Acquisition: It refers to the acquisition of assets by one company from another company.

Merger: It refers to the merging of two companies where new company will continue to exist.

Liberalization: It means freeing the industry from industrial control.

Retrenchment: Expelling or dropping out or terminating employee of his job.

Structural Changes: These include changes leading to lay-off, retrenchment, transfer and closure of industry.

Turnaround: In industrial relations, turnaround may be defined as an engineering event during which a new plan is installed, existing plant overhauled and redundant plan removed.

Profit Sharing Plan: It is the simplest and most flexible qualified retirement plan available to invest in employer securities.

Restricted Stock: It involves an outright grant of stock, usually at nominal or no cost.

Phantom Equity: It refers to plans such as phantom stock or stock appreciation rights (SARs) that provide employees with a payout, usually in cash, based on the increase in the company's stock value.

ESOP: It is a type of tax-qualified employee benefit plan in which most or all of the assets are invested in the employer's stock.

Tripartite Approach: In it besides the two main parties, third party also intervenes.

Bilateral Approach: In it the employer and worker negotiate with each other.

Unilateral Approach: In it the employer alone decides the terms and conditions of employment.

Managerial Concept: It views the institution as a participative decision-making between employees and employers, on matters in which both parties have vital interest.

Government Concept: It regards institution as a constitutional system or rule making process, which determines relation between management and trade union representatives.