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Submitted by littlemommavmg on June 11, 2006
Category: Business
Words: 2625 | Pages: 11
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Benefiting the Employee
Beyond his inventive genius, Eastman blended human and democratic qualities, with remarkable foresight, into the building of his business. He believed employees should have more than just good wages -- a way of thinking that was far ahead of management people of his era.
Early in his business, Eastman began planning for "dividends on wages" for employees. His first act, in 1899, was the distribution of a substantial sum of his own money -- an outright gift -- to each person who worked for him.
Camera manufacturing in the 1890's.
Later he set up a "Wage Dividend," in which each employee benefited above his or her wages in proportion to the yearly dividend on the company stock. The Wage Dividend was an innovation, and represented a large part of the distribution of the company's net earnings.
Eastman felt that the prosperity of an organization was not necessarily due to inventions and patents, but more to workers' goodwill and loyalty, which in turn were enhanced by forms of profit sharing.
In 1919, Eastman gave one-third of his own holdings of company stock -- then worth $10 million -- to his employees. Still later came the fulfillment of what he felt was a responsibility to employees with the establishment of retirement annuity, life insurance, and disability benefit plans. With these benefits, and the Wage Dividend, employees could confidently look forward to a more secure future.
Carl W. Ackerman, a biographer, writing in 1932, said: "Mr. Eastman was a giant in his day. The social philosophy, which he practiced in building his company, was not only far in advance of the thinking during his lifetime, but it will be years before it is generally recognized and accepted."
Giving Away His Fortune
Eastman is almost as well known for his philanthropy as he is for his pioneering work in photography. In this field, as in others, he put the direction of an enthusiastic...
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