In high-stakes negotiations like those for executive roles, having a BATNA (Best Alternative to a Negotiated Agreement), can significantly impact the outcome. When you have the safety net of a good BATNA it changes the dynamics of your negotiation by boosting your confidence.
First, let's understand exactly what a BATNA is. In short it represents your best course of action should the current negotiation fail. It could be an offer from another company or a new business venture you've considered. The key is to have an option that gives you an advantage and is realistically attainable.
When you have a solid BATNA, you approach the negotiation table with an elevated sense of confidence. Knowing that you have a viable alternative should the negotiation not meet your expectations relieves pressure and allows you to negotiate more assertively. It signals to your boss that while you value your position in the organisation, you're not afraid to explore other opportunities if your worth isn't recognised.
For your BATNA to be realistically attainable, it has to be more than just an idea of what you will do, you need to commit to it. Put some time into developing your BATNA. Include doing some market research, networking, and occasionally, talking with other companies to get a clear picture of your worth and opportunities. You might even decide to apply for and interview for some other roles, this will give you a real idea of what might be possible for you. It's also a great way to get some practice interviewing in. Remember applying for a job is not the same as accepting a job offer, it's just indicating that you are open to the conversation.
You will be amazed at the difference having an attractive BATNA makes. It will change your countenance in your negotiation. You will be more confident and your boss, even without you mentioning it, will notice the difference. And you can use the data you have researched for your BATNA in your negotiation. Remember to never use it as a threat, but as a demonstration to your boss that you have acted independently to review the alternate options that you have.
In essence, a well-developed BATNA can be your secret weapon to secure better pay and conditions, and new career opportunities, helping you to become a successful executive, leading strategic growth and innovation in your organisation.