We had it instead of unions when I was teaching. Each side came up with what they wanted. Then they tried as hard as the could to compromise. If a compromise could not be reached, an unbiased arbitrator was brought in. That person was able to have access to all financial records. After that he chose the beginning offer of the group he sided with. In my 25 years of teaching in that school district we only went to arbitration once. The teachers won because the arbitrator found the school district had a huge hidden slush fund. Never a strike. The thing that made this work was having completely unbiased arbitrators. Without that, it would be politics as usual.