Economics essay on: Industrial Relations in Australia for Sustainable Business
Industrial/Employment Relations is defined as collective approach to maintain a relationship between management and its employees. It has to be developed at work place to handle the grievances, to take decision about employees, maintain discipline and remove their stress level. Healthy Employment relations can be created if all the parties like employers, employees, trade unions, different committees, and government work together for mutual benefits of each other. Better industrial relations will help to motivate the employees and it will help to increase the productivity of the Organization. It develops a positive atmosphere for the employers and the employees (Managementstudyguide.com. 2012). The problems like strikes, Lockouts and disputes can be removed with the help of proper Industrial relations at workplace. Employees and employers have been using it as a weapon to safeguard their interest at workplace. Industrial Relations will help employees to represent their requirements in front of management. Globalization and emergence of new technologies have been brought changes in Industrial relations (John Wiley & Sons 2012). The new rules, regulations and the policies of an Organization can be successfully implemented with the help of harmonial Industrial Relations. The advantages of developing healthy industrial relations are, it will help in increasing the morale of the employees, wastages can be minimized, mentality of employers and employees towards each other can be improved and disputes can be minimized. A peaceful environment is requirement of every organization and it can be promoted by the help of better Industrial relations. The various acts like Equal remuneration Act, Factory Act, Gratuity Act, Bonus Act, can be used to create a better working place by the help of Industrial Relations. It should be maintained because employees can discuss the problems with the other employees to reduce the tensions and anxiety at workplace. It is interconnected with different field such as economy, sociology, Law and psychology.