Word: procters
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Your cover story on" Procter & Gamble (Oct. 5) was excellent-but I'm mad I You didn't mention one word about the best daytime program on radio: Pepper Young's Family...
Evidently the long-winded yarn has been a feature of Procter & Gamble advertising for some time. I have a full page verse narrative (154 lines of rhymed couplets) telling the story of Ivory Soap for readers of a juvenile magazine back...
Nevertheless, U.S. industry is discovering some distinct and valuable principles. One is the principle that decentralization is the key to producing executives. Such corporations as Du Pont and Procter & Gamble (TIME, Oct. 5) have found that separating a huge complex into distinct divisions-each with its own chief executive responsible for his own costs and his own profits-develops initiative, command and responsibility...
...forward-looking Procters knew how to take care of their employees as well as themselves. They pioneered (1887) in profit sharing, and last year P. & G.'s employees got $8,000,000, or 8.7% of total company profits before taxes. Colonel William Cooper Procter, third-generation boss of P. & G. and a leading Episcopalian layman, had a still more modern idea. For years P. & G.'s production had fluctuated with the buying whims of wholesalers. If the wholesalers thought prices were heading higher, they loaded up; if prices seemed to be going down, they cut back sharply...
...Procter forthwith cut down on outside middlemen, and by setting up a network of P. & G.'s own distributors, flattened out the peaks and valleys. In 1923 P. & G. installed its guaranteed-employment plan, first of its kind in the U.S., and assured hourly workers 48 weeks' employment a year. In those days, such advanced management methods were nothing short of revolutionary. Today, they are considered a normal part of labor relations at P. & G. They have cut employee turnover from 133.7% to less than 1% a year, kept the company unhampered by outside unions and major strikes...