1) Show What You Have Done
If you have saved the company money, make a point of that when talking to your boss. A portion of the $100,000 a year that you have saved your company should come back to you as a raise. If you can't get an additional money upfront, ask for stock options or other forms of equity within the company. That will allow you to profit from your hard work as the company grows thanks to your efforts.
2) Increase Your Value To The Company
Offer to work on a new project or show your boss how you can make his life easier in exchange for a pay raise. Managers are always looking for people who are willing to work harder. If you can convince your boss that a raise will increase your productivity, it should be a good way to get a salary increase.
3) Talk Salary During A Job Interview
When you first start working for a company, you have a unique opportunity to negotiate a pay raise before you even start your first day of work. The trick is to get the decision makers enamored with what you could potentially bring to the table. You will have another opportunity to do this if you interview for another job within the company or for jobs that are higher up on the corporate ladder than where you are now.
4) Do Your Research Regarding Salary Ranges For Your Position
It is a good idea to do basic research to educate yourself regarding the pay scale for a person in your field at your level. If you have been underpaid, you can take that to your boss as a case for an increase in pay. If you are paid the average wage at your position, you can finagle a raise out of your boss simply by emphasizing any extra job titles or responsibilities that you carry at work.
5) Don't Be Afraid To Leave The Room If You Don't Get What You Want
The key in any negotiation is to use your leverage as much as possible. If you have leverage, do not take any deal that is less than what you could possibly get. Therefore, do not be afraid to walk out of a negotiation if you feel as if your boss is not taking the process seriously. If your boss values you as an employee, you will get the raise that you are after by being patient and not caving as soon as things don't go your way.
Negotiating is more of an art than a science. You have to be willing to be patient and take some time getting the best possible deal for yourself. Make sure that you have enough leverage to get the deal that you want and be ready to take any actions necessary to get the raise. If this means finding a new job, you should at least pretend that you are willing to listen to multiple offers to give yourself more leverage.
Frank Greens writes for many businesses on human resource topics. Total rewards being of particular interest to him in recent months. Frank pays close attention to what successful total rewards consultants such as AON Hewitt are implementing and actively reads HR magazines and blogs to keep up to date with the latest total rewards strategies.