The 7 Essential Terms You Need to Know Now

Negotiation is a broad and complex topic and you’re not here to learn it all; Pay Raise Prep School has a narrow focus on the goal of negotiating your next pay raise. That said, you need to know a few key terms and concepts in the lexicon of negotiation.

You’ll use most of these as you Build Your Custom Pay Raise Plan in the Salary Accelerator Course. They have a role in your strategy so it's smart to get familiar with them ahead of time.

Using the two online glossaries linked here, look up the seven terms listed below. Both glossaries have exhaustive lists, yet each is conveniently on one (long) page. In fact, if you peruse each page at length, you’ll have completed a crash course on negotiation! Some definitions include snippets of advice.

The 7 Negotiation Terms to Look Up 

  1. Aspiration Point (AKA Aspiration Value AKA Target Value)
  2. Anchoring and Anchor Point — In the Salary Accelerator Course, we apply this concept ​when setting goals for your raise.
  3. Reservation Value
  4. BATNA or Best Alternative to a Negotiated Agreement — Here's a BATNA example in graphic form. (Page source)
  5. ZOPA or Zone of Possible Agreement, AKA Bargaining Zone — Here's ZOPA in graphic form. Source: Wikipedia
  6. Positional Bargaining — How you might currently perceive negotiation, but it's not the favored way. 
  7. Interested-Based Negotiating — This is the way to go! It's more of a conversation leading to mutual agreement. Easier on the nerves than positional bargaining.

After this assignment, my guess is, you'll start feeling your next pay raise meeting will be a lot more strategic than last time. And it's true, especially once you complete the Salary Accelerator Course. Press on!