Key Risk Indicators
The fourth and last step for risk management suggested by the Bank of International Settlements in its Basel Norms is the continuous monitoring of key risk indicators. Key risk indicators are important metrics that can track the business environment and internal control factors. They can help an organization keep track of a rapidly changing internal […]
Role of Public Administration in the Modern State
The critical role of public administration as defined by John Rohr (a leading scholar of the US Constitution and its relation to public administration and civil servants) is governing the society. The authors have also argued that a government can exist without a legislature, even without a judiciary but never without administration. The government will […]
What are Public Enterprises? – Origin and Importance
The public enterprises came into existence as a result of the expanding scope of public administration. The advent of the concept of welfare state after the Second World War and the increasing developmental initiative undertaken by Government across the world, the system of public enterprises was developed. The government sells goods and services to the […]
Challenges in Global Insurance And International Claims
Multinational organizations have become extremely powerful entities in the 21st century. There are many companies which have business interests that are spread across hundreds of countries. Given the global nature of such companies, it is only rational for some of these companies to want a global insurance provider. These companies want to standardize the insurance […]
Expectancy Theory of Motivation
The expectancy theory was proposed by Victor Vroom of Yale School of Management in 1964. Vroom stresses and focuses on outcomes, and not on needs unlike Maslow and Herzberg. The theory states that the intensity of a tendency to perform in a particular manner is dependent on the intensity of an expectation that the performance […]
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.
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