It was Ralph Waldo Emerson who wrote in his essay, Compensation, “Each person is compensated in like manner for that which he or she has contributed.” In essence, the Law of Compensation is a close cousin to the Law of Sowing and Reaping which simply states: You will always be given back in return what you have contributed, whatever that is, and however much or little that is.
As taught by Bob Proctor and the Proctor-Gallagher Institute, the Law of Compensation simply states three major points:
- The need for what you do,
- Your ability to do it, and
- The difficulty there is in replacing you.
In this article, I am going to attempt to touch on each one of these three main points, and hopefully, by the end, I will have been able to help you increase your income by gradual and routine contributions one day at a time (consider reading the article I wrote about the Law of Accumulation over at Entrepreneur).
The Need for What You Do
What is the thing that you do? What need does your product or service meet? You see, the need that your customer or client has is considered to be extremely important to them. Which means they find extreme value in the product or service that you and your company provide.
Speaking of value, the Law of Compensation also states that you can never be compensated or rewarded, in the long term, for more than what you have contributed. What you have to understand is this: The income that you have earned today is your compensation (or a better word would be — commission) for the value you provided in the past.
If you want to increase your commission (or compensation), you must increase the value of your contribution — your product or service. In other words, if you want to increase your income you are going to need to become more valuable to the marketplace (and most importantly, to your past and current clients and customers). Consider watching this short clip by Jim Rohn as he talks about how to become more valuable to the marketplace.
