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factors you have to think about first:# w; \/ u4 z$ C# a3 y" c# D9 c
how well paid you are at the moment compared to the market norms
% G. D4 V/ t. B, J4 Y+ r; a& K3 ithe rate of inflation
/ ?7 h- H' X7 gwhere you live and work and the costs of living associated with the area, and in relation to other geographical locations where company employs people) K9 W* @; H2 I
the company's position concerning staff turn-over, retention, recruitment and head-count (ie increasing, reducing, or static; in accordance with planned levels or not)0 K* b8 J M1 J8 O0 z
the company's trading performance (relative to budgeted costs and planned sales and profitability) @; V4 R: e2 R$ i2 `2 J
the available budget your company has for pay rises (which is usually none, apart from annual salary review time)/ i% S9 |% R' u7 v3 H
the company's last company-wide salary review, and the range of % increases awarded
: @. W6 f# ]" c' i! H" `5 ~the company's next company-wide salary review, and the likely range of % increases3 ?$ v# H- v4 [' j# N
what precedents would be set for other employees by giving you a rise (this is often a significant issue for the company)# V9 a% C4 p- u0 G3 R2 A
how valued you are to your boss and company
$ d% {0 n# H9 D' N) Xhow easy it would be for them to replace you with someone of similar capability and value at the same or less salary0 _0 n6 ^ v. \9 Q& F6 Q( Q
how much extra responsibility and/or you are prepared to take on
$ W) b) c6 w% a' S0 N0 xhow much extra effort you are prepared to put into the job and how ambitious you are
* f& H/ L4 h# ~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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