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Raising the bar: How to ask for raise without blowing your chances

You're worth more money than you're being paid, right?
You spend countless hours after work finishing up a project. You ask for extra assignments to get ahead within the company and spend time you don't have on making sure it is done correctly. You're always quick to offer suggestions and aren't afraid to take challenges head on, even if it means you're weekend is going to be more about work and less about relaxing.
Such is the life of the proverbial "go getter."
That's perfectly fine, because you can justify that existence knowing that you'll not only be rewarded with advancement but perhaps even bestowed a raise in your current position as well.
What tends to happen, however, is that you continue the aforementioned behavior, working your fingers to the proverbial bone, yet the raise or even discussion of it never materializes, and you're left at a workplace crossroads in that you know you should be getting some sort of a bump in pay but it just isn't happening, for whatever reason.

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So how exactly do you ask for a raise, without creating more problems or office awkwardness and not totally offend your boss by indirectly being to brash or accusing them of being overly oblivious?
Like any good negotiator, you want to adhere to the facts more so than being emotionally charged and angry or hurt during this would be conversation.
Mentioning things in relationship to your other co workers typically is the best place to start, going as far as to say that you do the same job they do and then some, but you don't make as much money as they do. Furthermore, you always want to avoid the "threat" element of this conversation about raises and more money.
The tendency is to get so upset that you simply feel it is your duty as a disgruntled worker to let you boss know that you are going to start looking or leave for another job if you don't get a raise. That might get their mind churning a bit, but ultimately your supervisor or above don't respond well to that message. As valuable of an employee as you are, you're not the one calling the shots and they'll let you walk before they allow you to dictate their decision making.
Finally, the talk of a raise should come during discussions that are related to that topic as well. If you are in a sales meeting and devising a marketing pitch, you don't want to talk about how you want to make more money, unless your boss brings it up first. You want to reserve the cash chatter for reviews, quarterly sit downs for evaluations, rather than just blurt it out with little rhyme or reasoning.
Your boss most likely values you work ethic and what you bring to the table. But you'll be hard pressed to give your boss a full court press and attack them for what you're not getting from the company. Instead, take the professional approach and continue being that superb employee with a better understanding of picking your spots rather than spraying bitter venom over the entire situation.

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