NEGOTIATION SKILLS OF DRA
In this post, we take look at the negotiation Skills of Debt Recovery Agents – a part of the topics covered in DRA 2024 syllabus.
As the DRA exams dates for Q4 2024 has been announced by IIBF on its website, the candidates preparing for the latest Debt Recovery Agents must be looking for some content to study from. The DRA Syllabus is also prescribed by Indian Institute of Banking and Finance and Learning Sessions have the best notes for DRA & Other IIBF Certificate exams!
We have come up with an article to put some insight on the topic of – Negotiation Skills from the prescribed DRA 2024 Syllabus. You will also find study material / DRA class details in this article!
WHY NEGOTIATION?
From time to time, whenever people are together, there are bound to be conflicts and disagreements because people have different needs, wants, goals and beliefs and more often than not – they conflict.
Negotiation is a process that can be used to resolve and resolve disagreements between people and find some common ground.
What could non-negotiation lead to?
Without negotiation, such conflicts can lead to arguments and resentment, resulting in a feeling of dissatisfaction for one or all parties. & the main point of negotiation is to try to reach agreements without causing future barriers to communication.
In the workplace, you will find yourself in situations where you will have to negotiate to serve your interests. It could be:
- persuading your boss,
- pitching an idea to stakeholders,
- deciding on a project deadline, or
- motivating your employees to change.
But in most situations, you’ll want to solve the problem by doing it your way.
While negotiation could be a cakewalk for some people, it could be a very difficult and exhausting process for others. However, with the right training and guidance, it is a skill that anyone can learn and use. To help you overcome the challenges of negotiation and persuasion, here are some tips:
PLANNING AHEAD!
Yes, to have an effective and successful negotiation, you need to be prepared!
Ask yourself:
- what you want,
- what the purpose of the negotiation is, and
- how far you are willing to go.
This will help you stay focused so you don’t become indecisive in critical situations.
Also, try to understand who you are negotiating with. Understand what:
- their capabilities are,
- their strengths and
- weaknesses and
- motivations.
From this, you can be realistic with your expectations and figure out how to convince your counterpart.
BODY LANGUAGE
Don’t forget to smile!
Believe me, you don’t want to come across as unwelcoming and hostile, as discussions can get intense when hostility is felt.
However, at the same time, you don’t want to show too much enthusiasm because it gives away your position. So, try to control your emotions and remember to keep your poker face.
Eye contact is also important when your counterpart is speaking as it shows that you are interested and listening, which helps the negotiation progress because it conveys trust and openness.
LISTEN WELL
This is a difficult skill as we often try to assert our opinion without really listening to the other person.
But just by listening to your counterpart, you can learn about their attitude or concerns in a certain area. However, just don’t sit there and listen to them talk throughout the entire negotiation! Try asking probing negotiator questions, this will help ensure you get the right information.
SILENCE IS REALLY THE KEY
It’s something that works both ways, but using silence wisely can give you a big advantage in any negotiation!
If your counterpart has said something you don’t like or don’t agree with, keep quiet. Be silent after making an offer or proposal.
Silence can be uncomfortable for many, which is why some people feel the need to talk to overcome the discomfort. So, try to stay calm & wait for the answer. Silence destabilizes your counterpart because they question their own position and what you think.
KEEP YOUR OPTIONS OPEN
When negotiating, just consider – for once – walking away & consider other options.
You don’t want to come across as desperate because the other party will pounce with demands they know you’ll give in to. If you are ready to walk away from the negotiation, you will show your counterpart that you have a strong position and other opportunities.
PERSUASION
There are 2 styles of persuasion you can use when negotiating –
- pull style
- push style.
Pull Style:
This style consists of obtaining information about the counterparty, understanding its position and creating a mutually beneficial agreement. This is generally recommended when both parties aim to enter into a long-term relationship with the other party.
Push style:
This type of persuasion involves giving information to the other party and getting them to understand your points of view. It is most suitable when the other party has more power and is less interested in the partnership.
Aggressive Style:
There is a 3rd type of persuasion known as aggressive style which is not recommended at all during negotiations. Aggressive tactics involving coercion, threats and manipulation & rarely lead to successful negotiations. You may convince the other party to accept the terms, but the relationship will not last long.
So, the other styles of persuasion can come very handy & should be used often. You can follow the below tips:
- Focus on the what is it that the party needs/requires: Take the time to listen carefully to them and find out their expectations. This shows that you are genuinely interested in them and they are more likely to trust and respect you. It will also make it easier for you to outline the benefits in terms they understand.
- Always argue your case with logic: Carefully put forth your ideas and make sure all your claims can be verified.
- The more hesitant the language like “it’s not,” “you know,” “hmmm” and “I think,” the less likely people are to believe your argument! So, avoid using them.
- Use positive rather than negative expressions: That is to say that instead of saying “You’re wrong”, say “That’s true, however…”, “That’s a great idea, but if closely inspected…” or “I agree, what do you say, but have you considered…”.
- Try to remember the names of every person you meet. It shows that you treat them as an individual.
Are there any strategies that could be employed for successful negotiations?
Yes, why not! Below are some strategies that could be used in the process of negotiation:
- Listen carefully to the other side’s arguments and assess the logic of their reasoning
- Clarify issues that are not clear to you by asking how, why, where, when and what questions.
- List all the issues that are important to both parties and identify the key issues.
- Identify any personal agendas.
- Challenge generalizations and challenge assumptions.
- Identify any common areas.
- Understand all external forces that may be affecting the problem.
- Remain calm and use assertive rather than aggressive behavior.
- Use tact and diplomacy to diffuse tensions.
- Remember: NO is a small word with a big power!
Negotiating to win
This includes pursuing one’s own interests to the exclusion of others: I win: you lose! Get someone to do what you want them to do and ignore their interests: “keep your cards hidden”. Hard selling techniques include this. While you may gain short-term gain, you will build up a long-term grudge that can be very disruptive if you ever need to work with these people again.
So, try to Influence instead i.e. persuade & negotiate with other to reach an agreement
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