There are four factors of productions
1) land
2) labour
3)capital
4) organization
but the role of labour as a factor of production is being the most important contributor of the wealth of the company.
Q WHAT IS INDUSTRIAL RELATIONS?
ANS It is in simple words the relationship between the employee and the employer or the management and the labour.But according to ILO-Industrial relation deals with either the relationship between the state and the employee and the worker’s organization or the relation between worker’s the –occupational organizational themselves.
Q HOW HAS INDUSTRIAL REVOLTION CAME INTO EXISTENCE?
ANS – It has arisen from the issue of divorce of the workers from the ownership and management of production process. It resulted in loss of independence of workers and is the major cause of Industrial disputes .This made them SECOND ClASS CITIZEN .
Q HOW DOES INDUSTRIAL RELATION WORKS?
ANS There are two parties –labour and the management and both parties work in cooperation with each other. Both aims to make their relation healthy and harmonious.
Q WHAT ARE THE FACTORS INFLUENCING INDUSTRIAL RELATION?
ANS There are many factors influencing the industrial relations-
1) Institutional factors
2) Economic factors
3) Technological factors
4) Spirit of compromise and accommodation
5) Govt role
