inese demand- shared management. The contract specified that Otis assent would be necessary for major management decisions within the firm. This reflected Otis willingness to integrate their needs with the Chinese demands. The most difficult issue related to foreign exchange. The Chinese currency, the renminbi (RMB) is non-convertible and the government seldom converted foreign business earnings into foreign exchange. After much bargaining, Otis and the Chinese government agreed to a solution whereby Otis was not required to buy a fixed amount of products and the Chinese government did not have to guarantee conversion of RMB earnings.This is an excellent example of how conflicts can be successfully navigated and resolved through mutual compromise to produce a symbiotically beneficial agreement. Had their not been conflict between the two parties, it would have been a case of pure exploitation by one party against another. Through conflict management, they innovated to constitute a fresh agreement that would suit both their needs along with turbulence in the environment.I would like to conclude by reiterating the importance of constructive conflict and its management in this day and age. Conflicts are beneficial if they are harmonious and tranquil. They promote intellectual dialogue and prevent groupthink. In an age where mergers become more common by the day, conflict management holds the key to saving millions of dollars by increasing interdepartmental coordination by reducing friction between employees. Conflicts should be used as opportunities to refine behavioural patterns and constantly innovate in a changing world.We find comfort among those who agree with us. Growth among those who dont.-Frank. ClarkMy sentiments precisely....
