Strikes should be permitted on occasion, but they have as many dire consequences as they have favourable ones. One of the goals of strikes is to shift the power balance between workers and bosses. The majority of strikes are for salary and working conditions. Corporations will be unable to increase profits without the prospect of strike action while working conditions will deteriorate. A strike is one of the negotiation strategies available to employees.
There is a clear indication that strikes are more likely to diminish an organization's output and result in client loss. On the other side, one of the implications of strikes for employees is that their pay may be reduced. In general, a long strike diminishes employment, undermines company confidence, and raises the danger of economic stagflation. Furthermore, such strikes have a significant negative impact on economic development and investment prospects.
There is always an increase in the crime rate in society due to prolonged strikes. The adverse effect of strikes leads some students to social vices like armed robbery, and oil bunkering. Prostitution, cyber scams, pool, betting, etc. strike is also a bad reputation for the Nigerian educational system and the economy.
Strikes have a favourable impact on workplace morale, fewer absenteeism, and increased labour productivity. Strike action also has a variety of direct and indirect economic costs that vary depending on the duration, amount of employees participating, and divisions affected.
When there are strikes, the government has no choice but to listen to what the workers say. Strikes are used on occasion to exert pressure on governments to change their policies.
Strikes can occasionally destabilise the control of a specific political party or monarch. For example, workers' February wages have not been paid, but because the workers went on strike, the government has no choice except to begin preparing vouchers to pay the payments in arrears. Typically, a strike involves employees refusing to work until their collective bargaining objectives are realised. It can also encompass any organised employee action that is intended to or actually hinder or limit the employer's output or services.
According to Section 7 of the National Labour Relations Act, "Employers shall have the right to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection." Strikes are included among the concerted activities protracted for employees by this section.