HRM303 Chapter Notes - Chapter 2: Fide, Equal Protection Clause, Union Dues

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM303
• Professor: Vince Di Ruzza

Document Summary

Macroenvironment environment: growth rate, unemployment rate and the rate of inflation in the economy. Impacts the objectives and power of unions and employers and in turn affects labour relations outomes. Nominal wages: wages that have not been adjusted for inflation. Real wages: wages that have been adjusted for inflation. Inflation rate is 4% and employees receive a 2% wage increase, real wages have been reduced by 2% State of economy might affect public support for demands of one of the parties. Which in turn might impact its bargaining power. We important many goods and are heavily dependent upon exports, especially to united states. Makes out economy vulnerable to us trade practices and security concerns and fluctuations in the value of canadian dollar. Gov"t may attempt to regulate economy (unemployment and inflation) through monetary and fiscal policy. Fiscal policy: consists of changes in government spending and taxation to regulate employment levels and inflation.