Share information without regret in Negotiation

Share information without regret in Negotiation

Share information without regret in Negotiation 
Summer 2014, Asia Volume 5, Number 24

HOW TO SHARE INFORMATION WITHOUT REGRET IN NEGOTIATION
This is How You Begin

Begin by recognizing the type of negotiation and asking questions regarding the information you already have at your dispense. For distributive negotiating situations, parties are less forthcoming with information than in integrative negotiations where both parties work together for desired outcomes. Research has shown that failing to reach a resolution in integrative negotiations usually boils down to the failure of sharing information.

You have to be objective when asking yourselves questions about your information. What information is critical to this negotiation? What is the best way to share the information I want to with the other party? What might they be hiding from me?

In their book Organizational Behavior and Human Decision Processes by R.L Pinkley, T.L Griffith and G.B Northcraft, they found out that negotiators who are aware of each other’s alternatives to a negotiated agreement were more likely to make their resistance points less extreme, improve negotiating trade-offs and increase the size of the resource pie compared with situations in which one or both negotiators were not aware of the alternatives.

BE AWARE OF

GREY AREAS

The sharing of information should be used to gain mutual trust and to gain information in return- in other words, be strategic. Sharing information can result in gains for both parties. However, be careful of crossing the lines of what is ethical. If you are withholding or hoarding information that would be detrimental or result in a violation of contract, you are going to waste valuable time.
As mentioned in a earlier article, creating perceptions is important in generating BATNAs, but willfully holding information that can result in damages costing millions of dollars for the other party can be considered acting illegally. Likewise for the other party towards you. Ensure that the information you need from them is shared with you.

INFORMATION IS A

PRECIOUS RESOURCE

At the end of the day, information is a precious resource to any negotiation. However, the giving of information does not always necessarily mean to return something equally valuable. You want to share information that you believe will help both parties achieve their goals, and not information that will strengthen the other parties’ BATNA while simultaneously weakening your own.

In an informal study with a Harvard MBA class, it was found out that the key aspect of sharing information was not the advantage of having information that the other had to claim value, but to create value for everyone involved. In integrative negotiations, you are more likely to identifying value-creating trade-offs then by hiding information. False assumptions is detrimental to a successful negotiation, so do not miss opportunities to correct a problem that you might have glossed over. The bottom line is by sharing information, you are creating a bigger pie for everyone to divide.

60 Seconds

is All it Takes
to Know a Little More
Quick Tip1

Research has shown that failing to reach a resolution in integrative negotiations usually boils down to the failure of sharing information.

Quick Tip2

The sharing of information should be used to gain mutual trust and to gain information in return- in other words, be strategic.

Quick Tip3

You want to share information that you believe will help both parties achieve their goals, and not information that will strengthen the other parties’ BATNA while simultaneously weakening your own.

Quick Tip4

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