Everything You Wanted to Know about Negotiation

I suspect many of you are dealing with and annual evaluations and asking for end of year raises. I just read an article that will definitely help you get the biggest raise you can: The 10 Minute MBA Course On Negotiation by Eric Barker in Business Insider.

This is an excellent overview of the main principles of negotiating almost anything. Take notes. Practice.

Here is a snippet.

7 Elements Definition Of Success 

You want no deal or a deal that meets your interests, not your positions. Interests are why you want things, positions are what you say you want. (Interests: “I want a job that makes me happy”, Positions: “I want 100K a year.”) Failure is when the result fulfills your positions but not your interests (“Got the salary but also got a crappy boss, little vacation time and a dead-end role.”) 

Leverage negotiation tactics that create value. Work with the other person to create more options and opportunities for both sides to be happy, not just settling on the first thing everyone says. 

All proposals should be supported by valid criteria. What’s the story of why this offer makes sense? 

Know your alternatives and make sure this deal is better than those alternatives. 

Use negotiation tactics that build a working relationship. You end up dealing with the same people often so lay the groundwork for smooth negotiations going forward. 

You want a deal that leads to a clear reliable commitment. The result has to be something they can and will do, not something that will fall apart. 

You want to reach a deal with efficient communication so everyone is on the same page.

Again, read the whole thing here.