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factors you have to think about first:8 N9 Z: E$ q" L5 R( W
how well paid you are at the moment compared to the market norms
' |3 E# ]1 n3 Q5 ~. [; w& kthe rate of inflation
. q$ }6 K0 s0 G. S* |where you live and work and the costs of living associated with the area, and in relation to other geographical locations where company employs people
5 w* }. y' O$ vthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)
: E- o3 C- {" ?- T0 n; c2 ]5 Vthe company's trading performance (relative to budgeted costs and planned sales and profitability)
0 _, e9 \& L1 e K! Q# o6 Lthe available budget your company has for pay rises (which is usually none, apart from annual salary review time)
- R/ W, A9 p6 Othe company's last company-wide salary review, and the range of % increases awarded% j+ p5 O6 C) f3 V* t
the company's next company-wide salary review, and the likely range of % increases
& k" |& h0 h& E8 Z6 Y/ l7 rwhat precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)4 u9 k* J: b) g
how valued you are to your boss and company
( m# k1 h: ?; u& q! t7 j; ~how easy it would be for them to replace you with someone of similar capability and value at the same or less salary2 _3 }/ ~* m! c3 e3 [7 @1 V. w
how much extra responsibility and/or you are prepared to take on
' o, S& i- _' j- w( Thow much extra effort you are prepared to put into the job and how ambitious you are + ]2 w! Q' |6 |/ d1 G
and, very importantly, what you will do if you don't get a raise or salary increase (ie., how much you want to stay with your present company and how confident you are that you could find a better job elsewhere) |
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