3. KNOW WHEN TO STRIKE
Timing is an essential part of playing the getting-a-raise game. Often, employees face the dilemma of whether they should wait for their annual performance review or straight-out ask for a raise right now.
There are several conditions to consider when weighing your options. One is how far off the annual review is. If it is several months away, you might want to strike when you have recently had a stunning success. That way, your achievement won't lose its luster and the boss can't claim amnesia when you bring it up a year from now. If you decide to have the raise discussion when your boss is not expecting it, or if your company does not have regularly scheduled formal reviews, let him/her know you want to set aside time to sit down and talk about your performance and compensation. Depending on your boss's style, you can make the request in person or send a memo or e-mail. The point is to avoid catching your boss by surprise (it usually results in defensiveness).
Another opportune time to ask is when you have been handed more responsibility in your job or a new position entirely. While it would seem more money is a natural consequence, sometimes you have to bring it up yourself. Yet another time to request a raise is when you notice that your job responsibilities have gradually morphed into a beast of burden but your paycheck has somehow been left behind. Don't let the company get away with anything less than full reimbursement. The bastards.
On the other hand, if your review is coming up it could be the perfect moment since you and your boss will be on the topic anyway. Furthermore, you will have some time to get some good deeds under your belt and to build your case. Ask for more work that you know you can get done, don't be afraid to work past 5 p.m., and let yourself be seen eating lunch at your desk. In general, the ideal time is to talk money is immediately after you have demonstrated your worth to the company.
If the company is public, you can obtain the latest financial information from its office of investor relations or look it up online. One easy method is to go to www.finance.yahoo.com and click on "symbol lookup." Punch in the company name and its daily stock price will show up along with links to its news and financial history. If your company is private, you will not able to get such financial data but you should use some common sense. If it recently laid off employees, that's a good sign that the bottom line is suffering and that you might have trouble squeezing the money out of 'em.
It is also essential to be sensitive to external pressures, like the overall economy and how your company is doing financially. If the economy is in a major recession or your company is struggling to stay in the black, it is clearly not an appropriate time to demand a raise no matter how darn good you are. Bide your time and hopefully the company will recognize your efforts later.
