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Big Five Personality Factors & Negotiation

What is the importance of personality in negotiation? How do the Big Five personality factors affect negotiation? Based on your personality and the Big Five, what would be your negotiation strengths and weaknesses?

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1. What is the importance of personality in negotiation?

Everyone has a different approach to negotiation. In fact, your personality and that of the other party in the negotiation affect your style of negotiating. One proposed personality scheme to consider is the Big Five personality factors to determine how to approach someone in the negotiating process as well as to understand your own style, which is also important. The Big Five factors are as follows:

a. extraversion vs introversion
b. agreeableness vs antagonism
c. conscientiousness vs undirectedness
d. neuroticism vs emotional stability
e. openness to experience vs not open to experience (http://http-server.carleton.ca/~tpychyl/011382000/BigFive.html)

These factors impact the negotiation process differently. However, other factors have also been proposed (see extra information at the end of the response). Please see http://www.uoregon.edu/~sanjay/pubs/bigfive.pdf, p. 60, for a full discussion.

2. How do the Big Five personality factors affect negotiation?

It is important to keep in mind that the traits fall on a continuum and this overhead shows characteristics associated with each of the traits. The five factors mean as follows:

1. Extraversion - means a person is, talkative, social and assertive
2. Agreeableness - means a person is good natured, co-operative and trusting
3. Conscientiousness - means a person is responsible, orderly and dependable
4. Neuroticism - means a person is anxious, prone to depression and worries a lot
5. Openness - means a person is imaginative, independent minded and has divergent thinking (http://http-server.carleton.ca/~tpychyl/011382000/BigFive.html)

So, how do the Big Five personality factors affect negotiation?

Based on research, these factors impact negotiation differently.

For example, Extraversion implies an energetic approach to the social and material world and includes traits such as sociability, activity, assertiveness, and positive emotionality. In negotiation, studies found that friendly, gregarious styles are:

1. Less likely to claim resources at table
2. Were more susceptible to anchoring effects due to other party's extreme first offers and therefore,
3. Resulted in worse outcomes
2. Agreeableness contrasts a ...

Solution Summary

This solution discusses the importance of personality in negotiation and how the Big Five personality factors affect negotiation. References are provided, as well as some extra information detailing the Big Five personality factors. 1312 words.