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factors you have to think about first: O: i4 l7 B$ x1 t8 p# Y2 e
how well paid you are at the moment compared to the market norms
& T4 v+ U3 L% `! z3 D( Hthe rate of inflation
8 s- V0 k# }3 g/ \4 w% N) F' _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
, i( V1 J" d* A9 m) {/ B- g x+ bthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)5 J! C, y" d+ I& \3 j6 U, v, y
the company's trading performance (relative to budgeted costs and planned sales and profitability)
& Z7 j# S: E# A% D; t( lthe available budget your company has for pay rises (which is usually none, apart from annual salary review time)
$ R/ Z2 q/ S- b' w' rthe company's last company-wide salary review, and the range of % increases awarded8 [! j) |1 J9 r7 L9 y
the company's next company-wide salary review, and the likely range of % increases8 W$ _9 f( q" p+ b8 X# w
what precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)
* \" ]) j, d1 A9 Hhow valued you are to your boss and company
+ H3 K3 ?1 ]/ t0 Q: p2 c2 Khow easy it would be for them to replace you with someone of similar capability and value at the same or less salary8 v) d) F) W' s& Z7 l5 T
how much extra responsibility and/or you are prepared to take on
5 n8 E r* V# L+ whow much extra effort you are prepared to put into the job and how ambitious you are
9 I6 k' g/ m8 D" f6 x+ V. zand, 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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