Employers’ failure to teach staff good contract negotiation skills and ensure that standard negotiation procedures are in place is costing them millions, according to a new report.
The study among 124 Global 2000 organisations worldwide, undertaken by sales consultancy Huthwaite International, found that success today typically depended on an individual’s ability in the area rather than on effective, standardised negotiation procedures.
Some 80% of respondents indicated that they currently had no such internal negotiation processes in place, meaning that any concessions made during such an interaction tended to be arbitrary. To make matters worse, a further 84% failed to measure the success of any given negotiation after a deal was signed.