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Henry Ford is best remembered for his car, the Ford. He was an entrepreneur at heart who saw the bigger picture when it came to automobiles. In his mind, it was no contest between the car versus the buggy.
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Ford understood the power of his concept. He
envisioned a time when everyone would want to own a car. In fact, some say he created the American Dream.
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He knew how to produce his car too. Ford is credited with inventing and perfecting the assembly line. Yet Ford had
some hurdles to overcome to mass production. He needed to both train and keep
skilled workers in his factory.
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He hit upon
a novel idea. On January 5, 1914, Ford announced his $5 for an eight hour day
pay program for autoworkers that were over age 22 and had worked at his factory
for greater than six months. He called it his profit-sharing program.
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For
some, $5 was double the wages they had been making. It caused an outrage among
other business owners.He is credited
with kick starting the middle class too.
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Ford's workers' were wealthy enough that they could buy the luxury items they produced like a car. Ford started what is now known as a virtuous cycle where people with extra money were creating more demand for the goods being produced.
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Ford's workers' were wealthy enough that they could buy the luxury items they produced like a car. Ford started what is now known as a virtuous cycle where people with extra money were creating more demand for the goods being produced.
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