Introduction to Finance Trade Unions

Jan 28, 2024

22 Min Read

1. What is the purpose of trade unions in business and financial operations?

The purpose of trade unions in business and financial operations is to protect and advance the interests of workers in these industries. This includes negotiating better wages, benefits, and working conditions for employees, as well as advocating for their rights and protections in the workplace. Trade unions also work to ensure fair treatment of workers and to address issues such as job security, job training, and career advancement opportunities. Additionally, trade unions may work to improve labor laws and regulations that impact the business and financial sectors. They serve as a collective bargaining agent for workers, providing them with a stronger voice and more power to advocate for their needs and concerns.

2. How do trade unions typically negotiate with employers?

Trade unions negotiate with employers in a variety of ways, depending on the specific circumstances and issues involved. Some common methods of negotiation include collective bargaining, mediation, and arbitration.

Collective bargaining is the process in which representatives from the trade union and the employer’s management team come together to negotiate a new collective agreement that sets out terms and conditions of employment for all workers represented by the trade union. This can include wages, benefits, working hours, job security, and other important issues.

Mediation is a method of negotiation where an impartial third party facilitates discussions between the trade union and the employer. The mediator helps both sides communicate effectively and find common ground to reach a mutually beneficial agreement.

Arbitration is another form of dispute resolution where a neutral third party (an arbitrator) makes binding decisions on any unresolved issues between the trade union and employer.

In addition to these formal negotiation methods, trade unions may also engage in informal negotiations such as direct talks between union leaders and company executives or public campaigning through strikes or other forms of industrial action.

Overall, trade unions negotiate with employers through these various means with the ultimate goal of reaching a fair agreement that meets the needs of their members while also ensuring profitability for the employer.

3. What are some common goals and demands of trade unions in the finance industry?

1. Fair and equitable pay: One of the most common demands of trade unions in the finance industry is to secure fair and equitable pay for all employees, regardless of their position or job role.

2. Better working conditions: Trade unions often fight for better working conditions for their members, including reasonable work hours, suitable office environments, and health and safety protections.

3. Job security: Finance industry employees often face job insecurity due to factors such as mergers, company restructuring, and outsourcing. Trade unions advocate for job security measures such as contract protections, downsizing limitations, and severance packages.

4. Employee benefits: Another common goal of trade unions in the finance industry is to negotiate better employee benefits, such as healthcare coverage, retirement plans, vacation time, and parental leave.

5. Equal opportunities: Many trade unions also work towards promoting diversity and maintaining equal opportunities in hiring and advancement within the industry.

6. Protection from harassment and discrimination: Trade unions work to protect their members from all forms of employment discrimination and harassment based on factors like gender, race or ethnicity.

7. Collective bargaining power: Unions aim to collectively bargain with employers on behalf of their members to negotiate wages, benefits, and other terms of employment.

8. Training and career development: Trade unions may push for training programs or educational opportunities that help their members advance in their careers within the finance industry.

9. Pension plans: In addition to advocating for employee benefits like healthcare coverage and retirement plans, trade unions also fight for fair pension plans that adequately support employees after they retire from their jobs in the finance industry.

10. Work-life balance: Lastly, some trade unions may advocate for better work-life balance policies such as flexible schedules, remote working options or childcare accommodations for employees in the finance industry.

4. How do trade unions impact the financial performance of a company?

The impact of trade unions on the financial performance of a company can vary, depending on the specific circumstances and actions taken by both the union and the company. Some general ways in which a trade union can impact a company’s financial performance include:

1. Negotiated wages and benefits: One of the main roles of trade unions is to negotiate with management on behalf of employees for better wages, benefits, and working conditions. This can lead to increased labor costs for the company, impacting its profitability.

2. Industrial action: In some cases, trade unions may call for industrial action such as strikes or work stoppages as a means to pressure employers into meeting their demands. Such disruptions can result in lost productivity and revenues for the company.

3. Increased employment cost: Trade unions may also advocate for improved work-life balance, job security, or other benefits that could result in additional costs for the company.

4. Better employee relations: On the other hand, trade unions can also help foster a positive work environment by promoting open communication between management and employees. This can lead to better employee satisfaction and productivity, which could ultimately positively impact the company’s financial performance.

5. Improved workplace efficiency: With better representation and collective bargaining power, trade unions may be able to negotiate changes in working hours or terms that could improve workplace efficiency, leading to cost savings for the company.

6. Ability to attract top talent: Companies with unionized workers may have an advantage in attracting skilled employees who value fair compensation and job security provided by collective bargaining agreements.

Overall, the impact of trade unions on a company’s financial performance is complex and depends on various factors such as the industry, competitiveness of wages and benefits negotiated by the union, strength of bargaining power from both sides, and overall economic conditions.

5. Can non-unionized workers benefit from a union’s actions or negotiations?

Yes, non-unionized workers can indirectly benefit from a union’s actions or negotiations. Here are some ways:

1) Improved working conditions and wages: Unions often negotiate for better working conditions and higher wages for their members, which can set the standard for non-unionized workers in the same industry.

2) Increased job security: Unions may negotiate contracts that include provisions for job security, such as prohibiting layoffs without just cause. This could also have a positive impact on non-unionized workers, as it could discourage employers from making widespread cuts or implementing unfair layoff practices.

3) Legal protection: Unions often advocate for laws and policies that benefit all workers, not just their members. For example, unions have historically fought for laws such as minimum wage and overtime pay requirements, workplace safety regulations, and anti-discrimination laws.

4) Setting precedent: A union’s success in negotiating with an employer can set a precedent that other employers may follow even if they do not have unionized workers. For example, if a union successfully negotiates paid parental leave for its members, other employers may feel pressured to offer the same benefit to remain competitive in attracting top talent.

Overall, while non-unionized workers may not directly benefit from a union’s actions and negotiations, they can still experience positive outcomes as a result of unions’ efforts to improve working conditions and rights for all workers.

6. What legal protections do trade union members have in regards to their jobs?

Trade union members have certain legal protections in regards to their jobs, including:

1. The right to join or form a trade union: Every individual has the right to join or form a trade union of his/her own choosing without any interference from employers.

2. Protection from discrimination: Trade union members are protected from being discriminated against by their employers on the basis of their membership or activities in a trade union.

3. The right to collective bargaining: Trade union members have the right to engage in collective bargaining with their employers for better working conditions, wages, and benefits.

4. Protection from unfair dismissal: Employers cannot terminate the employment of a worker solely based on their participation in lawful trade union activities.

5. The right to strike: Trade union members have the right to go on strike as a means of collective action to address workplace issues. However, this is subject to certain requirements and limitations under the law.

6. Legal remedies for violations: In case of any violation of these rights, trade union members can seek legal remedies through labor courts or tribunals.

7. Protection from employer interference: Employers are prohibited from taking any action that interferes with an employee’s right to join or participate in a trade union, such as intimidation, threats, surveillance, or coercion.

8. Protections during industrial disputes: During a lawful strike or lockout, employers are restricted from hiring replacement workers or taking any discriminatory measures against striking workers after they return to work.

9. Privacy protection for sensitive information: Employers are not allowed to access information related to an employee’s trade union membership without their consent.

It is important for trade union members to be aware of these legal protections and exercise their rights responsibly and within the bounds of the law.

7. How have technology advancements affected the role of trade unions in business and finance?

Technology advancements have had a significant impact on the role of trade unions in business and finance.
1. Changing nature of work: The rise of technology has changed the nature of work, with an increasing number of jobs being automated and workers being replaced by machines. This has resulted in decreased job security and fewer bargaining power for trade unions as the workforce becomes more fragmented.
2. Decrease in union membership: Automation and outsourcing have led to a decrease in union membership as companies shift towards contract workers who are less likely to join unions.
3. Decline in collective bargaining: As technology allows businesses to operate globally, it has become easier for them to outsource labor or move operations to lower-wage countries, reducing the effectiveness of collective bargaining by trade unions.
4. Increase in skill-based jobs: With the advent of new technologies, many jobs require specialized skills that are in high demand. This has resulted in a shift towards more individualized contracts and salaries, making it harder for trade unions to negotiate uniform terms and conditions for their members.
5. Use of social media: Trade unions have started using social media platforms to communicate with their members and mobilize them for collective action. It has also made it easier for them to reach potential members and promote their cause.
6. Easier access to information: Technology advancements have made it easier for trade unions to access information about employers, such as financial reports, which can be used during negotiations.
7. Changes in communication between employers and employees: With the use of online platforms like email and video conferencing, employers can directly communicate with employees without involving trade unions, reducing their role as intermediaries between workers and management.

Overall, technology advancements have weakened the traditional role of trade unions in business and finance by changing the dynamics of work and making it harder for them to organize workers. However, they have also provided new opportunities for trade unions to mobilize their members and communicate with them, highlighting the importance of adaptation and innovation for these organizations.

8. How do unions ensure fair wages and benefits for their members?

Unions negotiate with employers on behalf of their members to secure fair wages and benefits. This process is known as collective bargaining, in which union representatives and employer representatives come together to negotiate the terms and conditions of employment.

The following are ways that unions ensure fair wages and benefits for their members:

1. Bargaining power: By representing a large group of workers, unions have stronger bargaining power compared to an individual worker negotiating with an employer. This allows them to negotiate better wages and benefits for their members.

2. Benchmarking: Unions use data and information on industry standards, cost of living, and other relevant factors to negotiate fair wages and benefits that are in line with market rates.

3. Fighting for workers’ rights: Unions advocate for workers’ rights, which includes advocating for fair wages and benefits. They also hold employers accountable for providing these rights to their employees.

4. Job security: Unions work towards ensuring job security for their members through negotiated collective agreements. By protecting their jobs, union members can have peace of mind and focus on other important aspects like improving their skills and productivity.

5. Improving working conditions: In addition to wages and benefits, unions also negotiate for safe working conditions, reasonable work hours, paid time off, and other job-related perks that contribute to overall job satisfaction.

6. Grievance procedures: Unions establish grievance procedures that protect workers from unfair treatment or discrepancies in pay or benefits. This provides a way for workers to raise concerns or file complaints if they feel they are being treated unfairly.

7. Lobbying government officials: Unions also play a role in lobbying government officials to pass laws or regulations that protect workers’ rights, including minimum wage laws, health insurance coverage requirements, paid family leave policies etc.

8. Training programs: Some unions offer training programs to help members improve their skills and stay competitive in the job market. This can lead to higher-paying jobs and better opportunities for advancement.

Overall, unions work towards balancing the power dynamics between employers and workers to ensure that employees receive fair wages and benefits for their work.

9. What are some examples of successful outcomes achieved by trade unions in the past?

1. Improved working conditions: One of the main goals of trade unions is to negotiate for better working conditions for their members. Over the years, trade unions have successfully campaigned for shorter working hours, safer working environments, and better leave and holiday entitlements.

2. Higher wages: Another key achievement of trade unions is securing higher wages for their members. Through collective bargaining and strikes, trade unions have been able to negotiate better pay and benefits for workers in various industries.

3. Job security: Trade unions have played a vital role in protecting workers from layoffs and job insecurity. By negotiating stronger job protection clauses in contracts and advocating for fair hiring practices, trade unions have helped members keep their jobs during times of economic downturn.

4. Health care and retirement benefits: Many trade unions have successfully negotiated for healthcare benefits and retirement plans for their members, providing them with financial security and peace of mind.

5. Paid parental leave: In many countries, paid parental leave was not a standard benefit until it was advocated for by trade unions. Through collective action, trade unions have won the right to paid maternity and paternity leave for their members.

6. Workplace diversity initiatives: Trade unions have been at the forefront of promoting workplace diversity by advocating for equal pay and opportunities regardless of gender, race, or sexual orientation.

7. Reduced working hours: Through negotiations with employers, trade unions have successfully reduced the standard working week from 40 hours to 35 or even 30 hours in some industries.

8. Legal protections for workers: Trade unions have fought to establish laws that protect workers’ rights such as the right to unionize, minimum wage laws, anti-discrimination laws, and workplace safety regulations.

9. Social change: Beyond advocating for workplace issues, some trade unions have also been involved in social movements that aim to bring about broader societal change. For example, many labor organizations actively participated in the civil rights movement in the United States during the 1960s.

10. How do union dues work and what do they typically cover?

Union dues are fees paid by union members on a regular basis, typically monthly or yearly. These dues help fund the operations and activities of the union. Each union has its own specific system for collecting and using dues, but they generally cover the following:

1. Representation: Dues go towards funding a team of union representatives who negotiate contracts with employers on behalf of members, handle grievances, and advocate for workplace rights and benefits.

2. Communication: Union dues also cover the cost of distributing information and updates to members about important issues affecting their workplace and industry.

3. Administration: Some portion of union dues will go towards administrative costs such as running the union office, maintaining records, and managing finances.

4. Legal support: Dues may also be used to provide legal representation for members facing workplace issues such as discrimination or unfair treatment.

5. Training and education: Unions often offer training programs to help members develop skills that are valuable in their current job or future career opportunities. Dues may help cover the cost of these programs.

6. Strike funds: In some cases, unions may allocate a portion of dues towards strike funds that can be used to financially support workers in case they need to go on strike during contract negotiations or other labor disputes.

7. Political contributions: A small portion of union dues may go towards supporting political candidates or campaigns that align with the union’s values and goals.

Overall, union dues serve to support the work and advocacy efforts of the union in order to improve working conditions and protect the rights of its members.

11. Do all employees in a company automatically become part of a union if it is formed within the organization?

No, all employees in a company do not automatically become part of a union if it is formed within the organization. Joining a union is voluntary and employees must intentionally choose to become members by signing a membership form and paying dues. Therefore, even if a union is formed within a company, employees have the right to choose whether or not they want to join.

12. In what ways can management work cooperatively with a trade union to achieve mutual goals?

1) Establish open communication channels: Management should establish open and transparent communication channels with the trade union. This will help to build trust and foster a collaborative relationship.

2) Involve the union in decision-making processes: Management should involve the trade union in decision-making processes that affect employees. This will give the union a sense of ownership and ensure that their concerns are addressed.

3) Negotiate in good faith: For successful cooperation, both parties must negotiate in good faith, with mutual respect and understanding.

4) Address employee grievances: Management should take prompt action to address any employee grievances brought forward by the union. This will show that management is committed to listening to and addressing workers’ concerns.

5) Provide relevant information: The trade union should have access to necessary information such as financial performance, future plans, and organizational objectives. This will help them understand the company’s perspective and make informed decisions during negotiations.

6) Promote a culture of teamwork: To achieve mutual goals, both management and unions should promote a culture of teamwork and collaboration among employees.

7) Conduct regular meetings: Regular meetings between management and trade union representatives can be an effective way to discuss issues, resolve conflicts, and work towards common goals.

8) Recognize the role of unions: It is essential for management to recognize the vital role played by trade unions in protecting workers’ rights and improving working conditions. Acknowledging this can lead to a more productive partnership between both parties.

9) Encourage employee participation: Both management and unions should encourage employee participation in decision-making processes. Employees who feel their voice is heard are more likely to be motivated and engaged in their work.

10) Collaborate on training programs: Management can work together with unions to develop training programs that benefit both employees and the organization. This could include skills development or health and safety initiatives.

11) Align goals: Management should find ways to align organizational goals with worker’s needs and concerns. By doing so, both parties can work towards a common goal that benefits the company and its employees.

12) Resolve disputes through mediation: In case of conflict or disagreements, mediation should be considered as a way to resolve disputes instead of resorting to legal action. This can help maintain a positive relationship between management and the trade union.

13. Is it common for there to be conflicts between trade unions and employers? If so, how are they usually resolved?

It is not uncommon for there to be conflicts between trade unions and employers. Unions represent the collective interests of workers and may push for higher wages, better working conditions, or more benefits, while employers are focused on maximizing profits and keeping labor costs low.

These conflicts are usually resolved through negotiations and collective bargaining between union representatives and company management. In some cases, this may lead to strikes or other forms of industrial action as a way for unions to put pressure on employers to meet their demands. However, most disputes are resolved through compromise and mutual agreement reached through negotiations.

If a resolution cannot be reached through negotiations, parties may turn to external mediation or arbitration services. In rare cases, disputes may also end up in court if they involve legal issues related to labor laws or collective bargaining agreements.

14. Are there any downsides to being part of a trade union as an employee?

There are a few potential downsides to being part of a trade union as an employee, including:

1. Union dues: To fund their activities and services, unions often require members to pay regular dues. This can be a financial burden for some employees.

2. Limited individual negotiations: In some industries, unions negotiate contracts on behalf of all employees in a certain job category or company. This means that individual employees may have less flexibility in negotiating their own salaries or benefits.

3. Strikes and work stoppages: While not common, unions may call for strikes or other forms of job action during contract negotiations or disputes with employers. This can disrupt business operations and lead to lost wages for employees.

4. Restrictions on promotions and hiring: In some cases, unions may have rules and regulations regarding promotions, transfers, and hiring within a company. This can limit an employee’s ability to advance in their career or transfer to another department.

5. Conflict with management: In situations where there is ongoing conflict between the union and management, this can create tension and potentially harm the working relationship between employees and their employers.

Overall, while there are potential downsides to joining a trade union as an employee, the benefits of collective bargaining power and protection from unfair treatment in the workplace often outweigh these drawbacks for many workers.

15. How do strikes and other forms of industrial action affect a company’s finances and operations?

Strikes and other forms of industrial action can have a significant impact on a company’s finances and operations. Here are some potential ways that these actions can affect a company:

1. Loss of productivity: One of the most immediate impacts of strikes and other forms of industrial action is the disruption to normal business operations. This can result in loss of production, delayed deliveries, and reduced efficiency, which can lead to financial losses for the company.

2. Higher labor costs: In order to compensate for the loss of productivity during a strike, companies may be forced to pay extra wages or overtime rates to workers who fill in for striking employees. This can result in higher labor costs and negatively impact the company’s bottom line.

3. Damage to reputation: Strikes and industrial action can damage a company’s reputation among customers, investors, and other stakeholders. If the strike drags on or becomes violent, it may create negative perceptions about the company’s ability to manage its workforce or handle labor disputes effectively.

4. Decrease in revenue: Strikes can also have an impact on a company’s revenue in various ways. For example, if workers are on strike at a manufacturing plant, this could result in delayed or canceled orders from customers, leading to a decrease in sales and revenue.

5. Legal costs: In some cases, companies may face legal costs related to handling strikes or negotiating with unions. This could further increase their expenses during periods of industrial actions.

6. Reputational risk: If customers perceive the cause of the strike as unjustified or unreasonable, they may choose to stop doing business with the company altogether. The loss of customers due to negative perceptions about workers’ rights could have long-term consequences for the company’s financial performance.

7. Impact on stock performance: Strikes and other forms of industrial action can also affect a company’s stock performance by causing uncertainty among investors, leading to drops in stock prices.

8. Long-term effects on employee morale and turnover: Prolonged industrial action can have a significant impact on employee morale. Workers may become dissatisfied with their employer, leading to higher turnover rates and increased costs for hiring and training new staff.

In conclusion, strikes and other forms of industrial action can have far-reaching consequences for a company’s finances and operations. It is crucial for companies to proactively manage their relationships with employees and unions to prevent such disruptions in the first place.

16. Are there different types or levels of authority within a trade union structure?

Yes, there are usually different levels of authority within a trade union structure, such as:

1. National or international leadership: This would consist of the top leaders of the trade union, such as the president, vice president, and other national or regional officers. They are responsible for overall decision making and strategic planning for the entire union.

2. Executive board: This is a group of elected representatives who make decisions on behalf of the union between conventions or conferences. They usually have specific responsibilities and duties assigned to them by the national leadership.

3. Local leaders: Each local branch or chapter of a trade union has its own set of leaders, such as a president, secretary, treasurer, and other elected officers. They handle day-to-day operations and represent members at their workplace or in their area.

4. Shop stewards: These are frontline representatives who are elected by members in their workplace to act as a liaison between workers and management. They may also help resolve conflicts and advocate for workers’ rights.

5. Committees: Trade unions often have various committees to address specific issues or areas within the organization, such as bargaining committees, health and safety committees, women’s committees, and political action committees.

The levels of authority within a trade union structure may vary depending on the specific organization’s size, structure, and policies.

17. How does global competition impact the role and influence of trade unions in business and finance?

Global competition can have a significant impact on the role and influence of trade unions in business and finance. Some potential ways this may occur include:

1. Negotiating Power: As companies face increased competition from global markets, they may be under more pressure to cut costs and improve efficiency to remain competitive. This could lead to employers seeking to reduce wages or benefits, leading trade unions to push back with demands for higher pay and more favorable working conditions.

2. Job Security: Global competition can also result in downsizing, outsourcing, and relocation of jobs to lower-cost countries. This can create uncertainty for workers, potentially increasing the need for strong unions to protect their rights and job security.

3. Changes in Industries: Trade unions may find themselves representing workers who are impacted by globalization differently depending on the sector or industry they work in. For example, manufacturing jobs may be subject to intense global competition due to low-cost production in developing countries, while service-based jobs tend to be less affected.

4. Influence on Corporate Strategies: In response to global competition, companies may restructure operations or adopt new technologies that affect employment practices such as staffing levels and labor skills required. Unions can play an important role in negotiating with management over these changes.

5. International Collaboration: To stay relevant and have a stronger voice in negotiations, trade unions may need to expand their reach beyond national borders by building relationships with their counterparts in other countries. Through international alliances and cooperation with sister organizations abroad, trade unions can leverage their collective bargaining strength against multinational corporations.

In conclusion, global competition can present challenges but also opportunities for trade unions in terms of protecting workers’ rights and job security in businesses and finance industries worldwide. As the economy becomes increasingly interconnected and cross-border competition intensifies, trade unions must adapt their strategies accordingly to maintain relevance and effectiveness in advocating for workers’ interests on an international scale.

18. Can an employer legally prevent their employees from joining or forming a union?

No, it is illegal for an employer to prevent their employees from joining or forming a union. Employees have the right to organize and participate in collective bargaining with their employers.

19.The concept of collective bargaining is often associated with trade unions; can you explain what this means?

Collective bargaining refers to the process of negotiation between employers and a labor union or group of employees, often represented by a trade union. This process is used to determine the terms and conditions of employment for workers, including wages, working hours, benefits, and other workplace policies.

Trade unions are organizations formed by workers to protect and promote their interests in relation to their employment. They serve as the collective voice for workers in negotiations with employers. Through collective bargaining, trade unions seek to secure better working conditions and higher wages for their members.

In this process, the union acts as a representative for all its members, rather than each worker negotiating individually with their employer. The goal of collective bargaining is to reach an agreement that satisfies both parties – the employer and the employees – through open discussions and compromise. This can lead to improved working conditions and better pay for workers, while also ensuring that businesses remain profitable.

Overall, collective bargaining provides a way for employees to have a greater say in their working conditions and allows them to come together as a united group to advocate for their rights.

20.How might changes in government policies or regulations impact the activities and strategies of trade unions in business and finance?

1. Influence on collective bargaining agreements: Changes in government policies and regulations can directly impact the terms and conditions negotiated in collective bargaining agreements between trade unions and businesses. For example, if a new policy limits or reduces certain benefits or protections for workers, it could be reflected in the next round of negotiations.

2. Impact on wages and benefits: Government policies such as minimum wage laws, overtime regulations, and healthcare requirements can have a significant impact on the wages and benefits that trade unions are able to secure for their members. Changes in these policies can affect the cost of labor for businesses and may also affect the ability of unions to negotiate higher wages and better benefits.

3. Enforcement of labor laws: A government’s enforcement of labor laws can greatly influence the activities of trade unions. If there is a lack of enforcement, employers may feel less pressure to comply with labor regulations, making it harder for unions to secure fair working conditions for their members.

4. Role in public sector unions: Government policies also play a significant role in shaping the activities of trade unions within the public sector. In many countries, government employees are not allowed to strike or engage in other forms of industrial action, limiting their ability to negotiate with employers.

5. Support for organizing efforts: Government policies that are supportive of unionization and collective bargaining can greatly benefit trade unions by providing legal protection and support for organizing efforts. On the other hand, anti-union legislation or policies may hinder unionization efforts and weaken their bargaining power.

6. Impact on business competitiveness: Changes in government policies or regulations that directly affect businesses can have an indirect impact on trade unions as well. For example, if new regulations impose additional costs on businesses, they may be less willing or able to offer favorable terms to unions during contract negotiations.

7. Ability to engage in political activities: Trade unions often engage in political activities such as lobbying or campaigning for specific candidates who support their interests. Changes in government policies on campaign finance or political activities can affect the ability of trade unions to engage in these activities.

8. Shifts in economic and financial policies: Changes in economic or financial policies by governments can also have indirect impacts on trade unions. For instance, changes in interest rates, inflation rates, or tax policies can influence the economic climate and demand for certain industries, potentially affecting employment levels and working conditions for union members.

9. Impact on job security and employment rights: Government policies that promote or discourage outsourcing, automation, or other labor-related practices can affect the job security of union members and their employment rights. This can impact the bargaining power of unions and their ability to protect workers’ interests.

10. Influence on social issues: Government policies that address social issues such as discrimination, diversity, and labor rights may also have an impact on the activities and strategies of trade unions in business and finance. Unions may align their efforts with government initiatives to address these issues or use them as bargaining points during negotiations with businesses.


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