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factors you have to think about first:/ B5 [$ U& p, [" K. m
how well paid you are at the moment compared to the market norms" M8 r2 \ K5 M! q- F) B% M; i
the rate of inflation
9 j2 u, N+ D) T5 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) u+ y0 F$ t: C9 L9 t/ Y) F
the company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)
9 O8 i: U( D4 j1 H1 n: W7 |( Sthe company's trading performance (relative to budgeted costs and planned sales and profitability)
1 l7 @; T5 j, i% {4 U% C4 b) a% |the available budget your company has for pay rises (which is usually none, apart from annual salary review time)7 Y! R' w( }" I$ l7 c
the company's last company-wide salary review, and the range of % increases awarded
- Q# v: W T# T2 Cthe company's next company-wide salary review, and the likely range of % increases
* c2 o. q" V5 m! a$ j$ L1 @6 Qwhat precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)& i1 @ U8 A% T& O; Z
how valued you are to your boss and company% S, ~2 G5 e/ N/ |( r' L& u5 k
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary% A; o |! R5 p) T
how much extra responsibility and/or you are prepared to take on
6 h1 C9 z$ T" X* J8 }! W+ \how much extra effort you are prepared to put into the job and how ambitious you are 0 F4 m1 X$ g3 T- B2 x" e
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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