Assess your contributions
It is important to carefully gauge the contributions you have made for the betterment of the company. That is essential when you ask for a pay hike. Knowing your worth will allow you to prepare yourself before you even discuss any pay increase with your boss.
Prepare your Case
The first thing under consideration will be the time span. In most companies, there is an appraisal after a usual probationary period, lasting up to six months. If you have entered the company afresh, and this is the first time you will be considered for a pay rise, make sure to take into account the skills and activities you have been able to accomplish. If you are looking for the second appraisal, you will need to carefully gather and present all work related activities covering your personal and collective accomplishments. Accounting just the former wont help you as the company seeks greater efficiency not only from you, but from your team members as well. Prepare a spreadsheet of the relevant materials, and enlist the important tasks you have been able to achieve.
Search your value
It is important to search the relevant pay scale of jobs relating to your field. Salary.com or salary surveys will help you out with the necessary calculations. Moreover, if you are connected to a particular professional network, try to figure out the salaries earned by others.
Determine a range
Sometimes it is inevitable that you will be earning an increase but the troubling question is how much. Therefore it is important that you don’t set targets of your own but determine the range you fall into. You can evaluate this by considering the number of years you have been working in the company or the relevant field.
Prepare for the consequences
What if your boss refuses to give you a pay raise or his/her value doesn’t match your expectations? It is important to prepare yourself for the consequences. Quitting the job right away won’t be a good option but carrying on the current pay scale will have a direct affect on your performance and motivation level. Consider the factors and prepare a strong argument before going to your boss.
Set up an appointment
Present your side of the argument and listen to what the boss has to say.