DISCERNING READERS
  • Home
  • About
  • Books / Bibliography
    • Keys to Success >
      • Preface
      • Introduction
      • Appendix
      • You: The First Key
    • THINK Again! Series >
      • Ideas and High Ideals >
        • Preface
        • Introduction
        • Prologue
        • Insights into Tom Watson >
          • Tom Watson's Character
          • A Wartime Humanitarian
          • Democracy's Man O' War
          • An Exemplary Man
          • On Youth & Education
        • A Successful Rebranding
      • The Rometty Edition >
        • Preface
        • Foreword
        • Introduction
        • Business Talk Interview
        • Book Trailers and Videos
      • The World's Greatest Salesman >
        • Preface
        • Introduction
        • Workplace Safety
        • Images and Quotes
        • Book Trailers / Videos
    • A View from Beneath >
      • Preface
      • Resource Actions >
        • Two R.A. Days Hit Home
        • R.A. Day Kills Productivity
      • Business Talk Interview
      • Book Trailers and Videos
    • Essays on Leadership >
      • Democracy in Business
      • We Are All Assistants >
        • Frank Venner: We Are All Assistants
      • We Forgive Thoughtful Mistakes
    • Bibliography Overview >
      • Authors and Writers >
        • Garland, Hamlin
        • Wise, John S. >
          • Slave Auction
          • Tribute to Robert E. Lee
          • On Lincoln's Assassination
      • Capitalists >
        • Baruch, Bernard M. >
          • My Own Story
          • The Public Years >
            • A Review
            • Second Thoughts
        • Davison, Henry P.
        • Schiff, Jacob H.
      • Educators >
        • Washington, Booker T >
          • Up From Slavery
          • My Life and Work
          • Character Building
          • My Larger Education
          • The Man Farthest Down >
            • Booker T. Washington and John Burns
          • Future of American Negro >
            • Future of the Negro
      • IBM >
        • IBM Books >
          • IBM Classics
          • IBM Executives' Books
          • IBM Employees' Books
          • IBM Outsiders' Books
        • IBM Publications >
          • THINK Magazine
          • Business Machines
          • IBM Heart and Soul >
            • Endicott Memorial Day
            • Poughkeepsie Memorial Day
          • IBM Art Books
        • IBM Situational
      • Industrialists >
        • Anthologies >
          • The Book of Business
          • New Ideals in Business
          • Master Workers' Library
          • The Age of Big Business
          • Famous Leaders Series Home Page >
            • Leaders of Character
            • Leaders of Industry: 1st Series
            • Leaders of Industry: 2nd Series
            • Leaders of Industry: 3rd Series
            • Leaders of Industry: 6th Series
          • Forbes' Anthologies
        • Armour, J. Ogden >
          • The Packers
          • The Packers: Second Look
        • Baldwin, William H.
        • Beatty, Edward
        • Bell, Alexander Graham
        • Carnegie, Andrew >
          • Carnegie Quotes
          • Carnegie Autobiography
          • Carnegie Biography by B. J. Hendrick
          • Round the World
          • The Empire of Business
          • An American Four-in-Hand
        • Eastman, George
        • Edison, Thomas A. >
          • Edison: His Life and Inventions
          • Edison: My Friend
        • Farquhar, A. B.
        • Filene, Edward A. >
          • The Way Out >
            • Captains of Industry vs. Captains of Finance
          • Successful Living >
            • Rules of Success
        • Firestone, Harvey S. >
          • Men and Rubber
          • Making an Organization
        • Flint, Charles R.
        • Ford, Henry >
          • Books by Henry Ford
          • The Last Billionaire
          • My Forty Years with Ford
        • Gary, Elbert H.
        • Guggenheim, William
        • Hill, James J.
        • Hollerith, Herman
        • Johnson, George F.
        • Patterson, John H.
        • Penney, James C. >
          • Fifty Years With the Golden Rule
        • Procter, William C.
        • Rockefeller Jr.
        • Rockefeller Sr.
        • Rosenwald, Julius
        • Sloan Jr., Alfred P.
        • Swope, Gerard >
          • Swope of G.E.
          • The Swope Plan
          • Selected Addresses
        • Verity, George M. >
          • True Steel
          • Character & Success
        • Wanamaker, John >
          • A Business Biography
          • Retail Firsts
        • Watson Jr., Thomas J. >
          • A Business and Its Beliefs
          • Management Briefings
          • Father, Son & Company
        • Watson Sr., Thomas J. >
          • Human Relations
          • Men-Minutes-Money
          • The Lengthening Shadow
        • Young, Owen D. >
          • Selected Addresses
          • New Industrial Leader
      • Inventors & Innovators >
        • Fulton, Robert
        • Goodyear, Charles
      • Journalists >
        • Baker, Ray Stannard >
          • Autobiography
          • The Color Line
          • Woodrow Wilson
        • Crowther, Samuel >
          • Articles >
            • Bantam Ball Bearing
          • Biographies
          • Industrialist Anthology
          • "Why Men Strike" Review
        • Gunther, John >
          • Eisenhower
        • Steffens, Lincoln
        • Sullivan, Mark >
          • Our Times
          • The Education of an American
        • Tarbell, Ida M. >
          • Overview
          • Lincoln Centennial
          • Lincoln Publications
          • Corporate Publications
          • Fiction Publications
          • Other Publications >
            • Mme. (Madame) Roland
          • Magazine Articles >
            • Disbanding the Confederate Army
            • Disbanding the Union Army
        • White, William Allen >
          • Woodrow Wilson, The Man
      • Military Leaders >
        • Lee, General Robert E.
      • Pioneers / Explorers >
        • Byrd, Richard E. >
          • Alone
          • Discovery
          • Little America
        • Columbus, Christopher
        • Lindbergh, Charles
      • Politicians >
        • Eisenhower, Dwight D.
        • Hoover, Herbert >
          • American Individualism Book >
            • American Individualism Article
          • Ordeal of Woodrow Wilson
          • Problems of Lasting Peace
        • Lincoln, Abraham >
          • Lincoln in the Telegraph Office
          • Abraham Lincoln Books By Ida M. Tarbell
        • Mesta, Perle
        • O'Connor, Basil and FDR >
          • Friends and Partners (Against Polio)
        • Roosevelt, Theodore >
          • Roosevelt: A Story of Friendship
        • Roper, Daniel C. >
          • Fifty Years of Public Life
        • Taft, William H.
        • Wilson, Woodrow >
          • The New Freedom
          • The Ordeal of Woodrow Wilson
          • Wilson's Last Words
          • Wilson's Tasks and Life
          • Wilson's Life and Letters >
            • Volume IV: President
            • Volume V: Neutrality
            • Volume VI: Facing War
      • Preachers >
        • Fosdick, Harry Emerson >
          • The Meaning of Prayer
          • The Meaning of Faith
          • The Meaning of Service
          • Power to See It Through
      • Publishers >
        • Forbes, B. C. >
          • Men Who Are Making America
          • Men Who Are Making the West
          • Automotive Giants of America
          • Little Bits about Big Men
          • America's 50 Foremost Business Leaders
          • America's Twelve Master Salesmen
          • Scrapbook of Thoughts on Business of Life
          • 101 Unusual Experiences
          • Keys to Success
          • Teamwork
        • Fortune Magazine >
          • USA: The Permanent Revolution
        • Shaw, A. W. >
          • Handling Men >
            • Why We Are Hiring Women
            • The Dream Behind the Business
          • The Companion Series
    • Research Sites
    • Acknowledgements
  • 21st Century IBM
    • Corporate Performance >
      • Comparing KPIs
      • Brand Performance >
        • Forbes' Best Employer
      • Patent Performance >
        • 2021 Patent Performance
        • 2020 Patent Performance
        • 2019 Patent Performance
        • 2018 Patent Performance
      • Revenue Performance
    • Corporate Practices >
      • Acquisitions >
        • Acquisition: Red Hat >
          • A $35 Billion Gamble
          • IBM + Red Hat 2019 Results
        • Acquisitions: Goodwill
        • Acquisitions: Since 2001
      • Centralization >
        • A Lost Federation
        • The Need to Decentralize
      • Divestitures >
        • Kyndryl Analysis
        • Kyndryl Top Questions
        • Martin Schroeter
      • Employees >
        • Resource Actions
        • Age Discrimination >
          • Cutting Old Heads
        • Employee Engagement
        • Aren't Buying Into IBM
        • Massive Work Slowdown
        • Failure of Work at Home
      • Financial Engineering >
        • Workforce Rebalancing
        • Aggressive Bookkeeping
      • Shareholders >
        • Share Buybacks
        • Shareholder Risk
        • Overall Performance >
          • Revenue & Profit
          • Revenue & Profit Growth
          • Revenue & Profit Productivity
          • IBM Market Value
          • Shareholder Returns & Risk
          • Employment Security
        • Employee Engagement
        • Warren Buffett's Mistake
        • Do Share Buybacks Work?
    • CEO Performance >
      • Arvind Krishna Overview >
        • First Year Performance >
          • Revenue & Profit
          • Revenue & Profit Growth
          • Revenue & Profit Productivity
          • IBM Market Value
          • Shareholder Returns & Risk
          • Share Buybacks
        • The First 100 Days
      • Ginni Rometty Overview >
        • Shareholder Value
        • Shareholder Risk
        • Share Buybacks
        • Dividend Strategy
        • Acquisition Strategy
        • Revenue & Profit Productivity
        • Revenue & Profit Growth
        • Revenue & Profit
  • 20th Century IBM
    • Corporate Performance >
      • IBM's Greatest CEO >
        • Shareholder Returns
        • Revenue Growth
        • Revenue Per Employee
        • Profit Growth
        • Profit Per Employee
        • Market Value
        • Goodwill
        • Economic Contractions
        • Economic Expansions
        • Stock Market Headwinds
        • CEO Historic Footnotes >
          • IBM's Founding Team
          • Financial Engineering
          • The Greatest Gamble
    • Corporate Practices >
      • IBM Anniversaries
      • IBM Benefits
      • IBM Creativity >
        • IBM Cartoons
        • IBM Song Books
        • IBM UK Dictionary
        • IBM Computing Dictionary
      • IBM Wild Ducks >
        • The Wild Goose
        • Royal Dissenters
        • Corporate Constitution
        • Respect for the Individual
        • Service to the Customer
        • Pursuit of Excellence
    • Corporate Products >
      • 1890: U.S. Census
      • Dayton Scales in 1920
      • 1940: The Electromatic
    • Thomas J. Watson Sr. >
      • Quotes By Watson
      • Quotes About Watson
      • Articles By Watson >
        • On World Peace
        • On the Cost of War
        • On Public Education
        • On Thomas Jefferson
        • On Thoughtful Mistakes
        • On Stakeholder Relations
      • Articles About Watson >
        • A Gift of Retirement
        • A Gift of Home Ownership >
          • Construction Timeline
        • The $1,000-A-Day Chief Executive Officer
        • Employees are Valued
        • Democracy's Man o' War
        • Human Relations in 1956
        • A CEO Who Earned His Pay
        • The Story of "THINK" >
          • Two Journalists "THINK"
          • A Buddy Davis Interview
        • Learning from Crises
        • Tom Watson's Wild Ducks
        • The Lengthening Shadow
      • Slice of Life Stories >
        • Dali, Salvador
        • Drucker, Peter F. >
          • Authority and Power
          • Short-Term Thinking
          • A Corporate Culture
          • Raising Business Issues
          • Focus on Principles
          • Character and Manners
          • Knowledge Workers
          • Recognizing Ability
          • Individual Respect
          • Employee Paternalism
        • Eastman, George
        • Penney, J. C. (James Cash) >
          • Watson Homestead
          • Golden Rule Businesses
        • A 1943 Tax Problem
        • Fighting Discrimination
        • A Pajama Party
      • Pre-World War II >
        • Women in the Workplace
        • A Lost Dream of Peace
        • USO Camp Show Founder
      • World War II Effort >
        • Selling War Bonds
        • Production Awards
        • Controlling Profits
        • Machine Records Units
        • Wartime Contributions
        • Widows & Orphans Fund
        • Declaring Human Rights
        • Supporting Home Morale
        • Employee Military Service
        • War's End & Reconversion
      • Post-World War II >
        • Endicott Memorial
        • Poughkeepsie Memorial
        • Rehiring WWII Veterans
  • Articles
    • Corporate Articles >
      • High-Performance Corporations
      • The Art of the Restart
      • Crises, Recoveries & Lessons Learned
      • Strategy Should Create Human Relationships
      • A Time-Tested Corporate Constitution
      • IBM, JC Penney and The Golden Rule
      • How IBM Created its 20th Century Brand
      • The Greatest Business Risk of the 20th Century
      • How to Grow a Business
      • The Importance of Sales Productivity
      • How Much Is a Great CEO Worth
      • Let Your Guard Down
    • Business Articles >
      • Business Witticism
      • The Golden Rule and Productivity in Business
      • Who and What Built Early American Capitalism
      • Capitalism Needs Industrialist Minded CEOs
      • Producing Corporate True Steel
      • CEO Perspectives >
        • Rules of Success
        • Top Employee Qualities
        • Industrialist vs. Capitalist
      • An Open Letter to the World's CEOs
      • Henry Ford Takes Control
      • The Razor Blade Business Model
      • Two Successful 20th Century Businesswomen
      • Sears: A Dead Franchise Walking
      • A LinkedIn Incognito Mode
      • Value a College Education
    • Political Articles >
      • Political Witticisms
      • Meritocracy and Teachable Humility
      • What Is Patriotism?
      • Presidents' Day 2024-25
      • Memorial Day 2025
      • Pursuing The "American Way"
      • America: Home of the Brave
      • Securing the Borders of the Americas
      • General Grant's Stand for Justice
      • America's Heartland Stands Strong
      • The New Freedom
      • Teddy Roosevelt on Socialism & Individualism
      • Women as Citizens
      • Mary Slessor of Calabar
      • Walt Rostow Speaks to Congress
    • Spiritual Articles >
      • Inauguration Day Prayer
      • Reincarnated Thoughts >
        • Why Lies Should Never Be Glorified
        • Are You More Than A Wise Entrepreneur?
        • A World of Peace or Turbulence?
      • Wilson's Last Words
      • Spiritual Songs
    • Fiction Articles >
      • A Father's Love
      • Introducing a Friend to God
      • Hyphenated Relationships
  • Contact
  • Blog

If my foresight were as clear as my hindsight, I should be better off by a damned sight.

J. L. Mott, President of the Iron and Steel Association, 1873

IBM's 21st Century Employee Engagement

Date Published: July 29, 2021
Date Modified: June 30, 2024
A road sign point two different directions. One Way is
IBM was founded on the principle of profit for customers, employees and shareholders with a responsibility for these stakeholders to have a positive impact on society. Through an equitable distribution of its profits, the corporation created a sustainable stakeholder ecosystem based on enlightened self-interest: the success of one was maximized through the joint success of all the others.

Tom Watson summarized his philosophy of business this way:

​​Every street should be wide enough to be a two-way street.
​​​Thomas J. Watson Sr., 1942, Endicott, New York​
​Shareholders Need Employees that Are Engaged, Enthusiastic and Passionate
  • A Two-Way Distribution of Profits Produced Amazing Shareholder Returns
  • A One-Way Distribution of Profits Impacts Shareholder Returns
  • A Productivity Corollary That Didn’t Need To Be Proven
  • A Foreboding Sign for the Future

​A Two-Way Distribution of Profits Produced Amazing Shareholder Returns
Tom Watson Sr. told his shareholders that employee benefits existed “not because of any philanthropy on the part of myself or my executive staff or the directors and stockholders. … When you add up the amount of money we spend on insurance, vacations with pay, country club, retirement plan, health and accident plan, and so forth, it comes to a large sum. No company could go on if that were philanthropy. … We do it because our people do a better job everywhere.”
​
He and his son constantly reminded their shareholders of this fact in their annual meetings.

​The fruits of this symbiotic relationship between chief executive, customers, employees, and shareholders returned amazing results for both Watson Sr.’s and Jr.’s investors: 17% compound annual growth rate (CAGR) over 32 years, and 21% CAGR over 15 years, respectively, far outdistancing an investment in large company stocks.
  • Tom Watson Sr.'s Return on Investment as Chief Executive Officer of IBM
A line graph showing Thomas J. Watson Sr.'s Shareholder Return on Investment in comparison to a large-company stock index fund from 1923 through 1956.
  • Tom Watson Jr.'s Return on Investment as Chief Executive Officer of IBM
A line graph showing Thomas J. Watson Jr.'s Shareholder Return on Investment in comparison to a large-company stock index fund from 1955 through 1971.
​A One-Way Distribution of Profits Impacts Shareholders’ Returns
In 1995, Louis V. Gerstner started buying back IBM shares while continuing to reduce U.S. employee retirement benefits with the introduction of the pension equity plan (PEP). In 1996, IBM renewed its annual dividend increases for shareholders, and as IBM’s profits and revenues reached record highs, Gerstner issued two, 2-for-1 stock splits in 1997 and 1999. And as the stock printing presses rolled ever onward, the chief executive continued share buybacks. Profit redistributions were now flowing to shareholders and top executives alike. But, so far, all the employees had experienced were cuts. For them it was as if IBM had never recovered from its 1993 brush with bankruptcy.
Only two months after splitting the stock for a second time, Mr. Gerstner once again slashed the U.S employees’ pension plans; and for the continuance of the twenty-first century, his successors have replicated his strategy of turning employee pension plans, benefits, performance raises, and employment security into corporate profits that indirectly (or directly depending on a person’s perspective) contribute to the corporation's continuing share buybacks.
These 21st Century human resource policies have disenfranchised IBM’s employees and, in so doing, stripped IBM’s shareholders of the benefit of employee enthusiasm, passion and engagement.
Image or railroad tracks with an IBM warning sign saying
Select image to read about IBM's employee work slowdown
​Sales productivity flattened in 1995 and has been in a constant decline since 1999 [Read: IBM’s Non-Union, Two-Decade-Long Work Slowdown]. Profit productivity was propped up by aggressive bookkeeping and financial engineering: (1) selling of tangible assets (the “not-profitable-enough” divisions such as the PC and x86-Server Divisions), (2) transferring wealth from employee pension plans, (3) reducing employee benefits, and (4) workforce rebalancing.
​IBM’s twenty-first-century decline in revenue and profit productivity reflects the impact of ignoring an employees’ state of mind, and IBM’s shareholders have not escaped unscathed.
  • Gerstner, Palmisano, Rometty, and Krishna's Return on Investment
A line graph showing Louis V. (Lou) Gerstner's, Samuel J. (Sam) Palmisano's, Virginia M. (Ginni) Rometty's, and Arvind Krishna's Shareholder Return on Investment in comparison to a large-company stock index fund and the Dow Jones Industrial Average (DJIA) from 1999 through 2020.
As of 2021, IBM's 21st Century shareholders have received only 4.12% CAGR (including dividends) over two decades—an investment return that both the Dow Jones Industrial Average and a Morningstar large company benchmark index outperformed by returning 8.7% and 8.1%, respectively.

​This is the shareholders' payback for an investment of more than a quarter of a trillion dollars—$176 billion in stock buybacks since 1999
 and $92 billion in acquisitions since 2001.
Color chart showing IBM's market value mapped against its strategic investments from 1999 to 2021 in share buybacks and external acquisitions.
Certainly, maintaining employee enthusiasm would have cost a lot less than a quarter of a trillion dollars, and, based on IBM’s CAGR returns of 17% and 21% under the Watsons, would have yielded a far better return for shareholders.
A Productivity Corollary That Didn’t Need to Be Proven
IBM’s twenty-first-century leadership has proven the corollary to Watson Sr.’s and Jr.’s belief: performance drops everywhere when the executive leadership fails to adequately reward its employees’ performance. While some may believe it is the chicken or egg conundrum, IBM’s traditional founder and chief executive officer faced a similar situation. In 1914, as IBM’s new chief rooster, Watson Sr. kept the company from laying an egg by investing his time (but, initially, very little money according to Watson Jr. in Father, Son & Co.) to improve employee enthusiasm: such is the responsibility of a great chief executive that understands human nature and its effect on the corporate bottom line.
​My mind went back to the first convention I held after I came into this business … We had very few men. We had very little enthusiasm, but what we did have … gave us a great start, and the other men fell in line. Enthusiasm is the basis of all great things.
​Thomas J. Watson Sr., One Hundred Percent Club, 1930​
​Unfortunately, IBM’s twenty-first-century leadership sees benefits such as employment security, performance based raises, pension plans, 401(k) offerings, and severance pay as unnecessary expenditures or accumulations of wealth to be exploited.

​But the once fatted calf is looking lean.
​A Foreboding Sign for the Future
​With a massive 55% drop in profit productivity over the last eight years [“IBM’s Financial Engineering: Workload Rebalancing”], IBM has lost all the “productivity” gains of the new century (in inflation adjusted dollars).

​But, in reality, there have been no productivity gains as IBM’s leadership found it easier to manipulate profits through financial engineering and aggressive bookkeeping than to invest in improving employee productivity.
Image from Gallup's Employee Engagement with the tagline:
Select image to read about Gallup's employee engagement
​​This century’s profits have been propped up by a massive transfer of wealth, a corporate wealth that two of America’s greatest twentieth-century industrialists accumulated by providing superlative service to their customers through enthusiastic, engaged, and passionate employees.
​
Until shareholders acknowledge the importance of enabling and empowering enthusiastic employees to provide service to their customers, investors should expect short-term financial engineering to replace the mechanics of running a business properly. Until IBM’s twenty-first-century leadership reverses its current human resource practices, long-term shareholders should not expect the value of their investments to be maximized.

Cheers,

- Peter E.
© 2025 Peter E. Greulich. All Rights Reserved
Information posted on this site recognizes the legal right of copyrighted material. The following material is considered in the public domain effective January 1, 2025: (1) Works published in the United States prior to January 1, 1929, (2) All unpublished works created over 120 years ago, (3) Works published in the United States before 1978 that have no © copyright notice, and (4) Works published in the United States after 1929 but before 1964 with a proper © copyright notice that were not renewed in their 28th year. Some information is used here that does not fit this criteria. This type of material has been purposely minimized, and it is used in good faith, usually with an attribution, and in the belief that such usage would withstand a test of fair use. This site also utilizes images from Pixabay that are "free to use under the Pixabay license" and "do not require attribution." Any concerns with the public domain, fair usage, or attribution of material utilized on this site will be removed until a discussion can resolve the matter with its permanent removal or republication. To reach us, use the "Contact" menu item above or this hyperlink: [Contact Us]
  • Home
  • About
  • Books / Bibliography
    • Keys to Success >
      • Preface
      • Introduction
      • Appendix
      • You: The First Key
    • THINK Again! Series >
      • Ideas and High Ideals >
        • Preface
        • Introduction
        • Prologue
        • Insights into Tom Watson >
          • Tom Watson's Character
          • A Wartime Humanitarian
          • Democracy's Man O' War
          • An Exemplary Man
          • On Youth & Education
        • A Successful Rebranding
      • The Rometty Edition >
        • Preface
        • Foreword
        • Introduction
        • Business Talk Interview
        • Book Trailers and Videos
      • The World's Greatest Salesman >
        • Preface
        • Introduction
        • Workplace Safety
        • Images and Quotes
        • Book Trailers / Videos
    • A View from Beneath >
      • Preface
      • Resource Actions >
        • Two R.A. Days Hit Home
        • R.A. Day Kills Productivity
      • Business Talk Interview
      • Book Trailers and Videos
    • Essays on Leadership >
      • Democracy in Business
      • We Are All Assistants >
        • Frank Venner: We Are All Assistants
      • We Forgive Thoughtful Mistakes
    • Bibliography Overview >
      • Authors and Writers >
        • Garland, Hamlin
        • Wise, John S. >
          • Slave Auction
          • Tribute to Robert E. Lee
          • On Lincoln's Assassination
      • Capitalists >
        • Baruch, Bernard M. >
          • My Own Story
          • The Public Years >
            • A Review
            • Second Thoughts
        • Davison, Henry P.
        • Schiff, Jacob H.
      • Educators >
        • Washington, Booker T >
          • Up From Slavery
          • My Life and Work
          • Character Building
          • My Larger Education
          • The Man Farthest Down >
            • Booker T. Washington and John Burns
          • Future of American Negro >
            • Future of the Negro
      • IBM >
        • IBM Books >
          • IBM Classics
          • IBM Executives' Books
          • IBM Employees' Books
          • IBM Outsiders' Books
        • IBM Publications >
          • THINK Magazine
          • Business Machines
          • IBM Heart and Soul >
            • Endicott Memorial Day
            • Poughkeepsie Memorial Day
          • IBM Art Books
        • IBM Situational
      • Industrialists >
        • Anthologies >
          • The Book of Business
          • New Ideals in Business
          • Master Workers' Library
          • The Age of Big Business
          • Famous Leaders Series Home Page >
            • Leaders of Character
            • Leaders of Industry: 1st Series
            • Leaders of Industry: 2nd Series
            • Leaders of Industry: 3rd Series
            • Leaders of Industry: 6th Series
          • Forbes' Anthologies
        • Armour, J. Ogden >
          • The Packers
          • The Packers: Second Look
        • Baldwin, William H.
        • Beatty, Edward
        • Bell, Alexander Graham
        • Carnegie, Andrew >
          • Carnegie Quotes
          • Carnegie Autobiography
          • Carnegie Biography by B. J. Hendrick
          • Round the World
          • The Empire of Business
          • An American Four-in-Hand
        • Eastman, George
        • Edison, Thomas A. >
          • Edison: His Life and Inventions
          • Edison: My Friend
        • Farquhar, A. B.
        • Filene, Edward A. >
          • The Way Out >
            • Captains of Industry vs. Captains of Finance
          • Successful Living >
            • Rules of Success
        • Firestone, Harvey S. >
          • Men and Rubber
          • Making an Organization
        • Flint, Charles R.
        • Ford, Henry >
          • Books by Henry Ford
          • The Last Billionaire
          • My Forty Years with Ford
        • Gary, Elbert H.
        • Guggenheim, William
        • Hill, James J.
        • Hollerith, Herman
        • Johnson, George F.
        • Patterson, John H.
        • Penney, James C. >
          • Fifty Years With the Golden Rule
        • Procter, William C.
        • Rockefeller Jr.
        • Rockefeller Sr.
        • Rosenwald, Julius
        • Sloan Jr., Alfred P.
        • Swope, Gerard >
          • Swope of G.E.
          • The Swope Plan
          • Selected Addresses
        • Verity, George M. >
          • True Steel
          • Character & Success
        • Wanamaker, John >
          • A Business Biography
          • Retail Firsts
        • Watson Jr., Thomas J. >
          • A Business and Its Beliefs
          • Management Briefings
          • Father, Son & Company
        • Watson Sr., Thomas J. >
          • Human Relations
          • Men-Minutes-Money
          • The Lengthening Shadow
        • Young, Owen D. >
          • Selected Addresses
          • New Industrial Leader
      • Inventors & Innovators >
        • Fulton, Robert
        • Goodyear, Charles
      • Journalists >
        • Baker, Ray Stannard >
          • Autobiography
          • The Color Line
          • Woodrow Wilson
        • Crowther, Samuel >
          • Articles >
            • Bantam Ball Bearing
          • Biographies
          • Industrialist Anthology
          • "Why Men Strike" Review
        • Gunther, John >
          • Eisenhower
        • Steffens, Lincoln
        • Sullivan, Mark >
          • Our Times
          • The Education of an American
        • Tarbell, Ida M. >
          • Overview
          • Lincoln Centennial
          • Lincoln Publications
          • Corporate Publications
          • Fiction Publications
          • Other Publications >
            • Mme. (Madame) Roland
          • Magazine Articles >
            • Disbanding the Confederate Army
            • Disbanding the Union Army
        • White, William Allen >
          • Woodrow Wilson, The Man
      • Military Leaders >
        • Lee, General Robert E.
      • Pioneers / Explorers >
        • Byrd, Richard E. >
          • Alone
          • Discovery
          • Little America
        • Columbus, Christopher
        • Lindbergh, Charles
      • Politicians >
        • Eisenhower, Dwight D.
        • Hoover, Herbert >
          • American Individualism Book >
            • American Individualism Article
          • Ordeal of Woodrow Wilson
          • Problems of Lasting Peace
        • Lincoln, Abraham >
          • Lincoln in the Telegraph Office
          • Abraham Lincoln Books By Ida M. Tarbell
        • Mesta, Perle
        • O'Connor, Basil and FDR >
          • Friends and Partners (Against Polio)
        • Roosevelt, Theodore >
          • Roosevelt: A Story of Friendship
        • Roper, Daniel C. >
          • Fifty Years of Public Life
        • Taft, William H.
        • Wilson, Woodrow >
          • The New Freedom
          • The Ordeal of Woodrow Wilson
          • Wilson's Last Words
          • Wilson's Tasks and Life
          • Wilson's Life and Letters >
            • Volume IV: President
            • Volume V: Neutrality
            • Volume VI: Facing War
      • Preachers >
        • Fosdick, Harry Emerson >
          • The Meaning of Prayer
          • The Meaning of Faith
          • The Meaning of Service
          • Power to See It Through
      • Publishers >
        • Forbes, B. C. >
          • Men Who Are Making America
          • Men Who Are Making the West
          • Automotive Giants of America
          • Little Bits about Big Men
          • America's 50 Foremost Business Leaders
          • America's Twelve Master Salesmen
          • Scrapbook of Thoughts on Business of Life
          • 101 Unusual Experiences
          • Keys to Success
          • Teamwork
        • Fortune Magazine >
          • USA: The Permanent Revolution
        • Shaw, A. W. >
          • Handling Men >
            • Why We Are Hiring Women
            • The Dream Behind the Business
          • The Companion Series
    • Research Sites
    • Acknowledgements
  • 21st Century IBM
    • Corporate Performance >
      • Comparing KPIs
      • Brand Performance >
        • Forbes' Best Employer
      • Patent Performance >
        • 2021 Patent Performance
        • 2020 Patent Performance
        • 2019 Patent Performance
        • 2018 Patent Performance
      • Revenue Performance
    • Corporate Practices >
      • Acquisitions >
        • Acquisition: Red Hat >
          • A $35 Billion Gamble
          • IBM + Red Hat 2019 Results
        • Acquisitions: Goodwill
        • Acquisitions: Since 2001
      • Centralization >
        • A Lost Federation
        • The Need to Decentralize
      • Divestitures >
        • Kyndryl Analysis
        • Kyndryl Top Questions
        • Martin Schroeter
      • Employees >
        • Resource Actions
        • Age Discrimination >
          • Cutting Old Heads
        • Employee Engagement
        • Aren't Buying Into IBM
        • Massive Work Slowdown
        • Failure of Work at Home
      • Financial Engineering >
        • Workforce Rebalancing
        • Aggressive Bookkeeping
      • Shareholders >
        • Share Buybacks
        • Shareholder Risk
        • Overall Performance >
          • Revenue & Profit
          • Revenue & Profit Growth
          • Revenue & Profit Productivity
          • IBM Market Value
          • Shareholder Returns & Risk
          • Employment Security
        • Employee Engagement
        • Warren Buffett's Mistake
        • Do Share Buybacks Work?
    • CEO Performance >
      • Arvind Krishna Overview >
        • First Year Performance >
          • Revenue & Profit
          • Revenue & Profit Growth
          • Revenue & Profit Productivity
          • IBM Market Value
          • Shareholder Returns & Risk
          • Share Buybacks
        • The First 100 Days
      • Ginni Rometty Overview >
        • Shareholder Value
        • Shareholder Risk
        • Share Buybacks
        • Dividend Strategy
        • Acquisition Strategy
        • Revenue & Profit Productivity
        • Revenue & Profit Growth
        • Revenue & Profit
  • 20th Century IBM
    • Corporate Performance >
      • IBM's Greatest CEO >
        • Shareholder Returns
        • Revenue Growth
        • Revenue Per Employee
        • Profit Growth
        • Profit Per Employee
        • Market Value
        • Goodwill
        • Economic Contractions
        • Economic Expansions
        • Stock Market Headwinds
        • CEO Historic Footnotes >
          • IBM's Founding Team
          • Financial Engineering
          • The Greatest Gamble
    • Corporate Practices >
      • IBM Anniversaries
      • IBM Benefits
      • IBM Creativity >
        • IBM Cartoons
        • IBM Song Books
        • IBM UK Dictionary
        • IBM Computing Dictionary
      • IBM Wild Ducks >
        • The Wild Goose
        • Royal Dissenters
        • Corporate Constitution
        • Respect for the Individual
        • Service to the Customer
        • Pursuit of Excellence
    • Corporate Products >
      • 1890: U.S. Census
      • Dayton Scales in 1920
      • 1940: The Electromatic
    • Thomas J. Watson Sr. >
      • Quotes By Watson
      • Quotes About Watson
      • Articles By Watson >
        • On World Peace
        • On the Cost of War
        • On Public Education
        • On Thomas Jefferson
        • On Thoughtful Mistakes
        • On Stakeholder Relations
      • Articles About Watson >
        • A Gift of Retirement
        • A Gift of Home Ownership >
          • Construction Timeline
        • The $1,000-A-Day Chief Executive Officer
        • Employees are Valued
        • Democracy's Man o' War
        • Human Relations in 1956
        • A CEO Who Earned His Pay
        • The Story of "THINK" >
          • Two Journalists "THINK"
          • A Buddy Davis Interview
        • Learning from Crises
        • Tom Watson's Wild Ducks
        • The Lengthening Shadow
      • Slice of Life Stories >
        • Dali, Salvador
        • Drucker, Peter F. >
          • Authority and Power
          • Short-Term Thinking
          • A Corporate Culture
          • Raising Business Issues
          • Focus on Principles
          • Character and Manners
          • Knowledge Workers
          • Recognizing Ability
          • Individual Respect
          • Employee Paternalism
        • Eastman, George
        • Penney, J. C. (James Cash) >
          • Watson Homestead
          • Golden Rule Businesses
        • A 1943 Tax Problem
        • Fighting Discrimination
        • A Pajama Party
      • Pre-World War II >
        • Women in the Workplace
        • A Lost Dream of Peace
        • USO Camp Show Founder
      • World War II Effort >
        • Selling War Bonds
        • Production Awards
        • Controlling Profits
        • Machine Records Units
        • Wartime Contributions
        • Widows & Orphans Fund
        • Declaring Human Rights
        • Supporting Home Morale
        • Employee Military Service
        • War's End & Reconversion
      • Post-World War II >
        • Endicott Memorial
        • Poughkeepsie Memorial
        • Rehiring WWII Veterans
  • Articles
    • Corporate Articles >
      • High-Performance Corporations
      • The Art of the Restart
      • Crises, Recoveries & Lessons Learned
      • Strategy Should Create Human Relationships
      • A Time-Tested Corporate Constitution
      • IBM, JC Penney and The Golden Rule
      • How IBM Created its 20th Century Brand
      • The Greatest Business Risk of the 20th Century
      • How to Grow a Business
      • The Importance of Sales Productivity
      • How Much Is a Great CEO Worth
      • Let Your Guard Down
    • Business Articles >
      • Business Witticism
      • The Golden Rule and Productivity in Business
      • Who and What Built Early American Capitalism
      • Capitalism Needs Industrialist Minded CEOs
      • Producing Corporate True Steel
      • CEO Perspectives >
        • Rules of Success
        • Top Employee Qualities
        • Industrialist vs. Capitalist
      • An Open Letter to the World's CEOs
      • Henry Ford Takes Control
      • The Razor Blade Business Model
      • Two Successful 20th Century Businesswomen
      • Sears: A Dead Franchise Walking
      • A LinkedIn Incognito Mode
      • Value a College Education
    • Political Articles >
      • Political Witticisms
      • Meritocracy and Teachable Humility
      • What Is Patriotism?
      • Presidents' Day 2024-25
      • Memorial Day 2025
      • Pursuing The "American Way"
      • America: Home of the Brave
      • Securing the Borders of the Americas
      • General Grant's Stand for Justice
      • America's Heartland Stands Strong
      • The New Freedom
      • Teddy Roosevelt on Socialism & Individualism
      • Women as Citizens
      • Mary Slessor of Calabar
      • Walt Rostow Speaks to Congress
    • Spiritual Articles >
      • Inauguration Day Prayer
      • Reincarnated Thoughts >
        • Why Lies Should Never Be Glorified
        • Are You More Than A Wise Entrepreneur?
        • A World of Peace or Turbulence?
      • Wilson's Last Words
      • Spiritual Songs
    • Fiction Articles >
      • A Father's Love
      • Introducing a Friend to God
      • Hyphenated Relationships
  • Contact
  • Blog