High Performance Negotiation SkillsMGS 4311*

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Course Deliverables

Experimental learningClear, immediate, and helpful feedbackStrategies and toolbox for negotiation

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Negotiation Skills as Core Leadership competency

Key communication & influence tool for interdependent relationships (in & outside the company)Most people not very good at negotiation (e.g., over 80% of corporate executives and CEOs leave money on the table)People dont realize thisOur challenge is to dramatically improve ability to:Create valueClaim valueBuild trustResearch basis in economics and psychology

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What Does it Mean to Be an Effective Negotiator?

Individual levelGetting valued resources (money, people, projects)Maintaining & building relationshipsEnhancing your reputationPeople trust youEnjoying peace of mindCompany levelProfitable deal making (effective sales force)Getting positive (rather than negative) pressEnhancing reputation of companyBuilding the brand

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Major Traps of NegotiationLeaving money on the table

(lose-lose negotiation)Settling for too little

(Winners curse)Walking away from the table

(hubris)Settling for terms that are worse than your current situation

(agreement bias)**

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Negotiation MythsMyth 1: Negotiations are fixed-sumMyth 2: You need to be either tough or softMyth 3: Good negotiators are bornMyth 4: Experience is a great teacherMyth 5: Good negotiators take risksMyth 6: Good negotiators rely on intuition

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Why are people ineffective negotiators?Faulty feedbackConfirmation bias Egocentrism

Satisficing

Self-Reinforsing incompetence

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Principled Negotiator!!!PEOPLE - separate people from the problem

INTERESTS - focus on interests, not positions

OPTIONS - generate a variety of possibilities

before deciding what to doCRITERIA - insist that result be based on some

objective standards

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Learning ObjectivesImproved ability to negotiateGeneral strategy (mental model) for successful negotiationEnlightened model for negotiation

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What Have You Gotten Yourself Into?**PreparationTeam negotiationCoalition analysisYouOther partyPrimary tableInfo & communicationSecondary tableAgents & third partiesFeedback ExperienceExpertise

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