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Expert Tips on How to Negotiate Your Salary

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Published
02/27/2025

If you find it uncomfortable to talk about money to your boss, you’re not alone. Studies show that more than 62% of people find the topic of money even more taboo than complex subjects like religion and politics. This discomfort is more common in Gen X and Boomers than in Millennials and Gen Z, but it’s a global issue, and negotiating pay is a necessary part of getting what you’re worth.

Many people are willing to accept the first offer they receive, either because they don’t want to engage in money talks or because they’re in need of a job. But whether you’re considering signing a contract or it’s time to renegotiate yours, knowing how to lead a discussion about your salary is important. These expert tips can help you build your confidence and skills to boost your income and benefits.

 

1. Research Your Position

Walking into a meeting to negotiate your salary works much better if you know how much others in similar positions are getting paid. For example, you might have a medical degree in a high-paying field like cardiology, but if you’re a new graduate, you’re probably not going to receive the same salary offered to an experienced doctor at the same practice.

How long have you been working? What is your education and experience? How much are others in your geographic area making (there’s often a disparity between rural and urban salaries)? What other skills do you bring to the table that would benefit the employer?

With preparation, you can make an informed, sound case as to why you deserve more money or better benefits.

 

2. Know What You’re Willing to Accept

With the knowledge of what others in your similar situation are making, plus a detailed look at your finances, you can decide what the minimum offer is you’re willing to accept.

You know how much money you need to earn to pay your expenses and reach your financial goals. But don’t forget to consider benefits like healthcare and retirement, and perks like flexible schedules, paid time off, and vacation time. If the employer can’t match your salary expectations, are there other things they might offer that would still make it worth working there?

Some of these benefits could outweigh the salary gap. If you’re a physician and the employer offers to cover your malpractice insurance, you’ll save thousands of dollars a year — possibly netting you more than a raise would have provided.

Other perks, like a hefty life insurance policy, can help you reach any financial goals faster. Instead of worrying about the basics, the extra benefits give you the chance to focus on things like estate planning and asset protection trusts (for more on these topics, check out this article by OJM Group).

Be cautious when you answer questions like, “What kind of salary or benefits do you expect?” You might want to respond with a lower number to avoid an instant “no” instead of a negotiation, but you could low-bargain yourself out of a better contract.

What are your non-negotiables? Whether based on income, healthcare, or retirement, know what they are before you negotiate, and be willing to walk away if the employer can’t meet them.

 

3. Study Communication Tactics

How strong is your EQ? If you have excellent interpersonal skills, they’ll help you negotiate easier. But if talking to others isn’t your top strength, practice what you’ll say and how you’ll say it with someone before your meeting. Negotiations require a healthy balance of respectfulness and confidence that isn’t always easy to master.

Communication happens after the offer is extended, too. You might be tempted to accept right away, but take time to consider the contract. Ask for some time to look over the details before you respond, and review all the details. Factors that don’t look like a big deal now, like rotating weekend shifts or being on-call, could become stressful over the course of the contract. If you see anything that might lead to problems, try to negotiate it now.

Conclusion

While negotiating salary might not be in your comfort zone, it’s a normal part of the job for hiring managers. The key to ensuring you receive the income and benefits that you deserve lies in knowing your worth. Research what others in your similar situation are earning, what benefits are possible for the job you do, and know what you’re willing to accept. Be confident and respectful when you communicate, and read the terms of the contract carefully before signing.

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