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When CPP Inc.– publishers of the Myers-Briggs Assessment and the Thomas-Kilmann Conflict Mode Instrument– commissioned a study on workplace conflict, they found that in 2008, US employees spent 2.8 hours per week dealing with conflict. This amounts to approximately $359 billion in paid hours (based on average hourly earnings of $17.95), or the equivalent of 385 million working days.

Findings from the #CPP study should be enough to spur any “wait and see” business owner into action. For example, 25 per cent of employees said that avoiding conflict led to sickness or absence from work. Equally alarming, nearly 10 percent reported that workplace conflict led to project failure and more than one-third said that conflict resulted in someone leaving the company, either through firing or quitting. Those negatives translate into real financial losses for small businesses.

The Typical Manager spends 25-40 per cent of his or her time dealing with Workplace Conflicts .That’s one to two days of every work week.(Washington Business Journal), May 2005. Hence, it is not very surprising that managing conflicts turns out to be a crucial skill that is actively sought out by CEOs.

Click here to read the full article published on #BusinessWorld!