Negotiation 416

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The Rules of Negotiating-- by Jim Thomas, the Cooper Mgmt. Institute


Contents

Why is it Important to Negotiate?

Negotiating a salary is important because it can determine your job situation and benefits for years to come. What if the job is your dream job but the initial offer is too low? What if a few minutes of negotiating could earn you a few extra thousand dollars in salary and maybe another weeks paid vacation? Negotiating also gives the employee a feel of what to expect from the employer in the future. Will they care about you and your comfort in the years to come? Besides more money and more vacation time, negotiating could get you a company car, a cell phone, stock benefits, a laptop computer or maybe more. Negotiating does not mean being greedy, but helping the employee get more of what will help them become a more productive worker.


The Critical Rules

  • No Free Gifts - (Trade Every Concession! Use the Big IF!)
  • Start High - (15-20% in your favor)
  • Make small concessions, especially at the end.
  • Krunch early and often - (Pause and see if they will give something away)
  • Be patient - (The more time you're there, the more they have invested in you)
  • Remember to nibble at the end.
  • Keep looking for creative concessions to trade.

The Important but Obvious Rules

  • Do your homework - (Research the average going price for the item)
  • Keep the climate positive
  • Remember that everything's negotiable
  • Never accept their first offer - (Their first offer is generally lower than what they are willing to give you)
  • Leave the other side feeling it's done well

The Nice-to-Do Rules

  • Start slowly - (Don't rush into things, you might lose your train of though and cave in early)
  • Set a complete agenda - (Plan out your entire game plan before going into it)
  • Discuss the small things first - (New computer, vacation, moving costs, bonus, reviews, etc)
  • Settle everything at the end - (Go over the entire detail so that everyone knows exactly what they're getting)
  • Use/Beware the power of legitimacy - (Do some research and use your common sense to make sure everything is truthful and correct)
  • Keep your authority limited - (Try to negotiate against people with higher authority)
  • Consider using good guy-bad guy
  • Try to have the other side make the first offer - (See what they are willing to throw out on the table, that gives you a better idea on how to make your counter-offer)

Buying a Car

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