Collective bargaining is a fundamental process integral to the landscape of labor-management relations. It is the negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.
For employees, collective bargaining is conducted by their representatives, often unions, and is a means of achieving a fair and just working environment through group negotiations. It is a platform where power is somewhat balanced, as the collective nature of the bargaining unit increases the negotiating power of the employees.
- Key aspects include negotiations on wages, work rules, complaint procedures, rules governing hiring, firing, and promotion of workers, benefits, workplace safety, and policies.
- A successful collective bargaining agreement results in a contract binding both the employer and employees to its terms.
- Failure to reach an agreement could lead to mediation, arbitration, or industrial action such as strikes.