One common problem amongst employees is an inability to ask for a raise.

Maybe I didn’t phrase that quite right because in truth many people are capable of asking for a raise, but are not so good at achieving the desired outcome. So what’s the magic formula for a successful request? Let’s take a closer look at the various factors that can help sway a decision in your favor. What are the factors, you ask? Well, here are a few to consider before you take that all important step:

Timing

This has to be one of the most important considerations. Is it the right time to ask? Have you recently closed a bid deal? Has the company achieved a major goal? Keep these in mind when you consider the best time to raise the question, as well as:

* Make an appointment
* Choose the right time of day
* Choose the best day of the week
* Is your target receptive – would next week be better?

Go Prepared

When it’s time for this all important meeting, make sure you do your research, arrive on time and you’re fully prepared. Fully prepared means you have:

* Assessed your worth and the worth of others in your job within the competitive market
* Made a list of your accomplishments,
* Included your job skills and any recent training
* Itemized your contributions to the company and your position
* Researched what your comparative coworkers are earning
* Considered times when you may have saved your company money
* Proof that your value to the company has increased over time
* Listed the times you went above and beyond your job duties

Consider what you’re asking for

A general rule is to ask for slightly higher amount than you want and be prepared to compromise. If you’re hoping for 5%, then ask for 7-8%.
This way if your employer comes back with a lower amount, you can afford to be generous. You want your boss to be happy too. A win/win situation is better for everyone.

* Consider other options over a cash raise. As much as you may believe you deserve what you’re asking for, and may believe the company can afford it, you probably are not “in the know” about much of the company’s finances.
* Be flexible. Could you consider a shorter work week instead of a raise, more vacation time? Other business perks? Be open to suggestions. Your boss may have been thinking of offering you something that is different and better.
* Realize that some companies have locked in raises. If you’re asking for ‘more’ than the regular step up, you will need to have ‘more’ in your favor. There is usually some flexibility at the middle to higher levels. This means you’ve been with the company and have proven your worth up until now.

What if you don’t like the answer

It’s important to have a plan ready and in place to deal with a negative answer. If you receive a ‘no’ then have an argument ready. A well thought out argument, not an emotional outburst. Do you preparation ahead of time, put yourself in your boss’s shoes and consider your request from his perspective. It will help you to find counter arguments. Don’t overreact and don’t quit.

For the best outcome

The best chance of success comes when you set up a plan of action ahead of time. Do your research, pick your time and ask in a reasonable, non-emotional way. Be detached and businesslike. Accept the answer in the same way.

Scott Brown is the author of the Job Search Handbook (http://www.JobSearchHandbook.com). As editor of the HireSites.com weekly newsletter on job searching, Scott has written many articles on the subject. He wrote the Job Search Handbook to provide job seekers with a complete yet easy to use guide to finding a job effectively.