From time to time, it may get tempting to threaten your boss to leave and join a competitor due to pay or some other issues you are unhappy with. It may work, if you do your homework well beforehand. Otherwise, things could go really wrong for you. Instead of getting a raise, you could be shown the door. The chances are as good as you make them to be.
Another job offer must always be your last resort when asking for that pay raise. This is because it shows your boss that you have been looking around for other jobs and have even got one. Even though you manage a raise with your ultimate card, you will be the first one to go the moment the company finds a replacement in the form of a better candidate or in the wake of a recession. Hence, you may be faced with a sudden job loss when you least expect it.
Negotiate diplomatically and do not get emotional. Do not start threatening to leave or turn hostile. All these will only work against you. Always sound understanding and state that you re happy in your job and that you would like to stay on. Talk about the friends you have made and your good days with the company.
Also, only speak when you are very sure of it. If you are playing your final card; another job offer and your boss asks you to go ahead, you better do so. Otherwise, it shows that you are desperate to stay on and that you were making false threats. This could jeopardize your future attempts to get a pay raise or regarding any other matters. Hence, be prepared to leave if your discussion becomes futile. Also, make sure you really do have another job offer which is better.
Ensure that you have the upper hand when you are asking for that pay raise. Be prepared to discuss and negotiate and even agree on time lines for gradual increase if that works for you. Be genuine and do not be ashamed to ask for a raise if you are doing a good job. If your body language is weak, your boss will sense it and will not give in easily. Speak as though you deserve that pay raise. Be reasonable and be prepared to identify your achievements and strengths to show that you deserve what you are asking for.
Moreover, do all within your means to ensure that you are a valuable asset to the company. This will be in the form of your eagerness to accept more responsibility, going out of your way to help others and attending company trainings to upgrade yourselves. The more visible you make your competencies known, the better it will show that you are a valuable asset to the organization. This will help you when you start asking for that pay raise.