulting in ad-hoc salary negotiations often needing to align with internal equity standards”.
“Addressing these challenges will require a multifaceted approach, including implementing pay grade structures to provide clarity and consistency in compensation practices and cultivating a corporate culture prioritising meritocracy over subjective biases”.
Why certain job titles attracts higher pay
According to Indeed certain job titles attract higher pay due to several key factors, including specialised skills, experience, and high levels of responsibility. Senior roles, such as CEOs or directors, often earn more due to the leadership and expertise required.
Industries with high demand, such as oil and gas or technology, offer higher salaries, particularly for roles where talent is scarce, such as cybersecurity or AI professionals. Additionally, jobs requiring advanced education command higher pay. These factors contribute to high earnings for positions such as executive managers, senior engineers, financial analysts, and others.
Why job titles vary across companies
As Indeed highlights, it is important to note that job titles may vary between companies, even when performing the same tasks. For instance, one company may use the title “internal copywriter,” while another may simply use “copywriter” for the same role.
For example, marketing content writers might be given the title “internal copywriter” when creating content for a single company, as this title helps convey an individual’s role and relative importance quickly.
BusinessDay
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Posted by News Rangers
on Oct 28 2024. Filed under Business.
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