Unlike Nick, I see «μπαμπούλα» in this context more of a constant threat than fear; I also believe that using an expression in inverted commas fits the text better

μπαμπούλα in English is the bogeyman (cf. link below). I was scared of the μπαμπούλα in Greek when I was a child, and the bogeyman in English (I was bilingual from the age of 4 and grew up in a Greek household while attending an English school). To my mind, the use of μπαμπούλα in the Source Text deliberately introduces this childhood nuance, not least because a criticism of authoritarian management can be that staff are treated as children (whether children should be treated in this way is a separate topic!). However, there is an issue with bogeyman being clearly singular whereas the threats are, technically, 3. This is problematic to my ear (in Greek and in English), and bogeymen would be inaccurate in English. I therefore suggest bogeyman-like threat - or threats in the plural, depending on how literally you want to reproduce the Greek (if you Google bogeyman-like you will find it used as e.g. bogeyman-like creature).

If you prefer to avoid bogeyman altogether, I agree with Kyriacos that the source text portrays a constant threat hanging over their heads and Damoclean sword conveys that well. However, I think that Damoclean sword is more sophisticated - and grown-up - than «μπαμπούλα». Plus Damoclean sword-like would sound very clumsy, and Damoclean sword poses the same singular-plural problem. I know that the singular-plural issue is present in the Greek source text, but I find it more jarring in English.

Perhaps the choice will be determined by who the target reader is and whether they are more likely to know Damocles or the bogeyman?:-) And whether you think the childhood nuance is important in your overall context.

Happy 2019 to all!!!

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Note added at 3 days 10 hrs (2019-01-02 03:36:11 GMT)
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Actually I should have said "reprimand, disapproval anddismissal. I think this is more natural in English than or

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Note added at 3 days 10 hrs (2019-01-02 03:37:39 GMT)
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I meant reprimand, disapproval and dismissal