Savvy Hacks for a Successful Salary Negotiation

Earning a good income is one of the best ways to set yourself up for financial success. After all, the more money you make, the easier it will be to invest in a brokerage account, grow your bank account balance, and cover your spending without worrying about debt.

Unfortunately, many people don't take a crucial step necessary to earn the highest salary possible: negotiating a raise. One survey by Salary.com revealed just 37% of people always negotiate their pay when getting hired and revealed that only 44% of people have ever asked for a raise during their periodic performance reviews at work.

If you are not negotiating your pay, you could be missing out on a golden opportunity. Payscale found that 70% of employees who asked for a salary increase received one, including 39% who were given the amount they asked for and another 31% who received some increase to their income but not the full requested amount.

So, how can you maximize your chances of being one of those workers who gets more money after asking for a raise? Just follow these savvy hacks.

Learn what you are actually worth

It's very helpful to come in with hard numbers demonstrating how much people in your position typically make -- especially if the data shows you are clearly underpaid.

There's a wealth of information out there about typical earnings, so it should be easy to figure out what you're worth and find the numbers to back up your request. You can use websites like Glassdoor and Salary.com to see the typical pay for people with a similar job to yours. Bring these numbers with you if they support your case. Don't forget to consider how many years of experience or education you have in your field.

Be prepared with a list of ways you add value

Companies don't give raises to be nice. They give them because you are producing enough value for the company that it's worth paying you more to get you to stay put.

So, if you want to maximize your chances of getting a raise and more money coming into your checking account, come ready with some recent examples of ways in which you have proved you're worth more. Some examples of things you should demonstrate include:

• Helping the company generate more business and added to the company's bottom line
• Taking on a leadership role that advanced the company's goals
• Generating new ideas that had a positive impact on business operations
• Streamlining operations in a way that saved the company money

You should be prepared when your boss asks why you deserve a raise. This may seem obvious, but years ago my husband's receptionist asked for a raise and when he asked her what had prompted her to make the request, she just said, "It's been a little while since I got one." That was not a great answer.

Consider your total compensation package

In some cases, your boss may tell you the company doesn't have the budget for a raise -- which may be true in some businesses. If that's the case, there may be other ways your employer could boost your total compensation without just outright paying you more. The company could, for example, offer you more vacation time, make your hours more flexible, give you stock options, or increase your 401(k) match.

Consider which, if any, of these other options might be something you'd be interested in so you can be ready with an alternative if your boss says they'd love to pay you more but can't.

By following these three hacks, ideally you can ensure your salary negotiation is a successful one that results in more money for your hard work.