FYI: IN 1914, Henry Ford approved a new minimum wage of $5 per day for most of his workers. Thousands lined up for jobs. Other businesses were thrown for a loop, as they tried to figure out how to compete for workers.
Ford’s shocking wage wasn’t pure altruism. He wanted to motivate his workers to do a routine, boring job and to reduce employee turnover. The $5 included an advance on profit sharing—another motivating factor. Ford knew the pay would allow his workers to buy the product they made. He also expected high standards of behavior from his workers, including financial prudence.