How to negotiate pay, perks and promotions like a boss

The practice of negotiation used to conjure up images of hard-nosed executives hammering out multimillion-dollar deals in corporate boardrooms.

Today, it’s far more universal. Whether you’re gunning for a raise, aiming for a promotion, or trying to secure perks that will make your work life more sustainable, negotiation has become a survival skill.

In Singapore’s competitive job market, where career-driven professionals are constantly balancing ambition and well-being, knowing how to advocate for yourself can mean the difference between stagnation and growth. Yet many people shy away from negotiation. They know they should do it, but few feel truly confident.

The good news? Negotiation doesn’t have to feel confrontational or intimidating. With the right mindset and preparation, it can become a collaborative conversation that builds trust and creates win-win outcomes.

The confidence gap

Studies show that women and younger professional sare far less likely to negotiate than their male or more senior counterparts. According to the Ministry of Manpower (MOM), the gender pay gap in Singapore hovers at about 14 per cent, and one contributing factor is that women are less likely to ask for raises or promotions.

Cultural norms in Asia, where modesty and deference are often prized, can make self-advocacy feel awkward or even taboo. Common fears swirl in our heads: What if they think I’m greedy? What if my boss says no? What if I damage my reputation?

Add in imposter syndrome and the lack of visible role models, and it’s no wonder that many capable professionals settle for less. But here’s the truth: Negotiation is not about taking something away from your company – it’s about creating value for both sides.

When you’re paid fairly and have the right resources to thrive, you perform better, stay longer, and contribute more. Reframing negotiation as a mutual opportunity changes everything.

When you negotiate, you are not just seeking a raise or better perks. You are standing up for the value of your work, your potential, and often for those who may face similar barriers.

Know your worth

Before you walk into any negotiation, arm yourself with facts. A vague sense of “I deserve more” won’t cut it – you need evidence.

Start by researching market rates using platforms like Glassdoor, Linkedin Salary Insights, or industry-specific surveys from recruitment firms. Talk to peers you trust, especially in similar roles across different companies.

Benchmarking allows you to see where your current package sits compared to the market. If you discover you’re underpaid, you have a solid case for adjustment. If you’re already at the higher end, consider negotiating for perks or new opportunities instead.

Beyond numbers, think about your “career capital”: the unique mix of skills, experience, and relationships you’ve built. Are you the go-to person for solving client crises? Have you led cross-functional projects? Did you save the company money or bring in new revenue streams? These achievements increase your leverage.

An effective framing might sound like: “Given that my responsibilities now include leading regional accounts and mentoring two juniors, and considering that the market rate for similar roles is between $6,500 and $7,500 monthly, I believe that a salary adjustment would better reflect my contributions.”

Beyond the pay cheque

Sometimes the budget simply won’t allow for a big raise, but that doesn’t mean the negotiation ends there. Perks and benefits can add immense value to your overall package.

In fact, many professionals now rate flexibility and development opportunities as highly as cash compensation.

Think flexible working arrangements, wellness allowances, or company support for further education. Training budgets, mentorship programmes, or company-sponsored attendance at a major industry conference not only benefit you, but also add value to your employer’s talent pool.

Think through what else matters to you beyond salary. Would an annual training allowance of around $5,000 make a difference in building your skills? Could an extra three to five days of annual leave give you the breathing room you need? Maybe flexibility in your schedule, such as working from home one day a week, would add more value than a pay bump.

By identifying concrete perks that enhance your work and life, you open up more pathways to a satisfying outcome, even if salary is off the table.

Timing is everything

Even the strongest case can falter if the timing is off. Bringing up a raise when your company has just announced layoffs or budget cuts will likely end in disappointment.

On the flip side, asking for a raise after you’ve successfully closed a big deal, exceeded KPIs, or received glowing client feedback can work in your favour.

Performance reviews are obvious opportunities, but don’t underestimate the power of initiating conversations after a personal win or during periods of company growth. Aligning your request with your organisation’s priorities shows awareness and professionalism.

Here’s a simple timing checklist:

• Have you achieved a measurable win in the past six months?
• Is your company in a stable or growth phase?
• Is your manager likely to be receptive (not swamped, stressed, or distracted)?
• Are there budget planning cycles coming up?

If you’ve ticked “yes” to most of these, it’s a green light to start the conversation.

Scripts for success

For many, the hardest part is finding the right words. Scripts can help you frame your request with clarity and tact. Adjust them for your industry and personal style.

Salary negotiation (corporate setting)

“I’ve really enjoyed taking on expanded responsibilities this year, including leading the regional launch project. Based on market benchmarks and the results I’ve delivered, I’d like to discuss aligning my compensation more closely with my current role. Is now a good time to explore this?”

Perks negotiation (start-up or creative setting)

“I know our budget is tight, but one thing that would make a big difference for me is flexibility. Would you be open to a hybrid schedule, or supporting my attendance at the annual design conference in Tokyo? I believe this would directly feed into the creativity I bring to our projects.”

Promotion discussion

“Over the past year, I’ve led two major initiatives that exceeded our targets, and mentored three new team members. I’d love to discuss how these contributions position me for the next level. Could we map out the criteria for moving into a senior role?”

Managing rejection

Handling objections is just as important. If your boss says, “Budgets are tight,” you can reply: “I understand. Can we revisit this in six months? In the meantime, are there non-financial benefits we could explore?” Staying calm and solution-focused signals maturity.

The follow-up game

Not every negotiation ends in an immediate “yes”. Sometimes, the answer is “not now”. That doesn’t mean failure, it means you’ve opened a dialogue. If your manager declines, ask: “What specific milestones would justify a raise or promotion?” Then write those down and agree to revisit.

Follow up with a short e-mail summarising the conversation so expectations are clear. Meanwhile, keep your visibility high. Volunteer for impactful projects, share wins in team meetings, and maintain strong relationships. These actions build your case for the next round.

Final word

Negotiation is not a battle of wills; it’s a conversation about value. It’s about making sure that your compensation, perks and opportunities align with what you bring to the table. For women especially, it’s also about self-advocacy and redefining leadership as having the courage to ask for what you deserve.

Start small if you need to. Practise negotiating in low-stakes settings, like asking for an extended deadline or extra resources. Build your confidence gradually, and soon the bigger conversations won’t feel as daunting. With clarity, confidence and strategy, anyone can negotiate like they mean it, and turn the workplace into a space where ambition and performance go hand in hand.

Note these tips

• For many, the hardest part is finding the right words. Scripts can help you frame your request with clarity and tact.
• Think of negotiation as a partnership, not a power play. When you thrive, your employer does too.
• List three measurable achievements before your meeting – numbers speak louder than feelings

Daniel Yap is the former global lead for Binance Academy and HTX Learn. His teams helped guide and educate hundreds and thousands of crypto users on topics ranging from technology to trading.