Word: profited
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Dates: during 1940-1949
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Only half of the 1300 ballots collected were counted last night, but of these 77 percent indicated that the voter "would be willing to pay one dollar for membership in the non-profit sharing club...
...Some Bad Times." Until ten years ago, said Clarence Wimpfheimer, president of Stonington, Connecticut's American Velvet Co., there were frequent labor disputes and "I had some bad times with the boys." After a 16-month strike, Wimpfheimer adopted a profit-sharing plan for his 350 employees, all members of the C.I.O. Textile Workers Union. The company, which has had no work stoppage since then, last year paid $180,000 into profit-shares and pension funds, equal to 22% of each man's wages...
Another whose profit-sharing plan increased workers' efficiency was Jewel Tea Co. Started 25 years ago by Jewel's Board Chairman John M. Hancock, onetime adviser to Elder Statesman Bernard Baruch, the Jewel plan provides for joint pension contributions plus profit-shares from management amounting to 15% of net earnings after dividends. To some employees it has paid off an average return of 55% on their original contributions...
Some Not Convinced. The most generous profit-sharing plan of all is at Ohio's Lincoln Electric Co., which last year paid out sums amounting to 117% of employees' salaries; its 1,200 workers got an average of $7,212 apiece, including wages...
Even so, many a corporation is still not convinced. Some have tried profit sharing and dropped it because there was no appreciable improvement in worker morale or efficiency. Many unionists also oppose such plans, fearing that they will lead to the speedup. To that the council replies: not so. Profit sharing simply eliminates waste and carelessness. Said Clarence Wimpfheimer: "It is not a method of chiseling wages down. You establish a decent basic wage, and you put the profit sharing on top of that...