Explain the source and the importance of information used during the collective bargaining process

What will be an ideal response?

Information is acquired from both internal and external sources. Internal data include grievance and accident records; employee performance reports; overtime figures; and reports on transfers, turnover, and absenteeism. External information should include statistics on the current economy, both at local and national levels; economic forecasts for the short and intermediate terms; copies of recently negotiated contracts by the adversary union to determine which issues the union considers important; data on the communities in which the company operates (cost of living, changes in cost of living, terms of recently negotiated labor contracts, and statistics on the labor market); and industry labor statistics to see which terms other organizations, employing similar types of personnel, are negotiating.