Greater Raleigh Chamber Blog

​Let’s clear something up. There is a big difference between a negotiation and a difficult conversation. Unfortunately, we sometimes struggle to differentiate between the two, and the fear of getting into a ‘difficult conversation’ hinders us from stepping into a negotiation.
 
A ‘difficult conversation’ may include reprimanding or firing an employee, telling your significant other bad news, or letting your child know that no, they cannot have cake and ice cream for breakfast every morning. This is a one-way discussion without a back-and-forth. Negotiation, on the other hand, is an effort to find common ground between two different viewpoints.
 
Now that we know the difference, let’s get into some helpful tips our experienced panel shared about negotiating our way to success.
 
Preparation is key
Just as you prepare for any other meeting, you need to prepare to negotiate. Do your research. Always go into your negotiation meeting with data and facts. Gather information and consider details from a range of areas that can be negotiated (hint: it’s more than just money). What benefits are important to you? What responsibilities can help you advance your career? Think long term about where you want to be and what your career goals are.
 
Part of preparation is determining your alternatives. Remember, you are preparing for a back and forth conversation, not that your first offer will be accepted. Think about and determine your BATNA – Best Alternative to a Negotiated Agreement.
 
Preparing yourself is also important
Even though we know a negotiation and a difficult conversation are two different things, inexperienced negotiators can still have trouble differentiating between the two. Prepare yourself by learning your weaknesses (though this make take time and experience) when it comes to negotiation. At the very least, try to take your emotions out of the process (see above note about preparation – having data and facts can help do this).
 
Whenever possible, have the conversation in person
“You cannot convey context, particularly emotional context, in an electronic format” - Jennifer Venable.
 
With digital communication now commonplace, there are still conversations that are best done in person. A negotiation is one of those. There are some exceptions to the rule, including meeting preparation. If you’ve done your preparation and have data and facts to support your offer, you can potentially send that information digitally prior to your meeting. This gives your counterpart time to digest the information you’ve provided and also prepare for the meeting.

Negotiation Time
The time has come to sit down and talk through your offer. Since you’ve prepared all of your information in advance, you can use your energy to listen instead of worry over your part of the conversation. Ask questions. But don’t just listen to the answers, use active listening during your meeting. It’s important to have empathy for the other person in this negotiation, and active listening helps you put yourself in their frame of mind. What is it that they really want? How do their goals align with yours? Additionally, don’t assume you both have the same life experiences and that you negotiate the same way. Your tactics will change with every person you negotiate with, and active listening will help you adjust as needed.
 
Just as you’re asking questions (and really listening to their answers), your counterpart will also ask questions of you. Because you’ve prepared your data and yourself, you should be ready to answer your questions confidently – but do not answer defensively.
  
Asking for a Raise (Or Getting Your First Offer)
This is the big one. This is the negotiation that everyone has at some point, and it’s not always easy. Dr. Jeff Langenderfer shared with YPNs that almost all offers are negotiable, and yet almost no one negotiates. In fact, this lack of negotiation affects women more than men, as they’re often less likely to initiate a negotiation and simply take the first offer. Don’t let this happen to you. Remember, you can and should negotiate more than just salary.
 
Here are some quick tips from our panel on stepping into your next raise/offer negotiation:

• Make sure the manager is not in a current stressful situation. If so, wait to raise your offer.
• Document throughout the year all of your successes and when you have gone above and beyond. This is part of your ‘preparation is key’.
• Have the conversation first thing in the morning or just after lunch. Statistics have shown that this is the best time to approach a manager about a raise. Late morning and late afternoon are the worst.
• When accepting a job offer, while it may seem counterproductive, all panel members agreed that you should leave some money on the table. Requiring your new employer to max out their salary range on you may cause them to later have buyer’s remorse and put undue pressure on you in your new job.

 
Now that you’re prepared for your next negotiation, what are you going to do next to advance your career?

Visit the YPN information page here. 

​I’m so glad I didn’t doubt myself or the event.

As dozens of young children began filling the room of YPs, you could feel the excitement and energy in the room rise exponentially. They were ready to hop on computers and get to work.
 
While we came across glitches (that’s what coding is all about, right?) it was fun to problem-solve with the children.

​“Oh, I’ve used this program before!” they exclaimed.
“Oh no, I can’t pretend like I know what I’m talking about because they know more than me,” I thought.

​What started as a concern over not knowing how to run the program the children would be using, turned into a great learning experience and fun day just hanging out with some pretty cool kids.

​We wrote stories about people who inspired us. We used a coding program to make animated movies. We ate pizza. We played with robots. We spent time with some of the great youth of our area while getting to know a handful of fellow YPs just a little bit better.

​All-in-all it was a pretty great day. I can’t wait to see what community outreach program we have up next!
​

Learn more on our website here. 

Jan. 18, 2018

Contact:
Vernessa Roberts
919.995.0264
[email protected]

Triangle Region Excited to Be Finalist for Amazon HQ2
Statement from Ryan Combs and the Regional Economic Development Team

On behalf of Raleigh and the Research Triangle region, we are excited to be a finalist for Amazon’s second headquarters. We have a dedicated team of regional experts, economic developers, and community partners ready to make Amazon’s HQ2 a reality in one of the best places to live and work in the world.

The Research Triangle region is a vibrant area with a diverse business ecosystem, a highly skilled workforce, a dynamic entrepreneurial community, higher education institutions that turn out stellar talent, and a quality life that is hard to beat. It is a thriving area creating change and disruption that impacts technology, life science, and business.

With more than $4 billion dedicated to new transit investment ($1 billion in new local funds) by 2028, affordable cost of doing business, a business-friendly tax climate, and access to the best talent in the world, the Research Triangle region has invested in its growing future. This is an ideal location for this transformational opportunity

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By Greene Resources

The Greater Raleigh Chamber of Commerce held their annual Economic Forecast on Wednesday, January 3. This event provides a glimpse of what economic and hiring trends in 2018 we can expect to see locally, nationally, and internationally.  The Economic Forecast was hosted by David Crabtree, anchor at WRAL-TV. Presentations were given by Mark Vitner, managing director and senior economist at Wells Fargo, and Mark Yusko, founder, chief investment officer, and managing director of Morgan Creek Capital Management.  Mr. Vitner discussed the upcoming national and local trends to expect within the economy and Mr. Yusko provided insight on the global economy and how that will change over the next year.
Both Mr. Vitner and Mr. Yusko provided extensive data and analytics in their discussion, including several areas in which they disagreed.  Below is a brief overview of the conversation.

Mark Vitner, Managing Director, Senior Economist, Wells Fargo
View Mr. Vitner’s presentation here.

• Economic Growth: Real GDP growth accelerated during the second and third quarters of 2017. The improved pace of growth appears to be carrying over in 2018. Growth is not only stronger but much more broadly based. Growth will cross into new regions outside of metropolitan areas, as evidenced by housing starts.
• Tax Reform: Corporate tax cuts have finally become a reality. This will probably impact the way businesses strategize for the coming year. Expect consumer spending and business investment to grow along with increased spending on infrastructure at the local level.
• Rates & Trends: The post-financial crisis era is over. Monetary policy is now focusing on normalizing interest rates and financial regulation. Mr. Vitner expects the Fed to raise interest rates three times in 2018.
• North Carolina Impact: North Carolina’s economic recovery gained considerable strength during the past couple of years, although gains have largely been limited to the Triangle and Charlotte. Growth is now broadening to include most metro areas. Expect another 25,000 jobs to be added to metro areas and their outlying regions.

Mark Yusko, Founder, Chief Investment Officer, Managing Director, Morgan Creek Capital Management
View Mr. Yusko’s presentation here.

• Economic Growth: Efforts to generate growth through tax reform, fiscal stimulus, and other methods will likely be unsuccessful due to an aging population. Efficiency will continue to decline as a result of baby boomers aging out of their most productive years (ages 45-65).
• Tax Reform: The recent tax reform legislation will continue to perpetuate income and wealth inequality within the United States. Businesses are optimistic regarding tax cuts, but Mr. Yusko likens these tax cuts to those of the early 1980s and anticipates higher taxes within eight years. 
• Rates & Trends: Despite positive rhetoric regarding the economy, actual GDP growth has been moderate at best, and job growth is beginning to fade. Mr. Yusko predicts the value of the dollar will fall, the increase in the deficit will lead to lower economic growth, and it seems like interest rates will not rise as much as expected. 
• International Impact: Economic growth is most clearly seen in countries with a developing economy; China, South Korea, and India are all on the rise.

​As shared by the speakers, the timeline for continued economic growth is certainly debatable.  Something on which both speakers agree, however, is the vibrancy of the Triangle. The Triangle continues to grow twice as fast as the nation.  The Triangle continues to benefit from affordability migration, a trend in which people are leaving larger, more expensive cities for more affordable, mid-tier cities.

Hiring Trends in 2018
​From Greene Resources’ point of view and from a hiring standpoint, the Triangle economy fairs well for the job seeker. Indeed.com recently completed its 2018 Employer Outlook Survey to find that 90% of recruiters expect to hire at least the same amount if not more people as they did in 2017. With both the North Carolina and the national unemployment rate at close to 4%, and the Triangle unemployment rate hovering around 3.6%, businesses will be faced with fierce competition to locate and land talent for their team.
When it comes to competing for those job seekers, success will likely be determined by the employee experience.  A recent Gallup survey of job seekers showed that competitive pay and benefits are still important, however, it is also important for employees to clearly see where they fit in the company, where they can grow, and how the company will help them learn and develop.  When it comes to locating the best talent for your company, we believe connecting with Greene Resources will help ensure continued success.

Want more information on economic and hiring trends in 2018? Watch the 2018 Economic Forecast here.

Posted in Business Development, Leadership, Recruiting and Hiring.

What economic conditions and trends will impact the business climate in Raleigh and the Triangle region in 2018? Hundreds of people gathered for the Chamber's 2018 Economic Forecast Wednesday, Jan. 3, to find out.
 
Speakers included:

• Mark Vitner, managing director and senior economist at Wells Fargo. View his presentation here.
• Mark Yusko, founder, chief investment officer, and managing director of Morgan Creek Capital Management. View his presentation here.
• David Crabtree (host), anchor, WRAL-TV Channel 5

​View results of the audience poll here.
 
Watch the entire event on WRAL.com here.