Labor unions watch over about 12 percent of our nation’s hourly and salaried workers. But is this a good thing for the economy?

Is the labor union still relevant in today’s society? The National Labor Relations Board has overseen the regulation of labor conditions to the point that unions have largely lost the need to directly preside over the work environment. Additionally, the situation regarding bottom line economics has also changed – now, when unions pressure for increased pay and benefits, corporations are simply closing up shop and moving elsewhere. Alternatively, they are entering into bankruptcy, stripping down their entire labor structures and starting over – leaving former union-backed workers out in the cold. This isn’t an evil being perpetrated by corporate America. It’s simply a reality of doing business in the modern world.

Union membership has declined approximately eight percent since the mid-1980s; the decline is even more pronounced if you take government employees out of the equation. Critics argue that this is largely because organized labor is still stuck in a 1970s mindset, one that has been slow to react to the realities of the 21st century business landscape.

So what do unions need to do to remain relevant in today’s society? Is it time to make some fundamental changes to the way American labor unions do business? And do labor unions need to finally recognize and admit that the success of their members is directly tied to the success of Wall Street?

What do you think?