Benefits of collective bargaining

[luttu]

What are the benefits or uses of collective bargaining?

[nbm]

1. It provides a method for the regulation of conditions of employment by those directly concerned. The employers and workers in an industry know more about its conditions and problems than anyone else.
2. It often leads to better mutual understanding. The employers gain a greater insight into the 'problems and aspirations of the workers, while the latter become more aware of the economic and technical factors involved in industrial management.
3. It provides a flexible means of adjusting wages and conditions of employment to economic and technological changes in industry. The parties can meet whenever necessary and can adapt the terms of their agreements to these changes.
4. It provides a code defining the rights and ^ligations of each party in their employment relations with one another. Basic standards are fixed and every worker knows that he cannot be required to work under conditions less favourable than those stipulated in the agreement. A sort of "industrial jurisprudence is created.