Companies involved in legal disputes not only have to set aside considerable sums for legal disputes, they also suffer a major loss of public confidence among customers and business partners. Conflicts played out in public impair a company’s public image and cost a lot of money. Deutsche Bank is currently experiencing this.
But it doesn’t always have to come to that. Conflicts in both private and business environments can often be resolved more quickly and cost-effectively with the help of out-of-court dispute resolution procedures (e.g. mediation, arbitration). Under the guidance of a neutral and qualified mediator, the disputing parties work out their own solutions to their conflict. (Business) relationships are maintained, the proceedings are confidential and often end more quickly and cost-effectively than disputes in court.
It can therefore make sense for companies to establish an internal conflict management system. You can find more information on this topic here.
