This essay will discuss the role of industrial relations in the fast-changing business world, modern work environment. Industrial relations are supposed to bring harmony between the two relevant parties i.e. employees and employers. In simple terms industrial relationships can be called multidisciplinary field that refers to the employment relationship. Sometimes it is also named employment relationship because of the negligible importance of non industrial employment relationship. But to consider it just as labor relations is an oversimplification because it has much more to it. There are a number of researchers who assume that Industrial relations study has become obsolete and proposed closure of UK’s most study centers on the subject as Darlington1. They believe that academic-industrial relations are obsolete and are no more required. It has been replaced and dealt better in newer subjects such as HRM, Human resource management and OB organizational behavior. These subjects deal with the human factor while industrial relations study focuses on the collective approach. Collective institutions and processes (trade unions, strike and collective bargaining. Indeterminacy in the sense, that unlike other contracts it does not involve physical exchange of goods and services for money. But the contract is made on the basis of the capacity to perform and produce the desirable and the potential to purchase those goods services. In the labor contract a worker or employee only sells his ability to work which is intangible which can only be materialized when the actual work is done and the worker is involved in the production process.