Collective bargaining is the formal way to agree to somethin

Collective bargaining is the formal way to agree to something on both sides of the fence on what is fair for the workers, and if seen to be unfair on the company side, it can go through arbitration for an unbiased decision. Can you please explain this in 150 word counts?

Solution

Collective bargaining is the process involving negotiating the terms of employment between the employer and a group of workers. It can be over working conditions, compensation benefits or job security. The union members would represent the employees during bargaining with the company and when the agreement is reached it is known as collective bargaining agreement. Both the parties should involve in the bargaining process in good faith and if the agreement is not reached it will go for arbitration. Arbitration is the process in which the dispute is handed over to a third party when it is not resolved through bargaining. When the company or the employees feel that the decision is unfair, the party can disagree and go for arbitration. A neutral third party is chosen for arbitration who takes impartial decision based on evidence and hearing and the decision taken by the third party would be considered as final.