Job interview
Women (front) in suits take part in a workshop to practise their skills in job interviews in Tokyo Reuters/Yuriko Nakao

Asking for a raise is mainly dependent on two factors - timing and performance. If you can pick the right opportunity as well as have the output to match your request, you can end up getting the raise you have always wanted. Here are some tips on how to ask your boss for a salary increase.

1. Pick the right time

Timing means choosing the moment when your boss appears conducive to such requests. If your boss is having a bad day or the market is currently suffering, it may not be a bad time to ask for a raise. One of the best times to request is after the company hits its quarterly or semi-annual sales target. Also, pick days when your boss is free to talk and not overburdened with work.

2. Good performance

You need to have the right performance output that will help your cause. For example, if you have been selected employee of the month several times or if your efforts resulted to business and sales growth directly or indirectly, your boss will be more than willing to give you a raise for a job well done.

3. Show the market situation

It will work to your advantage if you can provide facts and information showing how the market is doing well in the past several months. This means that workers should also be getting pay raises as the market conditions improve. One study published in Fortune Magazine showed how yearly base salary increases each year. You can use the information to create delineation between old and loyal employees and new hires.

4. Show your loyalty

State when the last time you had a raise and the specific percentage. Show your boss how others in your department or position have been given the same privilege after a span of time, which means that you might be entitled to it. Sometimes, bosses forget to give you a raise so you have to remind them.

5. Negotiate

When asking for a raise, specify the percentage or amount you are asking for. Your boss will most likely negotiate for a lower amount so you need to have negotiation skills so that both parties end up satisfied. A case study published on Financial Post showed how negotiation can be effective. Be ready for certain questions and avoid arguments to maintain your good relationship with the boss.