How to Prepare to Ask for a Raise

There comes a time in every professional's life when he or she has to ask for a raise. Whatever the reason, you will want to perform adequate preparation to give yourself the best possible chance to convince your boss. As a rule, employers aren't exactly knocking down doors to give their employees more money, so it will take cold, hard facts as well as your best speech to convince your boss that it's time for a raise.

Research the Industry Standard.
Before you ask for a raise, it is always a good idea to look up the industry standard in salary for a person in your job position. You can find that information online at websites like Salary.com or you can look it up at the library. Although the number will fluctuate according to your education, the number of years you've been on the job and other factors, you should get a basic idea.

Determine Where You Fit in the Industry Standard
Once you've determined the industry standard for your profession, you'll have to fit extraneous factors into the equation. Usually, you'll get a range of numbers from a salary calculator, which means that you fall somewhere in the middle. Factors to consider include your length of employment with your current job, your years of experience in the field, your level of education, any continuing education and the number and frequency of previous promotions.

Evaluate Your Company
There are good times to ask for a raise and bad times, usually dependent upon the financial situation in which your company currently stands. If the market is up and your company is standing solidly on two feet, it might be a great time to ask for a raise. However, if all you've been hearing about are budget cuts, lay-offs and expense reports, you might want to wait.