Backtesting Value at Risk (VaR)
Merely creating a model which calculates the value at risk (VaR) i.e. the greatest possible loss that a company can face in a particular time period is not enough. In order for risk management to be effective, the results provided by the model should actually correlate with reality. Otherwise, the model will make predictions that […]
Corporate Risk Governance
Undertaking financial and non-financial risks is the basic job of any business organization. In fact, profit is considered to be a reward for efficiently bearing risks. Since risk-taking is so crucial, It is for this reason that every organization needs to create a framework that needs to be followed in order to manage risks in […]
Decision Makers and the Zero Sum Game
Decision making need not necessarily be a zero sum game where one party benefits at the expense of the other. For instance, it is common in many organizations for decision makers to favor one group over the other which results in a situation where one group wins and the other group loses. This is the […]
Overview of Phonetics, Homophones and their Importance in Effective Communication
To emerge as a winner and stand apart from the crowd in today’s fierce competitive world, an individual must have excellent communication skills. Communication is not only interacting with others but successfully conveying the message to the recipients and also get the appropriate feedback. How do you capture the interest of the listeners? How will […]
Personality Development at Workplace
Personality development plays a crucial role in enhancing one’s personality. It helps an individual to develop a positive attitude and look at the brighter sides of life. Personality development plays an imperative role at workplace as it decides the way an individual interacts with his fellow workers and responds to various situations. How an individual […]
The dialogue between individuals to come to a common conclusion benefiting all is called as negotiation. Negotiation refers to the discussions among individuals evaluating the pros and cons of a situation and coming to an alternative best suited to all. In negotiation, individuals try their level best to come to a conclusion which would satisfy all. In simpler words, it is also called as Bargaining.
Negotiation takes place in various ways in corporates for increased output and better relations among employees.
Let us go through the various types of negotiation in detail:
Let’s suppose your boss wants you to prepare a report on branding and marketing strategies of the organization and marketing was never your specialization. Do not accept it just because your boss has told you to do so. Negotiate with him, probably you can cover some other subject and somebody else can be asked to prepare the report on marketing and branding. It is better to negotiate at the first place to avoid conflicts and misunderstandings later.
An individual before accepting any offer should negotiate his salary with the concerned person to avoid tensions later. If you are not getting what you deserve, you will never enjoy your work. Don’t just accept any offer just because you need a job, its always advisable to negotiate well before joining any organization.
Negotiate with your team members and accept the responsibilities willingly. If you want to go for a leave for some days, negotiate with your team member to take care of your work in your absence. When he takes a leave, you can help him in the same way.
Negotiation helps to increase the output of the team and eventually the productivity of the organization. People achieve what they expect and hence misunderstandings and conflicts are reduced to a large extent and the office becomes a better place to work.
Cherry was representing the administration department of a reputed organization. He was assigned the responsibility of buying bulk laptops for the office employees from a vendor. He asked the vendor to quote a price for him.
Cherry found the price was beyond the company’s budget and thus sat with the vendor, negotiated the price with him and finally both of them agreed to a price suitable to both. A contract was signed between Cherry and the vendor mentioning the payment details, mode of payment, date of delivery, warranty details and other important terms and conditions.
Commercial negotiation generally involves an external party and thus a contract is essential so that no party backs out later.
Negotiations are essential at workplace so that everyone is satisfied and no body feels left out or neglected. It also reduces conflicts and misunderstandings among fellow workers.
Your email address will not be published. Required fields are marked *
