Last year, I was hired for a peer advising job at which I earned minimum wage. I recently decided to accept a lead peer advisor position, not because I liked the quality of the job more, but because of the pay. I instead make $0.36 above minimum wage (not a significant increase, but definitely worth it as a college student) for little additional work. The added responsibilities of this position are only seasonal and arise around the end of each academic term. I definitely took this position, not necessarily because I love the additional work (though I don’t mind it), but largely to do the additional compensation. The additional money I make in this position is well worth it to help cover my rent, tuition, and other living expenses. The decision to take this job was largely motivated by the additional compensation.
Similarly, my mom, a teacher, took up a summer school teaching position this summer because it paid very well. Generally, she likes having her summer off (one of the few perks of being a teacher) but took this job solely for the pay to help me pay for college. Once again, although the work was essentially the same, she took the position for the increased compensation, that came in addition to her annual salary, not necessarily because she wanted to teach year-round.
I think that compensation generally plays a fairly large role in employee retention and satisfaction; those that are compensated more favorably will continue to perform more favorably and likely remain at the company.