Meaning of the word "collective bargaining" in English

What does "collective bargaining" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

collective bargaining

US /kəˌlektɪv ˈbɑːrɡənɪŋ/
UK /kəˌlek.tɪv ˈbɑː.ɡɪn.ɪŋ/
"collective bargaining" picture

Noun

negotiation of wages and other conditions of employment by an organized body of employees.

Example:
The union engaged in collective bargaining with the company management.
The new contract was a result of successful collective bargaining.