When you are of the mind that you are under-paid and beginning to feel the stress-asking for a bump up in your pay seems like the right course to take.
If you do take this course and do it right, you may just get the extra money to make things a little less stressful for you. To get it right
Pick the right moment
If you are feeling frustrated, are angry and tired best not to approach the powers that be for more money. Also, avoid asking for money when everyone is running around trying to meet a deadline, finish a project or when the boss is under pressure too.
Find the right moment to ask; so you do not come across as grumpy, insensitive and greedy!
Do some finding out
Do some digging and find out if others have tried it. If they have succeeded or failed and why. And if your work has a general handbook with work place policies, read the one on raises.
Armed with the right knowledge and picking the right time you will give yourself a good chance to get that raise.
Be honest with yourself
Review how you are performing at work and how you compare to the other employees above you and below you. Try to create a vision in your mind of how people perceive you and what could be the picture they have of you.
Be honest with your self-assessment and see whether you deserve a raise.
Asking based on a similar position elsewhere may get you more money. Do not bring up and compare what your company pays you to what a large corporation pays. Instead, bring up the similar skills you have to that of a person in the larger company.
Even though your company may not have the coffers the large corporations has they may see the value they have in you and will see that it’s time for a raise.
If the money really is a problem then negotiate for something else. Maybe for less hours in the office, for weekends off, for leave days or a commission on certain projects.
Do not always think of the money as being what you MUST get. You can exchange more money for extra free time. (Which you can use to work on or start a side hustle).
Be prepared for the “counter offer”
Be optimistic about getting the answer that you want, BUT prepare yourself for whatever the outcome may be. And it may not be the one you were expecting.
If you don’t get the outcome you want, do not feel that you have to leave. You may get the raise three months down the line as you have sown the seed or your boss may find you another bigger role within the business.