Great, thanks to Michelle and Aparna for the privilege of speaking today. So this is usually the topic that I give at the women's lunch. No one comes to my table, by the way. And personally, I think everybody should come to the table. But these are my disclosures. So let's start off by talking about what is negotiation. I think you all think you know what it is, but there's really two types of negotiation. The word actually derives from a Latin term, which just means to carry on business. It's just about business, okay? It's not about you personally. And the process really is to arrive at an agreement between different parties that each have different interests and preferences that are sometimes opposed, but often just really different. And this is really a give and take process by which, hopefully, at the end, both parties will win. So there are two types of negotiation. Many people who come into my office think this is the type that we're working with, which is distributive. And this is really where parties are competing over a fixed sum of value. So this is very different than the kind of negotiation I want all of you to learn how to do. This is really a win-lose situation where someone who is going to claim value is claiming the most value. So they've won, right? So whatever I take from you, I gain, and vice versa. And this is really not the type of negotiation you want to consider. You want to consider integrative negotiation. And this is really where parties are cooperating to try to achieve maximum value or benefits by integrating their interests into an agreement. And so this is what we call win-win negotiation. And the key question is, how can the resource, and the resource is you, be best utilized? So I know what I need and want. You know what you need and want. How can we best come to an agreement so that your talents are best utilized? And these tend to be more long-term strategic relationships. And what's really important about this negotiation, and we'll talk about this, is that there's lots of things that come into this. It isn't just a one-way deal where we're talking about one particular issue. You're talking about a lot of different issues. And this is important because talking about a lot of different issues allows all of you to come to a point where you're winning on some, they're winning on some, at the end you're both happy. So again, when you compare these two negotiating styles, you want to be in the win-win category. This really provides you as the individual gain, as well as the person that you're negotiating with. Your interests are not opposed. They are different. And it's important for you to understand going in there, it's not a me or you. It's a you think this, I think this. They're different, but we can come to some common ground. And again, this should be for most of you, hopefully, a long-term relationship, not just a short-term relationship. Also important is that there are multiple issues that you're bringing to the table. It's not just everybody wants to talk about salary. It's not just salary. It's a whole multitude of things that come together to create the job that you prefer, the job that you're going to stay in for a long period of time. And because there are multiple issues, it allows for flexibility and it allows for trade-offs. And I think it allows for more creative solutions. I've had many people come into my office who have brought to me ideas that I never considered before. And in fact, when I thought about it, I thought, yeah, we can probably do that. So it allows for creativity and new solutions to come to the front. So there are four parts to the negotiation process. And you have to spend a lot of time on number one. Number one is preparation. So the first thing that you need to do to prepare is to know who you are. So many people who sit at my—they're very few, actually—but whoever shows up to my negotiating table, I ask them, you know, what are you bringing? What are you bringing to, you know, to the workplace? And oftentimes they're like, oh, I don't know, I just graduated, you know. I'm like, I'm not bringing much. You're bringing a lot of things, right? And we're going to talk about those things because that's critically important. You need to understand who you are and your value before you walk in that room because that's what you're trading off, right? If you just show up and go, I got nothing, then you're probably going to get nothing, right? So you have to understand what you're bringing to the table. The second thing you have to understand is who you're talking to, right? You have to know something about the division or the department. You have to understand maybe what their gaps are. Sometimes people have brought to my attention gaps I didn't know I had. And they said, hey, you have this gap. I can fill this gap. There's value to that. The second part is now you're going to take all that information and you're going to share it, right? So I need to know about you. You need to know about what I can offer. And that's really part of the negotiation process and that's when you're face to face. The third part is bargaining. And this is where you're going to do that trade off, right? Where maybe you come in and you say, you know, it's important to me to work four days a week. Is that a possibility? What is the trade off for working four days a week as opposed to five days a week or in a particular clinic location? And then finally, you need to finalize the deal, right? And during that process, you need to be able to, in your mind or on a piece of paper, understand what is being said and please summarize it at the end so that you're both on the same page before you move forward. So BATNA is talked a lot about in the negotiation process. This is what's called the best alternative to negotiated agreement. And why is this important? So you have your perfect job, right? You have your perfect space requirements, mentors, location in a city, a window in your office. You need to have all these things in your head. That's your perfect job. What's your acceptable job, right? And you need to understand what your acceptable job is because if somebody offers you something that's exactly what you, is acceptable to you or better, you should just thank them and stop negotiating, right? Because sometimes you can negotiate a worse deal if you keep going. If, however, it's less than that, okay? You shouldn't accept a deal that is unacceptable to you, but you should, again, continue to negotiate. So you have to walk in understanding where you sit in terms of your BATNA. So what do good negotiators understand? The first is they understand how to build key relationships. That's what everybody is looking for. They're looking for somebody to work with. They're looking for a colleague. They're looking for a collaborator. You need to be able to identify what other people need. Now sometimes that will be before you walk in the room and sometimes it will be based on what they're saying to you. What do they need? Do they need a person who's going to lead a fellowship program? Do they need a person who's going to do research in NASH? Do they need a person who is going to start a program in women's health? What do they need? And you need to understand how you fit into that and how you can give them what they need. Now sometimes you can't, okay? Your area of research is in whatever, bile acid transport, and they need somebody who's going to do viral treatment of hepatitis B. But you need to understand where those gaps are and how you can work to fill some of those gaps. You also need to know how to get what you want in return. So again, if you don't ask for something, if you don't put something on the table, this is my value, what's your value, then you're not going to really achieve your goal. And then finally, you do need to understand what the negotiator controls. Not everybody you talk to is going to be able to control salary. Not everybody you talk to is going to be able to control space. So that is part of the process when you're talking to people to understand who makes those decisions and what influence that person has on the decision maker. So how do you go about this? I would suggest you do two things. I would suggest you make a list, write it down, and you prioritize and you practice. So what do I bring to the negotiation? Well, you're all well-trained, hopefully. What's your experience? What kind of experience have you had? What can you bring that might be unique to the table? What's your area of expertise? Have you ever developed a program? So Elliot just talked with you about some of the things he did while he was training That would have been very useful, right? And I'm sure hopefully he pointed out when he came to a negotiation, okay, what have I done so far? What can I bring to the table? What are my talents? Don't discount diversity. Every division chief department chair needs diversity and that can be diversity in a lot of different ways, where you live, where you're from, how many kids you have, whether you're not married, what your race is, what your gender is. So all of you are diverse and all of that plays into your ability to negotiate. What are your specific interests, okay? Is it research? Is it potentially education? Is it quality? And as Elliot pointed out, what is your ability to mentor? Because again, all of us are looking for people to mentor, but also to mentor others. What are your priorities? So I put salary at the top and we're going to talk about salary because this seems to be the top of everybody's list. It shouldn't be, to be honest with you. Many other things on this list are far more important than salary and are part of a package, okay? Part of your botana. What about protected time? What about your ability to do the things that you want to do? Are there people at the institution that can mentor you? How much time are you going to spend on service? What's your call like? If you have little kids and you're taking call every third, okay, you got to figure that into your overall package. Are there people you can collaborate with? Is there opportunity for an advanced degree? Many people who come to me say, you know, I'd really like to get an MBA. What are my options there? And what is your opportunity for leadership? This is important, not just within your institution, but also nationally. So let's talk for a minute about salary. It is important for you to have some general sense of what the market is for starting salary. And the next slide, which I think is online or someplace, gives you some resources. People just don't know. So I'll give you an example. I had a young woman come into my office, was being offered a job at another institution and said nothing about the job, right? Just, you know, they want to pay me X. What do you think? So I said, well, how much money do you make? She goes, well, I don't know. I said, okay, let's look. Okay, you make X. And she's like, wow, that's more than I thought I made. So I said, well, you know, what's your incentive? What did you make for your incentive last year? She goes, well, I don't know. So I looked it up and we added that to her base salary. And at the end of the time, between that and other things that we did, she was making a salary that was about $60,000 more than she was being offered. But again, she didn't know, right? She hadn't done her homework. She hadn't understood sort of where her starting point was. So at least that kind of information gave her the ability to start that negotiation. You have to know where your salary is on your priority list. I hope it's not number one because there are many things that keep you at an institution and I will guarantee you from years of leadership, salary is not it. I will tell you that most of what keeps people at an institution are the entire rest of that list and salary is important, but make sure that you're prioritizing those other things as well. It is important for you, however, to understand how salary is determined. This is critically important to you. It's important to you to understand what is your expected work effort for your salary and very, very important, how is it going to change over time? Because what you negotiate today will in fact change over time. So these are the resources that I laid out. So finally, sort of what kinds of things need clarification? It is important that you understand who the decision maker is. Is this the person in front of you or if not, who does he or she have to ask permission of? How are things going to change over time? Very, very important. This is your job today, but what's going to happen in a year? What happens if three people leave the division? How much more call do I have to take? You know, how will my salary be increased? You need to kind of understand how things could potentially change over time. And very important to understand and anticipate, are there going to be changes in the division or the department? Is the person you're dealing with going to leave tomorrow, in which case your deal may change completely? So very important to understand the stability of who you're speaking with. I'm going to give one slide on gender differences because women in the audience are thinking, I can't do this. I will guarantee you, you can do this. It is true that when you look at the literature, men and women with similar power bases actually use the same negotiating styles, right? But men do tend to negotiate slightly better deals. It's not 100% clear why that is, but I think it may be due to number three, which is that women have very different attitudes toward negotiation and their abilities and success as negotiators. But what I will guarantee you is that if a woman comes into my office and asks for something, her ability to achieve that is identical to a man. So if you don't ask, you will rarely receive. So finally, these are some of the techniques I would just suggest to you. The first is prepare. The second is leave your ego behind. If you don't ask for something, you're not going to get it. You should anticipate and expect compromise, and you should offer and expect commitment. You have to always stick to your principles. And again, you're going to conclose that negotiation with confirmation. So the key takeaways here, again, I can't tell you enough to be prepared. You should practice, be able to voice who you are and what you want. You have to create your botanist to understand when somebody says, do you want this? You have to know whether to say yes or no. You should lose your ego. You have to focus on your priorities. And again, remember, this will not be your only negotiation. You have to ask in the future, otherwise you're never going to get what you need. Thanks. Thank you.

negotiation tactics

win-win negotiations

BATNA

building relationships

gender differences