Word: profits
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Dates: during 1950-1959
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...particularly true for men who must devote two or more years to military service after graduation. In general, the older the man is after college or service, the more important is the time investment in graduate study. The man coming out of college or the service might well profit more from two years on the job than from two years in further study. This is particularly true when the graduating senior has an especially attractive job opportunity that may not be open two years later...
Even such an ardent evangelist as Sears, Roebuck's Chairman Theodore Houser, whose company is noted for its huge profit-sharing payoffs, admits that the plan will work no wonders "in a business where a major part of the cost of the product is represented by the cost of raw materials." Furthermore, says Houser, profit-sharing "is not the first step in building a program of sound employee relations, but the last step [after a company] can find nothing else...
...much does profit-sharing actually accomplish? Last month, at their annual convention in Chicago, members of the Council of Profit Sharing Industries got an answer that shocked them from Joel Goldblatt, president of Chicago's Goldblatt Bros, department store. Goldblatt, whose company has kicked in more than $3,000,000 in profit-sharing since 1942, made clear that sharing profits is no panacea. Said he: "Ideally, profit-sharing should give employees the sense that they are the ones responsible for the success or failure of any business. But in a large company with many diversified jobs, they...
Despite such reservations, few companies have reported disappointment with existing plans. The Profit-Sharing Research Foundation recently surveyed 300 companies with plans, found that 77% considered them "successful" or "very successful," only 1% considered them a failure. Through such a plan last year, American Velvet Co. was able to add 24% to its employees' union wages while other textile companies were laying people off. Employees of the Midwest's E. G. Shinner & Co. meat market chain (33 stores) made so much out of profit-sharing that they bought the company. Even when profits turn into losses, the plan...
...While profit-sharing is not a new idea (the first U.S. plan was installed in 1794 by Jefferson's Treasury Secretary Albert Gallatin at his Pennsylvania glass plant), it was long opposed by labor leaders as a speed-up substitute for fair wages. Not until World War II, when profit-sharing offered a means of fattening employees' pocketbooks at a time when wages were frozen, did the plans start to spread fast...