8 Signs It's Time to Ask for a Raise

Smoke signals that the timing is right to request a salary bump

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8. Those around you are receiving raises. Recent discussions with friends and associates have revealed the kind of pay you're missing out on. "If you have particular qualifications, and friends who you share those qualifications with are getting raises or are getting job opportunities, that might wake you up to your value," Shell says.

[Read: 7 Steps to Smart Salary Negotiation]

What if You're Told No?

Your boss may convey that he or she isn't as ecstatic about your work as you are and deny the request, but the conversation shouldn't be viewed as a complete failure. Ask what you may do to "achieve the next level of salary," Schroeder says. Also, if the company can't increase your base pay, suggest alternative benefits that directly meet other financial needs, such as covering the cost for your cellphone bill or letting you telecommute once or twice a week.

Irrespective of the result, hold to a professional posture throughout the entire discussion. Take a diplomatic and tactful tone, Shell suggests. "If you do it in an aggressive and presumptuous way, then you probably take the risk that people will think you're arrogant."