Stakeholders
Any individual, group or
organisation that has a
vested interest in the
activities of a business.
Modern
Awards
Legal documents outlining
minimum terms and
conditions of employment.
Meaning
Labour
Market
The supply and demand for
labour/employment (also
referred to as the job
market).
Ethics
The standards of what is
morally wrong and right
which govern people’s
behaviour.
Meaning
Employer
Associations
Organisations aimed at
supporting and protecting the
interests of its member.
Social
Justice
The fair and equal
treatment of all
stakeholders - employees,
customers, suppliers etc.
Meaning
Centralised
Industrial
Relations
Decentralised
Industrial
Relations
The wages and conditions of
employees are determined
by the government - across
the economy.
Meaning
The wages and condition of
employees differ depending
on the place.
Trade Unions
Organisations made up of
members who work within a
particular industry aimed to
represent the interests of
the workers.
Statue Law
Law that is made by
Parliament - also known as
legislation.
Meaning
Common Law
Law developed through
judicial decisions (a case-bycase basis).
Enterprise
Agreements
Legally binding agreements
providing the terms and
conditions for employees.
Meaning