So you think you're not getting paid enough? Few things are quite as grating as the discovery that you're being significantly underpaid.

The realisation that you're being ripped off magnifies all those niggling workplace irritations that previously seemed bearable, drains your motivation to go the extra mile and makes it that little bit harder to laugh at your manager's jokes.

But before you storm into your boss's office brandishing the latest salary survey or a fistful of more lucrative job adverts, determined to air your grievances, it's worth weighing up your options.

A surprising number of people who are underpaid simply grin and bear it. But what is the logic, if any, behind such a decision? Well, firstly there are those who effectively have no choice. They may be tied in for a certain length of time by a rigid contract, or by the prospect of having to repay hefty education fees if they quit.

Then there are those who have weighed up the pros and cons of their situation, and have decided it's worth biding their time - perhaps they're chasing a promotion which they'll then use as a springboard for their career, or maybe they're chasing the dangling carrot of a bonus due several months down the line.

There are even those who stick it out because of rumours that redundancies are in the pipeline, having presumably calculated that their potential termination package would finance a trip around the world.

And of course, there's the rare "money isn't everything" breed who, due to loyalty or love of their job, will stick with their boss through thick and thin - despite the incredulity of their peers and the concern of their bank manager.

But the final and most common reason for putting up with poor pay conditions is inertia. The "better the devil you know" attitude held by many employees is perfectly understandable - they know the job inside out, they're comfortable there and they fear the unknown - and it's exactly the reaction that employers who undercut the going rate are banking on.

If, however, putting up with being undervalued is just not an option, then it's time to start honing your negotiating skills.

But before confronting your boss to persuade him to loosen his grip on the company purse strings, it's important to assess the strength of your position. Are you highly valued or does your manager forget your name? Are you the lynchpin of your team or just another insignificant drone?

Even if you believe yourself to be indispensable, don't approach the negotiating table with all guns blazing, issuing unrealistic ultimatums. Be prepared to compromise.

If your employer isn't flexible on pay, perhaps they can be persuaded to accommodate you in some other way, such as arranging a transfer to another department with better career or pay prospects.

Realistically though, most employers will brazen it out in such situations, aware that ultimately they hold all the cards. Even if you opt for the "strength in numbers" approach of rounding up a few similarly disenfranchised colleagues, your employer is likely to remain unswayed by heart-rending tales of poverty.

A more effective way to make your boss sit up and take notice is to secure an offer of a better-paid job, preferably from a competitor. A word of caution if you do decide to go down this route - resist the temptation to exaggerate (or make up) a job offer. While it's not uncommon for employers to match an offer, your boss may well call your bluff and simply wish you good luck in the new job, or worse still frogmarch you off the premises on the spot.

Unfortunately, if a better job offer doesn't work as a bargaining tool, nothing will - unless of course you happen to find your boss in a compromising position at the Christmas party . . .