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factors you have to think about first:* _6 S+ p6 t( F! r6 K. S, D: G
how well paid you are at the moment compared to the market norms- X P+ C8 O/ H* @
the rate of inflation3 {6 u& C( ~& n4 O
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
/ b, }8 r) h: Pthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)( N% U7 D2 E* I! V0 C+ p
the company's trading performance (relative to budgeted costs and planned sales and profitability)8 Y2 v/ M$ ^3 f7 x. t" f: \
the available budget your company has for pay rises (which is usually none, apart from annual salary review time)) _/ A/ V G; ~, `4 v( x/ g
the company's last company-wide salary review, and the range of % increases awarded
x9 [5 `" t7 V1 B. `. p- `9 [: Ythe company's next company-wide salary review, and the likely range of % increases
: Q: `$ m; t$ Q* T3 D4 U% A6 Cwhat precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)# x; [6 Z+ {4 A0 _ j7 P
how valued you are to your boss and company% v' w+ `; O9 C' H% \0 n1 Z
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary
% ]/ O. r$ E3 k) [, E2 ]how much extra responsibility and/or you are prepared to take on
" I9 _5 }3 T! ?& j7 Uhow much extra effort you are prepared to put into the job and how ambitious you are 2 K Q2 T3 N# r' @$ x
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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