Word: idea
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Dates: during 1930-1939
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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...
...workman's protest jelled into an idea and in 1931 Geo. A. Hormel & Co. tried an experiment, offered its smokehouse employes a guaranteed annual wage to ease the shock of layoffs, the strain of rushes. Since then the company has made industrial history with a "straight-time" annual wage plan, under which workers in Hormel's big main plant at Austin are paid a stated wage for a stated amount of work, regardless of the time it takes them...
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...
Mention the idea that a hard-pressed college boy, earning his board or part of it by waiting on table or washing dishes should be obliged to pay an Old Age Insurance Tax, in order to provide him with a theoretical Old Age Pension when he reaches the age of 65, and you are greeted with a wan, incredulous smile suggesting that you have made a creditable effort to perpetrate a rather poor joke. Yet this is exactly what a solemnly paternalistic government at Washington, probably unintentionally it is true, has decreed...
...right on the spot, Vag made a noble resolution. If ever he made a lot of money--the absurdity of the idea rather appealed to him--he would come back to Harvard and give them a brand new, fire-proof, fireman--proof museum with "I wandered lonely as a could" written across the front in Albanian. And now Vag's only worry is that someone may do this before he gets around...