Word: bonus
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...when the House Naval. Affairs Committee finally got the whole story of the Lincoln Electric Co.'s bonus system last week, it looked like something else again. It was, in fact, the story of an eight-year-old wage and production policy established by a Cleveland electrical engineer with a mania for incentive...
Since 1934, Lincoln Electric's own operations have been a case history of James F. Lincoln's pet theory. With sales ballooning from $4,273,000 to $24,189,000, and profits rising more slowly from $1,403,000 to $2,583,000, he raised his incentive bonus payments from 10% of net to 80%. This system is worked in conjunction with low base pay compared with going rates for the trade, so as to permit the company-in James Lincoln's words-to "skate through a tough period without going broke." Nevertheless the average worker...
...year "foreman" who raked in a $25,000 bonus was actually Lincoln's chief metallurgist. He developed a new welding electrode that cut production costs 20%, discovered a new way to weld light and heavy armor plate that saves 20% on nickel and chrome...
...Flirtation Walk or being helped by her to escape from the West Point hotel through a coal chute when he was caught out of bounds. There is MacArthur commanding the Rainbow Division in 1917, leading attacks in person. There is MacArthur in Washington obeying orders by clearing out the Bonus Marchers, but dropping in on their camp of an evening to swap talk with his old Rainbow men and give them money...
Said the Chamber's retiring president, indomitable Albert W. Hawkes (Congole-um-Nairn): "We want to preserve our system. We are not fighting for a new, unknown system." A resolution to curb bonuses as well as wages for the duration produced the first floor fight in seven years of Chamber conventions. Lammot du Pont declared: "The point that irks me most is the idea of not being allowed to pay extra compensation for more and better work. A bonus does not affect prices, it reduces the cost." The Chamber also fiercely debated the open shop before demanding legislation...