I'm a contractor for the 1st time. I've been extended twice from a 3 month contract to what's become 12 months, w/potential for further extension. I want to increase my rate if they do extend me again, due to add'l responsibilities, experience with the team/client, & the glowing feedback I've received. I am 1 of 3 contract PMs they've had during my time here. The other 2 were making $18 & $30 more /hr than me. How much would you up your rate to maintain the opportunity but get what you're worth?

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Take a measured approach.

Go look at BLS data to understand how rates have moved on a % basis since you started (you may have to find an index that accurately reflects your role). It’s likely 15%+, which most any company would gawk at, so when you share this with them be sure to share that you understand that this may be too much in a single discussion.

From there, offer something slightly lower and mention your goal is to provide savings for the company, but allow you to be closer to today’s market rate.

From there, it’s negotiation skills.

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You should definitely ask for more money, especially if everyone else is making way more than you. That is probably why they keep extending you because they are paying you so much less than the other two PM's they have. I would ask for atleast 10% more than what you are making now.

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you're underpaid, just ask for a 6% increase

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