Smart Negotiation 101

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Negotiation Fundamentals for Employees

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Smart Negotiation 101

  1. 1. SMARTNegotiation 101Prepared inMay 2013by Ji Eun (Jamie) Lee@jieunjamieLinkedIn ProfileBy Ji Eun (Jamie) LeeFriday, May 31, 13
  2. 2. Agenda• Define SMART strategy• Visualize Success• Assess your bargaining power• Strategies to boost bargaining powerFriday, May 31, 13
  3. 3. SMART NegotiationFriday, May 31, 13
  4. 4. SMART Negotiation*By Ji Eun (Jamie) Lee*SMART acronym by Gwen TaylorFriday, May 31, 13
  5. 5. SMART Negotiation*• Stay focused on your agenda and relationshipBy Ji Eun (Jamie) Lee*SMART acronym by Gwen TaylorFriday, May 31, 13
  6. 6. SMART Negotiation*• Stay focused on your agenda and relationship• Measurements matterBy Ji Eun (Jamie) Lee*SMART acronym by Gwen TaylorFriday, May 31, 13
  7. 7. SMART Negotiation*• Stay focused on your agenda and relationship• Measurements matter• Ask clearly and succinctlyBy Ji Eun (Jamie) Lee*SMART acronym by Gwen TaylorFriday, May 31, 13
  8. 8. SMART Negotiation*• Stay focused on your agenda and relationship• Measurements matter• Ask clearly and succinctly• Reiterate your contributions, redirect whennecessaryBy Ji Eun (Jamie) Lee*SMART acronym by Gwen TaylorFriday, May 31, 13
  9. 9. SMART Negotiation*• Stay focused on your agenda and relationship• Measurements matter• Ask clearly and succinctly• Reiterate your contributions, redirect whennecessary• Time to discuss and follow-up. It’s a process.By Ji Eun (Jamie) Lee*SMART acronym by Gwen TaylorFriday, May 31, 13
  10. 10. Visualize SuccessFriday, May 31, 13
  11. 11. Con.fi.dence - nounBy Ji Eun (Jamie) LeeFriday, May 31, 13
  12. 12. Con.fi.dence - noun• Firm trust, certaintyBy Ji Eun (Jamie) LeeFriday, May 31, 13
  13. 13. Con.fi.dence - noun• Firm trust, certainty• Do your employers trust you to do your job?By Ji Eun (Jamie) LeeFriday, May 31, 13
  14. 14. Con.fi.dence - noun• Firm trust, certainty• Do your employers trust you to do your job?• Do you trust your employers to hold up their end ofthe bargain?By Ji Eun (Jamie) LeeFriday, May 31, 13
  15. 15. Con.fi.dence - noun• Firm trust, certainty• Do your employers trust you to do your job?• Do you trust your employers to hold up their end ofthe bargain?• Self-assurance from your appreciation ofyour abilities and qualitiesBy Ji Eun (Jamie) LeeFriday, May 31, 13
  16. 16. Con.fi.dence - noun• Firm trust, certainty• Do your employers trust you to do your job?• Do you trust your employers to hold up their end ofthe bargain?• Self-assurance from your appreciation ofyour abilities and qualities• How do you value your work?By Ji Eun (Jamie) LeeFriday, May 31, 13
  17. 17. The Most ConfidentYOUBy Ji Eun (Jamie) LeeFriday, May 31, 13
  18. 18. The Most ConfidentYOU• When are you the most confident?By Ji Eun (Jamie) LeeFriday, May 31, 13
  19. 19. The Most ConfidentYOU• When are you the most confident?• How does she feel, look, walk, andtalk?By Ji Eun (Jamie) LeeFriday, May 31, 13
  20. 20. The Most ConfidentYOU• When are you the most confident?• How does she feel, look, walk, andtalk?• What can she do?By Ji Eun (Jamie) LeeFriday, May 31, 13
  21. 21. The Most ConfidentYOU• When are you the most confident?• How does she feel, look, walk, andtalk?• What can she do?• Who inspires you? Why?By Ji Eun (Jamie) LeeFriday, May 31, 13
  22. 22. The Most ConfidentYOU• When are you the most confident?• How does she feel, look, walk, andtalk?• What can she do?• Who inspires you? Why?• What are your aspirations?By Ji Eun (Jamie) LeeFriday, May 31, 13
  23. 23. What She Wants She GetsHow? She asks for it!Friday, May 31, 13
  24. 24. What She Wants She Gets• What is success to you, professionallyAND personally?How? She asks for it!Friday, May 31, 13
  25. 25. What She Wants She Gets• What is success to you, professionallyAND personally?• What would you want more in life, if youwere certain you can get it?How? She asks for it!Friday, May 31, 13
  26. 26. What She Wants She Gets• What is success to you, professionallyAND personally?• What would you want more in life, if youwere certain you can get it?• If you were to ask for it, what would bepossible in your life?How? She asks for it!Friday, May 31, 13
  27. 27. AssessYourBargaining PowerFriday, May 31, 13
  28. 28. Your Bargaining PowerFriday, May 31, 13
  29. 29. Your Bargaining Power• What are your contributions?Friday, May 31, 13
  30. 30. Your Bargaining Power• What are your contributions?• What is the economic value of yourcontributions to your employer?Friday, May 31, 13
  31. 31. Your Bargaining Power• What are your contributions?• What is the economic value of yourcontributions to your employer?• What are you getting for your contributions?Friday, May 31, 13
  32. 32. Your Bargaining Power• What are your contributions?• What is the economic value of yourcontributions to your employer?• What are you getting for your contributions?• Who else would pay for your services?Friday, May 31, 13
  33. 33. KnowYourValueFriday, May 31, 13
  34. 34. KnowYourValue• Ask for what you want based on your valueFriday, May 31, 13
  35. 35. KnowYourValue• Ask for what you want based on your value• Forget what’s fairFriday, May 31, 13
  36. 36. KnowYourValue• Ask for what you want based on your value• Forget what’s fair• Forget bare minimumsFriday, May 31, 13
  37. 37. KnowYourValue• Ask for what you want based on your value• Forget what’s fair• Forget bare minimums• What you’re offered, at least initially, is NOTyour valueFriday, May 31, 13
  38. 38. KnowYourValue• Ask for what you want based on your value• Forget what’s fair• Forget bare minimums• What you’re offered, at least initially, is NOTyour valueYou don’t get what you deserve,Friday, May 31, 13
  39. 39. KnowYourValue• Ask for what you want based on your value• Forget what’s fair• Forget bare minimums• What you’re offered, at least initially, is NOTyour valueYou don’t get what you deserve,you get what you negotiate.Friday, May 31, 13
  40. 40. QuestionsFriday, May 31, 13
  41. 41. Questions• Are you exceeding your work objectives?Friday, May 31, 13
  42. 42. Questions• Are you exceeding your work objectives?• If so, how and by how much?Friday, May 31, 13
  43. 43. Questions• Are you exceeding your work objectives?• If so, how and by how much?• If not, what’s keeping you?Friday, May 31, 13
  44. 44. Questions• Are you exceeding your work objectives?• If so, how and by how much?• If not, what’s keeping you?• Is this being communicated to your employers?Friday, May 31, 13
  45. 45. Questions• Are you exceeding your work objectives?• If so, how and by how much?• If not, what’s keeping you?• Is this being communicated to your employers?• Do you have a specific plan to bringadditional value to your company? Can youarticulate it?Friday, May 31, 13
  46. 46. Questions• Are you exceeding your work objectives?• If so, how and by how much?• If not, what’s keeping you?• Is this being communicated to your employers?• Do you have a specific plan to bringadditional value to your company? Can youarticulate it?• What would be the additional benefit toyour employers?Friday, May 31, 13
  47. 47. SetYourself Up ForSuccessFriday, May 31, 13
  48. 48. SetYourself Up ForSuccess• Align your goals with company objectivesFriday, May 31, 13
  49. 49. SetYourself Up ForSuccess• Align your goals with company objectives• Frame your asks as a mutual benefitFriday, May 31, 13
  50. 50. SetYourself Up ForSuccess• Align your goals with company objectives• Frame your asks as a mutual benefit• Make sure your goals are measurable andachievableFriday, May 31, 13
  51. 51. SetYourself Up ForSuccess• Align your goals with company objectives• Frame your asks as a mutual benefit• Make sure your goals are measurable andachievable• If not, be prepared for BATNAFriday, May 31, 13
  52. 52. Best Alternative ToNegotiated Agreement• What can you do if negotiation fails and anagreement cannot be reached?• Are you willing to walk away from the table?• Are you willing to leave this job?• What other options do you have?Friday, May 31, 13
  53. 53. Boost Bargaining PowerFriday, May 31, 13
  54. 54. Boost Bargaining Power• Get inside your bargaining partners’ heads - whatare their dreams, hopes and fears?Friday, May 31, 13
  55. 55. Boost Bargaining Power• Get inside your bargaining partners’ heads - whatare their dreams, hopes and fears?• Outperform beyond expectationsFriday, May 31, 13
  56. 56. Boost Bargaining Power• Get inside your bargaining partners’ heads - whatare their dreams, hopes and fears?• Outperform beyond expectations• Make yourself indispensableFriday, May 31, 13
  57. 57. Boost Bargaining Power• Get inside your bargaining partners’ heads - whatare their dreams, hopes and fears?• Outperform beyond expectations• Make yourself indispensable• Improve your BATNA - get another offerFriday, May 31, 13
  58. 58. Real and Perceived PowerFriday, May 31, 13
  59. 59. Real and Perceived Power• What is your real power as an at-willemployee?• ValueYou Bring to the Table• BATNA• Credentials, connections, etc.Friday, May 31, 13
  60. 60. Real and Perceived Power• What is your real power as an at-willemployee?• ValueYou Bring to the Table• BATNA• Credentials, connections, etc.• How can you improve your perceivedpower?• The Most ConfidentYou• Communication styleFriday, May 31, 13
  61. 61. Consider the Whole Package• Salary• Benefits• Long-term Incentive Compensation• Short-term Incentive Compensation• Something specialAdd it up. How much $$$ is the total?Friday, May 31, 13
  62. 62. Take ActionFriday, May 31, 13
  63. 63. Take Action• Remember you negotiate at work everyday.Make it count.Friday, May 31, 13
  64. 64. Take Action• Remember you negotiate at work everyday.Make it count.• Reach out to your network, people youknow.Ask them, would they pay for yourservices?Friday, May 31, 13
  65. 65. Take Action• Remember you negotiate at work everyday.Make it count.• Reach out to your network, people youknow.Ask them, would they pay for yourservices?• Research your market rate. Dig a littledeeper.Friday, May 31, 13
  66. 66. Take Action• Remember you negotiate at work everyday.Make it count.• Reach out to your network, people youknow.Ask them, would they pay for yourservices?• Research your market rate. Dig a littledeeper.• Take colleagues out to coffee. Is there internalpolitical stuff you don’t know about?Friday, May 31, 13
  67. 67. Conversation Tips• Assume Power - Be in control of theconversation• Direct the flow with diagnosticquestions (who, what, when, where, howand why)• State your goals and expectations• Express excitement and gratitude ordisappointment - Be clearFriday, May 31, 13

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