d) Henry Ford

Henry Ford, an American industrialist, is credited with creating the concept of a “five-dollar workday,” effectively doubling the standard wage in 1914. This revolutionary move by Ford was part of his strategy to reduce high employee turnover and increase productivity at the Ford Motor Company. The wage increase not only improved the lives of his workers but also changed the labor market by setting a new standard for wages in the industry. Ford’s innovative approach to labor relations, combined with his introduction of the assembly line in manufacturing, transformed the industrial landscape. His practices not only boosted worker morale but also made it possible for workers to afford the very cars they were producing, thus expanding the market for automobiles.