Time to take negotiation seriously

Abstract

Purpose

The aim of this paper is to provide an overview of the skills needed for successful negotiations. It seeks to identify the benefits of training key staff in negotiations skills, including the difference it can make to a company's bottom line. It also aims to look at the risks to business of not developing these skills.

Design/methodology/approach

The paper uses a mixture of case studies, examples, quotes and opinion.

Findings

The paper finds that only 5 per cent of the UK's training budget is spent on negotiations skills development. However, developing negotiation skills makes a significant difference to the performance of all staff, both in internal and external negotiations. Many big companies now appreciate the value of negotiation skills development and are leading the way in developing all staff in this way.

Practical implications

All businesses should think about investing in negotiation skills development. Otherwise they are at risk of costing their company a significant margin.

Originality/value

This paper looks for the first time at the skills gap in UK businesses in terms of negotiation skills development. It will be of value to anyone involved in internal and external negotiations, including sales and buying teams, Human Resources staff and senior managers and directors. It will be of value in helping them decide how to make the best use of training.

Citation

Gates, S. (2006), "Time to take negotiation seriously", Industrial and Commercial Training, Vol. 38 No. 5, pp. 238-241. https://doi.org/10.1108/00197850610677689