To negotiate your pay package, you first need to identify the right opportunity. It is true that any time will work, but there are some natural "money moments" that are perhaps more logical for negotiating a pay package. One obvious opportunity is when you are interviewing for a new job. In fact, for an executive not to negotiate at that moment would be considered foolish. If you're not interviewing for a new job, the obvious moments are fewer but they still exist. Performance review time is a good time, as are the end of a significant project, and promotion or change-of-role events.
Start early. At any level, but particularly at the executive level, the negotiations, decision-making, and budgeting processes all take time. If you start too late, you may find yourself being told, "We'd love to, but the raises for this year have already been budgeted."
After you identify when to talk, you need to know what to say. Here is a brief outline of some steps to help think through the process.
Remember, of course, the negotiation process is continual. You should always be aware of your performance; you're always being evaluated.
Some final words
When you are negotiating for your pay package, be sure to explain your reason for asking for specific things or amounts. It is not reasonable simply to say, "I want it." You should have a clear and convincing business reason for asking for something. Identify the reasons something is supportive of the business's agenda, or why it is clearly a competitive issue.
Similarly, because you are negotiating, remember you don't hold all the cards. You are likely to make more headway if you consider things in terms of tradeoffs and exchanges. This way you are negotiating the classic "win-win" solution that leaves everyone feeling they have accomplished something positive.