In today’s society, a lot of the success and contentment you feel at work can be attributed back to how well you’re compensated. And luckily for most workers, if you feel like your work and contributions aren’t being given the value you think you deserve, you can discuss with your boss ways of rectifying this. However, this is often easier said than done due to the fact that many people feel that talking about money is taboo. So to help make this process a little easier on you, here are three tips for discussing a pay increase with your boss.

1

Know The Right Time To Ask

Just because you now feel that you’d like to make those repairs on your boat that you’ve been waiting on doesn’t necessarily mean that now is going to be the best time to ask for a raise at work. So when is a good time to broach the topic with your boss?

According to Shannon Gausepohl, a contributor to Business News Daily, talking about a pay increase during your yearly or quarterly performance review isn’t actually the best time, despite what your intuition may suggest. If you really want this pay increase, you should begin talking to your boss a month or two before your performance review. This will give them time to think about your contribution and figure out how much they can afford to give you. If you wait for the actual review, it may be too late to do any negotiating.

Document Your Good Track Record

Generally people won’t ask for a raise unless they feel like it’s deserved. However, it can be hard to convince your boss that you should be paid more money unless you have some key performance indicators that you can point to that will show your good track record. For this reason, Mikey Rox, a contributor to MoneyCrashers.com, recommends trying your best to go above and beyond your normal work tasks in the few weeks leading up to discussing a pay raise so you have additional examples to pull from when demonstrating why you deserve a raise.

How Much You Should Get

When asking for a raise, it’s common practice to have a number in mind that you’d like to see your pay at. According to Molly Triffin, a contributor to LearnVest and The Muse, unless you’re getting a promotion in addition to a raise, you should expect to ask for a 3 to 5 percent increase. If your position in changing, asking for a 10 percent raise shouldn’t be too much of a stretch to get. Just make sure you feel out your boss and the industry you’re working in before coming into salary negotiations so you’re as prepared as possible.

The next time you’re considering asking for a raise, use the tips mentioned above to ensure you get the increase you’re looking for.

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