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factors you have to think about first:5 U l* O0 Q) ~# i$ W* [3 ^& g ]
how well paid you are at the moment compared to the market norms3 L/ E% }4 `' G' }3 ]/ y
the rate of inflation
( d7 _( d: L1 y. Q7 { x/ pwhere you live and work and the costs of living associated with the area, and in relation to other geographical locations where company employs people8 t8 B2 Y% y/ @' H2 H9 k
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)3 ^; D7 v2 t. _7 B) j
the company's trading performance (relative to budgeted costs and planned sales and profitability)
" j! B2 I2 @, M# M dthe available budget your company has for pay rises (which is usually none, apart from annual salary review time)8 z, F9 i' W' D) ~' ]! C# G0 j
the company's last company-wide salary review, and the range of % increases awarded$ t" J8 ?9 ^: \7 X
the company's next company-wide salary review, and the likely range of % increases, a$ y/ `& J% M! L
what precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)
5 |0 J: d+ D- w& F. Dhow valued you are to your boss and company8 p1 X' j8 A# G- C9 ~& c8 c
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary% s0 A1 U. v4 u A( z2 T V; S
how much extra responsibility and/or you are prepared to take on
" x7 Q+ v8 k4 I5 @how much extra effort you are prepared to put into the job and how ambitious you are 9 G+ {$ \& X5 I# L1 K7 \
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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