Minimum Wage
Jan 28, 2021
In 1912, Henry Ford’s workforce was leaving in droves. Turnover was so high that they had to hire 60,000 employees to cover 10,000 jobs.
Ford, like all visionaries, tackled the problem using a win-win mentality — a positive-sum idea that would entail a win for the business and employees. His solution?
Triple the minimum wage.
The result? Satisfied employees, soaring profits, and ripple effects that would eventually give way to an American middle class.
Most seemingly intractable problems can be solved by mustering the courage to endure short term loss for long term gain.
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