Discussing salary and benefits with a current or potential employer can be uncomfortable. Many believe bringing up the “dollar issue” is a sure fire way to offend and lose favour.

But that doesn’t mean salary negotiation should fall by the wayside. More than half of senior executives recently surveyed by Robert Half International said they were comfortable with applicants asking about salary in the first or second interview.

The same goes for people already in work; employees should broach the topic with line managers or HR on an agreed, periodic basis.

The following are five tips to help ensure you’re well prepared to negotiate the salary you deserve:

1. Do your homework

You should conduct research to determine your market value. What are your skills and experience worth to employers in a similar field or industry? If you’re equipped with little or incorrect information about your market value, you’re likely to be underpaid. Salary comparison websites, previous employers, salary guides, job advertisements and recruitment companies can all be valuable sources for finding out what you’re worth.

2. Research the firm

Before attempting any salary negotiation you should research the firm to find out whether it is in a position to bargain. Firms that have been newly formed, or have recently announced layoffs might not be able to offer the salary you seek.

If this is the case, you should consider negotiating other elements of the salary package, such as benefits, additional annual leave or flexible hours. Another option is to see if the firm is willing to re-evaluate your pay in six months or a year after you start, assuming you’ve met performance expectations.

3. Look at more than money

Whenever you are offered a new position, consider all aspects of the job, not just the salary. If you gain more responsibility or get the opportunity to work on a high-profile project, it could be a valuable addition to your resume and make up for a smaller pay package.

4. Show them your value

You should be prepared to show how the firm’s investment in you will pay off by detailing your accomplishments and providing examples of contributions you’ve made to previous employers.

Explain how your knowledge of a particular financial model could save the business 10 per cent of its costs, or that your experience leading a product roll-out will allow the firm to complete a project more quickly. If you can demonstrate a return on investment, you might be able to negotiate a better salary.

5. Get it in writing

Once you’ve agreed on terms, ask the employer to draw up a letter that outlines the specifics of the offer, such as the position’s key responsibilities, salary and any special arrangements that resulted from the negotiations.

For example, one of these arrangements might be another review in three months’ time, when the firm is in a better financial position to consider a monetary reward. Having everything in writing prevents misunderstandings down the line.

Andrew Brushfield, director, Robert Half International