Rules of Compensation
People everywhere are so busy working as hard as they can to earn their pay check at the end of each month that they may be missing out on the possibility and potential to substantially increase it.
While the mentality is that a pay check is a fixed amount governed by what the company you work for is willing to pay you, nothing could be further than the truth when you understand the rules of compensation.
This article aims to explore this aspect of our lives and look at how we can learn how to vastly improve our worth as a valuable member of any company or business that we are a part of.
But before we get started, just ponder over this for a moment or two:
How much money do you think you can make in a month or a year?
It's a question I would advise you to ask yourself in all seriousness, because the answer you come up with is in all likelihood lower than what you ought to be able to make. That's when you realize how your earning capacity can be molded by the way in which you think about it.
In other words, there is literally a science of getting rich and it happens according to law!
Understanding How Compensation Works
I first learned about the way in which the laws of compensation work after listening to lectures by Bob Proctor on the subject and I remember once hearing him talk about a very important aspect of how a person is compensated for the work they do. He said something along the lines of: "The amount of money you can earn is in direct relation to the following:"
- The need for what you do
- Your ability to do it
- The difficulty there is in replacing you
The Need for What You Do
This aspect is generally taken care of without anyone really needing to do anything about. That's because there is usually a need for what a person does in their line of work. If you work for a company, it is almost certain that you were hired because you possessed a certain skill or qualification that matched a need that had to be filled by the company.
If you are running a business, then your product or service must have a need or a customer base out there for it or you wouldn't have a business! So the need for what it is that you do is generally taken care of without any effort from you.
Your Ability to Do What You Do
When you are very good at doing a particular thing, you are generally paid in proportion to how good you are. This aspect of the rules of compensation is entirely under your control.
You get to choose how good you are going to be at a certain task and then by doing it to the very best of your ability; you place yourself in a very strong position and get paid accordingly. This is naturally something that is in your best interest to excel at.
By taking that extra home study course, practising and honing your skill set to a high degree and going that extra mile to be the best at what you do can pay off in spades. When you become so good at what you do that you become very difficult to replace, you satisfy the third aspect of the rules.
The Difficulty in Replacing You
While you may not be indispensible (and few people are), you can become so good at what it is that you do that you make yourself very difficult for the company to replace you. You could become one of the best at what you do and there may be few or even no one else that could do your job to the level of excellence that you do.
When you occupy this position, your value to the company is such that they could not afford to lose you. In this position, you can command a much higher level of pay than someone who is more easily replaced.
Creating Your Position
The great thing about this rule is that if you believe you are not being paid the full value of your true worth by the company you currently work for, another one will be sure to come along and offer you more to go work for them. The old saying, "You can't keep a good man down," is inherently true because where a position exists for a person who excels at what they do, a better one is sure to appear when word of your abilities gets around.
What is more exciting about this is that if a position does not currently exist for a person with an extremely high level of skill at a particular job, it isn't long before one is created. That's because when you become the very best at what you do and there is a need for that, the rule comes into play and like an immutable law of nature, this rule of compensation manifests and a position is created.
This is an interesting concept and when we get back to the question I asked at the start of this article, you can see that you have at your disposal the ability to literally write your own pay check when you know how. The only stumbling block is you and your willingness to go that extra mile to become the person that is in such great demand that companies will pay top dollar for your services or skills.
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