It can happen that during your job interview you quoted a figure much too low than industry standards and you realize this after doing some online research. The company you applied with however has not taken you in yet, so you still have a chance to correct yourself on the amount you asked during the salary negotiation.
Be honest and factual when you call to amend your asking figure and tell the hiring manager that you have since done some additional research and that you feel the figure you quoted falls below market trends. If he asks you to see him again the next day, be sure to bring with you any supporting documentation, such as salary surveys, that will help you make a case for a higher starting pay.
There are many available resources you can tap for your research on salaries online and this should not be very difficult for you to handle. Employers are often amenable to renegotiate the salary you quoted if an error is made like the one you made above because they want new employees to feel valued too when they hire them.
To avoid making a misstep in future salary negotiations that you might have to undergo again, here are some dos and don’ts:
Don’t report to the interview unprepared. When a hiring manager asks what your salary range is, it is best to have an answer ready that has been based on appropriate research.
You know what your skills are and should be aware of what they are worth, salary-wise. Have the necessary documents ready to back up your stand and your asking figure. Be realistic too on the regional averages in salaries throughout the country.
Some regions have higher figures like San Francisco in the West Coast, where technology salaries are 30 percent higher than the national average. Geographic variance is just one of the reasons for you to have a salary range in mind, instead of a specific figure, so you can have the flexibility to negotiate if needed.
Do exercise flexibility. It could be possible that an employer won’t be able to give you the compensation you seek. This is not the end of the negotiation however. Explore with the hiring manager about the possibility of supplementing your pay with equity incentives, additional vacation days or other benefits, not necessarily in cash.
Working from home one or two days a week, for example, may be reason for a lower salary. You can also request a salary review after sometime, say, six months, with a guaranteed raise in pay if you have met certain expectations.
Avoid bluffing. Do not be tempted to tell the hiring manager you have employment offers from other companies to generate a better salary offer from him. When you bluff him this way, you run the risk of the hiring manager refusing to go higher and instead decide to give the job to another candidate.
Do mention another job offer if indeed there is one. If you have previously received another offer, however, it will be good to use this as leverage during your negotiations. You can use the second job offer for bargaining especially if the salary the other company mentioned is higher or the benefits are more extensive.
If the organization interviewing you now is eager to hire you and knows there is competition for your services, the company will probably do what it can to convince you to join the firm.
Don’t overshoot. Remember to keep the salary range you are asking reasonable, because if you overshoot what the normal salary rates are in a place you could appear to be joking. The hiring manager might also just take your application as a joke, and of course, you may not want that to happen.