Get the Timing Right

Timing is very important when asking for a raise.

The ideal time to broach the topic of a pay hike is about one year into your tenure. That is, of course, if you haven't already been given a raise. In some companies, you will be given a raise after six months i.e. on confirmation.

If after a year you have still not got your raise nor has the topic come up, feel free to bring up the issue with your reporting manager. Of course, if you are aware that you have fallen short by a large margin, you might not want to ask for a pay hike at all.

Make the Most of Appraisal Time

Most companies have a formal appraisal system. During performance appraisals, your boss will talk about your achievements or lack of them and targets met or exceeded. This is your time to tell your boss about your accomplishments especially if they have gone unnoticed.

For instance, if you have roped in a big client or achieved double of your sales targets, your boss had better make it clear that he is aware of it. If not, you need to talk about it.

Do Your Homework

When you know your appraisals are round the corner, do your groundwork. You don't want to be caught off guard. Find out what the current market rates are and what your worth is in the market. You can either do a little research on the industry you are working in or find out from your counterparts. This way you will know what to expect.