Win-Win Negotiating for Executives Presented by Greg Porto  -  Michael Garcia September 23, 2009 E xecNet-St. Louis: “Exec...
<ul><li>Table of Contents </li></ul><ul><ul><li>Overview of the Presentation </li></ul></ul><ul><ul><li>Keys to a Successf...
<ul><li>Overview of the Presentation </li></ul><ul><ul><li>The type of negotiation we are discussing today is give and tak...
<ul><li>Overview of the Presentation </li></ul><ul><ul><li>Greg Porto will discuss best practices as well as pitfalls in g...
Keys to a Successful Negotiation Before you start formal negotiation…. 1.  Have a positive, can-do mindset: - Be in a calm...
Keys to a Successful Negotiation Before you start formal negotiation…. 2.  Answer these questions  in writing : - What spe...
Keys to a Successful Negotiation Before you start formal negotiation (cont’d)…. 3.  Put yourself in the other side’s shoes...
Keys to a Successful Negotiation Before you start formal negotiation (cont’d)…. 4.  Work through scenarios in writing -  W...
Keys to a Successful Negotiation Before you start formal negotiation (cont’d)… 5.  Practice beforehand: - In front of mirr...
Keys to a Successful Negotiation During the negotiation…. 7.  Ask outstanding questions / be clear in your communication -...
Keys to a Successful Negotiation During the negotiation (cont’d)…. 9.  Rely on facts, not assumptions - If facts warrant y...
<ul><li>Common Negotiation Mistakes </li></ul><ul><li>Talking instead of listening </li></ul><ul><li>- Let the other side ...
Common Negotiation Mistakes 4.  Assuming the other side communicates like you do - Take into account style and cultural di...
Finally…… Make Friends and Create Solutions!! - Keep the  Substance  (facts) of the negotiation  objective - Keep the  For...
<ul><li>Negotiating with a Prospective Company </li></ul>Win-Win Negotiating for Executives
<ul><li>Has the market changed the rules of negotiating? </li></ul><ul><ul><li>Mostly yes … even if it is only temporary. ...
<ul><li>Negotiating starts with your first interaction. </li></ul><ul><ul><li>What you tell your perspective employer earl...
<ul><li>Good Ideas and Rules of thumb </li></ul><ul><ul><li>Your number one objective is to get and offer! </li></ul></ul>...
<ul><li>A walk in their shoes helps us understand! </li></ul><ul><ul><li>Companies worry about internal equity and compres...
<ul><li>Please hire me! – Tactics   </li></ul><ul><ul><li>Position all negotiations in a positive, I am very interested in...
<ul><ul><li>Please Hire Me! – Tactics </li></ul></ul><ul><ul><li>Prepare and show them a “T – Chart” in order to show why ...
<ul><li>Please Hire Me! – Tactics </li></ul><ul><ul><li>Start any negotiations by telling the Company your strong interest...
<ul><li>Please Hire Me! – Tactics </li></ul><ul><ul><li>Understand the full scope of the total cash and non cash offer AND...
<ul><li>Navigating the tough questions </li></ul><ul><ul><li>What did you make at _______? </li></ul></ul><ul><ul><li>What...
<ul><li>When to accept / not accept </li></ul><ul><ul><li>Target a salary between the 40th and 75th percentile of the pros...
<ul><ul><li>Some factors to consider: </li></ul></ul><ul><ul><ul><li>Your financial situation </li></ul></ul></ul><ul><ul>...
Selling short Role Play Questions and Answers  Win-Win Negotiating for Executives
Upcoming SlideShare
Loading in …5
×

Win Win Negotiating For Executives 9 23 09 Final

1,166
-1

Published on

Win-Win Negotiating for Executives

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
1,166
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Win Win Negotiating For Executives 9 23 09 Final

  1. 1. Win-Win Negotiating for Executives Presented by Greg Porto - Michael Garcia September 23, 2009 E xecNet-St. Louis: “Executives Helping Executives”
  2. 2. <ul><li>Table of Contents </li></ul><ul><ul><li>Overview of the Presentation </li></ul></ul><ul><ul><li>Keys to a Successful Negotiation </li></ul></ul><ul><ul><li>Common Negotiation Mistakes </li></ul></ul><ul><ul><li>How to Negotiate a Successful Offer </li></ul></ul><ul><li>. </li></ul>Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  3. 3. <ul><li>Overview of the Presentation </li></ul><ul><ul><li>The type of negotiation we are discussing today is give and take communication where: </li></ul></ul><ul><ul><ul><li>Both sides come to a consensus and commit to an agreement </li></ul></ul></ul><ul><ul><ul><li>The agreement helps to preserve, and build upon, the relationship - no permanent damage to the other side … </li></ul></ul></ul>Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  4. 4. <ul><li>Overview of the Presentation </li></ul><ul><ul><li>Greg Porto will discuss best practices as well as pitfalls in general negotiating </li></ul></ul><ul><ul><ul><li>Greg is a Managing Director with Ion Partners LLC, a NYC based investment bank. He assists clients with mergers and acquisitions and capital offerings. </li></ul></ul></ul><ul><ul><li>Michael Garcia will discuss negotiating job offers </li></ul></ul><ul><ul><ul><li>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. </li></ul></ul></ul>Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  5. 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. 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. 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. 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. 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. 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. 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. 12. <ul><li>Common Negotiation Mistakes </li></ul><ul><li>Talking instead of listening </li></ul><ul><li>- Let the other side talk freely, confirm their priorities and the facts as they see them </li></ul><ul><li>- Listen for where there is agreement/disagreement </li></ul><ul><li>- Let the facts get out before you start drawing conclusions </li></ul><ul><li>Caring more about enlightening the other side than striking a deal </li></ul><ul><li>- Act like a ‘closer’ not a ‘teacher’ </li></ul><ul><li>- There is no prize for being right and not reaching an agreement </li></ul><ul><li>Looking for answers before you have identified all the issues/questions </li></ul><ul><li>- Take the time to frame out the issues/questions </li></ul><ul><li>- Take care not to overlook or ignore key issues </li></ul>Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]
  13. 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. 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. 15. <ul><li>Negotiating with a Prospective Company </li></ul>Win-Win Negotiating for Executives
  16. 16. <ul><li>Has the market changed the rules of negotiating? </li></ul><ul><ul><li>Mostly yes … even if it is only temporary. </li></ul></ul><ul><ul><li>The availability of labor and talent has changed the market. </li></ul></ul><ul><ul><li>The current market has depressed and compressed salaries. </li></ul></ul><ul><ul><li>High degree of competition per position. </li></ul></ul><ul><ul><li>Companies are now looking to upgrade and find the “perfect fit” candidate. </li></ul></ul><ul><ul><li>Budgets are more tight and tenuous. </li></ul></ul>Win-Win Negotiating for Executives
  17. 17. <ul><li>Negotiating starts with your first interaction. </li></ul><ul><ul><li>What you tell your perspective employer early on does matter. </li></ul></ul><ul><ul><li>Determine your specific level and salary target (be realistic). </li></ul></ul><ul><ul><li>Do not give mixed messages. </li></ul></ul><ul><ul><li>My target salary depends on several factors and money is not on my top three: </li></ul></ul><ul><ul><ul><ul><ul><li>Good organization and Culture </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>A good team and boss </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>An ability to make a positive difference and contribute to Company success . </li></ul></ul></ul></ul></ul>Win-Win Negotiating for Executives
  18. 18. <ul><li>Good Ideas and Rules of thumb </li></ul><ul><ul><li>Your number one objective is to get and offer! </li></ul></ul><ul><ul><li>Show and tell your enthusiasm. </li></ul></ul><ul><ul><li>Being able to do the job is important… being liked and creating good chemistry with your interviewers is more important. </li></ul></ul><ul><ul><li>Do not talk to much </li></ul></ul><ul><ul><li>Be still / silent </li></ul></ul><ul><ul><li>Be consultative in your style—Identify their needs and figure out how you can help them. </li></ul></ul><ul><ul><li>It is always better to have competing interested parties as a way to increase offers. </li></ul></ul>Win-Win Negotiating for Executives
  19. 19. <ul><li>A walk in their shoes helps us understand! </li></ul><ul><ul><li>Companies worry about internal equity and compression problems. </li></ul></ul><ul><ul><li>You should target an offer between the 40th and 75th percentile. </li></ul></ul><ul><ul><li>You do not want too low or too high of an offer. </li></ul></ul><ul><ul><li>Ask – “Where will I fit in percentile wise with others on my team and others performing similar roles?” </li></ul></ul><ul><ul><li>Ask about their flexibility. </li></ul></ul><ul><ul><li>Ask – “So I better understand the offer – what variables are impacting this offer?” </li></ul></ul><ul><ul><li>Ask – “Is this the best offer you are able to make?” </li></ul></ul><ul><ul><li>Ask about their flexibility. </li></ul></ul><ul><ul><li>Negotiations that are too tough may cause harm after your start or cause a removal of an offer. </li></ul></ul>Win-Win Negotiating for Executives
  20. 20. <ul><li>Please hire me! – Tactics </li></ul><ul><ul><li>Position all negotiations in a positive, I am very interested in the job; help me understand the offer angle. </li></ul></ul><ul><ul><li>Present yourself in a prepared, organized, positive, very likable manner. </li></ul></ul><ul><ul><li>State: “I am open on compensation but want to ensure I receive a competitive offer.” </li></ul></ul>Win-Win Negotiating for Executives
  21. 21. <ul><ul><li>Please Hire Me! – Tactics </li></ul></ul><ul><ul><li>Prepare and show them a “T – Chart” in order to show why it makes sense to hire you. </li></ul></ul><ul><ul><li>Key Job Requirements Experience Examples </li></ul></ul>Win-Win Negotiating for Executives
  22. 22. <ul><li>Please Hire Me! – Tactics </li></ul><ul><ul><li>Start any negotiations by telling the Company your strong interest in the position. </li></ul></ul><ul><ul><li>Follow-up by telling the Company you need help understanding the offer… specifically the compensation package. </li></ul></ul><ul><ul><li>Speak in person or by phone when discussing salary negotiations. NEVER BY EMAIL! </li></ul></ul><ul><ul><li>Allow them time to consider your concern – silence is wisdom. </li></ul></ul><ul><ul><li>Always stay positive during negotiations. </li></ul></ul>Win-Win Negotiating for Executives
  23. 23. <ul><li>Please Hire Me! – Tactics </li></ul><ul><ul><li>Understand the full scope of the total cash and non cash offer AND the opportunity. </li></ul></ul><ul><ul><li>It is OK to be creative and discuss goal oriented cash awards – keep them simple. </li></ul></ul><ul><ul><li>Target a salary range </li></ul></ul><ul><ul><li>Know your market for your position. </li></ul></ul><ul><ul><ul><li>Always stay honest. </li></ul></ul></ul><ul><ul><li>If appropriate – explain why you might consider taking less and why you would stay. Would you be willing to make a long term commitment? </li></ul></ul>Win-Win Negotiating for Executives
  24. 24. <ul><li>Navigating the tough questions </li></ul><ul><ul><li>What did you make at _______? </li></ul></ul><ul><ul><li>What is the least you would take? </li></ul></ul><ul><ul><li>Tell me about your salary history? </li></ul></ul><ul><ul><li>You are too high level/salary for _________? </li></ul></ul>Win-Win Negotiating for Executives
  25. 25. <ul><li>When to accept / not accept </li></ul><ul><ul><li>Target a salary between the 40th and 75th percentile of the prospective internal group. </li></ul></ul><ul><ul><li>Consider opportunities for progression. </li></ul></ul><ul><ul><li>Does the offer meet your “important” criteria? </li></ul></ul><ul><ul><li>Will you be able to drive company success? </li></ul></ul><ul><ul><li>Will your boss and team be reasonably good people to work with? </li></ul></ul><ul><ul><li>Avoid the trap of grabbing a job and creating a choppy resume. </li></ul></ul><ul><ul><li>The current market creates a little air cover for weak moves. </li></ul></ul>Win-Win Negotiating for Executives
  26. 26. <ul><ul><li>Some factors to consider: </li></ul></ul><ul><ul><ul><li>Your financial situation </li></ul></ul></ul><ul><ul><ul><li>Family support </li></ul></ul></ul><ul><ul><ul><li>Industry </li></ul></ul></ul><ul><ul><ul><li>Job vs. Career moves </li></ul></ul></ul><ul><ul><ul><li>Who will you work for? </li></ul></ul></ul><ul><ul><ul><li>Your true goals </li></ul></ul></ul><ul><ul><ul><li>Do not go against your instincts! </li></ul></ul></ul>Win-Win Negotiating for Executives
  27. 27. Selling short Role Play Questions and Answers Win-Win Negotiating for Executives
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×