SMART Negotiation 101

Prepared in May 2013

by Ji Eun (Jamie) Lee@jieunjamie

LinkedIn Profile

By Ji Eun (Jamie) Lee

Friday, May 31, 13

Agenda

• Define SMART strategy

• Visualize Success

• Assess your bargaining power

• Strategies to boost bargaining power

Friday, May 31, 13

SMART Negotiation

Friday, May 31, 13

SMART Negotiation*

By Ji Eun (Jamie) Lee

*SMART acronym by Gwen Taylor

Friday, May 31, 13

SMART Negotiation*

• Stay focused on your agenda and relationship

By Ji Eun (Jamie) Lee

*SMART acronym by Gwen Taylor

Friday, May 31, 13

SMART Negotiation*

• Stay focused on your agenda and relationship

• Measurements matter

By Ji Eun (Jamie) Lee

*SMART acronym by Gwen Taylor

Friday, May 31, 13

SMART Negotiation*

• Stay focused on your agenda and relationship

• Measurements matter

• Ask clearly and succinctly

By Ji Eun (Jamie) Lee

*SMART acronym by Gwen Taylor

Friday, May 31, 13

SMART Negotiation*

• Stay focused on your agenda and relationship

• Measurements matter

• Ask clearly and succinctly

• Reiterate your contributions, redirect when necessary

By Ji Eun (Jamie) Lee

*SMART acronym by Gwen Taylor

Friday, May 31, 13

SMART Negotiation*

• Stay focused on your agenda and relationship

• Measurements matter

• Ask clearly and succinctly

• Reiterate your contributions, redirect when necessary

• Time to discuss and follow-up. It’s a process.

By Ji Eun (Jamie) Lee

*SMART acronym by Gwen Taylor

Friday, May 31, 13

Visualize Success

Friday, May 31, 13

Con.fi.dence - noun

By Ji Eun (Jamie) Lee

Friday, May 31, 13

Con.fi.dence - noun

• Firm trust, certainty

By Ji Eun (Jamie) Lee

Friday, May 31, 13

Con.fi.dence - noun

• Firm trust, certainty

• Do your employers trust you to do your job?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

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 of the bargain?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

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 of the bargain?

• Self-assurance from your appreciation of your abilities and qualities

By Ji Eun (Jamie) Lee

Friday, May 31, 13

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 of the bargain?

• Self-assurance from your appreciation of your abilities and qualities

• How do you value your work?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

The Most Confident YOU

By Ji Eun (Jamie) Lee

Friday, May 31, 13

The Most Confident YOU

• When are you the most confident?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

The Most Confident YOU

• When are you the most confident?

• How does she feel, look, walk, and talk?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

The Most Confident YOU

• When are you the most confident?

• How does she feel, look, walk, and talk?

• What can she do?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

The Most Confident YOU

• When are you the most confident?

• How does she feel, look, walk, and talk?

• What can she do?

• Who inspires you? Why?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

The Most Confident YOU

• When are you the most confident?

• How does she feel, look, walk, and talk?

• What can she do?

• Who inspires you? Why?

• What are your aspirations?

By Ji Eun (Jamie) Lee

Friday, May 31, 13

What She Wants She Gets

How? She asks for it!

Friday, May 31, 13

What She Wants She Gets

• What is success to you, professionally AND personally?

How? She asks for it!

Friday, May 31, 13

What She Wants She Gets

• What is success to you, professionally AND personally?

• What would you want more in life, if you were certain you can get it?

How? She asks for it!

Friday, May 31, 13

What She Wants She Gets

• What is success to you, professionally AND personally?

• What would you want more in life, if you were certain you can get it?

• If you were to ask for it, what would be possible in your life?

How? She asks for it!

Friday, May 31, 13

Assess Your Bargaining Power

Friday, May 31, 13

Your Bargaining Power

Friday, May 31, 13

Your Bargaining Power

• What are your contributions?

Friday, May 31, 13

Your Bargaining Power

• What are your contributions?

• What is the economic value of your contributions to your employer?

Friday, May 31, 13

Your Bargaining Power

• What are your contributions?

• What is the economic value of your contributions to your employer?

• What are you getting for your contributions?

Friday, May 31, 13

Your Bargaining Power

• What are your contributions?

• What is the economic value of your contributions to your employer?

• What are you getting for your contributions?

• Who else would pay for your services?

Friday, May 31, 13

Know Your Value

Friday, May 31, 13

Know Your Value

• Ask for what you want based on your value

Friday, May 31, 13

Know Your Value

• Ask for what you want based on your value

• Forget what’s fair

Friday, May 31, 13

Know Your Value

• Ask for what you want based on your value

• Forget what’s fair

• Forget bare minimums

Friday, May 31, 13

Know Your Value

• Ask for what you want based on your value

• Forget what’s fair

• Forget bare minimums

• What you’re offered, at least initially, is NOT your value

Friday, May 31, 13

Know Your Value

• Ask for what you want based on your value

• Forget what’s fair

• Forget bare minimums

• What you’re offered, at least initially, is NOT your value

You don’t get what you deserve,

Friday, May 31, 13

Know Your Value

• Ask for what you want based on your value

• Forget what’s fair

• Forget bare minimums

• What you’re offered, at least initially, is NOT your value

You don’t get what you deserve,you get what you negotiate.

Friday, May 31, 13

Questions

Friday, May 31, 13

Questions• Are you exceeding your work objectives?

Friday, May 31, 13

Questions• Are you exceeding your work objectives?

• If so, how and by how much?

Friday, May 31, 13

Questions• Are you exceeding your work objectives?

• If so, how and by how much?

• If not, what’s keeping you?

Friday, May 31, 13

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

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 bring additional value to your company? Can you articulate it?

Friday, May 31, 13

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 bring additional value to your company? Can you articulate it?

• What would be the additional benefit to your employers?

Friday, May 31, 13

Set Yourself Up For Success

Friday, May 31, 13

Set Yourself Up For Success

• Align your goals with company objectives

Friday, May 31, 13

Set Yourself Up For Success

• Align your goals with company objectives

• Frame your asks as a mutual benefit

Friday, May 31, 13

Set Yourself Up For Success

• Align your goals with company objectives

• Frame your asks as a mutual benefit

• Make sure your goals are measurable and achievable

Friday, May 31, 13

Set Yourself Up For Success

• Align your goals with company objectives

• Frame your asks as a mutual benefit

• Make sure your goals are measurable and achievable

• If not, be prepared for BATNA

Friday, May 31, 13

Best Alternative To Negotiated Agreement

• What can you do if negotiation fails and an agreement 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

Boost Bargaining Power

Friday, May 31, 13

Boost Bargaining Power

• Get inside your bargaining partners’ heads - what are their dreams, hopes and fears?

Friday, May 31, 13

Boost Bargaining Power

• Get inside your bargaining partners’ heads - what are their dreams, hopes and fears?

• Outperform beyond expectations

Friday, May 31, 13

Boost Bargaining Power

• Get inside your bargaining partners’ heads - what are their dreams, hopes and fears?

• Outperform beyond expectations

• Make yourself indispensable

Friday, May 31, 13

Boost Bargaining Power

• Get inside your bargaining partners’ heads - what are their dreams, hopes and fears?

• Outperform beyond expectations

• Make yourself indispensable

• Improve your BATNA - get another offer

Friday, May 31, 13

Real and Perceived Power

Friday, May 31, 13

Real and Perceived Power• What is your real power as an at-will

employee?

• Value You Bring to the Table

• BATNA

• Credentials, connections, etc.

Friday, May 31, 13

Real and Perceived Power• What is your real power as an at-will

employee?

• Value You Bring to the Table

• BATNA

• Credentials, connections, etc.

• How can you improve your perceived power?

• The Most Confident You

• Communication style

Friday, May 31, 13

Consider the Whole Package

• Salary

• Benefits

• Long-term Incentive Compensation

• Short-term Incentive Compensation

• Something special

Add it up. How much $$$ is the total?

Friday, May 31, 13

Take Action

Friday, May 31, 13

Take Action • Remember you negotiate at work everyday.

Make it count.

Friday, May 31, 13

Take Action • Remember you negotiate at work everyday.

Make it count.

• Reach out to your network, people you know. Ask them, would they pay for your services?

Friday, May 31, 13

Take Action • Remember you negotiate at work everyday.

Make it count.

• Reach out to your network, people you know. Ask them, would they pay for your services?

• Research your market rate. Dig a little deeper.

Friday, May 31, 13

Take Action • Remember you negotiate at work everyday.

Make it count.

• Reach out to your network, people you know. Ask them, would they pay for your services?

• Research your market rate. Dig a little deeper.

• Take colleagues out to coffee. Is there internal political stuff you don’t know about?

Friday, May 31, 13

Conversation Tips• Assume Power - Be in control of the

conversation

• Direct the flow with diagnostic questions (who, what, when, where, how and why)

• State your goals and expectations

• Express excitement and gratitude or disappointment - Be clear

Friday, May 31, 13