August 2024
Beginner
336 pages
7h 29m
English
Content preview from The Elements of Negotiation
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ELEMENT 14Subject Matter
Negotiation expertise is an invaluable asset across various industries, a fact that is increasingly recognized in the corporate world. This principle is vividly illustrated in the Apple TV show Ted Lasso, where an American football coach, despite lacking soccer knowledge, successfully leads a British soccer team. His success is attributed more to his human and coaching skills than to his familiarity with soccer.
In my role as a negotiation advisor, I frequently enter scenarios where my understanding of the specific subject matter – whether it's in construction, technology, or services – is limited. However, I've found that not being entrenched in the specifics of the industry can actually be beneficial, allowing for more creative and effective negotiation strategies.
This approach to negotiation is gaining traction in the corporate world. A recent study by McKinsey & Co revealed that a majority of CEOs from Fortune 500 companies support the creation of a new executive role: the chief negotiating officer (CNO). According to the study, implementing a CNO could boost an organization's earnings by at least 5 percent. This significant finding underscores the value of specialized negotiation expertise at the highest levels of corporate strategy.
The concept also bolsters the argument for forming specialized negotiation teams within organizations. Such teams, consisting of individuals whose primary expertise is negotiation, can provide invaluable support across ...
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