The Founder and Publisher of Nairametrics, Ugo Obi-Chukwu, took to his Twitter page over the weekend to talk about how younger employees of nowadays are impatient when it comes to promotion and salary increment.
According to him, young generation workers do not understand the need to wait for two years for promotion or raise.
In his brief thread, he asked if this young generation workers (specifically those born after 1989), feel entitled.
So it appears younger employees (born after 89) don’t understand why they have to wait more than 2 years to get a promotion or a raise.
Are they entitled?
— Ugodre (@ugodre) April 14, 2019
He continued by saying that about 25 years ago, it was easier for someone to become an Executive Director of a bank at age 35 even if they joined at age 23. However, such privileges do not exist anymore, he explained.
This is because twenty five years ago, Nigerian banks were mostly startups. Therefore, any young employee who is desirous of rapid career growth should consider working in a Fintech startup.
About 25yrs ago, you could make ED in a bank at 35 if you joined at 23. Not these days.
Banks were startups at that time.
If you’re a Generation Y or Z looking for rapid career growth, better to look for work in a Fintech Startup or any Startup with scale potential.
— Ugodre (@ugodre) April 14, 2019
A hard worker needs a reward
In response to Mr Obi-Chukwu’s tweets, many of his followers argued that the young generation of workers do not feel entitled. Instead, they simply demanding value for their works.
Another follower added that companies should devise means of measuring competency and performance of workers. That way, no competent/capable employee would have to wait longer than necessary before getting a promotion.
Oh well organisation should create metrics to measure performance and competency level . Why wait for 2 years when an employee is capable of the next position or role.
— Àfọ̀labi (@Ahfo__) April 14, 2019
Employers should be clear on the growth path
Some of Mr Obi-Chukwu’s followers pointed out that employers should always create room for growth in a job, as it will help the individual to understand what they are embarking on.
Generally I would say there’s a high level of entitlement with the younger ones. I had a problem with this until recently when I realized that clear communication of expectations goes a long way for both parties. Be clear about growth paths from day 1. Saves everyone the trouble
— 'Wande (@wandesulaiman) April 14, 2019
Others felt that some employers simply do not promote or raise salary, regardless of the effort the employee might be putting into their jobs.
One follower narrated how a friend of his worked so hard and made immeasurable records on his assigned projects. And when the time for promotion came, his friend’s efforts were ignored even as his name was not mentioned.
God bless you for this. Nowadays Performance doesn’t justify promotion. I know a friend that had A* for 3 straight years in one of the biggest bank in Nigeria, did 105% of Budget in a recession. Yet he’s name was passed during promotion. Then you have people call him entitled
— Joshua (@Josh_ObiOzor) April 14, 2019
The five-ingredient of a successful startup pitch
Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.
Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.
According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.
- Problem: Is this an issue?
- Solution: Do you have the fix?
- Market: Is this a big enough issue?
- Business: Can you make money
- Team: Do you have the human resources to do it?
The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.
The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.
The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.
In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.
The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.
Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.
Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:
- Problem-Market = Industry Dynamics
- Solution-Market = Competition
- Market-Business = Unit Economics
When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.
FG explains why Lagos-Ibadan rail line was not linked to the sea
The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.
The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.
The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”
Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’
The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.
He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.
In case you missed it
It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.
This is because other minor and major stations along that route were yet to be completed.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the
— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.