- FNSICGEN402B - Participate in negotiations
FNSICGEN402B
Participate in negotiations
Application
This unit requires the application of a range of skills and techniques designed to ensure that negotiations lead to the best possible outcome for all parties. It may be applied in all sectors of the financial services industry.
This unit requires the application of a range of skills and techniques designed to ensure that negotiations lead to the best possible outcome for all parties. It may be applied in all sectors of the financial services industry.
Prerequisites
Not applicable.
Elements and Performance Criteria
Elements and Performance Criteria | |||
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 |
Required Skills
REQUIRED KNOWLEDGE&SKILLS |
Knowledge requirements include: negotiating techniques questioning techniques relevant product knowledge relevant policy and procedures knowledge conflict resolution strategies and techniques relevant legislation and codes of conduct |
Skills requirements include: presenting, speaking and listening skills questioning skills interpersonal skills research skills organising and planning skills the ability to analyse information decision making skills problem solving using the organisation's software and office technology |
Evidence Required
EVIDENCE GUIDE | |
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace. | |
Overview of assessment requirements | |
To achieve competency in this unit, a person must be able to demonstrate: the ability to plan, conduct and finalise negotiations that result in mutually acceptable agreements for negotiating parties | |
Critical aspects of evidence | |
Evidence required for demonstration of consistent performance: | Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment. |
Delivery/relationship to other units: | This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge. Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency. |
Assessment requirements | |
Method of assessment: | For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required. |
Context of assessment: | This unit may be assessed at work, in a simulated work environment or a combination of these. |
Resources required for assessment: | Assessment of this unit of competence requires access to relevant workplace documentation, policies and procedures, computers and other branch or office equipment. |
Range Statement
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement. | |
Purpose of the negotiation may include: | settling claims or disputes terms and conditions of a contract terms and conditions of employment payments of fees roles and responsibilities |
Strength may include: | detailed knowledge of products and services need to comply with legislation, regulations or codes of conduct morality industrial relations power contacts and influence control of resources |
Negotiating style may include: | collaborative competitive subordinate |
Effective questioning techniques may include: | asking open questions (allow range of answers) asking closed questions (answer yes or no) asking reflective questions (allowing the speaker to clarify their answer) |
Effective presentation skills may include: | preparing for presentation presenting facts in a logical sequence speaking clearly and simply and using appropriate vocabulary using active listening skills and providing opportunities for feedback |
Techniques for breaking deadlocks may include: | restating the position clarifying the position of both parties summarising progress to date deferring the decision preparing a compromise calling in a third party |
Sectors
Not applicable.
Employability Skills
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Licensing Information
Not applicable.