Companies in male-dominated industries have an awesome opportunity to be competitive and innovative with a diverse team. Recent research shows that companies that embrace diversity in leadership innovate at a faster rate, increase profitability, and pride themselves in better employee engagement and retention than their competitors who have non-diverse leadership teams.
Additionally, companies with diverse teams are better at problem-solving, have a broader client base and more engaged customers leading to increased revenues. Therefore, diversity is crucial for any business and there’s a huge untapped lucrative potential for those leaders who do not yet use diversity as a significant tactic for growth, innovation, and competitiveness in their companies.
In today’s podcast episode recap of PowerBanking, we're talking about leading teams using the LATTE Method. What is LATTE? LATTE is an acronym. It's a negotiation framework. We’re going to learn how top leaders can rely on diverse, integrative teams that combine the collective competencies of men and women, people of different ethnicities, older and younger to grow their organizations and increase profit margins using the LATTE Method.
If you are a leader in your organization, who self-profess and say, “I'm not a good negotiator,” here's an excellent opportunity to find ways every day, whether it's within one team or across departments, to collaborate more efficiently and effectively to help you accelerate your results.
"Negotiation is like a muscle, the more you use it, the stronger it becomes.” ~ Jacqueline Twillie
“To find a solution that works for everyone, oftentimes, it's when we think outside of the box. That's where the magic happens. That's where we find a solution that we can replicate in different areas of the business.”~ Jacqueline Twillie
[PowerBanking Podcast for Women Leaders]
5 Topics Covered in LATTE Negotiation Framework for Teams
L - Look at the details
A -Anticipate challenges
T - Think about the walk-away points
T- Talk it through
E- Evaluate options
[02:55] Negotiation is not only sitting at a table, with a contract, hammering out details
[03:20] Negotiation is as simple as coordinating a meeting, scheduling projects and brainstorming ideas
[04:00] Five Points in the LATTE Method for Teams
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1. L- Look at the details
[04:10] Think about the problem are you solving
[04:20] When people come to a table for a negotiation, there is an exchange of value
2. A- Anticipate the challenges
[04:30] One person wins and one person loses myth demystified
[05:00] When negotiating, the goal is to work together, collaborate efficiently, and communicate effectively, to reach an ultimate goal.
[5:20] Put all the issues on the table and then look at your areas of potential agreement
3. T- Think about your walk-away points
[05:30] Time is money -- understand when you need to regroup or bring in a mediator so that you're not wasting time
[06:10] if you spend too much time solving a problem your competitors can offer that solution to your customers and you can lose tons of money
4. T- Talk it through
[06:20] Bring the right people or the decision-makers to the table
5. E- Evaluate options
[7:10] There's more than one way to reach a solution to a problem – let the teams come in with a frame of reference
[7:30] Find a solution that works for everyone
[7:40] When you think outside of the box, you find a solution that you can replicate in different areas of the business
[7:55] Summary for using the LATTE method for teams Episode
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