Negotiation entails making various pronouncements in an effort to arrive at the preferred best choice. It is a procedure that demands one to prudently analyse the probable gains and trade-off certain elements to make improved decisions. This constantly proves to be a challenging aspect depending on the terms of the negotiation terms and the flexibility of the involved parties. Negotiating payment is enormously critical as this will have a long-standing impact on an employee’s life. According to Lewicki Barry and Saunders (2016), persons that engage their potential bosses in payment negotiations increase their package by more than $5000, which is better compared to individuals that accept job proposals devoid of a negotiation. Therefore, it is important to integrate affirmative negotiation strategies when an individual plans to negotiate.
Easiest Terms to Negotiate
Based on the case scenario, various aspects are considered easy to negotiate while considering a job offer. They include bonuses, holiday leaves, extra working duration, additional benefits like on-site prospects, medical check-up benefits, sick leaves, pickup drop amenities which have minimal intercession to be presented from employing dimensions. Having a flexible working schedule may be deemed as priceless, subject to the situation. If an individual sought to negotiate for one, you can always say that you plan to be in the office round-the-clock for the first few months to be acquainted with office space, develop relations, and learn the business thoroughly. Another easy aspect to negotiate involved vacations. Before approaching the HR department, a tactful request that clarifies how I would minimize the outcome of my absence from the corporation is important. I aim to check my email frequently and work with my colleagues to make sure my developments are handled during that period is more expected to be honoured—particularly if you ask well in advance of when you wish to be off duty. I was equally surprised that these were easier to negotiate, particularly because my family is situated in a far country and that I may require to visit them quite often.
Difficult Terms to Negotiate
The toughest terms to discuss consist of salary percentage increase, base payment, pension programs, and altered contractual duties, which need senior management’s permission and interventions and are considered complex. It is more significant to discuss the base payment than other forms of compensation in terms of long-term significance and value. In this case, the offer from the company appears to be non-negotiable. After enquiring from colleagues in my class, one received $117,000, and another received $135,000 from consulting firms similar to the one I received an offer from. Moreover, the percentage increment was quite low, from zero to three percent each year, founded on the performance. Another challenging element to negotiate involved pension payment.
According to Gates (2011), retirement programs give personnel steady income after leaving the company. Good retirement plans are enough reason to stick with a job, despite being less than exhilarating. I was not surprised that these are among the hardest to negotiate. This is mainly attributed to the fact that employers no longer offer retirement incentives. This is mainly due to various reasons. They include the risks, outlays deteriorating union power, and the surge of 401(k)-style defined-contribution mechanisms that require an employee to contribute their capital for retirement investments, which often corresponds with its structure and policy. Currently, contribution plans are considered to be much more common compared to pensions.
The process of negotiations is often characterized in approximately two to three rounds. During the initial stage, the negotiations involved sharing information regarding benefits and applicable pay-out mechanisms. This entailed providing a compensation range. This consists of the base salary and bonus expectations based on the research and the currently available information. During the second stage, the negotiation process involved providing the company with a compensation package that suits my desired role at the corporation. That includes an increased base pay, signing bonuses, health cover, and vacation. The third session of the process involved negotiating over an improved counteroffer by the company. This would involve having an in-depth discussion of after-tax payment structure over email or telephone and gaining information on whether I could be eligible for yearly or sign-on gratuities, equity-like stock selections and restricted stock, transfer packages, among others, and completed as per human resources standards. Each phase would not last for more than twenty to thirty minutes.
Negotiation Strengths and Weaknesses
One of the key strengths during the negotiation process involves the ability to present multiple corresponding offers instantaneously. Instead of making a single offer at a time, I would consider presenting numerous offers at once. I realized that this approach of presenting multiple offers concurrently reduces the probability of an impasse and may promote more improved offers. Another key strength identified during the process includes planning. The negotiation necessitates planning to help in determining the right compensation package. Therefore, it is important to consider the best possible result, the least satisfactory offer, and what I may do if an agreement is not arrived at. The capacity to formulate, plan and think ahead is critical to a fruitful job offer negotiation. I believe planning abilities are essential not only for the negotiation process but also for determining how the terms would be carried out. Despite exhibiting various strengths, there are certain weaknesses. One of the weaknesses includes adaptability. Adaptability is considered to be a critical skill in a successful negotiation. Every negotiation is distinctive, and the circumstance within a singular discussion may alter. For instance, an employer is likely to abruptly alter their demands. In this case, I found it challenging to plan for each possible circumstance. Lastly, I tend to go overboard with quantitative dimensions of my accomplishments, making the recruiter be in a better position.
Negotiation is an important way to advocate for your professional skills and experiences. Regardless of an individual’s circumstances, it is important to discuss something as part of the subsequent job offer. We all need to take prospects to convey to others the significance brought to a fresh position, and idyllically proprietors should find value in backing their new personnel. It always feels good to back for yourself in the best possible way can when you are provided with an offer than missing the opening and regretting it. It is similarly worth noting that you can discuss additional job elements apart from salary that would always play a significant role in supporting your career achievements in your fresh mandate—for instance, retirement benefits, health cover, vacation, and signing bonus. Negotiation abilities may play a significant role in developing one’s career, securing higher pay and meeting critical business requirements. Continuous practice is vital to improving an individual’s negotiation capabilities.
Gates, S. (2011), The Negotiation Book, United Kingdom, A John Wiley & Sons Ltd, Publication.
Lewicki, R. J., Barry, B., & Saunders, D. M. (2016). Essentials of negotiation. McGraw-Hill Education.