What is the name of a formal process where an independent third party helps dispute resolution between employees and employers?

The correct answer, which is arbitration, refers to a formal process where an independent third party makes decisions to resolve disputes between employees and employers. In arbitration, both parties present their cases to the arbitrator, who then provides a binding ruling. This process is typically more structured than mediation or conciliation, often following specific legal guidelines or procedural rules.

Arbitration is distinct in that the decision made by the arbitrator is enforceable by law, which can provide a more definitive resolution to the issue at hand compared to other methods of dispute resolution. In contrast, mediation is more of a collaborative approach where a mediator helps facilitate communication and negotiation between the parties but does not make a binding decision. Conciliation is similar but often involves a third party helping to clarify issues and assist in discussions without the ability to impose a decision. Negotiation, on the other hand, involves direct discussions between the parties without a third-party facilitator. Each of these processes can be useful depending on the specifics of the dispute, but arbitration is specifically characterized by its compelling decision-making role.