Collective bargaining

Definition

Collective bargaining is the process through which employers and a group of employees negotiate terms and conditions of employment, such as wages, hours, and workplace policies. It serves as a way for workers to use their collective power to ensure fair treatment and compensation.

Related terms

Labor Union:

An organized association of workers formed to protect and further their rights and interests; they often represent workers in collective bargaining.

Strike:

A work stoppage caused by the mass refusal of employees to work, usually after the failure of collective bargaining negotiations.

Arbitration:

A method of dispute resolution where an impartial third party makes decisions (that are typically binding) on issues in dispute, often used when collective bargaining fails to result in an agreement