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Many people are too scared to try ask for a pay rise for fear of rejection, or they wait for so long they become frustrated and resentful – not a good frame of mind to be in when asking for more money.

The three biggest mistakes people make when asking for a raise is giving their boss an ultimatum, making the appeal based on emotion, and being unprepared. If you tell your boss that without a promotion, you’ll quit there is a high chance they will call your bluff. Planning, preparation and timing are the keys to asking for a pay raise.

You should first consider the likelihood of getting a pay increase. If your job has a salary cap that you are far below, then you should consider asking for a raise. However, if the company is having financial problems, it’s best to wait. You should also look into your employer’s pay practices. If the standard practice is to offer salary increases after an annual review, then it is unlikely that you will receive a raise at any other time.

Your next step should be researching the market pay rates for your job. Check out salary surveys. If you are earning a substantial amount below the average, then bring this up with your manager. You want to be able to approach the discussion with a reasonable amount prepared. 

You should then prepare yourself for the meeting. Create a list of goals you've accomplished, and how these have helped your company. Document ways in which you have contributed more than your job required, and make a list of any additional responsibilities you have added to your job. Get copies of performance reviews to bring to the meeting. If you don’t have a record of your accomplishments and contributions to the company, you may not be ready to ask for a raise.

Most importantly, plan what you’re going to say in advance. Your boss is going to ask questions about why you want a raise, and what you’ve done to deserve it. You need to be prepared, as you would be for a job interview. Practice how you will present your case to your employer. Once you have your documentation, accomplishments and strategy prepared, you’re ready to approach your boss with confidence.

Now is the time to email your boss and request a meeting. It’s polite to inform him or her what the meeting will be about, and saying something along the lines of ‘I would like to talk to you about a salary adjustment’ is appropriate. 

Good luck!