Edited by: PON_Staff, filed in: Business Negotiations, Daily, Financial Negotiations, negotiation
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Adapted from “Managers: Think Twice before Setting Negotiation Goals,” first published in the Negotiation newsletter.
The next time you’re tempted to dangle performance incentives in front of your employees, think about whether it could backfire.
As an illustration, let’s look at Major League Baseball manager Joe Torre’s renegotiation with the New York Yankees in October 2007. Torre had led the Yankees to four World Series titles and to the playoffs in all of his 12 seasons, but his future with the club was uncertain following a string of disappointing postseasons. As he approached contract talks, Torre writes in his book with Tom Verducci, The Yankee Years (Doubleday, 2009), his primary goal was to secure a two-year deal that would eliminate the distraction of knowing he might possibly be fired after a year. His salary was virtually irrelevant, he claims ... See more at: http://www.pon.harvard.edu/daily/business-negotiations/when-incentives-strike-out/
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