How to Negotiate a Raise in 4 Steps

Asking for more money is never fun. To make things easier for you, here are the top four things to think about:

Timing. Ask for a raise at a scheduled face-to-face meeting around the time your manager is setting next year’s budget.
Market Comp. Know what’s market for your role, and try to figure out beforehand what others are making with your employer. At a minimum, check out online tools like https://www.linkedin.com/salary/ before your meeting. Save compensation articles when you see them in The Recorder or other publications throughout the year. Take recruiter calls to find out what market rate is.
Preparation. When making your pitch, explain your worth with facts, e.g., wins made, money saved, products launched, teams supported, etc. (Yes, you should be keeping track throughout the year.)
Backup Plan. Women, expect to be denied (sorry, that’s what the stats say). Think about what you will do about it. Ask what skills you need to develop, and schedule another review to discuss progress. If you can’t get more money, try for benefits like more vacation, occasional telecommuting, or a better title (again, do you research before any ask). Regardless of whether your raise request is approved, you should discuss your long-term plans at the company so they view you as a dedicated employee who plans to stay for the long haul. (Managers are unlikely to go to bat for you if they are unsure you are going to stay.)

Some good articles on negotiating a raise: how much to ask for according to CNN Money; how to ask for a raise according to the New York Times.