![]() Arbitration: In this process, the third party, known as the arbitrator, decides on the settlement.They help identify and clarify the underlying issues of the dispute. The mediator aids communication between the two parties and ensures that it occurs fairly, honestly, and impartial. Mediation: In this process, a neutral third party acts as the mediator between the conflicting parties to settle.However, most involved parties hire seasoned lawyers themselves to settle such matters. Negotiation: In this process, two conflicting parties or their representatives discuss among themselves, without the involvement of a third party, to settle themselves.Concessionary Bargaining: In this type of bargaining, the union sacrifices some benefits to bail out the employer during the stressed economic situation, which benefits the employees in the long run.It ensures the long-term relationship between employer and employee that is mutually beneficial. Composite Bargaining: This type of negotiation emphasizes various factors not directly related to pay but rather focused on employee welfare and job security.The two parties agree to certain changes that promise to boost productivity in exchange for higher wages. Productivity Bargaining: In this type of bargaining, the negotiations revolve around productivity and pay.In other words, both parties consider each other’s needs and concerns. Integrative Bargaining: In this type of bargaining, the agreement is reached so that both the participating sides tend to benefit – a win-win situation.It discusses redistribution of profit sharing to increase wages, bonuses, or financial benefits. Distributive Bargaining: In this type of negotiation process, one party benefits at the expense of others.It can be classified into five major types – Collective bargaining is very important because dissonance between employer and employees can result in various antagonistic events, such as labor strikes, lockouts, etc. The negotiations result in the collective bargaining agreement, which describes the rules of employment for a certain number of years. ![]() The union members pay the labor union leaders for representing the latter. In collective bargaining, negotiations occur between the employer’s management and the labor union leaders, who represent the trade union workers. Source: Collective Bargaining () How does it Work? You are free to use this image on your website, templates, etc., Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked To encourage the maintenance of a democratic environment at the workplace.To ensure that the government intervention is maintained at a minimum level.To equally safeguard the interests of both employer and employees.To foster a pleasant and cordial relationship between employer and employees.
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