Financialization, new investment funds, and weakened labour: the case of the UK

The chapter shows that the UK has the highest levels of PE, HF, and SWF activity in Europe. This is explained primarily by the permissive nature of UK financial and securities regulation and, to a lesser extent, of labour regulation. Fund activity grew significantly up to 2007 and then declined in the case of PE and HFs; since 2010, there has been a recovery in PE and HF activity. It is rare for NIFs to consult with labour before and during the acquisition process. NIF intervention and acquisition does create some turbulence in employment, with initial job loss, though also with later job creation. Evidence on the effect on industrial relations is limited, but suggests that in most cases NIFs do not make major changes. Since the recession there have been several high profile cases of PE having a negative effect on employment systems

An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities

This paper develops an organizational approach to corporate governance and assesses the effectiveness of corporate governance and implications for policy. Most corporate governance research focuses on a universal link between corporate governance practices (e.g. board structure, shareholder activism) and performance outcomes, but neglects how interdependences between the organization and diverse environments lead to variations in the effectiveness of different governance practices. In contrast to such ‘closed systems’ approaches, we propose a framework based on ‘open systems’ approaches to organizations which examines these organizational interdependencies in terms of the costs, contingencies, and complementarities of different corporate governance practices. These three sets of organizational factors are useful in analyzing the effectiveness of corporate governance in diverse organizational environments. We also explore how costs, contingencies, and complementarities impact effectiveness of different governance aspects through the use of stylized cases and discuss the implications for different approaches to policy such as ‘soft-law’ or ‘hard law’

Radical political unionism reassessed

Defections from European social-democratic parties and a resurgence of union militancy have prompted some to diagnose a new left-wing trade unionism across Europe. This comment on the article by Connolly and Darlington scrutinizes trends in France and Germany but primarily analyses recent developments in Britain. While there are some instances of disaffiliation from the Labour Party, support for electoral alternatives, growth in political militancy and emphasis on new forms of internationalism, these have been limited. There is insufficient evidence to suggest that we are witnessing the making of a new radical collectivism

British industrial relations pluralism in the era of neoliberalism

This article provides a broad overview of the pluralist tradition in UK industrial relations scholarship, identifying its defining characteristics and mapping its evolution in recent decades. It deals in turn with the following: the appreciation of the relative interests of workers and employers that lies at the heart of the pluralist frame of reference, the research agenda that flows from this understanding, pluralist conceptions of context and agency within industrial relations, the standards that pluralists habitually use when assessing the employment relationship, the targets and modes of critique that pluralists direct against intellectual opponents, and the prescriptions that pluralists offer for industrial relations reform. Throughout the article there is a focus on change within the pluralist tradition and the manner in which it has adapted to the hegemony of neoliberalism in the realms of both ideas and policy

Teacher unionism in changing times: is this the real “new unionism”?

This article provides a case study of union change in an environment in which radical school restructuring is taking place, and active strategies to weaken and marginalize organized teachers are being pursued by the state. The case study union is the National Union of Teachers in England. The article explores a number of different strategies open to teacher unions, utilizing a framework provided by Turner (2004). Drawing on data collected at a national level, and in three local authority areas, I argue that the National Union of Teachers’ response to the erosion of collective bargaining is best presented as an amalgam of strategies focused on workplace organizing, political campaigning, and coalition building. The data demonstrate considerable congruence between national and local strategies, although local data reveal considerable challenges in implementation and consequently considerable unevenness in local experiences

Context and HRM: theory, evidence, and proposals

Human resource management (HRM) has paid insufficient attention to the impact of context. In this article, we outline the need for HRM to take full account of context, particularly national context, and to use both cultural theories and, particularly, institutional theories to do that. We use research publications that utilize the Cranet data to show how that can be done. From that evidence, we develop a series of proposals for further context-based research in HRM

Private equity and HRM in the British business system

Who owns the firm? Do changes in owner matter? Will change affect the operational and strategic role of the HR function? For some, the answer will be no precisely because mergers and acquisitions, takeovers, buyouts and privatisations are central activities for a British‐based business where short‐term value for shareholders and financial engineering are key management objectives that structure and inform the work of HR professionals. For other readers, the answer may well be yes; ownership and owner strategies do matter, particularly if a firm is acquired by a relatively new actor in the market for corporate control – the private equity firm

Shop stewards’ leadership, left-wing activism and collective workplace union organisation

Providing an account of the dynamic interrelationship between shop steward leadership and membership interaction, Ralph Darlington focuses particular attention on the much-neglected crucial role that left-wing political activists can play in shaping the nature of collective workplace relations