industry wide awards, collective agreements and individual contracts

[trudgedaddy]

Can someone please tell me the positives and negatives between industry wide awards, collective agreements and individual contracts. Thank you if you can.

[Callum@1373]

Industry wide award Advantages
- Quick and simple
- No time spent negotiating
- Consistent among organisations
- Min. wage saves money for organisations

Industry wide awards disadvantages
- Lack of employee input
- No added incentives
- Does not tailor to individual organisations

Collective agreements advantages
- Employee input
- Tailored to an organisation
- Increases communication between management and employees

Collective agreements disadvantages
- Time spent negotiating
- Disputes can arise
- High wages may mean less profits

Individual contracts advantages
- Tailors to a specific employees needs
- Suits part-time workers
- Improved morale

Individual contracts disadvantages
- Lack of consistency among employees
- Can make for inefficient use of labour
- Time spent creating and implementing

Hope that helps!