6. Timing is everything

Carefully think about when you will approach your manager about your pay rise and book in a time to meet. Don't initiate or hold the conversation on a Monday morning or the last thing on a Friday afternoon when your manager is likely to be distracted or feeling stressed.

It's also worth thinking about your company's financial year. Ask your HR department or line manager when your company will most likely look at salaries and consider pay rises. Be sensitive to any tough financial months, particularly if you work for a small company.

7. Ask open questions

Once you’ve delivered your business pitch, tell them exactly how much you would like to earn and then wait. Leave it up to your manager to reply with an answer, says Wilton. There may be an awkward moment of silence, but don’t feel you have to fill it.

8. Confirm your commitment to the organisation

During the conversation, be positive and express your passion for the company and your role to show that you are committed to them. It’s easy to lose sight if you’re feeling underappreciated but it’s important you stay as professional as possible.

9. If the answer is...

"No"

Ask your manager, “Is there any way you can meet me half way or reconsider in a few months?” If a pay rise is really not negotiable, consider asking for none-financial rewards such as courses and training that can be of value to you.

"You haven't been in your role long enough."

Wilton says pay rises should not be dependent on length of time served. If you do the same work and achieve the same results as an employee who has been with the company much longer than you have, you are entitled to the same pay bracket. Age discrimination works both ways.

“What if I offered you [insert lower salary]”

If your manager offers you a pay rise you feel does not match your work, then say “I feel £[insert salary] is a better reflection of my work”. Never settle or feel embarrassed that you had a higher salary in mind. Be candid and honest about your expectations and then pause and wait for your manager's reply. Alternatively, ask your manager to explain the reasons behind their calculations.

“Can you take on more responsibilities?”

If your manager asks if you’d like to take on more work, you can say, “I’m more than happy to do more. Is there any way that can be reflected in my pay?”

10. Do follow up

Chances are, your manager will have to go away, discuss a pay rise with other senior managers and HR before they can give you a definitive answer. However, it’s easy for them to prioritise their day-to-day work over this. Do give them a gentle reminder and ask when you can expect an answer by.

What is the optimum salary for happiness?

In 2010, economist Angus Deaton - who won a Nobel Peace Prize last week for his work on health and wellbeing in economic development - and psychologist Daniel Kahneman calculated the exact pay packet that equates to happiness.

After analysing over 450,000 responses from a daily survey of 1,000 American residents they found that there's a “happiness plateau” above an annual salary of $75,000 (approximately £49,000).

But that only related to happiness described as “everyday contentment”. When looking at “life assessment”, which is “the thoughts that people have about their life when they think about it,” it continues to grow with salary.

At the time of the survey, the authors concluded: “Giving people more income beyond $75,000 is not going to do much for their daily mood...but it is going to make them feel they have a better life.”

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