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factors you have to think about first:; U) T+ i1 M2 V% A$ n: {
how well paid you are at the moment compared to the market norms
' b9 ^' v) b" S* }3 B, g- bthe rate of inflation
- B( Q( |8 ^) jwhere you live and work and the costs of living associated with the area, and in relation to other geographical locations where company employs people
1 T# T- `, u% e' hthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)6 T: ~8 j, k! \5 I6 t
the company's trading performance (relative to budgeted costs and planned sales and profitability)
4 p% E- U$ F: ]5 g# Dthe available budget your company has for pay rises (which is usually none, apart from annual salary review time)& i' M8 R) x. B% y/ R; C
the company's last company-wide salary review, and the range of % increases awarded
* c' t! A# m- l+ C# o; zthe company's next company-wide salary review, and the likely range of % increases2 ]& _6 s$ U8 e' L9 _
what precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)
# f* D7 H* ~4 K# B8 q6 fhow valued you are to your boss and company- S) [( i9 c7 b9 k
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary& i9 t7 `, {: U( d: D
how much extra responsibility and/or you are prepared to take on
0 R* {( f4 R$ [2 S1 d5 E' \how much extra effort you are prepared to put into the job and how ambitious you are
. L- x! D* l- W# X2 B4 S3 Fand, 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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