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factors you have to think about first:; ` S G: F# R7 M( k3 x2 u* ]5 L
how well paid you are at the moment compared to the market norms
" j4 W$ Q/ r; rthe rate of inflation
; v8 k2 J3 B# c' N1 Kwhere you live and work and the costs of living associated with the area, and in relation to other geographical locations where company employs people
; K# E* u% C. m" n. _0 E5 xthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)2 Y- s- N, D- C8 g: h+ D
the company's trading performance (relative to budgeted costs and planned sales and profitability)
, M, j! s! J3 H" Fthe available budget your company has for pay rises (which is usually none, apart from annual salary review time)
# \+ d% A W' t' \* Kthe company's last company-wide salary review, and the range of % increases awarded
" p! r4 ? ^$ U7 V0 d7 Cthe company's next company-wide salary review, and the likely range of % increases
! A% b; H9 V* G7 y s7 w# awhat precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)! w& r: y5 s# X1 Q2 |: z* b2 s
how valued you are to your boss and company
. i5 n& l1 q' u" L, h* w. Ehow easy it would be for them to replace you with someone of similar capability and value at the same or less salary& Z+ K/ V# N) q2 d2 r( \9 f
how much extra responsibility and/or you are prepared to take on; `4 G: m* m* X% C
how much extra effort you are prepared to put into the job and how ambitious you are
- i) I4 l* C) U. Q. [: ^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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