After months of recession predictions, fear of layoffs among workers this year is growing. While the job market is still tight, it’s not as tight as it used to be, leaving employees more reluctant to quit their jobs as the Great Resignation becomes the Great Regret. With employment anxiety building, it’s remarkable and a bit comforting to find that one company has somehow avoided layoffs for at least 70 years. Its most recent layoff was so long ago that the date is lost to history. Lincoln Electric isn’t widely known because it doesn’t sell consumer products—its specialty is welding equipment and supplies—but in the world of management experts, it’s famous.

While the Lincoln Electric business philosophy consists of multiple interlocking parts (and there are some big caveats), at the highest level it’s built on two elements: trust between employer and employee, and a willingness to think long-term. Both are in diminishing supply these days, which is one factor among several that explain why other companies struggle to import the Lincoln model.

Lincoln’s executive offices in Euclid, Ohio, just northeast of Cleveland, are shipshape and functional but far from grandiose. That’s because workers get a substantial portion of their pay in a year-end bonus based in part on profits, and the company would rather see money go back to them instead of poured into office decor. Lincoln has long remained profitable through economic cycles, but lately the mood at HQ has been ebullient, with the stock recently reaching all-time highs.

Here’s how Lincoln avoids layoffs and achieves much more—plus a bonus! Look out for a link to the 1944 Fortune article that first revealed the extraordinarily iconoclastic and successful Lincoln system.

July 19, 2023

FINANCE

Angelo Mozilo’s brilliant promotional skills powered Countrywide stock to soar 23,000% in 20 years—and his hunger for risk led to disaster

The dramatic rise—and epic fall—of once-hot mortgage lender Countrywide, whose legendary founder died at 83.

Inside the structure of Disney and Comcast’s complicated Hulu deal—and why it’s pivotal to Bob Iger’s turnaround plan

The importance that Iger accords Hulu as a linchpin in its revival playbook puts Comcast in a strong position to squeeze Disney.

Databricks wasn’t looking to buy, and MosaicML wasn’t selling. How two CEOs navigated a blockbuster $1.3 billion A.I. deal

A chance meeting between two CEOs ended up sparking one of the biggest A.I. deals of the year.

Carlyle Group promotes new CIO as firm’s chief executive drills down on efficiency

Lúcia Soares, known for driving down costs at Carlyle’s portfolio companies, was tapped to be chief information officer and head of technology transformation of the investment firm.

Court ruling means JPMorgan may soon start ‘discovery’ in Frank founder’s case, and more juicy texts are released: ‘You’ll have 4.5 million users today…2.3 cents per user’

The latest chapter in the ongoing saga between the bank and the millennial founder would allow each side to dig for digital evidence.

REAL ESTATE

Loan officer: I’m seeing middle class homebuyers take on $7,000 mortgages thinking they can ‘always refinance when rates come down in the future’

The U.S. housing market firmed up this year. One reason being that buyers jumped in assuming they’ll be able to refinance to a lower rate in the near future.

‘We definitely think the office sector is crashing’: Inside an economist’s stunning prediction of a 35% price decline in 3 years and slow 17-year recovery

The one thing that’s separating the office sector from the rest of the commercial real estate market, making it the most at risk, is demand.

FEATURES

Hong Kong braces for a court ruling that could spell the beginning of the end of its open internet

The city government is seeking a ban on the online dissemination of a protest song, which, if granted, could set a new precedent for some U.S. tech giants.

TECH

Mark Zuckerberg’s Threads is struggling to hold people’s attention with time spent on the new app sinking to 6 minutes from its peak of 21 minutes

Time spent on Twitter also took a slight knock, yet the total was still far above Meta’s competing app.

POLITICS

Sensitive U.S. military information has been sent to Mali for years thanks to a simple typo. Now the Russia-friendly government will get access to it

A contractor in the middle of the so-called “typo leak” repeatedly warned U.S. officials about the risk.

LEADERSHIP

Six-figure bosses—not Gen Z—are leading the resistance to the 5-day office week

This small but mighty bunch actually has the influence to protect their home office life.

Is there such a thing as too much collaboration? The push to get workers back in the office could come with big risks

Companies could face an “activity avalanche” as employees return to the office only to find themselves with more meetings and more work, but less time to be productive.

Millennial HR professionals are entering the C-suite, and their priorities reflect their lived experiences: ‘We spend a lot of time getting to know folks deeply’

Millennials are flooding the CHRO role and bringing a unique lens to reshape talent strategy.

Every Wednesday morning, Fortune’s Leo Schwartz covers the politicians, regulators, and companies shaping the future of crypto.

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