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Collective Bargaining • Collective bargaining is a process of negotiations between employers and a group of employees aimed at reaching agreements that regulate working conditions. – The interests of the employees are commonly presented by representatives of a trade union to which the employees belong. • The collective agreements reached by these negotiations usually set out wage scales, working hours, training, health and safety, overtime, and rights to participate in workplace or company affairs. Mediation • 3rd Party suggestion as to terms of agreement Arbitration • 3rd Party mandate as to terms of agreement Traditional Theory of Wages Supply and Demand of labor - If lots of people can do what you can do, you’ll be paid accordingly Theory of Negotiated Wages If you’re in a union, you’ll earn more. Signaling Theory Degrees and certificates = higher pay Labor Mobility If you’re willing to move, you might be in higher demand Categories of Labor • Unskilled Labor – Mopping floors, picking fruit • Hardly any capital investment in employee – Hence, least pay out there • Semi-skilled Labor – Lawn mowers, floor polishers, • Few weeks of capital investment in laborer – Minimal amount of training, hence, low pay Categories of Labor (cont) • Skilled Labor – Carpenters, typists, computer techs. • Higher investment in human capital (experience and training – Hence, better pay because not easily replaced • Professional Labor – Scientists, lawyers, doctors • Lots of training / human capital investment – Highest paid