““That’s what happened at Ford, for example. In 1914, Henry Ford famously raised his starting wage to $5 a day (nearly $120 in today’s dollars). He had to: turnover at Ford in 1913 had been 370 percent.37 In order to find and keep the workers who were assembling his increasingly profitable cars, Ford had to be willing to outbid his competitors (which included not only other car makers, but every other employer bidding for his prospective employees).””
