In the Course Resource Section, review slides the Power Point Slide Deck for Analysis of the Environment. For each of the following areas discussed for analysis (Supply/Demand of Labor, Competitive Environment or Legislative/Regulatory Environment). Do an internet search for each of the three areas and write a 3-5 page paper summarizing the three areas as they relate to the Collective Bargaining Exercise between ABS Discount and United Guild of Pharmacists listed in the Syllabus subsection of the Content section.

i NEED “summarizing the three areas as they relate to the Collective Bargaining Exercise between ABS Discount and United Guild of Pharmacists listed in the Syllabus subsection of the Content section.”

Processes of Labor Relations and Labor

Shiuh Liang, Chin
Regis University
HR6390_X72_Emp Rltns Workplace Safety
Professor Kathleen Dodaro
04/01/2022

Labor Market Analysis
Introduction?
The labour market is the meeting point where the supply of employment and the demand for them collide, with employees or labour supplying the skills that businesses require. While the employee can be anyone who chooses to give his services in exchange for pay, the business can be any single company or organization that needs an individual to do a certain job or to accomplish a task on time and with high quality (Teichman, 2018). If the employee is considered a seller, the employer is considered a buyer. The income or compensation that is promised to be received by the employee from the employer is a common component that binds the two parties together in one way or another. For the most part, this is where workers can find work that matches their talents and credentials. Both parties agree on the salaries, benefits, and other types of remuneration provided to the employee. According to conventional wisdom in the labour market, employees relocate to areas where there is a demand for their abilities, whether in their home country or abroad. Furthermore, they are interchangeable, which implies that a person who can perform the job more effectively can be hired to take over the position of the other worker. Moreover, wages are not fixed, which means that they might increase or decrease based on the employee’s performance. Wages and remuneration are the most important driving factors in today’s work market.
Supply/Demand of Labor
Demand and supply curves exist in labour markets, exactly as they do in markets for goods. The law of demand operates in labour markets in the following ways: The demand for labour decreases when the price of labour in the labour market rises, and the demand for labour rises when the value of labour falls. Conversely, the demand for workers increases when the value of labour falls. The law of supply operates in labour markets: A higher value for labour results in a greater proportion of labour being supplied; a lower price results in a lesser quantity of labour being supplied. Individuals’ perceptions of how attractive a job is compared to substitutes, government policies that prohibit or promote the number of employees educated for the position, the number of employees in the economy, and the education level required to impact the supply curve for labour.
Listed in descending order of significance are the micro-level (or firm-level) variables that influence the achievement of collaborative bargaining: labour-union regulations, union signatory unity, independent contractor regulations, the economic standing of the labour union, union leader and board of directors working groups, and the connection among the workforce union and the manager Collectively bargaining is an important tool for establishing fair salaries and workplace circumstances between owners, their companies, and labour unions. It also serves as a foundation for healthy labour law. The extent of union membership, the extent of managerial concord, and the accessibility of vital skills all impact the negotiating power of the labour force (Allen, 2016). Labor’s percentage of overall operating expenses can range from extremely low in computerized manufacturing sectors to extremely high in nonmanufacturing businesses, depending on the industry. Work stoppages allow competitors to acquire market share due to the disruption. Clients are compelled to seek alternative sources of fulfilment for their product and service needs. Although the loss of clients may be temporary, it may become permanent if the customer discovers that another firm’s product or service is superior to the original offer (Abdurakhmanova & Abdurakhmanov, 2019). Because of a less motivated workforce and higher workforce turnover, repeated working malfunctions can also have long-term consequences for efficiency and manufacturing costs.
Competitive Environment
The absence of price discrimination in the labour market means that a firm can hire an unlimited number of similarly productive employees at the current market pay, which means that an employee who leaves can be substituted by an equivalent colleague at the same wage at no additional cost. In recent years, an increase in the share of income earned by labour has contributed to rising inequality and popular demands for significant modification of the competition act. These efforts have not yet yielded an instant response from competition authorities. Still, they have sparked a discussion inside the competition industry about employer monopsony and labour market power and when the exercise of company monopsony power violates competition law.
Competition-based pricing is a pricing strategy in which users set their prices about the pricing of the competitors’ products or services (Heckman, J., & Singer, 2008). Alternatively, pricing systems such as value-based or cost-plus pricing, in which prices are decided by assessing other factors such as customer demand or the cost of manufacturing, are used instead. An excellent pricing approach is critical in assisting a business in setting an offer price that is competitive with the market, maximizes revenue, and generates a healthy profit. Based on various circumstances, a corporation can choose from various pricing schemes to implement. When setting pricing, a corporation can aim to maximize profits on each unit sold and the overall market share. Depending on the situation, it can establish a price to deter competitors from joining the market, expand its market share, or remain in it.
Price negotiating is a typical method for individuals to reduce the listed price of a product or service. Whenever offered the option to bargain; not all clients will take advantage of the situation. Consumer statistics, for example, reveal that 61 percent of customers barter for lower pricing on products and services, with 33 percent expressly bargaining for more expensive household appliances than they can afford. This behaviour can be explained by the fact that there is a cost (hereafter referred to as the bargaining cost) associated with initiating a discussion. This is the set psychological cost connected with the decision to haggle, and it does not affect the final negotiated price unless the situation changes (conditional on bargaining).
On the other hand, bargaining power is the difference between the respective bargaining abilities of the players, and it is the most important determinant of the ultimate agreed price. As a general rule, optimizing a negotiation or a regulated pricing approach is debatable from a theoretical standpoint. This ambiguity is demonstrated by the wide range of pricing policies observed across sectors. Price bargaining is the main pricing method in several business-to-consumer marketplaces, including real estate, autos, and other goods and services (Fields, 2011). In contrast, merchants only sell goods at the prices listed on their websites in marketplaces, such as communications hardware, consumer packaging, and similar products. Pricing rules differ from one shop to the next within an industry. For example, in marketplaces such as consumer devices, home equipment, and used autos, some sellers sell at fixed rates, whilst others allow for price negotiation with their customers. This means that the selection of pricing policy is an empirical topic and that the distribution of consumers’ bargaining costs is critical in determining the appropriate price strategy (Manoranjan, 2020).
Legislative/Regulatory Environment
In most advanced economies and several middle-income nations, environmental restrictions, particularly norms for ambient air quality, are ubiquitous. Determining whether to adopt environmental criteria depends on assessing the anticipated advantages and costs of intervention. When it comes to air quality laws, the quantifiable advantages are mainly improved health outcomes for the general public, as demonstrated in hundreds of scientific studies. Some of these advantages can be rather significant (Mortensen, 1986). According to many environmentalists, stronger environmental regulations increase the production costs of polluting businesses, reducing labour demand and productivity. Some believe, however, that more severe rules might boost productivity since regulated businesses have an incentive to optimize their production methods and operations. Environmental rules may also increase collective productivity if they cause less efficient enterprises to close their doors. So that optimal regulations can be formed, comprehensive research on the impact of environmental criteria on corporate ethics and labour market results must be performed. These studies should be conducted in countries other than the United States, wherever there is presently less information.
When considering the impact of environmental regulations on labour markets, the macroeconomic paradigm of labour demand is used as a theoretical framework. Environmental standards often require the installation of pollution mitigation technology; however, this technology does not automatically boost productivity for the company. The typical labour demand model can be modified to incorporate environmental regulations by increasing the rental rate of productive capital (Granovetter, 2017). An escalation in the expense of capital results in lower output, “the output effect,” and a transition away from capital-intensive industries (substitution effect). Therefore, the net impact on labour demand is ambiguous and is dependent on whether the output effect is greater than the replacement effect in terms of labour demand.

References
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