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negotiation strategies

Office of Finance Negotiation Strategies

Negotiation in any setting is a combination of skill and strategies. Your goal within the Office of Finance is to develop negotiation strategies that result in successful agreements and a healthy bottom line.

Identify Skills that Create Successful Negotiation

Take stock of the skills you have that will serve you well during negotiations.

  • Communication is at the top of your list. Make note of your ability to:
    • Make others feel comfortable and respected.
    • Clearly and objectively express expectations and limitations.
  • Seeing things from another’s perspective helps you to be aware of a vendor’s or contractor’s position.
  • Confidence in your interpersonal abilities allows you to reach out to competing companies as you seek the best service/product for your organization.

Review Proven Negotiation Strategies

Review strategies that have worked in your past negotiations. Whether you are seeking agreement on the terms of technology upgrades, or brokering for marketing services, turn first to tried and true methods.

  • Be transparent about your terms from the outset. The agent you meet with is then encouraged to do likewise.
  • Build rapport with the other person, encouraging in-person meetings and regular communication.
    • Get to know each other’s commonalities and organizations.
    • Keep in mind your businesses’ association may develop into a long-term relationship. Starting off on the right foot is respectful for all involved.
  • Reach out to other competitors.
    • Communicating with other contractors and vendors informs you about available services, terms, and products.
    • Bring what you learn to the negotiation.

Keep the Negotiation Moving

Time waits for no one, and that is certainly the case with reaching an agreement.

  • Develop a negotiation plan before your initial meeting.
    • Detail in-house goals, including agreement absolutes and financial limits.
    • Request a list of must-haves and non-negotiable terms from leadership.
    • Prioritize other potential negotiation points such as discounts, agreement duration, and service/product upgrades.
  • Make concessions that are reasonable for both parties.
  • Avoid an item-by-item approach, focusing instead on bundled trading points.
  • Take a risk and try new approaches if negotiations are reaching a stalemate.

 

Ending on a note of respect, regardless of the outcome, sets a positive tone for future interactions. It also adds to your organization’s reputation of being astute, reasonable, and fair.

 

For more communications tips, check out Communication Skills for Workplace Success.

 

 

Salary Range 101: What to Ask Your Recruiter

Salary Range 101: What to Ask Your Recruiter

Finding a new job can be stressful. You probably have a million questions running through your mind at any given moment. Once a recruiter contacts you to schedule an interview, it’s time to collect your thoughts and prepare some questions. The interview isn’t just about the recruiter asking you questions–it’s an important opportunity to inquire about important details of the position. This includes salary range negotiation. Here’s a guideline for asking your recruiter about job pay.

When to Pop the Salary Range Question

It’s generally a good idea to get a basic feel for the position before asking about the salary range. After all, while salary is important, it shouldn’t be the sole motivating factor for getting the job. Go through the interview and see if the recruiter wants to schedule a second interview with someone in the organization. If the job sounds great so far and you want to move forward, try to find out the salary range before the second interview.

Ask your recruiter, “I’m looking forward to meet the team at [Company Name]. Are you the correct person to ask about the pay for this job?” Your recruiter might give you a general range, such as, “This job is in the $60,000-$6,500 range.” That’s fine for a first answer. Getting at least a general idea out on the table means you’ll save everyone’s time if you don’t end up liking the numbers. You can get the exact details further down the process if you’re satisfied with the range.

What Else to Ask

You might also want to ask, “What is the benefits package for this job?” While the starting salary range is important, you’ll also want to get all the details you can about bonuses and other perks. Does the job come with child care? Health insurance co-pay? Stock options? If any benefits are important to you, make sure you find out what the employer has to offer.

Don’t shy away from asking about salary and compensation. Know what you’re worth and what you look for in a job.

If you are a current job seeker or employer, click here to learn more about Beacon Resources and how we can help you today!