Word: hormell
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...Home Mission Board of the Southern Baptist Convention, "which speaks for 4,121,000 Southern Baptists," declared: "The Church must be up and about its Father's business." Read to the committee was a long testimonial to the General Welfare Act by Minnesota Packer George A. Hormel, whose firm has net sales of $56,900,000 a year. Excerpt...
...Hormel's new scheme, an adaptation of the profit-sharing idea, was worked out after Jay Hormel figured that 80% of his Austin plant's income went to employes in wages, 20% to stockholders in dividends. Although last year's $1,031,000 net income would have given workers no extra money under the plan, Packer Hormel thinks his program may inspire efficiencies, hence increase profits...
...Hormel was not the first to guarantee wages or employment. Procter & Gamble has guaranteed 48 weeks of work to some employes since 1923 and the National Association of Manufacturers has listed seven other companies in which similar annual plans were in effect last year.* But the guaranteed-wage idea got its biggest boost when General Motors adopted it last fall (TIME, Nov. 21). Last week it looked as if guaranteeing wages might become a major business trend for 1939† three more concerns jumped aboard the bandwagon and Jay Hormel announced a new scheme...
...Hormel & Co., still in the van of the parade, last week came out with something brand-new, a "joint earnings plan." During the current fiscal year (ending October 1939) the total of all profits and wages of Hormers Austin plant will be reckoned up. At year's end this theoretical kitty will go 80% to employes, 20% to stockholders. If the employes' 80% fails to cover the pay they have already received, they will get no more. If it more than covers their pay, the surplus will be divided 80-20 until the workers have been given four...
...That Hormel executives are classed as employes and will share in the plan is altogether logical. For Jay Hormers executives go to work at the same time as his packers-7:30 in summer-and President Hormel works at a steel desk that is exactly like 250 other steel desks in Hormel's single vast executive office...