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factors you have to think about first:2 O" y2 ~$ s/ \7 O! D( Y# a8 P
how well paid you are at the moment compared to the market norms
# z, Z2 R7 F; R) H. x! ?9 ?) y1 d6 Pthe rate of inflation
" B& F- l2 a9 ~4 A* C5 i! ]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
; v* H2 [, P5 Jthe company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)* B1 O& z' U" v; s4 H
the company's trading performance (relative to budgeted costs and planned sales and profitability)2 W6 @) G/ M# b" m
the available budget your company has for pay rises (which is usually none, apart from annual salary review time)
I' ]7 I% W' y0 j/ s* p0 o! [; r3 @the company's last company-wide salary review, and the range of % increases awarded2 h$ b. u+ [3 _0 g6 J @9 o9 i
the company's next company-wide salary review, and the likely range of % increases
; b' }) F+ o3 v% A! e' c( p1 W8 Rwhat precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)
! B7 b( B2 Z" O5 H1 Qhow valued you are to your boss and company+ c4 h" |2 k/ ~$ y1 [. a" {
how easy it would be for them to replace you with someone of similar capability and value at the same or less salary! p: M' ?& i4 f. N$ t7 G
how much extra responsibility and/or you are prepared to take on5 [2 L2 g5 A" ~, C8 c* _
how much extra effort you are prepared to put into the job and how ambitious you are ) l" w/ y' P; F" o) E
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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