A much better way forward would be for both sides to negotiate a reasonable settlement somewhere between the CPI and RPI levels, preferably fixed for several years so that the business planners can plan the business.
Yeah but that doesn't appear to be what the management are offering? As an outsider looking in I'd say that's what the union are asking for, some of which being applied retrospectively. I'd say if you get a turnout of 88%, and 91% of them vote in favour of strike action you have a pretty pi55ed off workforce. Also, i can't imagine there would be people who care more about the company than the folk on the line, many of who will hope to spend their entire working career at the airline. Shareholders tend to be far more transient and more interested in making short term financial gains.
More airlines have failed as a result of mismanagement than renumerating their workforce reasonably.