Compensation at W. L. Gore
The company, W.L. Gore has been top-rated for the manufacturing of protective wear fabric. Its success has been the result of the approaches adopted by the organization towards its management. The strategy of teamwork has been beneficial in this context. The two approaches to management utilized by Gore has ensured the maintenance of fairness as well as market competitiveness.
Compensation Practices at Gore
The approach by the company towards compensation is adequate and has contributed towards the success of the organization. Moreover, using two approaches in this regard is a specific practice, as it is quite uncommon. Gore has focused on the two most important aspects of organizational management. These two elements are the fair environment of the organization and a market competitive organizational structure. The foremost part of the process regarding significance is the enhancement of the productivity of the workforce. It is further accompanied by the support of the staff and maximizing the efficiency of the company through positive motivation of the workers.
Although the first approach is commonly used, however, the way, Gore has applied it is excellent.
Pros of the First Approach. The firm has emphasized inspiring the employees so that they may become increasingly ambitious and achieve the stated goals. Moreover, the company ensures that the employees are provided with the necessary platforms to demonstrate their abilities and bring about innovations in the organization.
Cons of the First Approach. The first approach lacks any comparison of the performances of the staff members. It can be instrumental if done in the right way. Another drawback is the complete impossibility of mistreatment of the workers.
The next approach is an innovative one. It is gradually becoming popular among corporations.
Pros of the Second Approach. This approach is rigorous and results in increased satisfaction among the employees as well as the corporate structure. Another significant advantage is the feedback provided by the coworkers. It leads to a harmonious workplace, with better quality work.
Cons of the Second Approach. However, competition or other factors may result in the coworkers hiding the truth from each other. The authenticity of the feedback may also be compromised by close friendly relations among coworkers.
Goals of Internal Fairness and External Competitiveness of Gore’s Approaches
The uniqueness and the practical application of the two approaches make it possible for Gore to accomplish its goals. The chances of success are further increased as both the approaches are moderate and therefore are readily accepted by the employees.
Furthermore, both the approaches work under the principles of interconnection and contribution of all the employees. Hence, the organization lacks a defined hierarchy. Such circumstances have made it easy for the employees to rely upon and trust their coworkers without any bias. Therefore, the effective implementation of these approaches by the management would certainly make sure that the company would achieve its goals of internal fairness and external competitiveness.
Working at Gore’s
I would surely want to work for the company. It is due to the uniqueness and innovative nature of the organization. The enabling environment would greatly assist in my personal growth, and I could use my full potential towards the benefit of the company as well as the society. Another reason for my desire to work for Gore is its excellent reputation in the market. It utilizes the latest technology and research in its operations. The management is very efficient, unlike any other organization. The principal point that represents the efficiency of the organization is its emphasis on the respect of the employees. None of the employees is disrespected. Instead, all of them are treated equally and are provided with positive motivations that enhance their productivity.
Summary and Conclusions
W.L. Gore is rightfully considered one of the most effective and successful organizations in the world. The management approaches are according to the highest standards and are based on the principles of respect. The employees are considered the most critical resource and their input and feedback are valued. The combination of all these factors is the primary contributing factor towards its success. Therefore, it is rightfully included in the Fortune’s list of best 100 companies to work for.