The business administration position is considered the key factor to increase the overall profit of the business and bring stability to the finances. Business administration is an area in which one participates in a list of activities, such as organizing programs, regulating operations, and managing resources on a limited budget. The task seems challenging, but for your kind information, the salary is also mouth-opening.
|Monthly Salary Range:
|₦125000 – ₦409000
|Average Monthly Salary:
|A business administrator is responsible for regulating operations, managing resources, and implementing strategies to increase profit and decrease expenses of a company.
|The minimum qualification required for the business administration position is a bachelor’s degree in business administration or management.
The field was unknown a few decades ago, but the recent business trends gave business administrators the opportunity to work in organizations and help companies increase profit and manage expenses. Currently, it is an important position in Nigeria, and one earns thousands of naira monthly, along with bonuses and allowances. Let’s dive into detail regarding the salary structure and responsibilities of the business administrator.
Overview of Business Administration Salary
If you want to earn thousands of naira every month, then go to the business administration. It is known as one of the highest-paying positions in Nigeria, with all the basic facilities. The minimum qualification required for the position is a bachelor’s in business administration or management, and a person with a master’s degree is preferred over a graduate one.
The entry-level salary of a business administrator in Nigeria is ₦125,000, whereas the highest, according to a record, is ₦409,000. You may find it amazing, but once you see the average salary of the business administrator, then you will rush to join the field. It is stated that the average salary is ₦261,000, according to an estimation.
Companies also offer bonuses and allowances to the business administrators, and the famous one is the performance bonus. If one performs better than the expectations of the employer without taking leave and giving 100%, then the company offers him a performance bonus. The goal-based bonuses are also given to efficient employees when they accomplish the goal before the due dates.
There are allowances like housing facilities in which the employee gets rental payment or an apartment from the company. Medical insurance is also part of the extras, plus one can take limited paid sick leave. Lastly, the pension programs are also offered by a few companies.
There are no complications in the salary structure of the business administration except the ranking model and gender differences. These two factors play a major role in the salary structure of the business administrators; see the table below, and you will understand.
There is a clear difference between the salaries of male business administrators and their female counterparts. According to an estimation, women receive 9% less salaries than men in the field. It leaves a great impact on the salary structure of the business administrators.
Experience is a key factor in determining the salaries of business administrators. Because it is a skill-based job, the highly experienced candidates get jobs with higher salaries as compared to the inexperienced ones. The more experience you gain, the heavier the amount you will get.
Responsibilities of Business Administrators
- Planning & Organization: The very first task of a business administrator is to plan the goals. In these goals, he may set that the company will make 5% more profit in the next 25 days and decrease 1.2% in expenses.
- Management: To implement plans, the business administrators manage the staff by assigning them multiple duties. He checks the progress of employees and appoints only those who have a nice progress graph for the mission.
- Communicating with Stakeholders: It is very important for a business administrator to communicate with all the stakeholders to report to them about the progress and the barriers in their way.
- Finance management: Because the budget is lower and the achievements are high, the business administrator manages the finances by eliminating loss factors and increasing profit impactors.
What are the factors affecting the business environment in Nigeria?
There is a list of factors such as poor infrastructure, lack of power supply, fewer resources, and weak transportation system affecting the business environment in Nigeria.
What are the problems of business finance in Nigeria?
Having low finance capital at the beginning of the business is a major issue for Nigerians.
The business administration sector is consistently doing its best to increase business stability and engagement in Nigeria. If we see the graph of progress, there are comprehensible changes because of new business trends and hiring administrators. We should appreciate them as they get lower salaries than their efforts and struggles to increase the business profit of Nigerian companies.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.