This website uses cookies to ensure you have the best experience. Learn more

Reflections On “Salary Negotiation” Essay

1451 words - 6 pages

This role-play focused on a salary negotiation between a student, who is going to graduate from an MBA Programme, and Taylor (the employer). Our group played the role of the student. The main task is to negotiate with Taylor to get a job offer with a decision on relevant issues such as salary, start date, cost of moving, etc. From the perspective of the student, the job offered by the company of Taylor is very appropriate to the student’s interest in term of location and the job’s requirement. To be specific, if the student can successfully get this job, he will work in New York. This is also where his fiancée lives. Besides, the job position is going to be a product manager of a famous ...view middle of the document...

We got to know that we needed to assess ourselves by identifying our goals, our rankings, the fallback position (BATNA), our limits, the bargaining packages. Furthermore, we also needed to consider the other party’s assessment, and the situation assessment. Therefore, our group did our homework by researching the real requirement and salary paid for this job in reality. We also looked specifically at the living cost in New York and San Francisco. Then we were able to explore more factors that relate to a job condition (promotion, benefits, insurance, etc.) and the determined our priorities. We decided specific goals for our Target point, Reservation point and BATNA. This plan is illustrated in the table below.
OUR PLAN FOR SALARY NEGOTIATION

Priorities Issues Target Point Reservation Point BATNA
1. Salary $130,000 $110,000 $108,000
2. Stock option/Bonus 10% of Salary 8% of Salary Yes
3. Promotion Based on Performance Yearly Based
4. Start Date Sept, 1 Aug, 23 Sept, 1
5. Moving Cost $9000
(up front) $9000
(later) No Moving Cost
6. Benefits (Paid Holidays, Retirement Plan) Full Paid
30days/yr Full Paid
14days/yr
7. Sick Days / Personal Days Full Paid
21 days Full Paid
7days
8. Insurance (Car, House, Health) Company Car
33% Reimbursement
18%
9. Wellness Program( Fitness facility, Training) Up front Reimbursement
In brief, we wanted to start the negotiation with a small talk on our suitability to the company and suggest a first job offer with our target point ($130 million and other issues) for the start of 1st September. We also kept in mind our reservation point ($110 million and other issues) and our BATNA (other job, $108 million and other issues). Among the nine issues on the table, the salary was the most important factor to us.
In our real negotiation, we had a chance to negotiator with the team of the employer. The employer introduced the company, the job position and asked us how much do we want from this job. As we demonstrated our target point to the company ($130 million and moving costs), the employer did give many persuasive reasons to state that this salary could not be approved. Their offer was $80 million, no stock option, no moving cost. Their opinions were that they needed to spend money to train the employee so that they were incurring the training cost. Besides, the employer emphasised that the student had not met their expectation of working experience completely so they could look for other alternatives. Our group knew that we were in a lower position. All of our arguments that we prepared before were ignored by the employers. Both parties spent too much time to convince the other mainly on the salary that we were unable to discuss about other issues (start date, promotion, etc.). Finally, we closed the negotiation, but no deal was reached. Our group remained the first offer ($130 million) while the employer increased their offer to $100 million.
• Was your preparation sufficient? Explain why or why not....

Find Another Essay On Reflections on “Salary Negotiation”

Gender and Negotiation Behaviour Essay

3254 words - 13 pages by outlining the differences found in the negotiation outcomes and attributes this to the difference of gender; however, a more current view should interpret this correlation as having multiple causations. Therefore, contemporary research complements the idea that gender is not a unilateral factor influencing negotiation behaviour, but an area that is dependent on and, manipulated by multiple factors. Furthermore, this modern interpretation of

Reflection Paper: Texoil (from the point of view of the sellers)

2627 words - 11 pages people on my side (sellers) and only one on the other side (buyer). My partner and I played the roles of the sellers. Prior to the negotiation we discussed what our reservation point, our BATNA and our target point were going to be. The reservation point was basically given in the

Real World Negotiation Analysis

1024 words - 5 pages 1. The topic for my real world negotiation is to come to an agreement with my supervisor for a promotion as well as an increased salary. I currently work as a student assistant at the student services Planning, Enrollment Management, and Student Affairs (PEMSA) department. My goal is to increase my hourly pay from $10.15 to $12.70, a 25% increase. Having worked in this department for three years, I have taken on tasks not part of my job

Getting More: How You Can Negotiate to Succeed in Work and Life

2420 words - 10 pages has positive feelings, on both sides. Practicing is important of help get a feel of the appropriate gestures to use in negotiations. Diamond not only provides insight into some of his student’s greatest triumphs, but does in a humble, human, and relatable way that shows remarkable self reflections and understanding of negotiations. Works Cited Fisher, R., Ury, W., & Patton, P. (2011). Getting to yes Negotiation agreement without giving

Skills, Techniques and Strategies for Effective Business Negotiation

784 words - 3 pages Abstract:Whether it's with an employer, family member or business, we all negotiate for things each day like higher salary, better service or solving a dispute with a coworker or family member. Here are some negotiation skills, techniques and strategies to help you handle these situations more effectively.Key words: skills techniques strategiesSkills Techniques and Strategies.1. Know Thyself:When you go into a business negotiation, take a

Negotiation Analysis #1

737 words - 3 pages -motive, possessing both distributive and integrative properties. As a result, I strived to piece together the ZOPA and my strategy was to be both cooperative and competitive during the negotiation. After engaging in small talk, it was clear that the recruiter and I both wanted to strike a deal with each other. We agreed that I would be a good fit for Division A and he approved my desired start date of May 15th. Next, he made the initial salary

Aspects of Negotiation

1469 words - 6 pages resolve that issue but they cannot remedy the problem on their own. This creates an environment to start a negotiation with another party that can either resolve the entire issue or be a portion of a series of negotiations in a multi-step process. There are many different types of negotiations for various reasons but the commonality in all negotiations is that both parties have some possible gain to bring to the table. This essay will discuss how

My Negotiation Style

1663 words - 7 pages in order to improve my negotiation skills. I have been offered a new job with a starting salary of $75,000 per year with a signing bonus of 10,000. I will be an exempt employee meaning I will not receive overtime pay. I will also receive 12 hours of vacation or paid time off each month. The position will require me to move to Florida and I currently live in Denver, Colorado. I am not keen on the idea of moving and am wanting to explore and

Organisation Contract Case Analysis

2040 words - 8 pages . There was no salary discussed in that negotiation. On the 1st of May, Dr Doe sent a letter to Stein that he agreed to become Giant Drug Company’s vice president. The amount of salary as well as period also written in the letter he sent. He would work in Giant Drug Company for four years within $ 500,000 annual salary. This statement will be considered as an offer. Due to the letter was delivered on the 1st May; Stein received it within two

Power Play for Howard

1667 words - 7 pages Negotiation is a common problem-solving process that people use to make decisions and manage disputes. Negotiations are so common they can occur in a person's daily life. For example, spouses might negotiate on how money is spent, parents and children might negotiate on a suitable bedtime, employers and employees might negotiate salary, or a professionals and clients might negotiate on the terms of a contract. Negotiation is a process in which

Negotiating a Budget

1090 words - 4 pages always the option to walk away. Make sure the budget is honest and fair, or the result you want may not come into play. Negotiation is required in a budget because accepting the first offer you get is not the best deal you can get. Come off as strong and reasonable, make sure you know what you’re doing and getting yourself into while negotiating and understand what is going on. Slowly come to a compromise with the sponsor, be nice and cooperative

Similar Essays

Negotiation Skills For Personal Life And Career Development

1255 words - 5 pages Negotiation occurs on a regular basis in a daily life and individual negotiate in the business or outside of the workplace. Having superior negotiation skills is conductive to the success in personal life and career development. This reflection essay will indicate that my natural preferences for different comparisons between theory and practice and a personal action plan to improve negotiation skills based on the role-play activity in the

Negotiations Strategy Article Analysis

1038 words - 4 pages negotiation table” (Cronin-Harris , 2004). The first part of the planning process is deciding on priority interests and ranking them. Each party involved in the negotiation session should identify its goals. Another important factor is to assess the opposing side’s priorities. Visualizing what the other side may do helps in a distributive bargaining situation. Remembering that money may be a symbol or substitution for an individual’s needs is also

Employee File: Request And Solutions Essay

687 words - 3 pages salary and at least 3 months of bonuses yearly, this source will be able to support his objective criteria during the negotiation. 3. Dicky should decide on his starting point and the lowest point of his negotiation for him to accept the deal from Michel. Taking into account the aims and emotional motivation of Michel. Make a couple of planning for the sequence associated with proposals and also possible counter-proposals. Open at the most he

Negotiations Essay

1429 words - 6 pages . Communication and personality can play a major part in negotiation, especially in the negotiation of a salary in a new job. An analysis of communication and personality can show how these two factors can both detract and contribute to the negotiation. Communication Effective communication is crucial to successful negotiations and contributing to a favorable outcome for all parties involved in the negotiation. Verbal and nonverbal communications are