What are the scope and importance of industrial economics?
Answers
The primary objective of industrial relations is to maintain and develop good and healthy relations between employees and employers or operatives and management. 4. Secondary Objectives of Industrial Relations. Establish and foster sound relationship between workers and management by safeguarding their interests.
Industrial relations in organizations is the sum total of the management's attitude to labour and of labour's attitude to management's policies and practices that affect the interests of the employees. Industrial relations are, basically, interactions between management and union(s). They involve continuous dialogue between the two sides on various issues of common interest; through such dialogues, the two sides shape each other's attitudes. The approach, methods, strategies and techniques, etc., of management in achieving the desired objectives vary from one organization to another. This is especially true in regard to productivity improvement through industrial relations. It is, therefore, primarily the responsibility of managements to develop industrial relations with workers and the unions so as to promote productivity on a continuing basis.
Answer:
The study of businesses, markets, and industries is known as industrial economics. It examines businesses of various sizes, from neighborhood corner stores to global behemoths like Walmart or Tesco. And it takes into account a wide range of industries, including food service, auto manufacturing, and the production of power.
Maintaining and fostering positive, healthy relationships between employees and employers, or workers and management, is the major goal of industrial relations. 4. Industrial Relations' secondary goals. By defending their interests, establish and promote good ties between the workforce and management.
The management's attitude toward labor and the labor's attitude toward management's policies and actions that impact employee interests make up industrial relations in organizations. In essence, industrial relations are contacts between the management and the union (s). They entail ongoing discussions on a range of topics of shared interest between the two sides, which help to mold each other's attitudes. Every organization has a different approach to management's methodologies, plans, and procedures for attaining its goals. This is especially true when it comes to increasing productivity through labor relations. Therefore, building industrial relations with employees and the unions is essentially the responsibility of management in order to continuously enhance productivity.
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