Define collective bargaining and give its importance to labor.

Collective bargaining is a negotiation process between employers and a group of employees aimed at reaching agreements to regulate working conditions, wages, and benefits. The employees are usually represented by a labor union, which negotiates on their behalf to improve their working conditions and protect their rights.

The collective bargaining process typically involves several steps: 1. Preparation: Both parties gather information and establish negotiation strategies. 2. Negotiation: The parties exchange proposals and counter-proposals, trying to reach an agreement. 3. Bargaining: The parties compromise and find common ground to resolve their differences. 4. Agreement: The parties sign a legally binding contract, known as a collective bargaining agreement (CBA), which outlines the agreed-upon working conditions, wages, and benefits.

Collective bargaining is crucial for labor for several reasons: 1. Improved working conditions: Through collective bargaining, employees can negotiate for better working conditions, such as reasonable working hours, proper health and safety measures, and fair treatment. 2. Fair wages and benefits: Collective bargaining ensures that workers are paid fairly for their work and receive benefits, such as healthcare, pensions, and paid leave, which improve their overall quality of life. 3. Protection of employee rights: Collective bargaining agreements protect employees’ rights, such as job security, protection against unfair dismissal, and the right to a safe work environment. 4. Empowerment of workers: Collective bargaining gives workers a voice in their workplace and allows them to have a say in decisions that directly affect their lives. 5. Promotion of social dialogue and cooperation: Collective bargaining promotes cooperation and dialogue between employers and employees, which could lead to increased productivity, job satisfaction, and a better work environment.