About the PON Summer Fellowship Program:
PON offers fellowship grants to students at Harvard University, MIT, Tufts University and other Boston-area schools who are doing internships or undertaking summer research projects in negotiation and dispute resolution in partnership with public, non-profit or academic organizations. The Summer Fellowship Program’s emphasis is on advancing the links between scholarship
Most negotiation advice centers on the mistakes all of us make. But individual differences in personality, intelligence, and outlook could also affect your talks.
You can’t control the U.S. financial markets, but you can take these three steps to make sure your deals don’t contribute to a predictable surprise in your own home or organization.
Just one week after David Letterman revealed his decision to leave his long-running talk show, the Late Show with David Letterman, CBS announced that comedian Stephen Colbert would be his replacement. The negotiations surrounding the changing-of-the-guard were remarkably business-like and calm for the tumultuous world of late-night television.
Letterman debuted his show Late Night in 1982 and then switched to CBS in 1992 following a contentious battle with Jay Leno for Johnny Carson’s chair at the Tonight Show. Letterman’s voluntary decision to retire comes on the heels of Leno’s forced retirement from NBC, which replaced him with Jimmy Kimmel while his ratings were still healthy.
You set up the contract renegotiation with a key client months ago. You had every intention of gathering a range of information to establish realistic goals and assess the client’s needs, but short-term projects got in the way. Suddenly it’s the day before the first meeting. Aside from making a few phone calls and calculations, you’ll have to wing it—but that’s OK. You’ve always worked well under pressure. Right?
We all know we’re supposed to prepare to negotiate, yet we often fail to follow through on these best intentions. That’s a problem because research overwhelmingly shows that underprepared negotiators make unnecessary concessions, overlook sources of value, and walk away from beneficial agreements.
Most negotiators will never engage in the kinds of high-stakes bargaining we read about in publications such as The Wall Street Journal and The Financial Times, but almost every negotiator will encounter the dreaded salary negotiation during the course of her career, a scenario that is, in many ways, the definition of a “difficult conversation.”
We stress preparation for negotiations in our literature and in our Negotiation and Leadership executive education course but both research and experience recognize that even the most prepared and adept negotiator can have her planning and negotiation preparation scuttled by unforeseen circumstances and invisible barriers.
That is why women often encounter difficulty during salary negotiations, according to a recent article by Tara Siegel Bernard for the New York Times. Self-advocating for a pay raise in the workplace often places women in the unenviable role of attempting, “…to juggle when they are on a tight rope.”
On April 9, the Paycheck Fairness Act, legislation intended to close the pay gap between men and women, was defeated in the Senate due to a lack of Republican support. The bill would have made it illegal for employers to penalize employees for discussing their salaries and would have required the Equal Employment Opportunity Commission to collect pay information from employers.
Pay inequities and a lack of women in upper management remain enduring problems in the workplace. Absent government initiatives to mandate solutions, how can women themselves better advocate for higher pay, promotions, and plum assignments? Negotiation researchers advise women to avoid a backlash against asking for more by connecting their interests to those of the organization.
In a related maneuver aimed at protecting the weaker party to the deal, courts might infer additional terms within the contract or expand common-law notions of fiduciary duty.
Consider the famous case of the Page brothers – let’s call them “Big Page” and “Little Page” for simplicity – who started a linen supply company in Santa Maria, California, in the late 1940s.
Big Page was the brains of the operations; Little Page supplied equal capital but deferred to his older brother’s expertise.
Business was slow for several years, and the partnership lost money.
This three-step approach to managing process issues in negotiations will reap significant rewards at the bargaining table.
The concept of emotional intelligence burst into the cultural imagination in 1995 with the publication of psychologist Daniel Goleman’s bestselling book of the same name. Experts have predicted that scoring high on this personality trait would boost one’s bargaining outcomes. After all, the qualities that characterize emotional intelligence—awareness of our emotions and how they affect others, the ability to regulate our moods and behavior, empathy, the motivation to meet meaningful personal goals, and strong social skills—seem as if they’d help us get what we want from others and find common ground.
Should emotional intelligence be included among the most essential negotiation skills? In a new study, researchers Kihwan Kim (Buena Vista University), Nicole L. A. Cundiff (the University of Alaska, Fairbanks), and Suk Bong Choi (the University of Ulsan, South Korea) sought to determine whether emotional intelligence correlates with beneficial negotiation outcomes, namely trust building, the desire to work together in the future, and joint gain.