This learning is made possible by Goldman Sachs Foundation and Bibieandrea Services Venture in partnership with the University of Leeds
|This training course will focus on the essentials you need to know about the negotiation process. It will centre on the following.
After studying this course, you will better understand the Negotiation Process and the bargaining terms of condition to employ for every negotiation situation.
Negotiation an Important Skill to Support Business Growth
In this training course, we are going to be looking at negotiation as an essential skill that supports business growth. The course will start by reviewing the preconceptions about negotiation, identifying your preferred style of negotiation power and other possible perspectives. Also, you will learn and explore the psychological and practical preparations relevant for effective negotiation and apply this learning to a negotiation situation to develop your skill through practice.
DEVELOPING YOUR NEGOTIATION SKILL
Negotiation is the process of achieving agreement through discussion. Effective negotiation is essential for business growth. As an individual, you will have experienced negotiation in a distinct context. You may have already engaged in a negotiation scenario.
Not everyone is an experienced or a natural confident negotiator. Nonetheless, negotiation is a skill that you can develop throughout your entire life. You can build on the skill of your negotiation power and use the skill learnt to develop yourself, your business and/or your organisation going forward in several ways.
Negotiation skill does not only apply to businesses or companies alone, people regularly encounter many situations that require negotiation skills, including but not limited to the following:
- Developing and maintaining a relationship with suppliers.
- Salary negotiation and agreeing to secondment (contractual) terms with a new hire.
- Negotiating salary increment and promotional raise, among others.
In the next paragraph, you will be learning and considering common assumptions about negotiation.
The Common Assumptions of Negotiation
In this learning, we are going to bring to your notice the demystifying preconceptions about negotiation. For example, people may assume that natural talent is the most important ingredient to a successful negotiation or only one approach can be used to achieve or reach a desirable negotiation result.
There are many general assumptions about the negotiation that serves as a barrier to crafting or building a good negotiation skill. By challenging these assumptions and working to develop and grow your negotiation skill, you will guide yourself through the difficult stages of early negotiation growth with confidence.
The following are the assumptions about the Negotiation Process:
- Gender-based barriers in negotiation style
Gender-based barriers often are perceived to play a role in effective negotiation style. Consider this preconception, do you think they are a limiting factor or belief in your organisation?
- Men are naturally gifted negotiators
This concept believes that there are certain negotiation traits found in men that are lacking in women, which are a crucial factor to be successful in negotiation. Competitiveness and assertiveness are traits that are believed are lacking in women but present in men which are key indicators of the negotiation performance process. Women are assumed to be more accommodating and passive in negotiation. Negotiation is a skill, and anyone can learn to be a good negotiator.
- Women should not initiate negotiation
Some social and cultural norm believes that women should not initiate negotiation so as not to appear greedy or forceful. This notion can cause women to settle for fewer deals than their expectations. According to scientific research, women who do not view their gender as a limitation are less concerned about social backlash.
In summary, effective negotiation is a skill that can be learned and constantly build and develop your confidence regardless of gender as it is not a basis of inherent traits or features.
What is your Negotiation Skill Bargaining Style?
We explored the common assumptions about negotiation and we explained how to build and develop your confidence in the negotiation process in the last section. In the next paragraph, we will be reviewing the different types of negotiation bargaining style and how you can identify yourself in this bargaining style.
Bargaining can be described as the approach used in the negotiation of terms and conditions and/or the settlement of an agreement towards reaching a dialogue or agreement to a transaction.
Review the following negotiation bargaining style below:
Challenging | Evading | Relating | Partnering
The challenging bargaining style as a negotiation skill, view the negotiation style as a sport. People who use this style are often competitive, assertive and goal-oriented. Building or keeping relationship with clients is not a driving force of motivation specifically if it comes with the price of achieving their desired result.
Given their focus on reaching their desired goal, the challenges rare often successful in fulfilling their desired outcome but often fall short of not been very curious at the negotiation table. Their quest for goal-settings can often limit or reduce/eliminate opportunities to identify lasting solutions that may be innovative, mutually beneficial or advantageous to both parties.
People who use this style are not very confident and comfortable at the negotiation table, often afraid of perceived conflict and potential damage to relationships.
The evading people anticipation of conflict often drives the speed of the conversation and the quick and easy reach of an agreement which often makes them view the negotiation as what can be rushed. The evaders do not look for detailed, exploratory exchange. A mutual benefitting agreement is very difficult to achieve because they require commitment and problem solving and the exchange of information which sometimes ends in disagreement.
Evaders can sometimes concede too quickly and too much rather than continuing the bargaining process. The advantage of this style is that evaders can prioritize issues that are worth bargaining that are not caught up in an unnecessary discussion.
The relating style is a cooperative orientated style, focusing primarily on meeting others’ or solving other people’s pain points (needs). This style relies mostly on the goal of building and strengthening relationships. Those who adopt this style have the tendency of understanding the other party’s interests at heart. As such, forgetting their own needs and showing more concern for the other party needs.
The relator may abandon their own interest to achieve a better result for their client which can create or cause vulnerability especially if negotiating with a more aggressive counterpart. In summary, this style can devalue the relator’s worth and reduce their confidence level in perfecting their negotiation skill.
Partners are keen to establish a lasting relationship and they consider the interest of their counterpart but without sacrificing their own. The partner’s intention is to secure a good deal that serves the interest of both parties. Their goal is to create and strike a good negotiation balance.
Partners are very skilled at navigating multi-party, multi-issue negotiations with ease and creativity.
In conclusion, having identified yourself and your style of the negotiation bargaining process and have compared this with other frequent approaches; although you might prefer one style over the other, nobody uses only one approach or style at the negotiation. Identify your most preferred styles and combine them for use at the negotiation table settings. As you practice negotiation in a different range of situations, you will become more confident in selecting and securing the most appropriate approaches of your choosing or desired outcomes.
We have come to the end of this section’s learning of building and developing your negotiation skill, in the last paragraph of this training, we are going to be exploring the practicality and psychological perspective of the negotiation skill.
The Practicality & Psychological Preparation to Negotiation Skill
Even the most skilled expert negotiator must take some time to prepare for a negotiation. Effectively preparing for the negotiation will put you in an optimal state to achieve your desired result.
Before the start of any negotiation, it is imperative to prepare both psychologically and practically for the negotiation settings. First, consider the practical role of the negotiation. In the practical preparation, gather some useful information and identify important factors. This practice will have an impact on the extent of your psychological preparations relevant to support a successful negotiation result.
Thorough and rigorous negotiation practice involves researching the market data, industry standards and other objective data that can help you build a strong persuasive negotiation case.
It is also important to consider your counterpart’s aspect and not just your own. Research about their potential interests and prepare questions that will allow you to validate or challenge your assumptions about their interests when you engage in the negotiation conversation. The reason for doing this is to help you get prepared psychologically by removing any differences in the desired outcome of both parties and eliminate surprises.
Now we have explored the psychological and practicalities to building negotiation skill, we have come to the end of this learning.
This Negotiation Training briefed Course is brought to you by Goldman Sachs Foundation, U.S.A and Bibieandrea Services Venture, Nigeria in partnership with the University of Leeds, UK.
keynote: Negotiation is a skill that requires constant practice and building your confidence level.
Goldman Sachs – https://www.goldmansachs.com
Bibieandrea Services Venture – https://bibieandrea.com
University of Leeds – https://www.leeds.ac.uk
Thank you for taking the time to learn this course. You can go ahead to share this course and add the skill learnt in your professional CV/resume.
To your continued success,