Unions Benefit All Workers, Not Just Members, Groundbreaking Treasury Study Finds

If you’re talking about the main storylines of the stock market in 2023, they are most likely going to be artificial intelligence and ChatGPT.

But, close behind is a labor movement that’s spanning across different industries, including a major strike threat, since averted by a new five-year deal — from United Parcel Service, Inc UPS workers, as well as the SAG-AFTRA (actors) and WGA (writers) strikes that have taken over Hollywood.

Most Americans support unions and believe a decline in union membership is bad for the U.S. and working people, according to polling data from the Pew Research Center.

See Also: Movie Stars Vs. C-Suite Brass: Hollywood Strike Gets Ugly As CEO Tells A-Listers Where To Go

On Monday, the U.S. Department of Treasury released a first-of-its-kind report that outlined the economic benefits of unions. 

Rising Tide Lifts All Boats: The report highlighted the fact that unions lead to higher wages, and not just for union members. When unions band together for higher wages and better working conditions, those benefits typically spill over into nonunionized companies because of competition. 

The report also outlined how unions substantially benefit middle-class workers. On top of typically leading to higher wages, unions help middle-class workers see more workplace benefits such as retirement plans and consistent, predictable scheduling. 

“The Biden-Harris Administration recognizes the benefits of unions to the middle class and the broader economy and continues to take steps to strengthen their role,” the fact sheet for the report said. “Promisingly, there have been recent signs of a reinvigorated labor movement, as union election petitions in 2022 bounced back from the [COVID-19] pandemic to their highest level since 2015, and public opinion of labor unions is at its highest level in over 50 years."

There are a lot of workplace norms that we enjoy because unions have fought for them at some point in the past. These include but are not limited to sick leave, paid vacation, overtime pay and more. 

Other companies that have dealt with potential strikes and union labor negotiations this year include Starbucks Corp SBUX, United Airlines Holdings Inc UAL and Stellantis NV STLA. 

Read Next: Netflix Could Have Secret Weapon To Manage The Hollywood Strikes: Cooking Shows And A New Restaurant?

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