PSY 126 Week 10: Networking & Negotiating
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Networking and negotiating are important skills for business and career success. The document outlines the networking process which includes self-assessment, developing a network, conducting informational interviews, and maintaining relationships. It also discusses negotiating strategies such as planning, bargaining, and reaching agreement or impasse. Cultural differences are important to consider for global networking and negotiating. The key takeaways are developing an effective self-introduction, growing a professional network, and understanding negotiation techniques like concession making and integrating interests to find win-win solutions.
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PSY 126 Week 10: Networking & Negotiating
- 1. Networking & Negotiating Matthew L. Eisenhard, Psy.D. Week 10: Psychology for Business & Industry
- 2. Networking • The ongoing process of building interconnected relationships. ▫ Purpose is for politicking and socializing. • Networks are: ▫ Clusters of people joined together by a variety of links. ▫ Primary and secondary connections.
- 3. Networking Objectives • To get a job – or a different one. • To perform better at your current job. • To advance in your organization. • To stay current in your field. • To maintain mobility. • To develop and maintain relationships – professional and personal.
- 4. Networking Process • Self-assessment exercise 10.1. • Five basic tasks: 1. Perform a self-assessment and set goals. 2. Create a one minute self-sell. 3. Develop a network. 4. Conduct networking interviews. 5. Maintain the network.
- 5. Self-Assessment & Setting Objectives • Helps clarify your skills, competencies, and knowledge. • Gives insight to what is important to you. ▫ Accomplishments Write down at least 2 to 3 that define your skills and abilities – include in your resume. ▫ Tying accomplishments to job interview When asked to describe yourself, use the accomplishments statement in your resume. ▫ Set networking objectives Clearly set goals – break it down into specific tasks.
- 6. Your One Minute Self-Sell • An opening statement used in networking that quickly summarizes your history and career plan and asks a question. ▫ Should be 60 seconds or less. ▫ Be concise – clear – compelling. ▫ Outline History Summary of highlights of your career to date. Plans What you are seeking – be specific. Question Ask question to open two-way communication.
- 7. Develop Your Network • Start with primary contacts – people you know. ▫ Document these contacts. • Ask for secondary contacts – keep growing the list. ▫ Include people you do not know. ▫ Get involved with the community – clubs, organizations, volunteer work, etc. ▫ Meet and greet. Use the one minute self-sell.
- 9. Networking Interviews • Informational interviews are designed to help learn specifics about your field of interest. ▫ Can be a phone call. Better if face to face. ▫ Ask for 15-20 minutes of their time. ▫ Most people are willing to help you. Do not go over your allotted time – unless asked to stay. Leave business cards and resumes.
- 10. Networking Interview Process • Establish rapport. ▫ Praise and read the person. ▫ Thank them for their time. ▫ State your purpose clearly. • Deliver your one minute self-sell. ▫ Even if it is a repeat – it leads into your questions. • Ask prepared questions. ▫ Have a short list of concise and relevant questions. • Get additional contacts. ▫ Always ask for names of other people to contact. • Ask how you can be of help to them. ▫ Or better yet bring something that may interest them – reciprocity. • Follow-up with thank you note and status report. ▫ Good idea to document meetings and follow-up calls.
- 11. Maintaining & Coalitions • Keep everyone in your network informed of your progress and status. ▫ If someone was particularly helpful, let them know. • Always continue to grow and update your network. • A coalition is a short-term network used to meet a specific goal. ▫ Use it to help you influence the people in power that you need to further your aspirations.
- 12. Digital Networking • Follow the same rules as in-person networking. • Think about using LinkedIn for business networking. ▫ Businesses are using social networking to increase their business. ▫ Follow the company policies about using work hours for networking, social or otherwise.
- 13. Negotiating • Process in which two or more parties have something the other wants. ▫ An attempt to come to an exchange agreement. ▫ It is also called bargaining. • Power, influence tactics, & politics can all be used in the negotiating process. • Self-assessment 10.2 examines your negotiating skills.
- 14. When & Where? • We negotiate when there is a conflict of interests. ▫ Union bargaining (others bargain for us). ▫ Accepting a job. ▫ Getting a raise. • If there is no set price or “wiggle” room, then no negotiation/bargaining can/will take place. ▫ Can you name some acceptable and unacceptable times and places?
- 15. Two Negotiating Strategies • Distributive Bargaining ▫ Negotiating over shares of a fixed pie. ▫ Creating win-lose situations. ▫ Zero-sum game = any gain made at another party’s expense. • Integrative Bargaining ▫ Negotiating to give everyone a good deal. ▫ Creating win-win situations. ▫ Trust is a major factor. Must be open, honest, and flexible. The “good deal policy.” ▫ Good negotiating skills can be learned – and are in high demand. Good leaders are good negotiators.
- 16. Process of Negotiating • 3, maybe 4 steps. 1. Plan 2. Bargain 3. Maybe a postponement 4. Agreement – or no agreement.
- 17. The Plan • Success or failure depends on a good plan. ▫ Research the other party. Know your opponent well. ▫ Set goals. Have a specific target and be willing to walk away unless you get it. Open with something higher that what you will settle for. ▫ Anticipate questions and objections from your opponent. Be ready to answer everything that could possibly come up from them. ▫ Develop options and trade-offs. If you have to give up something, be ready to ask for something in return.
- 19. The Bargaining • Develop rapport. ▫ Read the other person. ▫ Focus on obstacles. ▫ Never attack the other person on a personal level – no name calling allowed. • Let the other party make the first offer. ▫ Use this as a starting point. • Listen and ask questions about the other party’s needs. ▫ Remember people want control and respect. • Do not move too fast. ▫ Ask for something in return. ▫ Do not look desperate or intimidated. ▫ Make the first concession (it makes them feel obligated), but do not make unilateral concessions.
- 21. To Postpone or Not? • Honesty and integrity are imperative for a good negotiator. • Do not create a sense of urgency. ▫ Unless it is really true. • Know when to pressure and when to let it go. ▫ Sometimes agreeing to let ▫ someone sleep on it may be best. ▫ You need to read between the lines, read the nonverbals.
- 22. Agreement or Not • Everyone agrees on the terms. ▫ Or… no agreement can be made. • If an impasse is met, consider bringing in a 3rd party or mediator. ▫ Difference between good and not so good negotiators is how they respond to failure. Learn from your mistakes. Maintain your enthusiasm. Maintain your optimism. Come back another day.
- 23. Networking and Negotiating Globally • Be alert to cultural differences. • Variations for global negotiating: ▫ Time to reach an agreement. ▫ Focus on relationships versus task. ▫ Use of power tactics. ▫ Verbal and nonverbal communication. ▫ Correct greetings and rituals.
- 24. Global Negotiating Examples • Israeli’s like a good argument. • Japanese prefer being civil. • French like to take their time and like conflict. • Chinese like to drag things out. • Americans and impatient and want quick results. • Japanese and Chinese expect to exchange gifts. • Russians view concessions as a sign of weakness. • Japanese expect to do business over dinner and drinks. • Islamic cultures ban alcohol.
- 26. Main Points • Networking process • Create your own “one-minute self-sell” • Negotiating “let’s make a deal”