Labor Union

Closed Union
A closed union, often referred to as a closed shop, is a type of employment arrangement where employers agree to hire only members of a specific labor union.
Company Union
A labor union that is generally perceived to be overly sympathetic to the management of the company where it is situated, potentially compromising the representation of its members' true interests.
Dues Checkoff
Dues checkoff refers to the authorization by an employee for the employer to withhold union dues directly from their paycheck, demonstrating a cooperative relationship among the employer, employee, and union.
Hit The Bricks
A colloquial term used to describe employees going on strike against their employer, usually as a protest against labor conditions, wages, or other employment terms.
Impasse
A situation in which no progress is possible, often due to a disagreement or deadlock. For example, an impasse may occur during negotiations between an employer and a labor union when neither party is willing to compromise.
Independent Union
An independent union is a labor union that is not affiliated with the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO).
Labor Union
A labor union is an association of workers formed to negotiate collectively with employers over wages, working conditions, benefits, and other aspects of employment.
No-Strike Clause
A no-strike clause is an agreement between a labor union and management, wherein the union pledges not to strike over grievances in return for management's agreement to accept binding arbitration of unresolved grievances.
Open Shop
An enterprise that employs workers without regard to whether they are members of a labor union.
Strike Pay
Monies paid by the union to striking members to help compensate for lost income as a result of the strike.
Trade Union
A trade union, also known as a labor union, is an organization formed by workers to protect their rights, improve working conditions, secure better wages, and advocate for their interests through collective bargaining and various forms of negotiation with employers.
Union
A union is an employee association designed to promote employee rights and work-related welfare. Union organizations are formally recognized under the Railway Labor Act and the Wagner Act, as well as by related legislation.
Union Contract
A Union Contract, also known as a Labor Agreement, outlines the terms of employment between a company and its unionized workforce. These contracts typically include provisions related to wages, working hours, benefits, and other conditions of employment.
Union Label
An identifying mark placed on goods to signify that they were produced by a labor union or in a shop that deals with organized labor. It encourages patronage by other union members and supporters.
Union Recognition
Union Recognition, also known as union certification, is the acknowledgment by an employer or authority that a trade union has the right to represent and negotiate on behalf of a group of workers. This is typically achieved after a secret-ballot election, supervised by the National Labor Relations Board (NLRB), in which the union secures at least 50 percent of the vote.
Vertical Union
A vertical union is a labor union that includes workers from multiple crafts and unskilled occupations within the same industry, rather than grouping workers by specific trade or skill.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.