NEGOTIATIONS Women in NAAAP! (WIN!) Conference Presented by Kim M. Tran June 4, 2011.
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Transcript of NEGOTIATIONS Women in NAAAP! (WIN!) Conference Presented by Kim M. Tran June 4, 2011.
NEGOTIATIONS
Women in NAAAP! (WIN!) Conference
Presented by Kim M. Tran
June 4, 2011
Negotiations: Why does it matter?
Men are four times more likelythan women to ask for a salaryraise.
-- Recent NPR Story
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Negotiations: Why does it matter?
Men (still) make more than womenfor same job.
– The U.S. Bureau of labor Statistics states in a July 2009 report “In 2008, women who were full-time wage and salary workers had median weekly earnings of $638, or about 80 percent of the $798 median for their male counterparts."
http://www.bls.gov/cps/cpswom2008.pdf
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Negotiations: Why does it matter?
Women leave $1M and $1.5M onthe table in lost earnings.
-- Linda Babcock, Economist, Carnegie Mellon
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Perception Matters
Women asking for the same raise as men were perceived as aggressive
-- Video survey conducted by Carnegie Mellon
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Perception Matters
Psychological Business Academic Theoretical Today’s Focus -- Professional Experience
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Background
Employment law attorney – Negotiated contracts, settlements– Participated in lots of mediations – Litigated hundreds of cases
Human Resources Manager – Investigate claims of discrimination, misconduct
Pro Tem Judge – Preside over small claims court matters
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Toughest Negotiations
Becoming a shareholder – one of the first Vietnamese American woman in Seattle
Multi-million dollar settlement in discrimination lawsuit
Client paying out-of-pocket – Business faced bankruptcy depending on litigation outcome
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Types of negotiations
Personal life– Buying a house – Used car purchase– Craigslist purchase
Work – Negotiating your own salary, raise, etc. – Difficult boss or co-worker – Negotiating a contract for your employer or
company
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What does negotiations mean?
Resolve conflict Advance your goals
– Higher salary – Work conditions – Close a deal
Advance your company’s goals Advance your client’s goals
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Tips for Personal & Professional Negotiations
One – Identify Deal-Breakers (Yours and Theirs)
Two – Understand Bargaining Position
Three – Find Comparators
Four – Listen
Five – Memorialize It!
Six – Practice
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One: Deal-breakers & Giveaways
Identify what you want out of the transaction– New job: consider salary + bonuses, other perks
Identify your giveaways- make those appear to be your deal-breakers
Recognize your value Be prepared to walk away
– When you say you have given your “final and best”
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One: Deal-breakers & Giveaways
Identify what THEY want out of the transaction – They may be just as eager to close a transaction – Your boss wants you to stay
Present alternatives Consider long-term consequences of short-
term concessions
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Two: Understand the Relative Bargaining Positions
You: independent, small business Them: Big multi-national corporation Bargaining position: Depends on the
transaction – do not be intimidated Do not assume that they have a lot of other
choices Do not rush to concede your rate
– Can always under-promise & over deliver
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Two: Understand the Relative Bargaining Positions
Are you speaking to the final decision-maker?
Do you have the authority to accept changes to the agreement?
Be careful about negotiating for a future relationship.
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Three: Find Comparators
In general – Your comparators must be realistic – written
documents are persuasive – Due diligence on the other side
Salary or Contract Negotiations– Build your network so that you know what other
professionals charge/make
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Three: Find Comparators
Buying a home – How much are other homes on the block? – How are the other homes the same or different?
Business deal – Use experts!
Craigslist transaction – Can you find the same item on CL or Ebay or
Amazon
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Four: Listen
Repeat and parrot their position Listen to what the other side says they want Listen to what your boss/company really
wants out of the deal
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Four: Listen
Ask open-ended questions instead of cross examining
What are the hurdles? – The other side has a demanding boss– The other side can negotiate quantity, but not
price
Problem solve and brainstorm alternatives
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Five: Memorialize it!
Key Contents: – Date– Amount– Description– Signatures of all parties
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Five: Memorialize it!
– Example: On June 4,2011, I, K. Tran, agreed to purchase the King Size Oak Bed Frame, from J. Nguyen, in the amount of one-thousand dollars ($1,000) to be paid in cash on or before June 7, 2011.
Signed ___________ on date _________ Signed ___________ on date _________
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Five: Memorialize it!
Memorandum of Understanding Employment Contract Email Confirmation Scribble on Receipt Contract READ: Strikethrough, cross-out & correct
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Six: Practice
Find a colleague and make your pitch Use your professional network Craigslist transaction = opportunity to
practice – Bargain, Bargain, Bargain
Script out the first few phrases: – Is this salary firm or is there flexibility?
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Negotiations
The money belongs in your pocket,
not left on the table.
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