Word: firm
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Dates: during 1970-1979
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...most of the past 34 years had run the auto empire founded by his grandfather. Though Ford, 62, will remain as board chairman, he has stepped down as chief executive, ending three generations of day-to-day family management at the nation's third largest industrial firm. His departure is not at an auspicious time in Ford's fortunes. The domestic auto business faces serious problems, but Henry Ford, following a careful three-year transition of power, is leaving Philip Caldwell, 59, the company's first nonfamily chief, to deal with them...
Employers simply cannot hand out the kind of raises required to keep all their staffers fully abreast of 13%-plus inflation. Because taxes absorb part of any increase, a firm seeking just to keep "whole" an employee earning $15,000 or more must boost his pay by 16% to 19% this year alone. If high inflation persists, further raises would be necessary in subsequent years. Yet a company that gave increases of this size would not only be violating the Administration's 7% pay guideline but might also risk cleaning out its treasury...
...result, employers are having a tough time paying people fairly, especially the strong performers who merit higher-than-average increases. In a period of nominal inflation, for example, a firm could afford to reward its superstars with raises of 12% or so because the average clock watcher would need to be given only, say, 2%. But with living costs soaring, pressures are high to grant underachievers heftier raises at the expense of the overachievers, so that many people wind up with increases in the 6% to 8% range. Laments Bruce Ellig, a compensation specialist at Pfizer Inc., the pharmaceutical firm...
...raise would a worker have to get to keep up with inflation after federal, state and city income taxes take their bite? Certainly price rises and tax rates vary from one part of the country to another; but the following figures, prepared by the Ernst & Whinney accounting firm, show how big a boost three families, each consisting of four people and living in New York City, must be given to keep them even with the national inflation rate of 13%. In all three cases, both spouses are assumed to be working, each earning half the family income...
Sigmund Franz Schultz, formerly of Woonsocket, R.I., is the theater man, teamed with a couple of aristocratic young backers, one named Binky and the other called Lord Nectarine of Walham Green. Their firm is called Sperm Productions, and the show that he is trying to produce is called Kiss It, Don't Hold It, It's Too Hot. The funny names suggest that we are in P.G. Wodehouse country. So does the buckety-buckety pace of the book, as Schultz careers from misfortune to disaster in his efforts to produce what is evidently going to be his fourth...