(MONEY Magazine) – You want more money. You don't want to bring your pets to work, and you don't need another week of vacation--you barely take all you're entitled to now. And let's face it: Flextime isn't going to help pay the tab for your kids' college education. Sound familiar? Well, if you want more than the skimpy 4% raises that corporate America is offering this year, start polishing up your negotiation skills. Although companies claim they're desperately trying to retain their best workers, hefty pay increases aren't on the agenda--unless you're talking high-tech careers.

"Global competition is forcing U.S. companies to keep fixed costs down," explains Steven Gross, a principal at the William M. Mercer human-resources consulting firm in Philadelphia. "Instead of bigger raises, employers are doling out bonuses and stock options to reward their high performers."

If you're lucky enough to share the wealth of a prosperous company, incentive pay can drop a healthy piece of change into your pocket--and since options and bonuses are cheaper for the company than raises, they may be easier to get. But the reality is that only half of U.S. corporations offer incentives to their managers and professionals, explains Gross. And according to a study by Mercer of 350 major U.S. industrial and service companies, only 15% grant stock options to a broad base of employees.

How do you angle for more pay at a time when most companies would rather pile on the perks? You ask for it. "People should navigate their careers as if they were running their own business, and that business is themselves," says Lewis Kravitz, an executive coach in Atlanta. "Your compensation should reflect your value to the company."

Almost a decade of corporate downsizing, salary freezes, cost cutting and Dilbert cartoons has convinced many of us that we're expendable and lucky to have a job--and maybe some of us are. But unemployment is at a 25-year low, and the tight labor market has left companies scrambling to find the brainpower and experience they need to thrive.

So even if you're not a techno hotshot or the creative force behind your company's latest multimillion-dollar product, you're probably more valuable than you think. For instance, some recruiters say they are swamped with requests for middle managers who can lead project teams that cross functional lines.

Sure, there are timing issues, research requirements and a few negotiation tricks you should know before popping the money question, but you can do it. We'll show you how.

A LITTLE KNOWLEDGE CAN BE A LUCRATIVE THING

Before you launch an intense lobbying effort to fatten your paycheck, build a rock-solid case for why you deserve a raise. And here's a hint: It's not because of the new house you just bought or the enormous tuition bills you face. Quite frankly, these are your problems, not your employer's.

"Your need is irrelevant to the company, even if your bosses like you," warns Robin L. Pinkley, who is a co-author of Turning Lead to Gold: The Experts' Guide to Negotiating Salary and Compensation. "To get more money, you must first determine what you're worth professionally--to your company and in the marketplace." In order to prepare for his own salary negotiation, Jim Cichanski, a vice president of human resources at a technology company in Atlanta, logged about 35 hours researching compensation packages for his peers in the same field.

Like Cichanski, start your investigation by priming your network of friends and business associates. "Within six degrees of separation, everybody knows somebody at a company similar to yours," says Eva Wisnik, a New York City career counselor. "Ask what their company would pay someone with our experience."

Professional associations can usually provide salary information that's broken down by years of experience, type of employer, geography and sometimes gender. (For a survey of salaries in nine cities for 21 professions typical of those held by MONEY subscribers, see page 133.) Some Websites that can help your search: www.careers.wsj.com, www.experienceondemand.com and www.jobsmart.org.

Headhunters are also good for up-to-the-minute salary intelligence. To get plugged in, introduce yourself to recruiters who specialize in your field, suggests Laura Berman Fortgang, author of Take Yourself to the Top: The Secrets of America's No. 1 Career Coach. "Say you want a reality check," says Fortgang, "because in this market there's lots of room to move."

IF YOU'VE GOT IT, FLAUNT IT

Once you have settled on how much you're worth on the street, document your contributions to the company. "Your track record is the best negotiating tool you've got," says Kravitz. "Past accomplishments are excellent indicators of future potential, but if you don't tell your manager what you've done, he's not going to look it up for you."

That's why Kravitz suggests that you keep a "Friday file." At the end of each week, jot down the progress and results of your most significant assignments. Provide details to demonstrate your value to the organization and to track how your job has evolved.

Proving his ability to handle major projects helped Transamerica auditor Robert Schmollinger get more than the average 3% to 5% increase he heard the financial services company was offering. But it took some work. First the 27-year-old checked out several salary surveys to discover that he wasn't making the $58,000 a year that auditors with similar experience were earning. Then Schmollinger started flipping through his datebook to compile his most important assignments, which included serving on the team that implemented a new companywide financial system.

Armed with an enviable portfolio of achievements and the salary research, Schmollinger presented his case after receiving a positive review from his boss. "Then I said right out that I wouldn't be satisfied with a standard 3% to 5% raise," he recalls.

"But I didn't volunteer a specific number. Instead, I asked that my compensation reflect my job performance." Impressed by his achievements and confidence, Schmollinger's supervisors took his request to the general auditor. Six weeks later, Schmollinger got a sweet 17.4% raise--far more than he expected.

If talking about yourself makes your stomach churn, follow the lead of Kirk Robey, a 48-year-old certified public accountant at EMO Computer Products in Naperville, Ill.: Hire a career coach to hone your presentation skills. "My coach encouraged me to emphasize projects that were extremely important to the company, such as improving banking relationships," Robey explains.

But remember, even a winning presentation can be defeated by poor timing. For instance, at companies where raises are tied to annual reviews, waiting for your performance review may not always be the best strategy. "To set yourself apart from the crowd, ask when you've finished a project and everyone's happy with your work," advises Robin Ryan, author of 24 Hours to Your Next Job, Raise or Promotion.

Let your boss make the first offer. If the amount doesn't wow you, start lobbying. "Don't respond with a salary range, because you might wind up at the lowest end," advises Pinkley. "Instead, set a target and explain that your figure is negotiable. Then, position yourself as a top performer who deserves more than the average compensation."

DON'T TAKE "NO" FOR AN ANSWER

No matter how deftly you ask for a raise, chances are your boss will try to stall you. But even canned responses--"That's the salary attached to this position" or "We don't pay Joe that much, and he's been here longer"--can provide a road map to a future raise.

First, clarify whether raises are based on seniority or merit. Unless yours is a union shop, performance is probably the real issue. In that case, suggests Cleveland executive recruiter Jeffrey Christian, CEO of Christian & Timbers, figure out ways to increase your level of responsibility, broaden your skill set or take on higher-profile projects to better position yourself for a promotion that would include a raise. (Thinking about returning to school? Read the box below.)

If you really don't think your credentials are the problem, ask your boss what it will take to get a raise. Then set a later date to review the situation. He may come back with an offer of Fridays off or flextime in lieu of more pay. If you're unwilling to accept this, express your appreciation and suggest benefits that come from a budget other than payroll, such as membership in a health club or a car allowance.

THE ART OF THE COUNTEROFFER

Of course, nothing tells you more specifically what you're worth than another job offer. So if your research shows that you're significantly underpaid, start shopping around. But any career counselor will warn you that once you go that route, you must be prepared to leave. Counteroffers are flattering, but as David Yearwood, executive vice president and station manager for Fox 41 WDRB-TV in Louisville, explains, when they are introduced during salary negotiations, employers like himself may view them as a threat to leave.

Keeping the discussion nonconfrontational worked out very well for public relations specialist Elhom Javadi. Six months after joining Aspect Development, a software company in Mountainview, Calif., Javadi received an even more attractive offer from Hewlett-Packard. H-P was ready to bump up her pay by $10,000, plus provide a slew of great benefits, such as on-site day care for her three-year-old son Leith.

"It was tough to ask for a raise so soon," Javadi says, so she supported her request by focusing on how well she was performing on her job. Three weeks later her company met Hewlett-Packard's offer. Between the salary increase and the $300,000 worth of stock options that Javadi already had from Aspect, she decided to stay.

Javadi credits her success to her straightforward, nonthreatening presentation of the attractive H-P offer. "Don't start rattling off all your issues," advises the 29-year-old publicist. "When you're negotiating a raise, stick to finances." And most important, be sure that you want to stay at your current company. When you ask for a higher salary, you're offering total commitment to that job. If more money isn't worth the extra scrutiny, give yourself a break and move on.

Reporter associate: Adrienne Carter