The employment relationship is the relationship between employers and employees within an organizational setting. An employment relationship includes an economic exchange, a power relationship and a contract of indefinite duration. Generally speaking, the employment relationship is part of the industrial relationship; which is not limited to relations between employees and employers, but also includes other major stakeholders. “An industrial relations framework is a concept used to describe the arrangements by which the terms and conditions of employment and the employment relationship are determined” (Nankervis, 2011). The stakeholders in Australian industrial relations are the state and federal governments, employment tribunals, state and federal employees, employers' associations, unions and employees. The Fair Work Act (2009) is the law that regulates employment and other industrial relations disputes. The objective of the industrial relations system is to safeguard the rights of employees and management, minimize conflicts, increase productivity and improve the economic conditions of workers in the current state of industrial managements. For many HR professionals, IR is an employment relationship but with a unionized workforce. There are three perspectives on the industrial relationship; Unitary perspective, pluralist perspective and Marxist perspective. Unitarians believe that employers and employees have the same goals and ultimately pursue the same goal. If there is clear communication between employers and employees, there is no room for conflict. Unitarians believe that a conflict between these two parties can only arise if there is a miscommunication or one of...... middle of paper ...... and Gen. X are more likely to stick to one. job for years, but General Y changes jobs very often. Generations X and Y also demand a higher level of flexibility, autonomy and want their presence to be felt in the company. These characteristics display more of a Unitarian outlook, but frequent job changes do not show their loyalty to the organization. Thus, Bytes electronics should have a solid HR strategy in order to be able to retain its employees, integrate them into the organization and share with them the success of the company. To make employees more engaged in the company, Bytes Electronics should promote employee involvement and introduce profit-sharing programs. These practices will lead employees to be loyal to the company. This could help the company retain talent and could also help employees be more productive and innovative..