theory of labor relations

The theory of labor relations explores the dynamic interactions between employers, employees, and their representatives, like unions. It examines how these groups negotiate wages, working conditions, and other employment terms. Key concepts include collective bargaining, where employees negotiate as a group, and conflict resolution, addressing disputes that arise in the workplace. Effective labor relations foster communication and cooperation, promoting a balanced approach to addressing the interests of both workers and employers. This theory helps ensure fair treatment, workplace harmony, and productivity, contributing to a more stable and equitable labor market.