In the Nigerian job market, understanding what others in your company are earning can be challenging. According to the Nigerian Workspace Report, self-identified experts in various fields earn between ₦100,000 and ₦300,000. For the tech industry, this range is notably low for expert-level positions. Tech HR professional Weyinmi Barber shed light on the issue, explaining that many professionals lack a clear understanding of their expertise levels. Also, they often do not have access to sufficient income data, affecting their ability to negotiate effectively.
This lack of transparency also extends to employers, who may not have competitive wage structures due to limited insights into what other companies offer. Consequently, this results in a workforce that is often undervalued and underpaid. Career coaches typically advise professionals to estimate their worth based on current Salaries when negotiating new offers and further encourage job seekers to gather competitive pay information from peers. However, accessing a specialised platform for wage insights can improve this process.
Glassdoor’s primary focus is on multinational companies nationwide.
Platforms like Glassdoor and Payscale are well-known for their global company and wage reviews, but they do not offer localised information specific to the Nigerian market. These platforms primarily focus on multinational corporations operating in the country, making it challenging to find insights into local companies. Additionally, there is a lack of resources for compensation reviews on employment boards and recruitment websites in the nation. However, one notable platform that provides country-specific remuneration information is MySalaryScale.
Founded in 2018 by MyJobMag, one of the nation’s leading work search platforms, MySalaryScale was designed for company and earnings reviews. It currently operates in four African countries, including Kenya and Ghana. Despite its potential, founder Ogugua Belonwu notes that the platform has not grown as expected due to funding challenges, monetisation issues, and a lack of trust, which discourages users from sharing income details. Belonwu believes its growth potential lies in its added features, such as “Know Your Worth,” which helps users calculate fair compensation based on role, industry, experience, and location.
MySalaryScale struggles with accurate pay data due to funding issues.
Initially, MySalaryScale leveraged MyJobMag’s reputation to source remuneration data, encouraging users to contribute information. However, obtaining accurate employer data during job listings can be tricky, as some provide inflated earnings ranges or misleading employment descriptions. Convincing people to share financial package information remains challenging despite using a trusted platform. He further emphasises that building a strong industry presence and increasing platform popularity are key to encouraging voluntary submissions. He also suggests offering incentives to users. In comparison, platforms like Nairaland, where people freely discuss wages, may not provide the most reliable data for decision-making.
Belonwu stated that funding challenges have limited MySalaryScale’s growth. He questions why larger job websites with greater resources have not incorporated similar pay insight features. Jobberman, for example, launched a remuneration insight tool in 2019, but it is no longer active. He points out that sufficient data is crucial for monetisation efforts. Interestingly, MySalaryScale has received the most entries from Kenya, where people are more open about sharing pay information than in the country. He also notes that companies rarely allocate budgets for branding to manage public perception through platforms like MySalaryScale.
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Unlike MySalaryScale, Glassdoor has successfully monetised various features, evolving from a job search platform to providing comprehensive intelligence for employers and employees. With millions of reviews covering global companies and detailed earning data, Glassdoor helps companies optimise their brand perception and employee satisfaction. Recently, Glassdoor introduced community features to attract professionals from different companies, a strategy Belonwu is considering for his initiative’s future. It relies on investments from MyJobMag, with plans to seek direct funding for rapid expansion. Belonwu remains optimistic about the platform’s potential, asserting that the Nigerian market is ready for a tool that offers accurate, competitive compensation data based on company size, location, and industry.