Asking for a raise can be a pleasant and rewarding experience -- $cha-ching$. On the other hand, it can be a blow-out all the way to unemployment. Unfortunately, because no bosses are alike, there is no guaranteed formula to successfully ask for, and get, a raise.

Asking for a raise is a fine art requiring careful, prior, thought. Before getting down to the nitty gritty of actually approaching the boss and asking for a raise give this three-part process -- Things to Consider, Preparing Your Plan, Taking Action -- some consideration and decide what's best for your situation.

Things to Consider

Is a policy in place? For instance, what is the employer's policy on raises. Is there a raise schedule the company follows? This is likely true if you work in a union environment. Even if you aren't, the company may have a schedule of raises and when you can expect to get one. Apprentices, for example, receive regularly scheduled wage increases as they gain experience and complete required schooling. Co-workers, those you trust, may know and they may also be able to offer advice on approaching the boss.

Put yourself in the boss's shoes Bosses have a different way of looking at work than employees. They have to consider how much money the business spends on things like wages, supplies, equipment.... They also must consider how much money the business brings in to pay for things like wages, supplies and equipment. Imagine the boss thinking like this:

Money coming in (INCOME) - Money going out (COSTS) = ?

If the answer is not positive, chances for a raise are slim. Also keep in mind a boss may already have a salary figure in mind for the type of work you do. The boss may not be willing to pay anyone more than $X for a certain type of work no matter if it's entry level or a senior position.

What are your reasons? You will likely need a few reasons for getting a raise. Just showing up, being nice and doing what you are told probably won't cut it with a lot of employers. Don't explain why you "need" one. Everybody "needs" more money for a new corvette, kids or whatever. Ask for a raise because you deserve one, not because of your personal situation.

Some might say: "Well, I need more money to live. I have to get a raise or get another job!" That is a valid reason to seek a raise but not an argument likely to influence a boss. Back up your request with work-related details.

How long have you worked there? The timing of asking for a raise will depend on where you work and the type of work you are doing. If you are hauling lawn mowers doing landscape maintenance for a summer, the timeline to consider will differ from working as an entry-level engineer. Most employers consider anything before three to six months as "probation" and won't give a raise before then. After six months you may have earned some credibility with your boss and by then he/she might have a better idea what kind of worker you are. This can influence a boss's perception of a raise.

How far are you willing to go? If the boss says no, are you going to quit? While not being paid what you believe fair is frustrating, remember, whatever you are getting at this point is probably more than what you would get unemployed.

Saying: "Gimme a raise or I'm going to quit," without room for compromise may be tempting. But a confrontation with your boss may not only fail to get you your raise, it could get you a security escort out of the building. If this is really the last straw you may want to re-consider your current employment path.

If you are prepared to compromise, what kinds of compensation would you be willing to accept? Some bosses may be reluctant to boost your pay cheque but might consider: bonuses at different times of the year; giving additional benefits; giving more days off with pay; and so on. Consider these the "Plan B" items. You might have other suggestions for your employer about how you might be compensated if he/she isn't taking the bait on the salary increase.