building your leadership skills: negotiating for value...jun 07, 2016 · develop skills over time...
TRANSCRIPT
Building Your Leadership Skills:
Negotiating for Value
Christiana Iyasere MD, MBA Meridale Baggett, MD
June 7, 2016
ne·go·ti·a·tion
nəˌɡōSHēˈāSH(ə)n: a
dialogue between two or
more people or parties
intended to reach a
beneficial outcome
We know negotiation matters…
Do Not Negotiate
36%
Men 57%
Negotiators 64%
Women 7%
Negotiators increased their salary by > 7%
You will have to work 8 more years to be as wealthy as your
counterpart at retirement
If it matters, why don’t we do it?
We don’t prepare
Unsure how
Too busy
We don’t realize we are negotiating
Unclear expectations
Lack of transparency
It feels bad
“Greedy”
Reputational risk*
Understand when you are negotiating
If it matters, why don’t we do it?
We don’t prepare
Unsure how
Too busy
We don’t realize we are negotiating
Unclear expectations
Lack of transparency
It feels bad
“Greedy”
Reputational risk*
Understand when you are negotiating
Uncover opportunities to build value
Learn tools to help you prepare
Build long term strategies
Develop skills over time & improve
Mitigate reputational risk
Overview of Session
• Fundamental concepts and terminology
• Application: deconstruct past negotiation
• Build toolbox of negotiation skills
• Application: prepare for future negotiation
Types of Negotiation Distributive
Parties compete over distribution of fixed sum of value or resources
Integrative
Parties cooperate for mutual benefit by building value for both parties
Divide the pie Grow the pie, then divide it
Goal = claim value Goal = create and claim value
Distributive Integrative
Favors those in strong negotiating positions, potentially those willing to bend the truth
Benefits: Create and capture value Build and sustain critical relationships Enhance your personal credibility
Positions vs Interests
Positions: what each party is asking for
Even if positions are at odds, interests might not be; opportunity to create value
Interests: why they are asking for it
Positions vs Interests
A
B
Your position
Their position
Your interests Their interests
Zone of possible agreement
Alternatives
• Possibilities that each party has if no agreement is reached
• BATNA: best alternative to a negotiated agreement
• GOAL = improve existing alternatives or expand your list of alternatives
Options
• Possibilities that the parties might agree on
• Generating options takes work
– Interests, not positions
– May involve sharing information
Criteria
• External standards of legitimacy against which to measure possible agreements
• Can be used as a shield or a sword
Interests/Alternatives
Yours Personal Reflection
• Who/Where are you?
• Who/ Where would you like to be in the future?
Reflect with Others
• People who know you well
• People with similar interests/objectives
Other Party Networks
• Who do I know?
• 6 degrees of separation
Google-able facts
• Salary, competitive forces
Negotiation discovery
• Interests, role
Improving Your BATNA : Preparing for The Future
Day Zero Future Date
Be creative and have an open mind •Multiple Interviews •Grow your networks •Consult in the field •Acquire new skills
Hard Work
Options
Yours Personal Reflection:
• What do I need to make this opportunity work?
•What would ideal look like?
Reflect with others:
• How have others done something similar?
Other Party What do they need to make this opportunity work?
• Networks
• Google-able facts
• Negotiation discovery
Criteria
Reflect with others
- Current situation
- Competing offers
Industry Standards
- Networks: Friends, family, FOF
Negotiation Discovery
Preparing for Future Negotiation
Individual Work: 10 minutes: Complete worksheet Paired Work: Goals: Double your alternatives, options 15 minutes: First person shares, brainstorm 15 minutes: Second person shares, brainstorm
Personalization of Negotiation
Strengths & Weaknesses Strategies
How strong are my networks? Utilize networks of others
What conversations do I enjoy? Avoid?
Build in natural opportunities to play to strengths Practice uncomfortable conversations
How do I naturally get information?
Play to strengths
Do I procrastinate vs. prepare? Build in timelines
What are my emotional “hot buttons”?
Anticipate triggers and create check points
How creative am I in solutions? Do I get emotionally anchored?
Bounce ideas off of others
It matters, lets do it…
We prepare
Unsure how
Too busy
We realize we are negotiating
Unclear expectations
Lack of transparency
It feels natural
“Greedy”
Reputational risk*
Understand when you are negotiating
Uncover opportunities to build value
Learn tools to help you prepare
Build long term strategies
Develop skills over time & improve
Mitigate reputational risk
1) Reflect on negotiations in everyday life; find the good and the bad 2) Think about your strengths and weaknesses 3) Debrief after the negotiation you just prepared for
Negotiate!
Questions, thoughts, concerns: mbaggett@ partners.org [email protected]