Answer:
Fordism refers to the business practices of Henry Ford, the founder of Ford Motor company.
He developed the modern principle of mass production which meant churning out large number of similar goods,quickly in order to reduce costs.
This directly had an impact on labor efficiency as fewer number of labor was required to do the same task.
Labor efficiency increased but jobs were standardized so a person who was working in a particular department, would keep on working there for years on end.
He paid his labor well, the simple idea being that if he paid them well, they would buy his own products. Hence, he introduced what was called 'welfare capitalism'
He increased the salaries of his labor to $5/day, was double of the average salary of it's time. This improved labor retention and attached the best engineers and mechanics to his company.
He was also the first to introduce a 6-day week with 48 hour work-week and later on a 40-hour work-week.
These ideas have had a lasting impact on labor and even today, the concept of a 40 hour work-week is still followed in the US.
However, he did not like labor unions and worked actively against them.