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Managing Security Risks During Labor Disputes
Every company with union workers faces the risk of a labor dispute. Identifying any business risks and then managing them is a priority for executive decision-makers who must ensure that the company delivers its promises to stockholders, customers, and employees. The process is well defined in business terms:
- Risk identification, including assessing and tracking existing risks and identifying new ones;
- Risk assessment, including charting probability and consequences;
- Risk prioritization, including decisions to accept, avoid, control, transfer or monitor the risk; and
- Risk mitigation, including planning and implementing strategies for handling medium- to high- risk events.
When this risk involves labor disputes, the stakes are high. The potential for disruption of operations, lost customers,and damage to the corporate brand cannot be overlooked. Without a well-defined strategy on how the company will function during a labor dispute, the event can result in business disruptions that threaten to shut down daily operations, potentially forever.
Preparing an Operating Plan
A company with a union contract that is about to expire will plan for negotiations, but executives who do not expect or plan for problems (or blindly accept risk) weaken their bargaining position. When a company employs unionized workers, its risk-mitigation analysis should take into account the concept of foreseeability: knowing whether the negotiations will involve concessionary agreements on potentially contentious topics, whether language issues or economic factors. But even if the probability of highly antagonistic bargaining is low, the decision not to be prepared is itself a recipe for disaster. If something goes awry and there is no strategy, the business impact can be overwhelming.
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