This is the 347th most frequent Icelandic word.
ráða
"Ráða" means "to decide," "to hire," or "to solve," depending on context.
Here, 'ræddi' is a past tense form of 'ráða', meaning to discuss or deliberate.
Ég ræddi við vin minn um verkefnið.
I discussed the project with my friend.
In this sentence, 'ráðinn' means 'hired', which is a use of 'ráða' referring to employment or making a hiring decision.
Hann var ráðinn í nýja starfið.
He was hired for the new job.
'Ræð' here is a present tense form of 'ráða', meaning to manage or handle.