What is the meaning of industrial relations?

The term "Industrial relations" refers to all the relationships between the different stakeholders in an organization, such as employees, management and trade unions. The purpose of this is to make sure that all needs are met and everyone involved can move forward amicably.

Industrial relations are an important part of every organization, particularly those that have workers who are represented by trade unions. Every company needs employees, who in turn need to be compensated for their efforts. Industrial relations help to sort out the differences between employees, management and trade unions so that a compromise can be reached wherein each party is satisfied with the working arrangements.