Wage Freeze Quotes
Corporate Executives had urged that the laws requiring overtime pay for more than a 40 hour week be put in abeyance for the remainder of the war. Increased production was necessary for the war effort and manpower was getting short. When the Automobile Workers Union proposed that the wealthy executives also accept “patriotic” limits, the executives wanted little part in that plan. The manpower pressure was relieved when women entered the manufacturing plants but most executives and male union members and officers did not think that women could possibly be even as productive. They were wrong as women learned critical skills as they had the opportunity and out-produced the pre-war men.
The company’s profits were $5.7 billion--$45,000 per employee. He then imposed a 6 year wage freeze on long term employees and cut the wages of new employees. His compensation has increased 80 percent in the last 2 years. Most large corporation CEOs do not share this need for “unlimited” profits. Most set a target and then try and get the corporate team to reach or exceed it.