Business English: The Science of the Deal (Part Two - Salary Negotiations)
Today in part two of our Business English series about workplace dynamics and deal making, you will increase your English vocabulary in an area essential to your career. As an English coach and teacher, I always try to use real life material to hone (= improve) my students’ English skills.
Now, let’s look into some more advanced Business English vocabulary. For this blog post, I used a talk by the famous Wharton Professor Adam Grant as inspiration to make this lesson even more informative. This blog post will not only increase your English vocabulary but also give you some negotiation tips.
Most people think they can only get results if they directly ask others exactly for what they want. Adam Grant disagrees with this approach. He, instead, recommends you come up with (=think of/ produce) multiple (=several) numbers. If you find yourself negotiating your salary, multiple numbers will present your counterpart with a range. A range seems much softer and friendlier than coming in with a hardball demand (= starting with an offer where the person making the offer makes it clear that they won’t move away from their offer). It gives the other side options. This strategy signals a bottom line (= the minimum acceptable to you). In the eyes of the person sitting across from you, you will seem more flexible, and they might be worried about insulting you “by going below the range” (=by offering less than the range you offered) “so they are more likely to counter within it” (=to respond within your range).
This strategy also applies to other types of negotiations. For example, if you are negotiating multiple issues, you can “take this a step further” by putting multiple offers on the table. “This might sound counterintuitive if you're used to sticking with (= staying with) a single set of terms, but research shows you're better off (= in a better position) working from what's called a multiple equivalent simultaneous offer.” If you, for example, come in with an offer with a high salary but an unpopular location and another with a moderate salary and a more desirable location, it increases the odds (=makes it more likely) that both sides find a combination that works for them. Of course, the credibility of your offers depends on having a legitimate rationale (= logical argument/ reasoning) to back them up (= support).”
Idioms:
To play hardball: to be an extremely tough negotiator
Sarah is known to play hardball when she enters negotiations. She uses hardball techniques that won’t leave her counterpart much, or even any, room to maneuver.
The bottom line: The bottom line can be the core issue of a problem you are discussing. It can also be the main reason for something; or as in our example: your minimum offer.
The bottom line is that we will need to reform the education system.
What’s the bottom line here? Is it that you think that our marketing strategy needs to be changed (= overhauled)?
To put an offer on the table: Let’s see what you can put on the table? What’s your offer?
Extra: During negotiations, we make offers and receive counteroffers. Someone can counter your offer with a counteroffer.
The odds can be against you. They can also be stacked in your favor during a negotiation. What are the odds that you will receive (get out of a negotiation) what you want?
To be continued….