- Ask for a little more than what you're aiming for, especially since they'll mostly likely want to counter. Make sure to do a good job of researching market rate, because you could still end up being underpaid even if it's more money than you were getting paid. I have colleagues who barely ask for more money because they are not willing to do the research and lack confidence in themselves, and sure, they may get a small raise. But consider this - because I asked for more money, I get paid as much as 25k more than them for doing the same job. Sad, but true. Also, contrary to popular belief, websites that people often advise to go for information about salary are not accurate, but talking to other people in the industry or recruiters will help you get a snapshot of what the generate market value is for the position/title and years of experience.
- Confidence is everything. Interview at other places, especially since getting job offers and negotiating is always a good practice. You'll want the ability to accept another offer if you don't want to accept being paid at your current rate.
- Speaking in compensation in terms of hourly or annual rate doesn't actually matter. Everyone I know who gets paid hourly just uses the annual rate. So do I. When it comes down to paper work, they're obviously just going to convert it to the hourly rate.
- The case for a raise is more compelling when you go above and beyond your job description vs. successfully doing your job description. Sucks, but true. That's why you should negotiate for as much base compensation and other benefits as possible when you initially get a job offer.
- Any employer that comes up with some line about, "We can't afford it," means they're not going to budge and they don't value you, so don't waste any more time trying to convince yourself of anything. If you could be compensated much great for spending the same amount of time working and doing the same job duties, what would you choose? Have the confidence to walk away. This isn't about loyalty. At the end of the day, the only person who cares the most and is responsible for your wellbeing is you. No matter how chummy you are with your office or your boss, do not let any personal relationships cloud that fact that they do not ultimately care about your bottom line.
- When referring to compensation, stick to a figure or percentage and don't use ranges. Don't talk about the "minimum" of what you'd be "OK with." Just say what it is you want. This may be obvious, but I'm surprised about how many people actually make this mistake so I feel like it had to be said, just in case.
Good luck!
- Editing to add - It's great to bring up the raise conversation any time, but keep in mind in the future, if possible, make the most out of performance reviews. This is the best time to build your case and discuss a raise - and they'll be expecting it. If you know your office has annual or biannual performance reviews and the time comes and it doesn't happen, ask about it. I'm also surprised about how many people think, "Oh, maybe they're just busy or they forgot." Ask the question, put it out there, and make it happen.