Salary increases typically occur once a year, though this depends on the state of the economy and industry demand. In the past, getting an automatic yearly salary raise used to be the norm. Although it still happens in a select few organisations, it has significantly reduced due to the crash of the economy. Now you have to go out of your way to request for more money.

Asking your boss for a raise can feel as disheartening as paying your taxes or cleaning the gutters. However, with the issue of salary increases all over the country, this might be the perfect year to take the plunge.

Here’s a guide to help you confidently discuss a salary raise with your boss:

1. Do your research

Before starting your salary negotiation conversation, ensure you understand your worth in the job market. Do your research on how much other companies pay individuals for your role, level of expertise, experience and location. If you feel you are performing the duties of a higher position than you are currently in, search for the salaries of that job position and use that.

Also, you can do two things during the negotiation. You can either call out the amount you want flat-out, or you can allow your manager to request an amount. This is because your manager may call an amount that is higher than what you expect. But if that is not the case, tell the company what you have in mind and try and reach an agreement.

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2. Timing is key

Choosing the right time to ask for a raise is crucial. Timing it with a presentation of a recent performance you did or after completing an important project would be perfect. For a new job offer, the best time would be after you’ve been offered the position, before you’ve been officially accepted.

Ensure that the company is in a good place financially and your manager is not under any pressure when you initiate the conversation.

In addition, you should take note of when raises are granted at your workplace. Is it at the end of the year? Or the anniversary of your start date? Those will be great times to ask. Also, note that asking during your annual review would be too late as budgets would’ve been decided by then.

3. Practice your pitch

Speaking with confidence and assuredness is key during your salary negotiation. Don’t second guess yourself, know your worth and don’t be intimidated. Focus on articulating your reasons behind asking for a raise, using your accomplishments as evidence.

Furthermore, practicing your pitch with a close friend or in front of a mirror can help. This will help you stay cool, calm and collected during the negotiation.

4. Be ready to negotiate

Keep in mind that some companies might not grant you an increase right away, be prepared to negotiate other areas of your compensation plan. This could include bonuses, overtime pay, flexible working hours, vacation days, or sponsored career development opportunities. This approach can help you achieve other things that will make up for the salary increase.

On top of that, the company could offer an amount that is higher than your current salary, but not up to what you have in mind. This is where negotiation comes in. Be prepared to ask questions, understand their constraints and meet a middle ground.

5. Get everything on paper

Once you have reached an agreement, prioritise getting the final offer in writing. This should include promotions if any, details of the salary, benefits and negotiated terms. It is imperative to have a written record to ensure both parties are clear and to avoid misunderstandings in the future.

6. Know when to walk away

Should in case an agreement is not reached, do not threaten to leave the company. This is counter-intuitive and could put you in the company’s bad books. And even when it seems to work, it will change their opinions of you. Likewise, you could be pushed out of the inner circle and left out.

Instead of this, what you could do is ask for a promotion in place. With this comes a new set of job responsibilities and of course, a new salary.

7. Handle rejection like a pro

If your salary negotiation doesn’t yield a positive outcome, don’t be bummed about it. Take this as an opportunity to demonstrate your value through consistent performance and surpassing expectations. Also, regularly update your list of achievements. This will serve you well for future offers and career opportunities.