Question

In​ 1914, Henry Ford increased the wage he paid workers in his car factory in​ Dearborn, Michigan to​ $5 per day. The wage was more than twice as much as other car manufacturers were paying. For was quoted​ saying, "The payment of five dollars a day for an​ eight-hour day was one of the finest​ cost-cutting moves we ever​ made." This is a prime example of​ _______________________.

Answer 1

Answer: human resource management

 

Explanation: In simple words, human resource management refers to the process under which  the organisation tries to provide better facilities to its employees so that they work hard and the firm could gain a competitive advantage.

In the given case, Henry ford was providing better wage to its employees than the competitors. This will decrease the labor turnover expenditure and boost the morale of employees.

Hence from the above we can conclude that this is an example of human resource management.