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factors you have to think about first:5 M( }, P& [! c. ~$ B1 X7 m0 t
how well paid you are at the moment compared to the market norms
/ X; G6 N, A2 F& Dthe rate of inflation
) k8 ~6 q; [- R, l1 Vwhere you live and work and the costs of living associated with the area, and in relation to other geographical locations where company employs people: Y+ ^: {8 g1 r& I J
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)
# H3 U8 r* ^* ^( C" _/ Qthe company's trading performance (relative to budgeted costs and planned sales and profitability) y, i$ Y' j8 f: l6 O4 n
the available budget your company has for pay rises (which is usually none, apart from annual salary review time)8 u' U, e0 }, q2 @
the company's last company-wide salary review, and the range of % increases awarded" n' }2 r" P+ T. w0 C
the company's next company-wide salary review, and the likely range of % increases" s8 r! Z$ W* B# C; ?
what precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)
7 H& h( r- r- u. H; a2 c0 t+ |how valued you are to your boss and company$ y4 B4 i; M/ c! J
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary
, n) c" W+ j6 \; ^how much extra responsibility and/or you are prepared to take on
; h! u/ \) c0 [" ahow much extra effort you are prepared to put into the job and how ambitious you are
! K( i7 \* m) A# I9 q2 ^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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