Place a higher priority on discovering what a win looks like for the other person – Harvey Robbins.
Negotiation is an essential aspect of life. We negotiate work responsibilities while conducting business and also deal with salary expectations. Many of us take negotiation in a negative light, misunderstanding its purpose. Negotiation does not imply that the agreements have to be intense with a winning and a losing party. The significance of fair negotiation is to let both the parties share their terms and pleas and then work together to reach a win-win conclusion.
There are situations where people do not understand the role of negotiation ethics. For example:- For negotiation in real estate, the buyer asks for a reduction in the quoted deal, saying they have other offers (when they might not have any). In salary negotiations, people claim to have a pipeline of better opportunities and pay to get a more significant raise. While some of these techniques may work out and get you what you want, it may kill your reputation if you have lied in the process. People do get to know about such lies, and that puts a question on your integrity. Negotiation ethics thereby plays a significant role while putting your side of the agreement so that the other party jumps in with an implied behavior to strive for fair negotiation. The article below will detail the definition of fair negotiation and what ethics are essential to consider before proceeding in the negotiation.
What Is Fair Negotiation?
When two parties continuously communicate to bring an effective agreement into submission while exercising integrity and fairness and targeting a win-win solution, that is a fair negotiation. It may not be quite prevalent in today's date because everyone wishes to be profitable regardless of the other party. Nevertheless, incorporating ethics and fairness in negotiation will ensure you hold your head high and be an inspiration to other negotiators. From many examples of ethical negotiators, we have listed down a few tips to practice for fair negotiation.
It won't be suitable to suggest that you put out your best interest and be entirely honest without knowing who you are dealing with in the process. For the business world today, you can't be truthful about every aspect; however, you must not lie. For example: While negotiating salary, if you do not have any other offers, just stay quiet as you put your proposition. Lay your terms, be ready with the best alternative, and walk away if they don't incorporate your conditions at your price. The rewards that follow a successful negotiation may benefit you financially, but they might hamper your relationships. Also, when you start with lies, you turn to get aggressive and incorporate more lies to support the authenticity of that minor lie.
Hence strive to put an argument about your talent, achievement, and work standards while proceeding with a fair negotiation.
The Art Of Compromise
Understand the value of compromise in negotiation. It is almost impossible to have all your terms accepted by the other party while negotiating. When you place yourself as a third party and regard the conditions of both parties, you can trace the long-term after-effects of a negotiation. As you do that, you will compromise something lesser now for something more significant in the future. For Example: During the valuation of a company, to get the investors' support, you can utilize one of the business negotiation strategies by agreeing to a lesser investment now. By promising optimal resource usage at present, your target for a long-term relationship with the investors persists.
Keep Emotions Out Of The Negotiation
Negotiation ethics implies negotiating professionally, keeping your emotions out of context. It is not a given; however, emotions sort of ruin the soul of negotiation. It provides stress and anxiety, and somewhere you come off as the needy one who has to have their way in the negotiation. It works against you altogether. So, instead, plan the negotiation and make notes of facts supporting your clause in the negotiation. As you do that, it displays your alertness and confidence about the whole negotiation process. Also, do not hastily spill out your decisions. Take your time, analyze the argument's A to Z, and counteroffer or agree to the proposition. Essential negotiation skills always call for a lot of analysis.
Respect and Commitment
Respect the other party even when you do not agree to their clauses of negotiation. Negotiation is just a business strategy to provide solutions to many underlying issues. For example, salary negotiations help employees ask for what they deserve; Negotiation in company pricing enables a fair value to the company compared to its competitors. So, negotiation does not have to get personal. Learn to politely put forth your conditions and be prepared with a walk-away price. Your analysis and confidence will be enough to carry out a successful negotiation.
In no case, should you deceive the other party. If you have committed to a negotiation agreeing on the terms and conditions, do so and honor your words. Not only are there legal implications for breach, but it will also question your dignity and company's reputation.
The Liberty of Strategizing
A fair negotiation does not mean you only have to give. It only points you to utilize the liberty of strategizing your goals and framing your terms in consideration of the demands of the counterparty. It isn't right to overlook the other party's intentions and investment in terms of time, effort, and finance. Negotiation ethics implies you don't get too rigid in the process, understand the importance of relationships, and disagree without disapproval. If you can master these skills, no one can stop you from being an ethical negotiator.
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