This unit may be applied in job roles across all sectors of the financial services industry. |
ELEMENT | PERFORMANCE CRITERIA |
1. Plan the negotiation | 1.1. The purpose of the negotiation is clarified, including content and desired outcomes 1.2. The approach to be taken is based on an analysis of the strength and weakness of the position and the most appropriate negotiating style 1.3. The consequences of not reaching agreement are identified and other alternatives are determined 1.4. All information relevant to the negotiation is collected, analysed and organised to support the selected approach |
2. Conduct the negotiation | 2.1. Effective presentation skills, speaking, listening and questioning techniques are used to put forward a strong argument to other parties 2.2. The negotiation is conducted in a professional manner, including showing respect for those with whom the negotiations are conducted 2.3. Effective techniques are used for dealing with conflict and breaking deadlocks, where required 2.4. The final position is confirmed, ensuring agreement and understanding by all parties |
3. Finalise the negotiation | 3.1. The agreement is accurately documented, including timelines for agreements to be implemented, if appropriate 3.2. The outcome of the negotiation is evaluated and a decision made on whether further action is required |
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Required skills |
well-developed communication skills to: determine and confirm negotiation requirements, using questioning and active listening as required negotiate effectively and respectfully liaise with others, share information, listen and understand use language and concepts appropriate to cultural differences research and analysis for accessing, interpreting and managing documentation and related information IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information team working skills for working cooperatively and effectively with others problem solving skills to address negotiation issues judgement skills for forming recommendations in operational situations organisational skills, including the ability to plan and sequence work and plan meetings |
Required knowledge |
conflict resolution strategies and techniques negotiating techniques questioning techniques relevant legislation and industry codes of conduct relevant policy and procedures knowledge relevant product knowledge |
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: plan, conduct and finalise negotiations that result in mutually acceptable agreements for negotiating parties work cooperatively with others in a team situation apply ethical principles in negotiation. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to relevant industry codes of conduct and legislation. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency observing processes and procedures in workplaces or role plays verbal or written questioning on underpinning knowledge and skills setting and reviewing negotiation simulations or scenarios accessing and validating third party reports. |
Guidance information for assessment | |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
Purpose of the negotiation may include: | payment of fees roles and responsibilities settling claims or disputes terms and conditions of a contract terms and conditions of employment. |
Negotiation position strength may include: | contacts and influence control of resources detailed knowledge of products and services industrial relations power need to comply with: legislation regulations codes of conduct. |
Negotiating style may include: | collaborative competitive subordinate. |
Effective questioning techniques may include: | asking: closed questions (requiring yes or no answer) questions allowing a range of answers reflective questions allowing the speaker to clarify their answer. |
Techniques for breaking deadlocks may include: | calling in a third party clarifying the position of both parties deferring the decision preparing a compromise restating the position summarising progress to date. |
Unit sector | Customer service |
a
This unit contains employability skills. |
Not applicable.