 Welcome dear learners to yet another video on the topic industrial relations. My name is Chainika Senapati and I am the Assistant Professor from the Department of Management Maninam Devan School of Management. So in this video, we will discuss about the various and different aspects of industrial relations. This video has been divided into two parts. In the first part of the video, we will discuss about the concept and meaning of industrial relations. We will discuss about the importance and objectives of industrial relations and also we will discuss about the approaches of industrial relations and finally, we will discuss about the measures to improve the industrial relations. So in this particular video, the first part of the video, we will discuss about the concept, the meaning of industrial relations and also we will discuss about the importance and objectives of industrial relations. So what is industrial relations? relations by this we mean the relationship between the employers and the employees, the relationship between the employer and the employees that we have set or the trade union this is called industrial relations and a good industrial relation is necessary for better environment in the organization or an industry and for better production and performance of the employees. The term industrial relation comprises of two terms first the industry and the relations industry refers to any productive activity in which an individual or a group of individual is or are engaged and by relations we mean that the relationships that exist within the industry between the employers and his or her employees you can see in the diagram that there are six main parties who are actively associated with any industrial relations system they are the employees the employers the employees association the government the trade union and the codes or the tribunals so industrial relation as we have already said is used to refer all the relationship between the parties in an organization or an industry that is the relationship between the employers and the employees also the management and the employees by trade union we mean that trade unions are the organizations formed by the workers from related fields that are that work for the common interest of its member they help the workers or the members in issues like fairness of pay good working environment hours of works and benefits they also represent a cluster of workers and provide a link between the management and the workers so as we have said this is the industrial relationship is the relationship between the employees and the employees the trade unions and the management then employees and the unions the employees and the employees so industrial relations is also known as labor relations sometimes or employed relations let us now discuss some of the definitions given by the scholars so according to Alan Flander the subject of industrial relations deals with certain regulated or institutionalized relationships in industry personal or in the language of sociology unstructured relationships have their importance or for management and workers but they lie outside the scope of the system according to deli order the industrial relation has been described as relationship between management and the employees or among the employees and their organization that characterizes and grows out of employment so by now the learners we have discussed about the meaning and the concept of industrial relations now let us discuss why industrial relations is important for an organization or for an industry so for a good environment in an organization it is necessary to have healthy industrial relations a good industrial relations in the organization a healthy relationship between the employer and the employees so industrial relation is important because it reduces industrial dispute industrial relations reduces the industrial dispute among the various parties when an organization maintains a good and healthy relationship among the employees and the employers if there is no strike or lockouts or you know grievances etc. in an organization then we can say that the organization has a good industrial relations it increases higher production so industrial relations helps in improving production when all the workers are employed not sitting idle they are motivated and they do not go for strikes or lockout then definitely if this lead to higher production so thirdly in the atmosphere of peace the organization launches new programs like training programs then labor welfare programs etc and as a result efficiency of the workers increases and at the end there is a higher production at lower cost so industrial relation also reduces wastage as we have already discussed when there is a good relationship between among the employees and the employers the production is high the wastage of man material machines are reduced also industrial relations create high morale among the employees if in an organization there is a good industrial relations then it improves the morale of the employees employees work with great eagerness with the feeling in the mind that the aim of the employers and the employees is one and same that is to increase the production and to achieve the goal of the organization so now let us move forward and discuss about the objectives of industrial relations so in this video we have identified certain points so the first point is to safeguard the interest of labor and management secondly to avoid industrial conflict to avoid strike and to develop good relations among the employees and the employers also industrial relations objective is to raise productivity to a higher level by increasing the turnover ratio of the employees fourth lead to minimize the number of strikes and lockouts by providing reasonable wages lastly to improve living and working condition of the employees and providing them with fringe benefits so these are some of the objectives of industrial relations so dear learners we have come to the end of this first part of the video and we have discussed about what is industrial relations its concept its meaning its definition and also we discuss about the importance of industrial relation in an organization and the main objectives of industrial relations thank you for watching this video