You should also ask what the company's criteria are for giving bigger raises than the across-the-board 2.5%. "Seek out the standards they use," says Diamond. If that information isn't forthcoming, "focus on the company's needs in the future. Ask, 'What can I do for you going forward that would be worth the kind of raise I'm requesting?' The answer commits your boss to a standard and gives you something to shoot for." It might also be the basis for a performance bonus down the line.

    2. Don't make it personal. "Instead of saying, 'I'm worth more than a 2.5% raise,' talk about what the job is worth" -- for example, how much your department contributes to revenues and profits. Says Diamond, "The conversation should center on the work, not on you. The less personal you make it, the easier it will be for your boss to justify a bigger raise to the people upstairs."

    3. Be prepared to think incrementally. It's unlikely you'll get a 20% raise all at once. "So try for a smaller amount now and more later on," Diamond suggests. "The best negotiators don't have a home-run mentality. They go for lots of little wins. Bunts and singles are what win ball games."

    4. Consider intangibles. Assuming the pay hike you're offered (for now) is a small one, have a few other possibilities in mind. "Be ready to ask for something else besides money that matters to you," Diamond says. Maybe it's extra vacation time, a window office, a health club membership, or the chance to telecommute a couple of days a week -- whatever would help close the pay gap, in your mind, and that would be a relatively easy "yes" for your boss.

    What can you do (besides quit) if you still hear "no"? "Start keeping a list of specific accomplishments -- date, time, and task -- and write down at least two or three items a week," Diamond suggests. "In particular, be sure to include anything that saves the company money." This way, when you ask again in six months or a year, "you'll have a detailed record of your contributions, which is hard for any boss to say 'no' to." He adds: "This is one of the surest ways to hear 'yes,' yet very few people do it."

    Good luck.

    Talkback: If you've asked for a raise recently and gotten it, what worked for you? Leave a comment below.