Compensation

Compensation is one of, if not the most motivating factor for any job. Other parts of your job might be motivating factors for why you do what you do, but most likely, the major part is pay. There aren’t a lot of people that want to work every day for nothing in return, so many people choose occupations that have the greatest compensations. An experience I have personally had with this scenario is withs my Dad’s construction company.
With the current market and the current trend in interest for many people wanting to live in Oregon, the housing market is booming. There is such a demand right now and has been for many years that for almost everyone the amount of work to do is not a limiting factor but instead is the workforce. There just isn’t enough skilled labor to go around and because of this many tactics have to be put in place to acquire labor. My Dad’s strategy for dealing with this dilemma was to target what many in the workforce were in it for, compensation.
Starting at the beginning of March, my Dad implemented a new pay scale that was significantly ahead of any competitor in the housing market. This strategy was specifically targeted at catching the interest of the more high skilled workers and after only two weeks after the implementation of the pay scale there was a line of workers asking for jobs. Many of these workers were so interested in making that much more money they offered to quit their current job that day and come to work the next day. This situation in my opinion really showed just how important compensation really is and how motivating it can be to grow and expand your workforce. On top of this it also allows a company to become a stronger competitor in the business environment by reducing the amount of skilled labor available for other companies to employ.

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