Negotiation and Closing
Overall, I think the most recent content surrounding Negotiation and Closing was the most important thing I have learned this term. I’ve always known negotiation to be a critical skill, to master both personally and professionally, but it has always been something I never felt comfortable to do. Reinforcing the crucial steps in the negotiation process, as well as the different things that can be negotiated, is something I will carry with me going forward.
Highlighting the WHAT of negotiation, one of the most eye-opening concepts we explored was the 5 F’s of Closing the Deal, a framework introduced by Geoff Smart and Randy Street in their book Who. This framework outlines five key factors that both job seekers and employers should consider during the close of a job offer: Fit, Family, Freedom, Fortune, and Fun.
- Fit is all about finding alignment between your personal values and the company’s culture. Negotiating based on fit means understanding not just the job requirements but whether the company’s mission, values, and work environment align with your own principles.
- Family refers to considering how the job will impact your personal life, especially in terms of time commitments, location, and overall work-life balance. It’s essential to evaluate how your family’s needs factor into your job choice and negotiation.
- Freedom is about the level of autonomy you’ll have in the role. Do you want to work in a flexible, decision-making capacity, or are you more comfortable with a structured, clearly defined role? Knowing your preferences for freedom can guide negotiation discussions about job responsibilities and decision-making power.
- Fortune focuses on the company’s financial stability and compensation package. When negotiating, it’s crucial to understand both the company’s financial standing and the salary/benefit package that aligns with your expectations and market value.
- Fun speaks to the importance of the work environment. A positive and engaging workplace can make all the difference in job satisfaction, and it’s something worth considering in the negotiation process.
Understanding these five aspects of negotiation not only helps you evaluate a job offer but also guides your approach in negotiations to ensure you’re setting yourself up for a fulfilling career. Negotiation is not just about getting the best salary, it’s about finding a balance between your personal and professional life, aligning your values with the company, and ensuring the job fits your needs and goals. The skills I’ve learned this term will undoubtedly help me approach future job negotiations with confidence, both from an applicant and a hiring manager perspective, armed with the right tools and mindset to succeed.
