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factors you have to think about first:* Z- A2 O. U% I& K( M! m. `3 O
how well paid you are at the moment compared to the market norms
- l F' \, a! B: f/ k' Gthe rate of inflation
; q; I0 ~8 T6 K4 \! Mwhere you live and work and the costs of living associated with the area, and in relation to other geographical locations where company employs people
( @* R+ B0 x' A u/ D' y, r2 A4 kthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)* a3 d" b1 k/ l& S
the company's trading performance (relative to budgeted costs and planned sales and profitability)
4 m, v) m4 `! w7 pthe available budget your company has for pay rises (which is usually none, apart from annual salary review time)4 }* ~3 O7 D; ~& K; f
the company's last company-wide salary review, and the range of % increases awarded8 u$ x) ~( x* @! X1 L
the company's next company-wide salary review, and the likely range of % increases0 @( B9 b/ {0 O: G$ O2 j
what precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)
9 J" P H1 C: whow valued you are to your boss and company9 \3 T: p( u# v' u4 v( Y
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary3 V2 U& Z1 f; A7 h$ }
how much extra responsibility and/or you are prepared to take on( x7 t" g f3 ]1 Q3 e% u1 \" X1 J
how much extra effort you are prepared to put into the job and how ambitious you are ( g: L U8 r1 ]; p: j. o9 ^
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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