Everybody believes they’re worth more, right? And we all know that during these times a little extra cash could help anybody. Instead of ditching the low-paying job you have now and leaping into the very dicey world of job hunting, try to get a raise at your current job. Planning and preparation are key when you ask for a raise. So are timing, your employer's pay practices, and the market-based pay rates for your job.

Steps in Asking for a Pay Raise - Research an Appropriate Pay Raise

Your goal at this step in asking for a raise is to know your employer's pay practices and the market pay rate for your job.

• Familiarize yourself with your employer's pay practices. If the standard practice is to offer salary increases once a year after an annual review, you are unlikely to receive a raise at any other time.

If your company offers more frequent increases, you'll have more luck asking for a raise. Many companies offer an automatic cost of living increase on a yearly basis. If the employer announces that the pay increase will be four percent across the board, you are unlikely to negotiate more money.

• Research the market pay rates for your job. Salary.com is a great resource. It breaks down your position by years of experience and the pay average of similar professionals in your area.

• Read your employee handbook. The handbook may present the process whereby salary increases are granted. If a policy or a process exists, your best bet when asking for a pay raise is to follow the process exactly.

• Network with other employees in similar jobs in similar industries to determine your salary competitiveness. Professional associations also do salary surveys and provide networking opportunities with people in similar jobs.
Steps in Asking for a Pay Raise - Prepare Your Presentation for the "Ask for a Raise" Meeting.

Discover What Your Bring to the Table

Okay, so now that you know what you’re worth, you should have a good idea about how competitive your pay is in your industry. Next, you need to look at your work contributions to determine how you will present the request for a pay raise to your boss.

• Make a list of the goals you have accomplished for the company. Determine how their accomplishment has helped the company. Attaching dollars to your contributions will get your boss’s attention. Document costs savings, revenue brought in due to your work, productivity improvement, superior staff development, important projects achieved, above-the-call customer service and ways in which you have contributed more than your job required. Documented, these accomplishments may justify a pay increase.

• Make a list of any additional responsibilities you have added to your job. An increase in responsibility, more employees supervised, or special projects are often grounds for an increase, if you ask.

• Set a pay increase goal, in your mind, that appears to reward the contributions and additional responsibilities you have documented.

• Learn about negotiation from books, resources, networking, and friends who have successfully negotiated a pay raise.

• Set up a meeting with your immediate supervisor to discuss your compensation. You will not want to ambush your supervisor. If the supervisor is unprepared to discuss an increase with you, nothing will happen at the meeting. Your boss will also want to do her research with the Human Resources staff and her own industry sources.