Recognizing your worth as a Product Manager in Nigeria
As you sit across from the hiring team, reflecting on your past achievements and challenges, it’s time to address the future responsibilities and expectations of this new role. Salary negotiations begin, and the stakes are high—propose too high a figure, and you might be seen as overreaching; too low, and you risk undervaluation.
Understanding the Value of Product Management
Salary negotiations can be daunting, often due to a lack of understanding about the true value of one’s contributions to product development. For Associate Product Managers (APMs) or Junior PMs, the temptation to accept the initial offer to expedite the hiring process is high. However, this mindset overlooks future promotions and appropriate compensation adjustments based on the value they bring to the team.
Many professionals, even after stating a reasonable expectation, accept whatever is offered. Later, they often find themselves questioning, “Am I truly being compensated fairly for my efforts?” The answer frequently leans towards a regretful no, underscoring the need for better negotiation strategies.
Insights from Seasoned Product Managers
Engaging with seasoned product managers can provide invaluable insights. During a recent gathering with PMs from various tech sectors, discussions revealed significant disparities in compensation, often unrelated to experience or role complexity. For instance, while a frontend engineer might earn between N300,000 and N600,000, and a UI designer between N250,000 and N350,000, a PM could be offered as low as N100,000 to N150,000.
The Stark Realities of Underpayment
A survey I conducted revealed alarming trends: an APM earning as low as N30,000 since starting their role. A year later, they still earn the same, despite hoping for N80,000—a clear indication of exploitation and undervaluation in the industry. This stark reality drives my motivation to educate others about the true earnings within the product management field, which often remain obscure due to non-transparent “competitive salary” advertisements.
The Role of Digital Technologies in Staying Ahead
In the rapidly evolving tech industry, staying updated with digital tools and technologies is crucial. Product managers and product owners must continually learn and adapt to maintain their competitive edge. Mastering tools for project management, user analytics, and customer feedback platforms is essential. These tools include Jira, Asana, Trello for project management; Google Analytics, Mixpanel for user analytics; and SurveyMonkey, Qualtrics for customer feedback. By investing time in learning these tools, PMs can enhance their strategic insights and improve their ability to influence product direction effectively.
Encouraging Continual Learning
The tech landscape is ever-changing, and so are the tools and technologies that drive it. Product managers should commit to lifelong learning to stay ahead of the curve. Online courses, webinars, and professional certifications in relevant areas such as agile methodologies, data analytics, and user experience design can be invaluable. Resources like Coursera, Udacity, and LinkedIn Learning offer courses that can help PMs stay current and competitive.
Empowering Through Knowledge and Community
Design communities often uphold their value staunchly, rarely compromising on rates. Product managers can adopt a similar stance by setting clear standards and understanding their worth fully. By joining forces with communities like PIP, product managers can enhance their negotiation skills and deepen their understanding of the sector.
Effective Negotiation Strategies and Proactive Renegotiation
Understanding the market and typical salary ranges is crucial. Articulating your worth confidently and being prepared to discuss how your skills align with the company’s needs can significantly influence negotiations. If an offer seems too low, it is advisable to express your expectations clearly and inquire if there is a misalignment in understanding your qualifications and the role’s demands.
Once employed, continue to advocate for yourself by demonstrating your impact and discussing compensation adjustments aligned with industry standards, especially after acquiring new skills or qualifications.
ABOUT PETER
Peter Kwakpovwe is an exceptional product leader, a certified Scrum Product Owner (CSPOTM), and a digital transformation champion with a proven track record of leading business transformation, using the tools of data, finance, and technology.
Over the last 18 years, he has led in several managerial capacities and had key accomplishments in sales, operations, business development, and product management. He has in-depth expertise in product requirement elicitation, business process re-engineering, data analysis, change management, and digital adoption roadmaps.
