This paper reconstructs the Fabian conception of labor through the comparison of the most mature works by the Webbs on industrial democracy with the scattered references to the Fabian Essays in Socialism contained in contributions by Sidney Webb, Shaw, Besant and Wallas. What characterizes Fabianism is its aim to achieve maximum productive efficiency, and the conviction that it is in the possibilities and purposes of socialism to protect workers through a binding code of conditions regarding labor. However, there is no opportunity for the workers to question corporate hierarchy and have a say in corporate policy decisions. In the conclusions, which contain references to the Guild Movement alternative, I highlight the limits and aporias of Fabian efficiency.