Collective bargaining is a process where employers and employee representatives negotiate terms of employment, such as pay, benefits, hours, and health and safety standards. The goal is to reach a collective agreement that sets these standards. The process typically involves representatives from labor unions and employers exchanging proposals and counterproposals until a compromise is reached. Some key aspects of collective bargaining include establishing negotiation teams, determining negotiation procedures and ground rules, exchanging initial proposals, bargaining to find agreement, and formalizing the final agreed upon terms in a binding contract.