Get All the Interests Right
As part of a technology company that has developed an advanced facial recognition software, I would be negotiating with a potential client who is a large retail chain and wants to use this software to enhance security and customer service in their stores. Traditionally, the focus might be on the Economic Contract. For the technology company, this would involve maximizing revenue from the deal, perhaps through a high initial price, ongoing licensing fees, or a share of the increased profits the retail chain gains as a result of using the software. The retailer's interests might be to minimize cost, while maximizing the benefits they get from the software, such as increased security and customer satisfaction.
However, Lax & Sebenius' (2006) idea of mapping interests suggests you should also consider the Social Contract implications. This involves looking at a broader set of interests that encompass the needs, desires, and concerns of all stakeholders, including not just the negotiating parties but also others affected by the agreement. This could involve customers, employees, regulatory bodies, and the public.
In this case, the technology company might have overlooked some of these broader interests in their initial negotiations. For example, the use of facial recognition software could raise concerns about customer privacy and consent. Regulatory bodies might have strict rules on data use. Employees might worry about job security if the software replaces certain functions.
These are all interests that would need to be addressed in the Social Contract. If the technology company had given greater credence to these interests from the start, they could have improved their position in several ways. They might have built in privacy features that addressed these concerns, reducing regulatory risk and making their product more attractive to the retail chain and its customers. They could have offered training and support to help employees adapt to the new technology, increasing buy-in from the retail chain and its workforce.
In short, while the Economic Contract focuses primarily on the financial aspects of the agreement between the parties, the Social Contract expands the scope to consider the wider social, ethical, and regulatory implications (Lax & Sebenius, 2006).
References
Lax, D. A., & Sebenius, J. K. (2006).3-D Negotiation: Powerful tools to change the game in
your most important deals. Harvard Business Press.
