A colleague of mine asked me if it was normal or even possible to renegotiate the salary of your current job. He discovered by doing some research on the job market that he was quite underpaid in his field. He was wondering if it was easier to quit his job, and come back to the same company with a higher salary after working elsewhere for a while.

Certainly, anyone can negotiate a pay increase at any time in their career. I often recommend people start considering how they would approach their employers for their pay increase.

Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.

There are many ways to increase your total compensation. Think about things like stock options, improved benefits, more days off, or pension plan contributions as other value adds to your compensation. Sometimes it is easier for the employer to give you what you want if you aren’t looking at the hard cash bottom line.

Before going for a pay raise, one needs to do a number of things.

1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.

2) Know your value in terms of the contribution you add to the business. Also be aware of value adds you do in terms of saving company costs, delivering projects on time, and delivering quality in your work.

3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.

4) Explain to the boss where you feels you fit within that range in terms of a percentile basis. Are you a top performer with lots of experience? Can you command a top percentile salary?

There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.

I highly recommend negotiating salary in your current job before considering leaving your job and trying to earn more money. This is particularly relevant if you are happy with your job aside from the salary.

Either way one strategy that helps in negotiation is to have another job offer in hand. With that in your back pocket you will have more leverage with you salary negotiation.