With that in mind, career counselors recommend the following steps:
1. Research your current market value.
Websites like PayScale.com and Salary.com can give you a reasonably clear idea of where your pay stands in comparison with others in similar jobs in your industry and geographic location. Check out help-wanted ads, job board postings, and industry-association salary surveys as well.
You need to know whether you're at the bottom, the top, or the middle of the salary range for someone in your role, with your qualifications and experience. If you're at or near the bottom (or, heaven help you, below it), you've got room to bargain your way up, so be ready to mention what comparable positions pay elsewhere.
2. Make a detailed list of your accomplishments since your last raise.
The more readily you can describe your contributions in dollars-and-cents terms, the better: You cut costs by X dollars, increased revenues by Y percent, or whatever applies. Many experts suggest keeping a weekly or monthly log where you note this information year round, so you don't overlook or forget anything that might bolster your case.
3. Send your boss an email requesting a meeting about your pay.
Attach the list of what you've achieved since your last salary review, just as a reminder of how valuable you are. Letting your boss know in advance what you would like to discuss is far preferable to springing a surprise.
Unfortunately, advance notice also gives him or her time to think up a reason why you can't get more money right now, which brings us to No. 4:
4. Be prepared to negotiate for other rewards.
If a hike in base salary is just not in the cards at the moment, despite your stellar accomplishments, suggest a performance bonus instead, contingent on your reaching specific agreed-upon targets in the months ahead.
Also, if there is some other benefit or perk you've been hankering for -- more paid vacation time, the chance to telecommute, a company-paid gym membership -- now is the time to ask for it.
5. If the answer is "no," ask when it would be appropriate to reopen the discussion.
Things change, people leave, budgets loosen up, and, who knows, we may even see a real economic recovery before too long. In any event, you need to put your boss on notice that you are not just going to slink away (and keep seething).
So, politely of course, ask when it would make sense to revisit your request for a raise. Three months from now? Six months? Then mark your calendar and do it, with a new, updated list of what you've contributed in the meantime.