[WORLDKINGS] On this day - January 5, 2023 - Marks 109 years of Ford Motor Company initiating an 8-hour working day and rewarding after the base salary

05-01-2023

(WorldKings.org) Henry Ford - owner of Ford Motor Company has very special ideas about relations with workers. On January 5, 1914 Ford announced his $5-a-day program. The program calls for reducing working hours from 9 to 8 hours and raising the minimum daily wage from $2.34 to $5 for skilled workers. In addition, he also has an employee retention policy by giving a bonus to those who have been with them for more than 6 months.

Henry Ford (July 30, 1863 – April 7, 1947) was the founder of the Ford Motor Company. He was one of the first to apply assembly line manufacturing in the automotive industry. Not only did he revolutionize the manufacturing industry in the United States and Europe, but he also greatly influenced the economy and society of the twentieth century to the point of combining mass production, high wages, and low production costs. for consumers has been called "Fordism." He became one of the richest people in the world in the twentieth century, leaving most of his fortune to the Ford Foundation.

Henry Ford, along with eleven other investors and $28,000 of capital, founded the Ford Motor Company in 1903. But at the time, his stake was only 25%. Unwilling to see the company he founded being torn between investors, with his own money, he bought the company and ran everything according to his own will.

On January 5, 1914, Ford made a decision that shocked his fellow capitalists by doubling the daily wage for most workers plus a bonus system for loyal employees. long time ago. He knows what he's doing. The purchasing power of workers increases, and it stimulates their consumption demand. Ford calls it the 'wage engine'.

But he didn't know what he was doing, inadvertently initiating a revolutionary work movement: other workers around the world, when they heard the news, were very angry and pressured to want their company to adopt the same policy. Ford books. "Apply it or I'll go to Ford." Gradually, companies have adopted this unwritten law until now. Even many countries have included that in their Labor Laws. Of course, there have been some improvements today to better suit modern life, but history will carve Ford's name as the man who started this revolution.

According to Wikipedia


Leo (Collect) - WORLDKINGS (Source of photos: Internet)

 

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