2K - Awards and Agreements

Question 1

Awards

Answer 1

are legal documents that outline the minimum wages and conditions of work for employees across an entire industry.

Question 2

Advantages for awards:

Disadvantages for awards:

Answer 2

• wage equality and transparency across the industry
• stability and predictability in the negotiation process
• less flexible to the needs of individual businesses
• hard to build in individualised productivity incentives

Question 3

Agreements

Answer 3

are legal documents that outline the wages and conditions of employees and are applicable to a particular business or group of businesses.

Question 4

Advantages for agreements:

Disadvantages for agreements:

Answer 4

• more flexible to the needs of individual businesses
• easier to build individualised productivity
• there is less wage equality and transparency across the industry
• sometimes there is less collaborative employee strength in barganing