In this economy, good luck. You may be better off asking for non-monetary perks, such as more work at home days (if possible), extra vacation days, etc. Also, if you get told that there simply isn't money in the budget for a raise, ask that your review reflect something about how you would be eligible, if money were available, so that when money is available, you have a way to introduce the possibility and documentation to back up that your supervisor thought you were deserving. Continue to work hard in the meantime.

If you think they do have the ability to give you a raise, be ready at your review with plenty of documentation about the work you have done: projects you have brought in before the deadline, times when you took particular initiative, and if you have them, every boss's favorite, times when you saved the company money or other resources.

Be realistic, patient, and cooperative.

Good luck!
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The best way to ask for a raise, is to display outward confidence. Make a brief list of your valuable contributions, get some sit down time with your boss, briefly outline your accomplishments and state that you need and deserve a raise for the reasons stated before. Good luck.
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http://www.wpclipart.com/famous/scrooge.png

I have successfully asked for a raise during hard times, and I did it at a time which was not scheduled for annual review.

I was a prep cook at the time, and I told the boss that I was the only prep cook who could handle Friday night shift by myself. If he would give me a 25 cent per hour raise, I would work every Friday night by myself, saving him from having to to schedule two people for the night. He gave me a 75 cent per hour raise and I worked every Friday night.

It is ideal if you can offer value beyond the raise. For instance it was to both my boss and my advantage for him to pay one worker 9.25 per hour rather than two workers 7.00 each.

Can you (or have you) taken on extra assignments that are more valuable than what it would cost to give you a raise? In my opinion, that is the very best argument to get a raise.

You should also know the market value of the job you are doing, and you should be able to argue that you are part of the solution to whatever problems the company is facing.

You should have examples of how you have saved money or increased income.

If you are turned down, consider asking for increased benefits, and be sure to ask what you can do in the next six months to have a stronger position at the next evaluation.

http://www.youtube.com/watch?v=lHrI-EWBHwM
Source(s):
http://www.forbes.com/2008/04/29/raise-downturn-interview-lead-careers-cx_t...
http://edition.cnn.com/2009/BUSINESS/09/03/pay.rise.recession/index.html

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Bring objective measurable facts that show why you are worth more money. Statements like this will really help if you can back them up:

"In the past year I've completed 15 projects under budget. On average my projects are $78,032 under budget, which represents a 23% savings to the company."

"I have received 15 thank you letters from our clients commending me on my excellent customer service"

"I invented a new technique for processing data that is 35% faster than previous methods and will result in significant cost reductions throughout the future of this company"

"I took over the Blahblah account at a time when the customer was displeased with our company, and through a process of heightened customer service and improved quality control I not only convinced them to stay with us but to also contract with us for additional work".

"I have increased sales for this division by 15% over last year."

You really need a list of concrete measurable achievements to explain why you are worth the money. In addition to those, if you feel that you are underpaid within your field, consider doing some online research to find out what others in your position make. You can bring this research to the table, but don't beat them over the head too hard with it, especially in this economy.

"For the last 6 months I have consistently cooked and delivered my orders within the required 2 minute time frame and have gotten numerous positive comments from customers".
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