importance of negotiation
What is the Importance of Negotiation?
The importance of negotiation can’t be overstated. Negotiation holds the key to getting ahead in the workplace, resolving conflicts, and creating value in contracts.
When disputes arise in business and personal relationships, it’s easy to avoid conflict in an effort to save the relationship. Nonetheless, it is possible to turn tense disputes into productive negotiations and maintain strong relationships. The importance of negotiation skills in these instances is paramount.
It’s not just dispute resolution that highlights the importance of negotiation, however. The right approach to negotiation can improve the situation of multiple parties. One example comes from the cast of the television show, Friends.
At first glance actors Lisa Kudrow, Jennifer Aniston and the rest of the star-studded cast might not be your first pick to peg as formidable negotiators, but at the height of program’s popularity they banded together to pull off an unprecedented salary negotiation.
Cast member David Schwimmer originally took a hard look at his odds of success going into negotiations alone. Then he decided not to. The actors were uniquely close and accustomed to working together under high pressure. Each one had different leadership styles that would be useful in a negotiation. If they negotiated individually, studio executives could pit them against each other.
Instead, Schwimmer correctly assessed that a strong team comprised of the entire cast would be better for everyone in the long term. And in fact, they walked away with $1 million each per episode for the final two seasons, which aired from 2002-2004.
In this free special report – Negotiate Strong Relationships at Work and at Home – negotiation experts from the Program on Negotiation at Harvard Law School offer advice on understanding how relationships can help you negotiate even the most difficult conversations. Throughout the report, you will discover how to build rapport, manage conflict in long-term relationships, and negotiate business decisions with colleagues or family members
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