A survey of CEOs, VPs and middle managers identified that they spent 24% of their time managing conflict. For any business conflict management has the potential to make serious inroads into the time, resources, productivity and performance of a business.
If a manager earns £70,000 annually, then in the region of £16,800 of that annual salary could statistically be spent managing conflict. With that in mind, businesses should consider whether they are being as effective as possible in resolving their conflicts and disputes.
Mediation is a cost-effective solution to dispute resolution, with a staggering success rate. 80-90% of disputes taken to mediation reach an agreed settlement. Mediation also brings with it other business benefits. Currently the commercial mediation profession in the UK saves businesses around £2.4 billion a year a year in wasted management time, damaged relationships, lost productivity and legal fees.
So what is mediation? Mediation is a private and confidential process in which a professionally trained impartial third party works to help disputing parties reach a mutually acceptable outcome. An often overlooked area of mediation is its role in a commercial, business and workplace context. Mediation can be utilised to resolve any form of dispute. This includes disputes about contracts/agreements, service provision, division of property, payment of debts, or even interpersonal conflict in the workplace or on a project.
What are benefits of mediation to resolving disputes?
- Quick resolution: Sessions can be scheduled soon after a dispute arises and bring resolutions swiftly. Early intervention prevents parties becoming entrenched.
- Creative Party Centred Solutions: Tailored agreed outcomes to suit the parties needs. This can include solutions that couldn’t be achieved via court orders.
- Complete Confidentiality: Confidential sessions means that disputes can be resolved quietly and without reputational damage.
- Preservation of Relationships: Where possible, mediation works towards the preservation of relationships and to improve future engagement between people.
- Cost Effective: More cost effective than grievance or legal routes.
- Greater morale and productivity: Less time being diverted to conflict, which can instead be spent focusing on other tasks.
For information on Ardent Chambers accredited mediation services go to: www.ardentchambers.com/mediation