In this episode, I talk with Professor George Siedel, who is an expert on the topic of negotiation. Professor Siedel gives some great advice around negotiating for success based on his writing, books, research and experience. He takes a complex topic and provides some very practical strategies around it.
Engineering Quotes:
Here are some of the key points discussed in this episode on negotiating for success
- Everything in life is a negotiation. Negotiation is not just related to salary. It’s related to conversations with people, clients, friends, family and many more.
- The most important strategy to use when negotiating for success is to focus on trying to find interests from the other side so you can both benefit from the negotiation.
- When you can learn to look at the big picture, rather than looking at positions while negotiating, you can often develop mutual gains bargaining options. This means that both parties can gain by identifying mutual interests.
- Instead of asking people what they want, rather ask them WHY they want it. This opens a door to a discussion of interests, and this is where you will then be able to match their interests with your interests.
- People think that when you negotiate that your goal is to try and persuade the other side to advocate for what you want. When in fact, the great negotiators have the skill of asking questions and listening carefully to the answers. Negotiators that can do this will have much more power when negotiating.
- Researchers have found that there are some cultural differences in the ability to ask questions. When negotiating people from different cultures, you have to consider the style of the other side as well as their values and beliefs.
- Questioning does give you information, but you must ask yourself what type of information is most useful.
- Whenever you are preparing for a negotiation, you should always think of what the alternative would be if your negotiation fails. If you have a strong alternative, you will have great leverage to use during a negotiation.
- Develop a checklist of items when you are preparing for a negotiation. This will put you way ahead of the other side during negotiations.
More in this episode…
In the Take Action Today segment of the show, Professor Siedel gives you practical advice that you can use to improve your negotiation skills immediately.
About George J. Siedel
George J. Siedel is an American author and professor on the faculty at the Ross School of Business, University of Michigan, where he is the Williamson Family Professor of Business Administration and the Thurnau Professor of Business Law. He is known for his research on proactive law, negotiation, and alternative dispute resolution, and for his pioneering work in the development of MOOCs (Massive Open Online Courses). He received a Bachelor of Arts degree from the College of Wooster, a JD from the University of Michigan and a post-graduate diploma in law from Cambridge University.
Siedel ‘s approach to negotiation strategy combines theory with practical advice. This approach is summarized in his book on Negotiating for Success: Essential Strategies and Skills and in numerous media interviews. Siedel has written many articles in leading journals and books on negotiation, law and management and on proactive contracting.
Negotiating isn’t about getting what you want or giving in to what the other party wants. It’s not an ‘either/or situation.’ It’s about having both parties walk away satisfied. Over the years in both business and life, I’ve had to learn this hard lesson. – John Rampton
Resources and links mentioned in this session include:
Engineering Management Accelerator
Upcoming Engineering Management Institute Webinar
George Siedel Coursera
Negotiation Planner
MOOCs (Massive Open Online Courses)
Books Mentioned in the Episode:
Negotiating for Success: Essential Strategies and Skills
Never Split the Difference: Negotiating As If Your Life Depended On It
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