Essentials of Negotiation: Thinkfast, Inc
Propose a solution to the following Negotiation:
You are the CEO of Thinkfast, Inc., a high technology firm in Boston. Your top engineer, Jenny Lee, has just been offered a position with your leading competitor, Worksmart.com in Illinois. Pay will be $400,000 a year, twice the $200,000 a year she makes at Thinkfast. Jenny began her career with your firm and has been a loyal and productive scientist. She is in the final stages of developing a microchip that could provide millions of dollars in new business. No one else on your staff can replace Jenny's expertise. Jenny wants you to match the $400,000 salary or she leaves for Worksmart. She cannot take the microchip to a competitor, but she can begin something new for Worksmart, while you try to find someone qualified to take over her old project and position. You currently have a policy (set by you) of frozen salaries until Thinkfast shows a profit, something it has yet to do. Thinkfast is a high-tech startup company that you founded. You are the principal owner. The very survival of your company may be at stake. You need to negotiate the best outcome for Thinkfast.
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Essentials of Negotiation
As the CEO of Thinkfast, Inc., it is crucial to comprehend the situation at hand and act appropriately. According to the guidelines stated in the excerpt, as the CEO, I have set a policy to freeze salaries until the firm makes profits. Still, in the scenario, the company is at risk of losing a potential employee. Jenny Lee is currently the top expert undertaking a crucial project on microchips that may earn the company a lot of money. However, she is being promised twice her salary at another Thinkfast's competitor, and Jenny urges her current employer Thinkfast to match the competitors' offer, or she will join the other company, Workmart (Barry et al., 2015). If Jenny leaves for the other firm, chances are the other company will start manufacturing be...
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