August 16, 2010 / 11:24 AM / 9 years ago

Management Tip of the Day: asking for a raise

An employee of an money exchange counts U.S. dollar bills in Tokyo in this November 27, 2009 file photo. REUTERS/Yuriko Nakao

BOSTON (Reuters Life!) - The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and ( Any opinions expressed are not endorsed by Reuters.

Too many people operate under the assumption that if they do a good job, a good salary will follow. Getting the pay you want requires asking for it. But before you ask, be sure you are prepared.

1. Understand the broader situation. It is always easier to get a raise when the company is doing well. If your company is not in a good position, consider postponing the conversation.

2. Rate your market value honestly. How does your salary compare with people in similar roles both inside and outside the company? Does your job require you to use your most valuable skills and experience? Know your true worth so you can articulate it.

3. Highlight your contributions. You are more likely to get a raise if your boss can make the case to others in the company. Find opportunities to demonstrate your value beyond your boss and your team.

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