Find out what an emotional salary is and 3 ways to provide it to your employees.
Talent retention is one of the most challenging issues for companies. Increasingly competitive markets therefore require more qualified people. If you still believe that remuneration is just the money paid at the end of the month, then we need to talk about the concept of emotional salary and what it implies in the worker's income and in their loyalty to the company.
What is an Emotional Wage?
It is a concept that is directly linked to employees' feelings about their place in the company. It is a sum of elements, tangible or not, that the company delivers to the employee in addition to the financial remuneration. In practice, the emotional salary helps the company retain the worker, not just anyone, but the one who is dedicated, who supports their team and who wants to grow along with the organization.
High salaries and top jobs are no longer the only factors people look at when looking for a job. There are other variables that are, perhaps, even more important for employees, but the important thing is to take everything into account in the end: a good salary + a compatible emotional salary.
There are several ways to deliver an emotional benefit, the important thing is to identify what is most valued by the profile of your company's employees. Identifying these aspects is an excellent way to understand what is really decisive when it comes to retaining talent. Therefore, we will list here some important and universal factors for any sector:
Feeling respected in the work environment;
Structured career plan;
Learning.
1- Feeling respected in the work environment
Respect for others should be a basic value inside and outside organizations. There is no money that pays the price of not feeling respected and valued by your superiors and co-workers. There are, yes, several ethical, correct companies that respect and value the worker and, therefore, this is a non-financial asset that is number 1 on this list, because there is no point in other benefits if the basic one, which is respect, is left out.
2- Structured career plan
Many of us aim to evolve, learn and grow, whether in our personal or professional lives. Occupying better positions within the company is proof that we are achieving our goals in the work environment. Often, it is not just ego satisfaction to occupy better positions, it is the reward for good work done over time. This is a positive point that companies currently seek to communicate to their employees.
3- Learning
Giving the opportunity to acquire new knowledge in courses; corporate events, fairs, lectures and workshops; as well as training focused on the motivation and development of employees, are some examples of emotional wages. However, making this learning a routine, and not just an isolated act, makes these employees feel that they are learning and developing. From this, they will come to realize that the importance of their contribution becomes increasingly greater for the company. This is one of the factors that contributes to keeping employees motivated and committed to their activities.
Emotional pay is directly related to the culture of the organization as a whole. Companies that provide emotional salary are able to provide pleasant experiences, retain the employee, obtain better internal results and reduce employee turnover. Taking everything into account, emotional salary delivers pleasant experiences, not only for customers, but for all stakeholders involved.