EMPLOYEE BENEFITS

What You Can Learn From Henry Ford

Henry Ford realized that high wages are a good investment not an extra expense.
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This is going to be a short post, because it's not all that complicated an idea.

I recently came across a quote from Henry Ford, one of the greatest business minds of all time:

"There is one rule for the industrialist and that is: make the best quality goods possible at the lowest cost possible, paying the highest wages possible."

While most executives understand and follow the first two parts of Ford's "one rule," most ignore the third (and most important) part.

Most executives seem to think that the ideal worker is somebody whom should be paid the lowest wage possible.

Henry Ford knew what all too many executives have obviously forgotten--that that your employees are ultimately your customers.

If your customers are barely surviving, or sick, or worried to death about making ends meet, they lack both the time and money to buy what you're selling.

Like I said, it's not all that complicated an idea.

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IMAGE: Wikimedia Commons
Last updated: Oct 17, 2013

GEOFFREY JAMES | Columnist

Geoffrey James is an author, speaker, and award-winning blogger. Originally a system architect, brand manager, and industry analyst inside two Fortune 100 companies, he's interviewed over a thousand successful executives, managers, entrepreneurs, and gurus to discover how business really works. His most recent book is Business Without the Bullsh*t: 49 Secrets and Shortcuts You Need to Know.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.



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