NAB – LEARNINGS FROM MY PERSONAL EXPERIENCES

NAB – LEARNINGS FROM MY PERSONAL EXPERIENCES

• 1.
  NAB – LEARNINGSFROMMY PERSONAL EXPERIENCES Disha Ghoshal FT201032 1. I had the opportunity to a jobas an investorrelationshipmanager at newupcoming start up in Chennai after a rigourous interviewprocess outside campus. This was after I already had a PPO from college fromanother company. Since very negotiationis differentcourtesythe stakeholdersand the situationsunderwhich it takes place,the approach for each must also be differentandthe approach will differforevery occasion. My negotiationswere basedon the offerI already had so that bargain for a betterCTC and other value added benefitsfromthis new offer.For me it was a personal positive NAB,where I had the chance to negotiate on certain aspects as per my concerns while had to settle for some things courtesy the barriers at the point. 7 keyelements: Parties: Each and everyone involvedinthe negotiation isastakeholderandthusit isimperative totake intoaccount all the partiesthat have interdependencieswhere eachpartycanaffectthe outcome directlyorindirectly. The two parties here were the investorrelationscompany and I. Interests:Each party has a specificinterest/sandsatisfyingthose interestsisthe mainreasonforto enterthe negotiation.The negotiationmustbe suchthatmost of these interestsare fulfilledanda smoothtransactionmusttake place across the parties.The CNWDT technique isemployedforthis analysis.Concerns,needs,wants,desiresandtradableshave tobe takenintoconsiderationfromevery perspective. While the job theyofferedwas of highinterestfor me as I am a marketingstudent and foraying into investorrelationsis a goldenand well-payingopportunity,the fact that I had no relevantexperience in the same botheredme. However,theywere reallyimpressedwithmy honestlyand interpersonal skill and thought that I was best fit for the role and would benefitthe company. Value:A negotiationisagive andtake where everyparticipanthasacertaincontributionandseeks value inreturn.To achieve the goal of the negotiation,the valuegeneratedbythe deal asa whole and the extentof itfor everyone involvedmustbe analysedbefore headingintothe talks. I added value to the company with my talent if I joinedthemand the company would be my paymaster as well a huge learningexperience tome ina new field.Interms of value it was an equal distributionwith a benefitto both parties. BATNA: BATNA practicallytranslatesto mysecondbestoption,the aptalternative if the main negotiationdoesn’tworkoutasper terms.There shouldbe aPLAN B alreadyinplace as the best alternative tobe negotiatedinthe agreement.Before goingintoanynegotiationyouhave toevaluate the decisionpointaccordingtowhichyoudecide whethertoacceptthe deal ornot.
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  My BATNA ifthey wouldn’tagree to my CNWDTwould be to retainmy PPOand go ahead with it after my graduation and seekthe same role aftersome relevantexperience. The BATNAfor the form would have beento hire someone similarto my potentialswithsame degree. Barrier: There are a lot of constraintsinthe negotiationthatare causedby psychological,institutional or structural requirementsandonoccasions,policiesrestrainthe partiestodrive the negotiationina certaindirection.Tostrike adeal whichissuitable forinvolvedparties,aclearassessmentof these barriersmustbe done andthe outcomesmustbe designedsuchthattheycan be easilyovercome. The major barriers for me were the fact I was still not a graduate by thenand didnot have the liberty to join as soon as they wanted me to, which set me on a back foot interms of stating my wants (psychological) while atthe same time it would have beendifficultfor the company to justifymy potential over any actual graduate aspirant despite lespotential because I did not have my degree yet. (Institutional) Power: Evaluate whichpartyholdsthe highestpowertoinfluencethe negotiationintheirdirectionand keepplansreadytotackle thisto my advantage. Since I had another offer,I heldsome power while my studentstatus attributed some power to them as well. Ethics: The groundrulesforthe negotiationmustbe laidatthe beginningof the negotiationandall the decisionsmustbe underthe realmof ethicsandwithinpolicyof the organizationorindividual.The core valuesof the partiescannotbe compromisedandan ethical outcome mustbe the prerogative of each stakeholderresultingintoamorallyappropriate collaboration. Since I was holdinga PPO, it was my ethical duty to inform everyone ontime if I took thisnew offer while the company was well withinthe ethical limitsin offeringme the jobafter my graduation. 2. Had I learnt the nuances of NAB before thisnegotiationI would have made a consciouseffort in fulfillingthe 5 S rulesby givingmore structure to my NAB. Assessmy own BATNA: If I was fullyaware of the fallaciesof the deal Iwould have assessedhow much I can give up or whatall I can compromise,then Iwould have the negotiatingpowerif the deal falls through. MY PPO was strong so I was rest assuredin that case. Set the ReservationValue: Wouldhave decidedthe leastfavorable value inthe negotiationatwhich youwill acceptthe deal well inadvance andbe steadfastthatbeyondthatthe deal will be rejected. Assesseachparty's. I would have listedout my meritsmore by taking reference tomy PPO and convincedthemto give more benefitswiththisPPO as testimonyto my potential. BATNA: Wouldhave guessestimatedthe otherparties'BATNAsandreservationvaluesandpreparedmy counterdealsbasedoneverypossibleconstraint. I would have sort a provisional degree from college earliertoovercome the barrier of a graduation compulsionto enforce my CNWDT more.
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  Set my ZOPA:Wouldhave evaluated myzone of potential agreementandcame upwitha range that is well betweenall the parties'settlementranges,keepinginmindmaximumbenefitto mystakeholders and general profitaswell. Along withthe pay scale I shouldhave asked for ESOPs since it was a good startup. What ifscenarios: Wouldhave Experimentedandcheckedall the ‘whatif’scenariosandpreparedfor everysituationkeepinginmindthe bestoptionformynegotiationthatcreated maximumvalue forme. I should have had more back up plans and more referralsto ensure that I get the best deal. Selectmy Strategy: Wouldhave used the dual concernsmodel,decidedmystrategicapproachtocrack the deal and followedthe strategiesselectedaccordingtothe analysis.(Collaboration,accommodation, competition,avoidance.) I was more accommodative than assertive,but after this course I have learnt to deliberate better. Frame: Wouldhave selected myframe,thatis, myvalue scenariotopresent mycase in a waythat the otherparty wantsto viewitsuchthat the frame appearstobe one that benefitsall the most. I should have put up my story in a more convincingmanner making hiring me as a win-winfor the company. Game Plan: Designedthe processinthe mostoptimal waykeepinginmindeveryquerythatwill rise fromeach party,be readywithsolutionsandfollowedadetailedprocessthatleavesnoroomfor mistakesorlosses. I should have made a robust plan withmore recommendationsand referralswith a strong portfolioso that not hiringme wouldappear as a loss to them which wouldcompel them to lendme an offerto the bestof my demands.