Negotiation and Bargaining taught by Prof. V. S. Veeravalli at Great Lakes Institute of management Chennai. Final Paper on total understanding of NAB by relating to personal experiences

1. NAB – LEARNINGSFROM MY 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.

2. My BATNA if they 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.

3. 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.