Biden's spending plans could lift wages from the bottom up. It's a page out of Jeff Bezos' playbook — or Henry Ford's.
Biden's infrastructure plan could improve working conditions. The plan is focused not just on job creation via roads-and-bridges investment, but onand tax incentives for childcare to be provided at American workplaces. It also calls for an end to subminimum wage provisions, where employers can pay disabled workers less than the federal minimum wage.
By taking a page out of the Ford playbook — and increasingly the Bezos one — Biden could be giving the middle class a much-needed lift.Ford and Bezos raised wages to increase productivity America's industrial middle class ascended during the last century with the help of a little mass production. In 1914, Ford Motor Co. founder Henry Ford offered factory workers $5 a day for eight hours of work. Equivalent to $120 in 2014 dollars, it was more than double the minimum wage at the time,Bob Kreipke, corporate historian for Ford Motor Co.
Turnover waned as productivity accelerated, causing Ford's profits to double in less than two years. Ford later called the wage hike his"best cost-cutting move." It was the beginning of what we know today as efficiency wages — paying above the market rate. This makes a job more desirable, creating a larger talent pool, thereby making employees more replaceable. It incentivizes employees to slack less,Over a century later, another leader implemented a similar strategy.
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