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factors you have to think about first:( g, c1 U. N# z1 `# ~7 t7 e+ z
how well paid you are at the moment compared to the market norms
; f o, ^5 \7 i, Q2 `the rate of inflation% }1 `% b- |$ j& d
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
4 g4 K: G+ X, y3 r! e! nthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)# E6 a7 b$ `" ]6 j# j8 m$ e$ d+ I" J C
the company's trading performance (relative to budgeted costs and planned sales and profitability)
. b1 l" p3 G( H: a# a2 w& Wthe available budget your company has for pay rises (which is usually none, apart from annual salary review time)
( s* w7 k! B/ q2 k3 [; Hthe company's last company-wide salary review, and the range of % increases awarded
7 m6 t6 u! v# M) b& D" ]the company's next company-wide salary review, and the likely range of % increases: [! Q1 O9 s" E: C' N; H8 H
what precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)
4 S/ ?/ Q6 y, J# ?7 w$ F6 thow valued you are to your boss and company6 d3 p- P4 W6 d" n1 _7 f: ?
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary
- u1 q0 _( w s7 N) N" Phow much extra responsibility and/or you are prepared to take on3 p1 m2 M: L" t. W r$ i; M$ ]
how much extra effort you are prepared to put into the job and how ambitious you are " ^- N3 q b: a, z2 F
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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