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MONEY MATTERS: Asking for a pay rise is stressful, especially in the current economy. But there are ways to make it easier, and to increase your chances of success.

One tip is not to wait until the last minute to talk to your boss. “People don’t really like to ask for pay rises, so they usually wait until an external catalyst such as a new baby, a partner earning more or even a falling-out with a colleague causes a kind of tipping point,” says Rosemary Smart of the HR consulting group Penna. “It’s probably better not to wait until you get to that point,” Smart told the Financial Times.

It’s also helpful to work on your negotiating skills, according to consultant John McMillan of Scotwork. “Consider the balance of power,” McMillan advises. “How much do you need the job and how much do they need you? If there’s a queue of unemployed people who can do your job, that probably doesn’t strengthen your hand.”

"Consider the balance of power." John McMillan

Sarah Sweetman of Organizational Edge, a team of business psychologists, says you have to show your boss that what you do is important to the company. “Old arguments such as length of service, loyalty and cost of living won’t get you very far,” Sweetman warns. “You need to demonstrate your value — possibly even in cash terms — to the business. You have to explain why the business is better off for having you and how you’re distinctive compared to other people.”

John McMillan says that asking for a rise is a matter of give and take. “Be willing to give something in order to get something,” he comments. “For example, you might say: ‘If you give me a rise, then I’ll mentor some of the younger staff.’”

Perhaps your boss is not prepared to give you a rise, but there may be other forms of compensation, suggests Sarah Sweetman. “You might say: ‘If you can’t give me a rise, might there be some form of discretionary bonus?’ Or ‘I’m not happy working 60 hours a week. If you can’t pay me more, can I work fewer hours?’”