5 Ways Conflict Resolution Can Stretch Your Dollar during the Economic Slump ~ The National Arbitration Forum Blog

Thursday, October 16, 2008

5 Ways Conflict Resolution Can Stretch Your Dollar during the Economic Slump

In honor of international Conflict Resolution Day, the National Arbitration Forum Blog takes a look at the cost-saving advantages of conflict resolution. Here are five ways conflict resolution, or alternative dispute resolution, can save you money.
  1. Saves You Time – And, time is money. ADR is typically quicker than court litigation. Putting disputes behind you leaves you free to get on with your life and your business.
  2. Saves Money Spent on Attorney Fees – Again, time is money. ADR often requires that fewer hours be billed by your lawyer, and may enable parties to come to a resolution without lawyer involvement.
  3. Saves Taxpayer Money – Taxpayers have to foot the bill for the public justice system. Removing certain types of civil disputes from the public court system reduces this burden on all of us.
  4. Saves on Lost Work Time – You don’t have to take off work to go down to the court house. Mediators and arbitrators often have the flexibility of handling conflicts at convenient hours or over the phone, in video, in print, or over the web.
  5. Finally… Brings Down Prices for All Consumers – When businesses intelligently deploy ADR, their legal and administrative costs are reduced and those cost savings are passed on to consumers as lower prices for goods and services.
For more on the benefits of arbitration, mediation, and other forms of ADR see the National Arbitration Forum website.

1 comments:

Lynn Murphy - Key Innovative Solutions, Inc. said...

Using ADR in business settings is, as you state, even more important in this slow economy. Additionally, if managers and employees learn to employ effective conflict resolution techniques before a situation requires ADR or other legal remedies, they can save even more time and money plus salvage business/work relationships. When managers help employees understand how to work toward understanding each other's interests, not just their positions, they will be able to address conflicts before they develop into costly issues for an organization. Training employees and managers in essential skills of conflict resolution techniques is vital in this economy. Thanks for helping raise awareness of alternative ways to resolve conflicts.