Career Money Share Tweet Keeping money in the bank is a lot harder to do these days than it was 10 years ago and raises rarely come to those who wait. Most often, negotiating pay rises requires being proactive. If you think you deserve a fatter paycheque, here are some tips to tackling the big money question. Know Your Stuff Being prepared is key for a successful pay rise negotiation. First, know your capabilities, your skill sets and your contribution to the company and be sure to have the documents to support your claims. Asking for a pay rise is a business negotiation that requires you to sell yourself and your success. If you don’t know why you deserve a pay rise, your boss won’t either. It’s also important to be reasonable with your asking price. Find out what’s the common pay level for your field locally and nationally and know what you’re asking for. Tip: Check the salary information scale http://www.seek.com.au/jobs-resources/ for your salary range. Things to stress during your meeting: Contribution to the company Previous performance Accomplishments/success in the company Skill sets, abilities Future goals for yourself within the company Make Yourself Irreplaceable Becoming an important part of the team will help your chances of getting a pay rise. Volunteer to learn new skills, take on more responsibility and make yourself a go-to guy. With more responsibility comes more bargaining power. If these new skills don’t help you get a pay rise, they will certainly make you more marketable for another job if that situation ever arises. Right Time, Right Results In this case, good timing can mean more money. Typically, you should wait until you’ve been with a company for at least a year to ask for a pay rise. If the employer doesn’t remember your name yet, it may be too soon. It’s important to know your company’s financial status. If your company is laying off coworkers, it probably isn’t a good time to ask for a raise. It’s also not a good time to ask for a raise if you’ve just had a poor performance review. Let the mishap blow over. Give yourself enough time to compensate for it and your employer enough time to forget about it before broaching the topic. Tip: Schedule a time to talk to your employer instead of just dropping by the office. This will show that you’re prepared and will give you enough time to present your case. Be Assertive Be confident when making your request, but don’t be aggressive. The “or else” argument can alienate your employer. Let them know that you acknowledge that “no” is a possibility. Don’t use another job offer as a bargaining tool unless you’re willing to deal with the consequences. Although competition may entice your employer into raising the bar in order to keep you, it may not. Don’t present leaving as a possibility unless you’re willing to follow through. Tip: Try practicing your presentation before going into the big meeting. Rehearse in front of someone you trust and get feedback. Be Flexible It’s important to know how much you want ahead of time, but prepare responses in case your request is declined. Less than half of employees seeking raises get what they want. If your employer declines your request for a raise due to financial reasons, negotiate for other non-monetary benefits such as vacation days, insurance benefits or other perks. If the answer is “no,” ask your boss to explain his/her reasoning and try to improve in those areas before reopening the raise discussion. Sometimes, it is the timing that isn’t right. Others, it’s the amount. However, if you are consistently performing well and are consistently denied for a raise, consider the possibility that it’s the employer who isn’t right for you.