Importance of Sound Industrial Relation System
The success of any organization depends on its employees. Good and harmonious relationships between employers and employees (Industrial Relations) are vital to existence, stability and growth of any organization. As per the Edwards (2003) any practices, processes, procedures and channels of communication maintained or practiced between employers and employees (represented by trade unions) in order to have cordial relationship among the parties. The three main parties involved in the IRs have conflicting interests. EMPLOYER - Wants higher profits on his investments EMPLOYEE - Wants more wages and better conditions of work/life GOVERNMENT - Wants Industry to provide more employment and receive bigger income as taxation to provide services to the general public. Role of the government on Industrial Relations: (A) By Enforcement of Labour Laws (Control/Protecting Role): 1) Industrial Dispute Act (# 43 of 1950) 2) ...