That's why we asked these six business leaders and Advisors in The Oracles to pull back the curtain and share how they decide whether to pay someone more. Here are their tips on how to make sure you get the salary you deserve.
"Confidence is your best negotiating tool. If you know your worth, radiate that knowledge and back it up with a great work ethic and attitude, then you're set up for success.
I believe in people who believe in themselves, and I'm willing to invest in getting (or keeping) them. It's also essential to understand compensation. If it's not money, what other currency options are available? Equity? Free beverages?"
"To get paid what you're worth, approach the conversation with facts, not feelings. Research the market rate for someone with your experience and identify tangible examples of results you've achieved so you can present your case like a lawyer.
I also take note of candidates who ask questions, because then it feels like a collaborative effort to reach a mutually beneficial outcome. For example, instead of saying, 'I need another $5,000,' you should ask, 'Is there any flexibility? I would be more comfortable with $5,000 more.'
Practice ahead of time so you can come into the negotiation confident, neutral and friendly but firm. Don't negotiate over text or email, where miscommunication can easily take place.
Most employees want to be paid more without becoming more valuable. But leaders want results, and tenure doesn't equal return. Find ways to upgrade your skills and bring more value. You'll get paid more because you deserve it, not because you demand it.
If needed, identify what it would take to reach your goal and paint a picture of how you will exceed those expectations. Then ask to revisit the conversation after you've had time to do that."
"Bosses always have a sense of whether the candidate is in a position of power. If your worth is clear to you both, then you have the advantage, and you won't sound needy or have to fake your confidence.
The easiest way to gain clarity on your value is to do a personal audit: How much revenue does your work bring to the company? How much value do you create? Can they operate without you? What's the market rate for someone with your skills? The numbers won't lie, so you won't have to either.
Most of the time, you will get the raise because the audit will make your boss see your value if they don't already. But if you want the raise you deserve, you must be willing to walk away. Then there's no bluff to call, and you'll be headed for greener pastures one way or another.
Remember: You will get your market value somewhere."
"The No. 1 thing I look for is results that directly impact profits. That's why the biggest mistake employees make is arguing their case based on their expenses.
It's not your boss' job to produce more money because your life has changed. If you want to negotiate higher pay, you need to justify it. Demonstrate how paying you more will produce greater outcomes in the only area that matters: Sales. I don't know a single CEO with a limit on how much they would pay someone who produced a positive ROI for their salary.
How much value can you add to the bottom line? Show me that you will close more deals if I pay you more commission because you would work weekends or get an assistant, for example. If you can do that, you will get pretty much whatever you think you're worth — and then some."
"To be paid what you're worth, you first have to fully understand your worth to the organization. Most employees don't know the standards they are being measured by, so they determine their value based on their own ideals.
Clarify the contribution you were hired to make and how you can exceed those expectations. The more you solve problems and create incremental value that impacts the bottom line, the more you can confidently ask for. You're entitled to more money because of your impact, not because you work hard or long hours.
When my team members create more value by solving a problem, I'm more likely to share the resulting profits. I'm also more likely to reward them because they are focused on results."
"I hire people who have the right data and facts. So reply to those calls and LinkedIn messages from recruiters! They know exactly what people with your experience and expertise are worth.
The next time a recruiter reaches out to you, ask them about the compensation — even if you're not interested in the opportunity. You may not get a specific number, but even a range is valuable new data that you can bring to your next negotiation."
—Harold Li, vice president at ExpressVPN
Join The Oracles, a mastermind group of the world's leading entrepreneurs who share their success strategies to help others grow their businesses and build better lives. For more, follow The Oracles on Facebook and LinkedIn.
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