Word: man-hours
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...firm control was also suggested earlier in the week by Secretary of Commerce Maurice Stans, who went on to predict that wage increases will have to be based on a "productivity formula," presumably one that would tie the amount of pay hikes to specific increases in output per man-hour...
...rate of U.S. productivity has long been regarded as an American elixir, more responsible than anything else for the nation's envied standard of living and its ability to compete strongly in world markets. Rich investments in technology and worker training have made the value of output per man-hour in the U.S. the world's highest. Historically, that value has risen at a rate of about 3% a year. In the past four years, however, the annual increase has averaged only 1.7%, substantially less than that of Japan and major West European nations. Since wages have risen...
...their continuing search for means to spur new growth, commission members have isolated some of the factors that hold down the nation's output per man-hour...
Manpower Training. To its credit, the Nixon Administration is trying many ways to boost productivity. Budget Chief George Shultz has called for the use of "productivity bargaining" in labor negotiations, tying wage boosts more closely to increased gains in output per man-hour. Since management will almost surely have to give labor a fat pay package in the current steel negotiations (see following story), the White House hopes that the companies will at least be able to win some reforms of work rules to stimulate productivity. President Nixon is also considering direct Government aid, in the form of subsidies...
...raising labor's living standards and meeting the demands for more leisure. Since World War II, U.S. productivity has risen an average of about 3.3% annually, but for the whole period from the end of 1967 to early this year it increased less than 2%. Lately, output per man-hour has rebounded, but only as a result of layoffs and the shutting down of older machines. (U.S. plants are operating at only 76% of capacity, the lowest rate in almost a decade...