From this FAQ:
Bob Cousy began to organize the NBA players in 1954, although the
league refused to recognize the union until 1957. A near strike at the
1964 All-Star game forced the league to adopt a pension plan. The
first CBA was established in 1970, and new agreements followed in
1973, 1976 and 1980. The 1976 CBA coincided with the settlement of the
"Oscar Robertson" suit, which was filed by the players association in
1970 to block the NBA-ABA merger. The 1976 agreement also provided
limited free agency through the elimination of "option" clauses that
bound players to teams in perpetuity.
From another account:
COUSY ORGANIZES THE PLAYERS
Economic conditions continued unchanged
through 1954, at which point Bob Cousy, the league's top player, began
to organize the NBPA, which would become the first team sports
player's union. Cousy began by writing to an established player from
each of the league's teams (Paul Arizin of Philadelphia, Carl Braun of
New York, Bob Davies of Rochester, Paul Hoffman of Baltimore, Andy
Phillip of Fort Wayne, Pollard, Dolph Schayes of Syracuse and Don
Sunderlage of Milwaukee) in hopes of encouraging solidarity among the
players. All but Phillip responded positively (of all the owners, Fort
Wayne's Fred Zollner, who owned a machine works plant, was the
staunchest union opponent and this prevented the Pistons players from
participating), and Cousy next went to NBA President Maurice Podoloff
at the January, 1955 NBA All-Star Game with a list of concerns:
payment of back salaries to the members of the defunct Baltimore
Bullets club; establishment of a twenty-game limit on exhibition
games, after which the players should share in the profits; abolition
of the $15 "whispering fine" which referees could impose on a player
during a game; payment of $25 expenses for public appearances other
than radio, television or certain charitable functions; establishment
of an impartial board of arbitration to settle player-owner disputes;
moving expenses for traded players; and payment of player salaries in
ten installments rather that twelve, to provide more money to players
cut during the season. Podoloff agreed to the payment of two weeks'
salary to six players who had played for Baltimore before the
franchise folded and committed to meeting with the player
representatives within two weeks over their concerns.
As the excerpts above show, players were unhappy with the financial arrangements that they had with the NBA. The players wanted a better pension, some control over the "whisper" fines that referees could impose, payment of back salaries to certain players, and to settle other working conditions and payments.