Five Tips for Asking for a Pay Raise

There's a good share of employees that really deserve more money for all of the hard work that they do, but most of them never get it because they never take the time and make it a point to ask for a raise. If you work harder than most of your other employees and are more knowledgeable about the job that you do than they are, you likely can get a raise if you come up with a plan and ask for one. Here are five things to consider when asking for a raise.

Know what you want - How much of a raise do you want? Do you just want more salary or do you want more vacation, a company car, or perhaps some flex time. Don't be afraid to ask for a little bit more than you want, because likely your boss will try to negotiate down on your request to save the company money.

Know what your worth - You have to do your homework ahead of time. Figure out what a typical salary for someone in your position is with your experience, training and education. Know what it would cost the company to replace your job. Figure out in advance how much money you've saved the company and how much additional revenue the company generates from you. This'll take some work, but the knowledge is key. These are the arguments which will be the key in persuading your boss that you deserve a raise.

Approach the Right Person - Make sure you're asking the right person for a raise. Sometimes your direct supervisor is not the person that you need to be discussing this issue with. Start with your supervisor and ask him that if you had a question about your compensation package, who would be the right person to meet with? If the person is him, schedule a meeting with him, otherwise schedule a meeting with your HR department, or whoever the decision maker is.

Time your approach - The best time to ask for a raise is when you've just completed a very successful project, have saved the company a bunch of money, or accomplished something else meaningful to the company, say landing a big account. You are much more likely to be successful in your quest for a raise if you ask after you've made some sort of accomplishment with the company.

Prepare for the Meeting - After you've got your meeting setup, prepare for it as if you were doing a major sales presentation. Rehearse what you're going to say, the arguments you're going to make, and responses to some questions or statements that they're likely to make. Figuring out answers to "Why do you deserve a raise?" and "The company just can't afford to give a raise why now" are probably two good ones to start with. If the company is unwilling to provide you with a direct salary increase, instead ask for some fringe benefits, such as flex-time or a company car.

If you know that you genuinely deserve a raise because you work hard and earn the company a lot of money, not because you've worked there a while and feel entitled to one, you can get a raise should you put the effort into get one.