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morning business briefing

Briefing highlights

  • How to get the raise you want
  • Stocks tumble across the globe
  • CPPIB set to name new chief
  • Video: Why rudeness at work is contagious

About that raise ...

Who better to get workplace tips from than the FBI’s former lead international kidnapping negotiator? Because, as Chris Voss puts it, “hostage negotiation is often nothing more than a business transaction.”

With that intro, Mr. Voss, who later founded The Black Swan Group Ltd., provides some “field-tested” tips on how, and how not, to get “the competitive edge” in bargaining for a raise.

“The No. 1 rule in any negotiation is don’t take yourself hostage,” he writes on MarketWatch.

By that, he means employees are often “desperate” to hear yes, or scared of hearing no, to the point of not seeking what they want. Rather, he says, they’ll oft seek what they think they can get. Which means “their counterpart has already won.”

That’s one piece of advice. Here’s another: Don’t start bargaining having already decided what you must have and what you can give away. First, advises Mr. Voss, find out what your boss wants in those respects.

“Perhaps what you are willing to ‘give away’ is what they want most of all, and what they would have negotiated hard for.”

Keep in mind, too, Mr. Voss writes, that money is just one thing you’re bargaining for. Don’t forget vacation, benefits, etc.

“To find out what might be on or off the table, ask an open-ended question such as: ‘What sort of options do you have with the benefits package? It seems like there’s some flexibility there.’”

Key is to find out what it takes to be a success at the company, and what you can do to help.

“By asking a performance-based question, you show engagement in the success of the company.” Translation: What you’re bringing to the table.

Remember, too, that the boss on the other side of the desk is asking “What’s in this for me?”

“Hostage negotiators know the most critical element to talking a hostage taker into surrendering is to engage with their vision of the future,” Mr. Voss writes, so play up your value to the company, which “makes it easier for them to pay you well.”

Just sayin' ...

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Stocks tumble

Global markets are down just about everywhere so far, with the exception of Tokyo’s Nikkei to eke out the tiniest of gains after yesterday’s minutes from the last Federal Reserve meeting.

Hong Kong’s Hang Seng fell 0.7 per cent, and the Shanghai composite just slightly.

But in Europe, London’s FTSE 100, Germany’s DAX and the Paris CAC 40 were down by between 0.9 and 1.6 per cent by about 5:40 a.m. ET.

New York futures were also down.

“The stronger U.S. dollar appears to be the key theme in play as the hawkish Fed minutes handed the U.S. dollar back to the USD-bulls,” said Ipek Ozkardeskaya of London Capital Group, referring to the symbol for the greenback.

CPPIB to name new chief

The investment arm of the Canada Pension Plan is set to appoint its next leader from within the fund as chief executive Mark Wiseman prepares to leave, The Globe and Mail’s Jacqueline Nelson reports.

The Canada Pension Plan Investment Board is expected to announce the promotion of Mark Machin to the top job of the country's largest pension fund today, alongside releasing annual results.

Video: Why rudeness at work is contagious