Connect with us

BUSINESS

HOW TO SUCCESSFULLY NEGOTIATE YOUR SALARY

Published

on

HOW TO SUCCESSFULLY NEGOTIATE YOUR SALARY

HOW TO SUCCESSFULLY NEGOTIATE YOUR SALARY 

 

Ali has been working with his company for over five years. Yet, his salary has not increased significantly since he started. Over the years, the company had only increased his salary by 20% from when he started.

It was confusing as he kept receiving promotions, and everyone commended him for his work. So, why are these commendations not reflected in his salary?

One day, he spoke with a new colleague and realized that the person earned more than he did. So naturally, it puts him in a bad mood as he knows what he has sacrificed for the company and the hard work he puts in to get things going.

When we heard his story, we urged him to discuss a salary increase with the company’s management. Ali freaked out, saying he didn’t know how to have such a conversation. He also wondered if they wouldn’t sack him for having such a conversation.

HOW TO SUCCESSFULLY NEGOTIATE YOUR SALARY

HOW TO SUCCESSFULLY NEGOTIATE YOUR SALARY

Employees shouldn’t be scared of talking about getting a raise with their employers. If you know what you contribute to the company, then such a conversation shouldn’t be an issue. Of course, there are tips you’d need about approaching this topic. However, it isn’t an out-of-bounds topic.

 

Today, we’d be sharing ways you can negotiate your salary. This article is for those joining a new company and those like Ali who’ve been in a company for a long time and need a raise.

 

Six ways to negotiate your salary with your employer

 

Let’s say you’re about to start a new role and are not comfortable with the salary amount they’re offering. So, it would help if you had tips on negotiating higher pay.

Or, it could be that you’re already working for the company and feel you deserve to earn more. So, you’re thinking of how to have such a conversation with your boss or the management body.

Below are tips to keep in mind for such conversations.

 

  • Be Polite: You’re planning to approach them and discuss a salary raise. However, keep in mind that you’re not going for a fight. There are high chances that they may not want to consider your point of view, but that doesn’t mean that you should be impolite.

Remember that you must not lose your cool, no matter how tense it gets. The chances of them considering your proposition are higher when you are polite.

Someone like Ali felt slighted by the company. He thought they were taking advantage of him despite all he had done for the brand. But we urged him not to approach the board members with such rage or feeling.

Of course, we understood his feelings and urged him that his feelings were valid. But we’ve also understood that you cannot get anything done when you go into a negotiation meeting raging. So, therefore, you have to be level-headed.

Being level-headed ensures that you are composed and comprehensively present your pitch. Your attitude may be the deciding factor for the board. Of course, companies constantly seek to get the best talents at an affordable rate. However, being polite might tug their hearts and make them accept your offer.

 

  • Present a range: We told Ali that he should have a salary range in mind before going in for the meeting. Many people make the mistake of being fixated on a particular amount and do not want to let go. What if the board or your employers don’t agree to that amount? What happens next? Will you quit or reject the offer because they refused that amount?

Ideally, it would be best if you didn’t go into a negotiation room with a fixed amount in mind. Instead, you should have a salary range and present it to them. For example, you could say that you wish to have a salary of between 500 – 700 thousand naira. Now, the board would consider your range and pick an amount from there that they can offer. However, when you present a fixed figure, it is easier for them to reject it and say that they do not have such an amount to offer. So, it is best to remember that it is a negotiation process. It means that there would be lots of back and forth. So, it would not be easy to convince the employer. But giving them a range makes it easier for you.

 

  • Make it about the company: Why do you think they should increase your salary? We asked Ali this question after hearing his story. He began to tell us about the late nights he spends working for the company and how they even take up most of his weekends. He also laments how he has dedicated years of his life towards working for the company and doesn’t have a social life.

We could understand his sentiments and why he felt slighted by the company. However, we told him that his response wasn’t correct. We know you might be wearing a confused face while reading this. Of course, it is Ali’s experience, but it is not the proper way to answer the question.

When your employer asks you why they should increase your salary, you shouldn’t make it about yourself. When you make it about yourself, you make your reasons selfish and seem like you do not have the company at heart.

The best way to answer such a question is by focusing on the company. Let them know how increasing your salary would boost your efficiency and positively impact the company—finding ways to make it more about the company than yourself would be best.

 

  • Back up with facts: Asides from ensuring that your answer focuses on the company, you also need to back it up with facts. For example, Ali talked about how much he has done for the company and how much he could do with the proper compensation. It would help if he added figures from his past work.

If you’re interviewing for a new job and want higher pay, you should show them your past work. It could be by presenting your portfolio or showing verifiable figures. It shows them that you know how to do the job and that you’ll be a great asset to their company.

If you’ve been in the company for some time, you can also show your employers things that make them see that you’re always doing the work. They could have forgotten your impact because they classify it as teamwork or because you’re always working behind the scenes. So, showing them facts would remind them to juggle their memory.

It also gives them reasons why they should not lose you. However, if you go to negotiate your salary without facts and figures, it makes the company question what you do, and they even want to let you go.  

 

  • Know your worth: Sadly, many people do not know their worth. It is one of the reasons why Ali remained in the company for so long without a significant salary increase. Anytime he does something, he is always downplaying it. So, even when his employer noticed the work, Ali was not confident defending it. Thus, it began to seem like he was not doing anything in the company or bringing in any value.

Everyone needs to know their worth, which is helpful when negotiating your salary. By knowing your worth, you would have the confidence to face your employer. His lack of confidence was also why Ali had not approached his employer for a salary increase. It is best to remember that no one will hoot your horn for you if you do not do it for yourself.

Now, we are not saying that you should be proud or cocky. However, you should know your self-worth. When you are self-aware of your worth, you can confidently approach your employer and board members and make them see why you need a salary increase. Like makeup, you need to know your self-worth to boost your confidence.

  • Don’t overpush: We started by saying that you should be polite whenever you’re approaching the talk of a salary increase with your employer. In addition, you also need to know when to stop the conversation.

It is always best to know how to read the room. Sometimes, it could be that your employer isn’t in the best mood during the conversation. Of course, we know that you cannot always predict his attitude. However, once you notice that your employer seems off, you should not over-push the matter. Instead, pause and leave the subject for another time.

Some people say that we should always know when to pause our battles as we live to fight another day. It is also how you should know when not to overpush a salary negotiation conversation.

It could be that the board members even shut down the conversation once you started it. Now, do not feel down about it. Instead, thank them and leave. You’d be surprised that the conversation would not end there as they would communicate with themselves and would keep your proposal in mind.

If they insist on not increasing your pay or giving you the desired offer, you can decide to move on to another company.

 

Negotiating for a salary increase is a doable process. Therefore, never allow anyone to tell you that it isn’t possible.

The next time you want to have a conversation about your salary, use the tips we’ve discussed.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Why Cozi Furniture Is The Best Place For Furniture Of Every Budget In Maryland

Published

on

Why Cozi Furniture Is The Best Place For Furniture Of Every Budget In Maryland

Furniture enhances a home’s beauty, as it tends not just to occupy space but to give it a look that exudes comfort. But there has always been a narrative that high-quality furniture comes with a high cost, as it is mostly for high-end users—this is not entirely true, as you can get furniture pieces within your budget without breaking the bank. One furniture store that is changing this narrative and making affordable, top-quality furniture available to the residents of Maryland, D.C., Virginia, and its environs is Cozi Furniture

 

Who Is Cozi Furniture?

 

Cozi Furniture is the leading furniture store in the DMV area, offering quality home furniture at affordable prices. It has a physical store in New Carrollton, Maryland, and an online store where you can conveniently shop for your furniture products. These are furniture from reputable brands like Ashley Furniture, Crown Mark, and Coaster 22 Premium.

Why Cozi Furniture Is The Best Place For Furniture Of Every Budget In Maryland

Why Cozi Furniture Is The Best Place For Furniture Of Every Budget In Maryland

Cozi Furniture offers bedroom sets, living room sets, mattresses, home office sets, dining room sets, entertainment sets, outdoor furniture, and accessories in various forms and styles.

 

What Makes Cozi Furniture The Best Furniture Store For Every Budget?

 

1. Affordable Prices

 

Cozi Furniture understands that budget is a top concern for many customers. Hence, it is committed to offering affordable prices on all the furniture pieces at its store. From sofas and loveseats to dining tables and bedroom sets, there is a wide range of furniture for every budget.

 

Notably, the furniture prices at Cozi Furniture are not what you can describe as “too good to be true” because all the products at the store are of high quality. Its furniture is made with top-quality materials and crafted with attention to detail, ensuring that every piece is stylish and durable. This makes Cozi Furniture the best place to buy furniture in Maryland.

 

2. Furniture Financing Program

 

In its bid to make high-quality furniture available to everybody, Cozi Furniture introduced a financing program called “Buy Now Pay Later” that allows you to get your preferred furniture and pay over 48 months with 0% interest. This means that you can purchase any furniture at the store without any down payment, with the opportunity to spread your payment across about four (4) years.

 

Therefore, you can get the furniture and pay monthly until you complete the payment. This flexible payment plan enables you to afford that comfy Warnerton Living Room Set or the 12-inch Ashley Hybrid King Mattress at the store.

 

3. Discounted Sales

 

Cozi Furniture is offering its furniture pieces at discounted prices. So you can save up to 23% on the furniture you buy from the store—both online and offline. For instance, the Mindanao Power Reclining Sofa that used to sell for $1,538 will be available for $1,183. This also applies to the Bolanburg Dining Set and other accessories at the store.

 

4. Return And Refund Policy

 

While Cozi Furniture upholds the sale and delivery of top-quality furniture, the company also has a return and refund plan in the event that you’re unsatisfied with the furniture delivered to you. Therefore, you can either request an exchange or ask for a refund. All these are to ensure the optimum satisfaction of its customers.

 

Cozi Furniture clearly understands the value of spending money on a product, which is why ensuring that the furniture gets a high-quality product in a good state is a greater priority.

 

Conclusion

 

Cozi Furniture is undoubtedly the ultimate destination for affordable, high-quality furniture in Maryland. The store is open to customers of every budget, and various features ensure that you create a beautiful and functional home.

 

Contact Cozi Furniture today to furnish your home with style and class.

 

Continue Reading

BUSINESS

DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa

Published

on

DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa

West Africa’s most significant mergers and acquisitions, along with the financial and legal advisers behind them, have been recognised in the recently released 2024 DealMakers AFRICA Annual Awards. The awards highlight transactions that have shaped the region’s corporate landscape, acknowledging the firms and individuals driving complex deals across industries.

The DealMakers AFRICA awards are determined primarily by objective criteria, assessing the value and number of transactions recorded. However, three categories—Deal of the Year, Private Equity Deal of the Year, and Individual DealMaker of the Year—are selected based on nominations from advisory firms. These are evaluated based on factors such as deal complexity, transformational impact, and potential value creation.

DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa

In the West Africa Deal of the Year category, four major transactions were shortlisted. These included Olam Agri’s acquisition of Avisen, Chappal Energies’ purchase of Equinor’s Nigerian business, Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company of Nigeria, and the acquisition of Flour Mills by Excelsior Shipping. The winning deal in this category was the acquisition of Shell Petroleum Development Company by Renaissance Africa Energy, a transaction that aligns with Nigeria’s broader objective of increasing local participation in the energy sector. The deal saw ownership of critical onshore assets consolidated under a consortium of Nigerian companies, reinforcing local players’ roles in the industry. PwC Nigeria, Banwo & Ighodalo, Clifford Chance, White & Case, and G. Elias served as advisers on the transaction.

For the Private Equity Deal of the Year, three deals were in contention, including CardinalStone Partners’ exit from i-Fitness to Verod, Verod and its partners’ investment in Moniepoint, and Adenia Partners’ sale of Cresta Paints to Uhuru Investment Partners. The award was given to CardinalStone Partners for its exit from i-Fitness to Verod, a deal expected to drive i-Fitness’ next growth phase through Verod’s operational expertise and financial backing. The transaction was facilitated by Rand Merchant Bank Nigeria, CardinalStone Capital Partners, Udo Udoma & Belo-Osagie, and Olaniwun Ajayi.

The Individual DealMaker of the Year award, sponsored for the second consecutive year by PSG Capital, recognised five shortlisted professionals: Akinola Akinboboye of Deloitte, Ayotunde Owoigbe of Banwo & Ighodalo, Azeezah Muse-Sadiq of Banwo & Ighodalo, Daniel Adeoye of Verod, and Yewande Senbore of Olaniwun Ajayi. The award went to Daniel Adeoye, a partner at Verod, for his role in executing high-value transactions in the region.

Adenia Partners’ acquisition of Air Liquide subsidiaries across Africa was recognised with the DealMakers AFRICA Special Recognition award. The deal spanned 12 countries across three regions, with Adenia committing up to €30 million over the next five years to strengthen and expand the newly formed entity, Erium. The transaction was advised by Decrop Consulting, Asafo & Co, Fidal Avocats, Deloitte, DPGS & Alliance Partners, and ClassM.

The awards also acknowledged the top-performing financial and legal advisory firms in West Africa’s mergers and acquisitions landscape. PwC emerged as the leading financial adviser by deal value, followed by Rand Merchant Bank Nigeria, Citigroup Global Markets, and Treadstone Resource Partners. Rand Merchant Bank Nigeria and Stanbic IBTC Capital shared the top spot for financial advisory by deal activity.

Banwo & Ighodalo was named the top legal adviser by deal value, ahead of Clifford Chance, G. Elias, and White & Case. In terms of deal flow, Banwo & Ighodalo secured the top position, followed by Olaniwun Ajayi and Herbert Smith Freehills.

For equity transactions, Stanbic IBTC Capital was ranked the top financial adviser by transaction value, while Templars led as the top legal adviser in the same category. In debt transactions, Afreximbank ranked highest by value, while Olaniwun Ajayi led in legal advisory.

DealMakers AFRICA, which launched its awards in 2000 in South Africa and expanded to the rest of the continent in 2008, continues to highlight key transactions that shape African economies. The latest rankings reflect the growing sophistication of West Africa’s mergers and acquisitions landscape, as local and international firms navigate complex deals that are reshaping industries across the region.

 

Continue Reading

BUSINESS

African Development Bank signs $45 million grant agreement with Chad for asphalting of the Kyabé-Mayo road section

Published

on

African Development Bank signs $45 million grant agreement with Chad for asphalting of the Kyabé-Mayo road section

The African Development Bank (www.AfDB.org) and the government of Chad have signed a grant agreement worth $44.9 million to finance the asphalting of the 49.5-kilometre Kyabé-Mayo section of the Kyabé-Singako road, including the construction of a 55-metre bridge.

The agreement was signed in N’Djamena on 19 February 2025 by Tahir Hamid Nguilin, Minister of State for Finance, Budget, Economy, Planning and International Cooperation, and Claude N’Kodia, the Bank’s Acting Representative in Chad. Several members of the Chadian government were also present, including the Minister for Infrastructure, Access-Improvement and Road Maintenance, Amir Idriss Kourda, and the Secretary of State for Finance and Budget, Ali Djadda Kampard. Also present was a delegation from the International Monetary Fund, led by its head of mission for Chad, Julien Reynaud,

African Development Bank signs $45 million grant agreement with Chad for asphalting of the Kyabé-Mayo road section

African Development Bank signs $45 million grant agreement with Chad for asphalting of the Kyabé-Mayo road section

The funding will support one of the Chadian government’s key development objectives through strategic infrastructure improvement.

“The [Moyen-Chari] region, including Kyabé, Singako and Am Timan, has strong economic potential. It is Chad’s main agricultural basin and livestock area, rich in fish resources. Fish are supplied from Moyen-Chari to a large part of the country’s south and even to foreign markets,” stated Nguilin, also the Bank’s Governor for Chad.

The road project will open up southern and eastern regions of Chad, reduce vulnerability, and strengthen the resilience of local populations, especially women and young people. It will improve the transportation of goods and people between Kyabé and Singako by providing an all-weather road, facilitating the flow of agricultural and animal products from the rich areas of Moyen-Chari and Salamat to the consumer centers of Sarh, Moundou, N’Djamena and Abéché. It will also enhance accessibility to Moyen-Chari from neighboring Sudan.

The agreement paves the way for support from the Islamic Development Bank to finance the second section of the 205-kilometer Mayo-Singako-Am Timan at an estimated cost of $275.5 million.

“The African Development Bank is a strategic partner of Chad, particularly in the transport sector. The construction of the road section will reduce the overall cost of transport in Moyen-Chari […] and improve the living conditions of local people thanks to easier access to health and education facilities and to the country’s main consumer centers,” said N’Kodia.

The Kyabé-Mayo section of the Kyabé-Singako road is one of the missing links in the N’Djamena-Moundou-Sarh-Kyabé-Am Timan-Abéché corridor and forms part of the priority structuring network that the Chadian government aims to develop to ensure nationwide coverage and permanent accessibility.

The African Development Bank Group remains a strategic financial partner for Chad, with its strategy paper focusing on two priority pillars: developing infrastructure to achieve strong and diversified economic growth and promoting good governance to increase the effectiveness of public action and the attractiveness of the economic environment.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Continue Reading

Trending