What Are Labor Unions

Unions Explained, the Pros and Cons

There are a lot of misconception surrounding unions. Politicians love to talk about unions, most showing support on the campaign trail. However, politicians rarely do anything with regards to unions. Some politicians are vocally opposed to unions noting the adverse affects a union might have on a business or the economy. Though for many Americans, there’s still a lot of confusion with regards to unions.

For almost a century, unions have been a major part of business in the United States.  Greatly benefiting from FDR’s New Deal economic policy, unions grew at extraordinary rates in the 1930s.  Today, labor unions are much different.  With manufacturing jobs having been shifted towards automation and some overseas, the union-heavy labor fields aren’t as big.  Still, millions of Americans belong to a trade union.

First off, it’s important to understand the definition of a union or trade union.  An organization of workers who have come together to achieve common goals such as protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits such as health care and retirement, increasing the number of employees an employer assigns to complete the work, and better working conditions.

That definition is pretty straight-forwards and basic.  Additionally, there are two types of unions.  They are as follows;

Craft (or Trade) Union

Craft unions are typically independent of a particular organization or employer.  Craft unions consist of workers who specialize in a skill and profession.  Doctors and lawyers are part of craft unions.  Tests and a required skill set may be part of a craft union.

Industrial Union

Industrial unions consist of all workers that are in the same trade or work for the same employer.  They may not be skilled workers.  Often times, in industrial unions, all employees at a certain company are required to join a union.  This ensures that the union can control the supply of labor.

Unions can end up being controversial.  Different sides of the political spectrum have a different understanding of the pros and cons of unions.  If you’re economically conservative, you’ll probably see the cons more than the pros.  Conversely, if you’re economically liberal, the pros are probably more evident than the cons.  Both sides are right to some degree.  Unions have both helped workers and organizations while they’ve also done more harm than good.

Unions; the Pros

The main positive result attributed to unions is higher wages, better working conditions, and trade protection.

One major reason that workers decide to unionize is to avoid low wages and poor benefits.  When workers unionize, they can choose to strike or restrict the availability of labor until their employer meets their demands.  These demands can range from better health benefits or higher wages.

A second reason workers unionize is to campaign for better working conditions.  Better working conditions are not only beneficial to workers but also the employer.  Happy and motivated workers can perform better-reducing inefficiencies.

Unions; the Cons

Unions can end up causing adverse affects not only to businesses but also those in the union.  Large unions are often of the most concern to businesses.  Large unions, typically industrial unions, have an extraordinary amount influence on a business.  When large unions abuse their power, it can lead to higher wages, however, this could mean lower profits for the business.  Though unions will often get workers higher wages, the higher wages have effects on businesses.  These adverse effects could be reflected in layoffs and reduced profitability.

Additionally, some law firms and organizations have noted abuse by unionized workers.  Often times, unionized workers are protected and are very hard to terminate.  Therefore, some unionized workers take advantage of their employer.  Along the same lines, feeling immune from disciplinary action, some unionized workers by complete their job inefficiently.

The main concern with unions is that unionized labor will lead to an increase in costs and therefore, reduced revenue and profitability.

Overall

This post shows only a small portion of the union debate.  Unions are a complex issue.  On one hand, they are able to advocate for living wages, better working conditions, and increased benefits.  At the same time, inefficient and reduced revenue can arise from unionized workers.

The Most Common Types of Lawyers

The 5 Most Common Types of Lawyers

Not all lawyers are the same.  Not only are some lawyers and law firms better than others but not all lawyers can represent a crime or issue.  Estate lawyers can’t represent a client accused of domestic abuse and a criminal defense attorney can’t draft a will.  We’ve compiled a list of the most common types of lawyers and attorneys.

The Most Common Types of Lawyers
The Most Common Types of Lawyers

Personal Injury Lawyer

Personal injury lawyers represent clients who have been injured or involved in accidents.  Personal injury lawyers work to earn clients compensation from individuals or organizations.  Common injuries that personal injury attorneys are called upon to represent clients include car accidents, misdiagnosed illness, or workplace injuries.  Personal injury lawyers take a pre-determined percentage of any compensation won as a result of their representation in court.

Real Estate Lawyers
Real Estate Lawyers

Estate Lawyer

Most families or individuals will hire an estate lawyer.  Estate lawyers organize an individual’s or household’s assets prior to death or critical injury.  College trusts and wills are drafted by estate lawyers.

Divorce Lawyers
Divorce Lawyers

Divorce Lawyers

Each party in a divorce will end up calling upon a divorce lawyer.  Divorce lawyer’s main priority is to get their client the most assets possible.  Occasionally, divorce lawyers not only work towards getting assets but also custody of children.

Criminal Defense Lawyers
Criminal Defense Lawyers

Criminal Defense Lawyers

Criminal defense lawyers or criminal defense attorneys represent those who have been wrongly convicted of a crime.  Crimes include drug-related violations, domestic abuse, murder, assault, and federal crimes. The main goal criminal defense attorneys work toward is a not guilty verdict or the least amount of jail time or fines possible.

Business Lawyers
Business Lawyers

Corporate Lawyers

Corporate lawyers deal with a variety of issues.  These issues can range from mergers to working with unions.  On the business side of things, corporate lawyers work on forming companies, acquiring other companies, and mergers.  On the employee side, corporate lawyers will work with individual employees or unions.

What’s The Best Loan Origination Software?

Searching for the right Loan Software

Many lenders only begin looking for new loan origination software when they begin to have problems with their current LOS. Lenders have either spent so much time waiting on updates, creating workarounds for non-customizable issues, or their loan origination system no longer functions for their business model.

There are ways to avoid these software issues, if you get the right system in the first place, there should be no problems down the road. Therefore, when searching for either your first loan origination solution or completely new loan origination software, you should never forgo the research process.

It’s important in this new age of technology to do as much research as you can—maximizing results while trying to minimize time spent.

When you’re looking at new loan origination solutions for your businesses, make sure you keep these questions in mind so you get the right system in place from the start.

What is the Best Loan Origination Software?
What is the Best Loan Origination Software?

Does the system allow for a good partnership?

This should never be forfeited for a cheaper price or flashy system. A long-term partnership where a team knows and understands your business strengths and weaknesses helps whoever you choose to ensure clients get the attention they desire and the support they need.

Does it deliver speed to market?

Speed to market is an important element because getting your business back on track quickly is essential.

Is it a secure system?

It is extremely detrimental to business if a customer’s data is compromised. Not only is there sensitive and private information out there causing damage to the customer, but your company looks ill-equipped to deal with the realities of modern cyber security. Many loan origination software providers will use things like highly redundant data centers when dealing with clients.

PCI compliance is also important. PCI compliance is 12 requirements businesses must meet to ensure the security of customer and client data. They are in place to protect stored data and minimize vulnerabilities when it comes to unauthorized data access.

Does the system adapt to your company?

Nearly every lender varies in how they run their business. Choose a LOS that allows for basic needs and adds the right amount of customization to ensure clients have a perfect solution specific to their business. Choose a platform can grow with your business. Does it offer easily adaptable new features? Can their systems keep up with the growth of your lending demand?

What sort of technical and customer service options are available with the software?

Thankfully, many companies are starting to see the customer demand for outstanding customer service. Many software companies assign a designated Project Manager who will learn about the customer’s lending process and assist them with their ongoing needs. Make sure you know if you’ll have dedicated service or if you’ll be stuck waiting for a random call center representative who doesn’t know your business.