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Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
Win Win Negotiating For Executives 9 23 09 Final
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Win Win Negotiating For Executives 9 23 09 Final

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Win-Win Negotiating for Executives

Win-Win Negotiating for Executives

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  • 1. Win-Win Negotiating for Executives Presented by Greg Porto - Michael Garcia September 23, 2009 E xecNet-St. Louis: “Executives Helping Executives”
  • 2.
    • Table of Contents
      • Overview of the Presentation
      • Keys to a Successful Negotiation
      • Common Negotiation Mistakes
      • How to Negotiate a Successful Offer
    • .
    Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 3.
    • Overview of the Presentation
      • The type of negotiation we are discussing today is give and take communication where:
        • Both sides come to a consensus and commit to an agreement
        • The agreement helps to preserve, and build upon, the relationship - no permanent damage to the other side …
    Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 4.
    • Overview of the Presentation
      • Greg Porto will discuss best practices as well as pitfalls in general negotiating
        • Greg is a Managing Director with Ion Partners LLC, a NYC based investment bank. He assists clients with mergers and acquisitions and capital offerings.
      • Michael Garcia will discuss negotiating job offers
        • Michael is a former Chief Human Resource Officer for a publicly traded healthcare company and a private KKR funded Start-Up. He is in transition.
    Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 5. Keys to a Successful Negotiation Before you start formal negotiation…. 1. Have a positive, can-do mindset: - Be in a calm, focused place – mentally, emotionally, physically - Have clarity - to see the facts – from both your and the other side’s perspective - to see the opportunities and challenges - Fundamentally believe you’ll strike a good deal which benefits both parties - Visualize success Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 6. Keys to a Successful Negotiation Before you start formal negotiation…. 2. Answer these questions in writing : - What specific outcomes do you hope to achieve and why? - What outcomes would you like to achieve but can live without? - Given your desired outcomes, what will your opening positions/requests be? - What will you tell the other side you need, but can readily offer as a bargaining chip? - What are your alternatives to an agreement? Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 7. Keys to a Successful Negotiation Before you start formal negotiation (cont’d)…. 3. Put yourself in the other side’s shoes: Based on preliminary discussions with, and your knowledge of, the other side write out: - What are their desired outcomes and why? - Given their desired outcomes, what will their opening positions be? - What will they ask for that’s not critical? - What are their alternatives to an agreement? - Focus on underlying needs not positions - Repeat this exercise as you get more information and throughout the negotiation Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 8. Keys to a Successful Negotiation Before you start formal negotiation (cont’d)…. 4. Work through scenarios in writing - Write out ‘What-if’ and ‘Win-Win’ scenarios - How can you get what you want while satisfying their needs? - Repeat this exercise as you get more information and throughout the negotiation Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 9. Keys to a Successful Negotiation Before you start formal negotiation (cont’d)… 5. Practice beforehand: - In front of mirror (facial expression, body language, tone of voice, clothes); videotape yourself - Role play with a colleague, friend or your spouse - Recognize the power of presence 6. Define the negotiation framework with the other side before you begin: - Identify the players - make sure parties have proper authority to negotiate - Define primary and secondary issues to be negotiated - Determine negotiation timing, venue(s) Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 10. Keys to a Successful Negotiation During the negotiation…. 7. Ask outstanding questions / be clear in your communication - Formulate your questions ahead of time - In a negotiation, the side that frames the questions has an enormous advantage - Ask straightforward questions and don’t make the other side feel inferior - Listen carefully to what they say as well as what they do not say - Clearly ask for what you want - if you don’t ask, you don’t get 8. Revisit the questions in #3 and #4 regarding the other side and what-if scenarios Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 11. Keys to a Successful Negotiation During the negotiation (cont’d)…. 9. Rely on facts, not assumptions - If facts warrant you to change your opinion, then change your opinion - Never become emotionally wed to your opinion 10. Present a consistent communication style - Fluctuating emotions/moods elicit mistrust or may make you appear tentative - Your style should be complementary to the other side’s - Know your interpersonal strengths and weaknesses Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 12.
    • Common Negotiation Mistakes
    • Talking instead of listening
    • - Let the other side talk freely, confirm their priorities and the facts as they see them
    • - Listen for where there is agreement/disagreement
    • - Let the facts get out before you start drawing conclusions
    • Caring more about enlightening the other side than striking a deal
    • - Act like a ‘closer’ not a ‘teacher’
    • - There is no prize for being right and not reaching an agreement
    • Looking for answers before you have identified all the issues/questions
    • - Take the time to frame out the issues/questions
    • - Take care not to overlook or ignore key issues
    Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 13. Common Negotiation Mistakes 4. Assuming the other side communicates like you do - Take into account style and cultural differences in communication 5. Not taking a ‘time out’ or walking away when you should - Taking a time out, walking away and saying ‘no’ are not giving up, they are strategic negotiating tools. You can always re-engage. - Sometimes agreement is not meant to be – in this case, moving on to find a solution by pursuing a different alternative is the most constructive course Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 14. Finally…… Make Friends and Create Solutions!! - Keep the Substance (facts) of the negotiation objective - Keep the Form (communication style) of the negotiation personable “ All things being equal, people want to do business with their friends. All things being not quite so equal, people STILL want to do business with their friends.” - Jeffrey Gitomer Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  • 15.
    • Negotiating with a Prospective Company
    Win-Win Negotiating for Executives
  • 16.
    • Has the market changed the rules of negotiating?
      • Mostly yes … even if it is only temporary.
      • The availability of labor and talent has changed the market.
      • The current market has depressed and compressed salaries.
      • High degree of competition per position.
      • Companies are now looking to upgrade and find the “perfect fit” candidate.
      • Budgets are more tight and tenuous.
    Win-Win Negotiating for Executives
  • 17.
    • Negotiating starts with your first interaction.
      • What you tell your perspective employer early on does matter.
      • Determine your specific level and salary target (be realistic).
      • Do not give mixed messages.
      • My target salary depends on several factors and money is not on my top three:
            • Good organization and Culture
            • A good team and boss
            • An ability to make a positive difference and contribute to Company success .
    Win-Win Negotiating for Executives
  • 18.
    • Good Ideas and Rules of thumb
      • Your number one objective is to get and offer!
      • Show and tell your enthusiasm.
      • Being able to do the job is important… being liked and creating good chemistry with your interviewers is more important.
      • Do not talk to much
      • Be still / silent
      • Be consultative in your style—Identify their needs and figure out how you can help them.
      • It is always better to have competing interested parties as a way to increase offers.
    Win-Win Negotiating for Executives
  • 19.
    • A walk in their shoes helps us understand!
      • Companies worry about internal equity and compression problems.
      • You should target an offer between the 40th and 75th percentile.
      • You do not want too low or too high of an offer.
      • Ask – “Where will I fit in percentile wise with others on my team and others performing similar roles?”
      • Ask about their flexibility.
      • Ask – “So I better understand the offer – what variables are impacting this offer?”
      • Ask – “Is this the best offer you are able to make?”
      • Ask about their flexibility.
      • Negotiations that are too tough may cause harm after your start or cause a removal of an offer.
    Win-Win Negotiating for Executives
  • 20.
    • Please hire me! – Tactics
      • Position all negotiations in a positive, I am very interested in the job; help me understand the offer angle.
      • Present yourself in a prepared, organized, positive, very likable manner.
      • State: “I am open on compensation but want to ensure I receive a competitive offer.”
    Win-Win Negotiating for Executives
  • 21.
      • Please Hire Me! – Tactics
      • Prepare and show them a “T – Chart” in order to show why it makes sense to hire you.
      • Key Job Requirements Experience Examples
    Win-Win Negotiating for Executives
  • 22.
    • Please Hire Me! – Tactics
      • Start any negotiations by telling the Company your strong interest in the position.
      • Follow-up by telling the Company you need help understanding the offer… specifically the compensation package.
      • Speak in person or by phone when discussing salary negotiations. NEVER BY EMAIL!
      • Allow them time to consider your concern – silence is wisdom.
      • Always stay positive during negotiations.
    Win-Win Negotiating for Executives
  • 23.
    • Please Hire Me! – Tactics
      • Understand the full scope of the total cash and non cash offer AND the opportunity.
      • It is OK to be creative and discuss goal oriented cash awards – keep them simple.
      • Target a salary range
      • Know your market for your position.
        • Always stay honest.
      • If appropriate – explain why you might consider taking less and why you would stay. Would you be willing to make a long term commitment?
    Win-Win Negotiating for Executives
  • 24.
    • Navigating the tough questions
      • What did you make at _______?
      • What is the least you would take?
      • Tell me about your salary history?
      • You are too high level/salary for _________?
    Win-Win Negotiating for Executives
  • 25.
    • When to accept / not accept
      • Target a salary between the 40th and 75th percentile of the prospective internal group.
      • Consider opportunities for progression.
      • Does the offer meet your “important” criteria?
      • Will you be able to drive company success?
      • Will your boss and team be reasonably good people to work with?
      • Avoid the trap of grabbing a job and creating a choppy resume.
      • The current market creates a little air cover for weak moves.
    Win-Win Negotiating for Executives
  • 26.
      • Some factors to consider:
        • Your financial situation
        • Family support
        • Industry
        • Job vs. Career moves
        • Who will you work for?
        • Your true goals
        • Do not go against your instincts!
    Win-Win Negotiating for Executives
  • 27. Selling short Role Play Questions and Answers Win-Win Negotiating for Executives

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