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This Day In Market History: Ford Doubles Minimum Wage, Slashes Workday

This Day In Market History: Ford Doubles Minimum Wage, Slashes Workday
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Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.

What Happened

On this day in 1914, Ford Motor Company (NYSE: F) more than doubled employee wages and cut the standard workday.

Where Was The Market

The S&P 500 was trading around $8.37 and the Dow Jones Industrial Average around $78.59.

What Else Was Going On In The World

Ford worker wages supported $500 cars, $3,500 houses and 12-cent gallons of gas.

A Precedent For The 21st Century Office

Ford set a new workplace standard when it slashed a nine-hour workday to eight hours and hiked a $2.40-per-day wage to $5.

Employees worked less and made more, and it did the 114-year-old company a world of good. The sage move ultimately bolstered productivity and improved employee relations with assembly workers.

Now, companies go beyond hourly and monetary methods to recruit and retain talent. The new gold standard of workplaces, Alphabet Inc (NASDAQ: GOOGL), appeases its staff with soundproof sleep pods, massage rooms, game rooms, dry cleaning services and free food.

Many startups are following suit. In fact, if you drop by Benzinga on a Friday afternoon, you may partake in one of our more attractive perks, a Friday craft beer keg.

Related Links:

A History Of The Minimum Wage

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