04.01.2022
FIVE WAYS TO DO BETTER DURING FINANCIAL NEGOTIATIONS
Whether you're negotiating a higher salary, trying to negotiate a price for something you buy, or just trying to convince your spouse to save (or spend) more, there are some basic principles that will help you you guarantee your success in all kinds of negotiations.
You are less likely to get what you want if you do not want to take into account the motivation and limitations of the other party in advance.
"People only say 'yes' if they see interest in themselves," said Gaetan Pelerin, a negotiating consultant and author.
If you do not know what the real interest of the other party is, you are less likely to make a proposal that is acceptable.
"If I prepare with the attitude that it's just me, it will be difficult for me to succeed. I have to take time and focus on the other side. What could be a victory for the other person or what could worry him? " says Pelerin.
Let's say you want to save for retirement, but your spouse wants to live comfortably today. You will not go far only if you ask him/her to limit his / her expenses, presenting logical arguments why it is good to save for the future.
You will improve your chances if your proposal takes into account the equally reasonable view of your spouse that you do not always have to postpone what you want today, because tomorrow is not guaranteed.
You may also be wondering what is really behind your desire to save more. "Is this a value you learned from your parents? Or is it your value as an adult?" says Pelerin.
Negotiations provoke emotions, because it is usually not just about money. It may be about self-esteem, the need for respect, or the need for greater security or independence.
Therefore, it is useful to prepare in advance for potentially difficult moments so that you do not react during the negotiations and sabotage your chances of success.
"Negotiations rarely go according to plan," Pelerin said. So think about how to react to "what if" scenarios.
What would be your reaction if the other person is upset or stubborn or condescending? How will you react if you are shouted at or do not accept your offer? You may feel angry, powerless, or belittled. Instead of demonstrating these feelings, think about how to react in a less emotional and measured way.
The point is to prepare when you think rationally, not to improvise at the moment.
"When we face a high-stress situation, we react spontaneously - all kinds of rational thoughts leave our heads," said Fotini Economopoulos, author and professor at York University in Toronto.
People tend to talk too much and listen too little during negotiations. "Those who get the most out of the negotiations have the skills and listen carefully," Economopoulos said.
His recommendation: Watch what happens during the conversation, radiate quiet confidence and take a few breaths before answering, especially when you are surprised by something. She calls it "the power of the pause." Your goal is to think before you speak and to think carefully about the words you use.
If the other party rejects your offer, gather more information. "One 'no' is not the end of the conversation," Economopoulos said.
This is the time to ask follow-up questions. "If you ask the right questions, you can get what you want (after all)," she added.
Let's just say your boss can't give you the salary increase you want. If you ask why, he or she may say that you have already reached the top salary for your position.
"So you can ask, 'What steps can I take to get out of this pay range? Can we meet in six months to discuss a promotion?'" Pelerin said.
If your boss can't give you guidance on how to get to the next level in a certain period of time or gives evasive answers, this is a cause for concern - maybe the company has financial problems or he or she just doesn't appreciate it so much. the prospects before you.
In any case, you will leave with valuable information that will help you take your next move. It may be to take on key projects that will lead to promotion. Or maybe it's time to look for a new job if you have nowhere else to develop on your current one.
If we continue as an example with salary negotiations, if a boss or potential employer cannot offer you what you want as a base salary, ask about other ways in which the company can increase your income.
For example, is the bigger bonus an option? Reimbursement of training costs? Extra overtime?
"Be creative to create value elsewhere," says Pelerin.
