Times have changed, and in the workplace, one of those changes is the impulse of new generations of workers towards a new way of assessing the compensation that a job can bring them. The salary that employees receive at the end of the month is no longer so important if they do not offer other types of non-financial incentives. It is worthwhile to remain within the company. Is the theme sounding to you? Yes, we are talking about the emotional salary.
But what exactly is the emotional salary?
Emotional salary is all the non-monetary benefits that a company offers its employees in addition to their monthly wages. That is, getting the job to morally fulfill the employee’s expectations so that he sees a stable future within the company and does not want to change. Today workers are much likely looking for jobs where they can work to live and not live to work. Before generations, we give more value to family and work-life reconciliation than to economic retribution without more. It is for this reason that the emotional salary is one of the fundamental keys to retain talent. But why?
Productivity is no longer based only on the number of hours that an employee dedicates to the company but on the worker’s motivation when carrying out his work. One of the main inspirations is money. However, many prefer a tighter salary in exchange for fewer hours of work and more time for themselves. That is, they prefer emotional motivation. All those little extras that make most work more comfortable and more productive. We are facing a company-employee relationship in which both win. The objective is to avoid pirate employees, who are only in their job because of the economic offer. Sooner or later, they will go to another company because it offers them a better offer.
The six types of emotional salary
So, if you want to retain talent within your company and make your workers feel comfortable doing their jobs, it’s essential to know what types of emotional salary to offer to increase their motivation and commitment to the company.
#1. Opportunities for growth within the company
Knowing that you can start from the bottom in a company, but with the knowledge that you will have the opportunity to demonstrate that you can occupy other more relevant positions is an extra motivation. Thus, the worker will value a stable future within his job to improve day after day and that this effort is rewarded with new responsibilities.
#2. Personal and professional development
Allowing the worker to develop both personally and professionally fully will help you build loyalty. An example of professional development is in-company training. The workers want to learn more, expand their knowledge and improve their skills continually. If you help him do it, he will be happier and also more productive.
#3. Good work environment
A conflict-free work environment in which everyone knows their place is critical for retaining talent. Nobody wants to work in a hostile environment where the work team does not share opinions or suggestions. Encouraging teamwork and developing a company culture is important so that the worker feels comfortable every day that they go to work.
#4. Culture and company values should be consistent with those of the worker
That’s one of the ways to ensure the membership and permanence of the candidates in the company. Feeling that they are part of something they believe in and, above all, what they agree with. If you have in mind the values and culture of your company at the time of hiring, you have many numbers to incorporate the ideal candidate and that they stay for much longer. To do this, you must know who you want to attract to your company, that is, who is your ideal candidate.
#5. Compatibility of personal and professional life
Flexible working hours, days off for medical matters, company daycare, vacation days for objectives, and endless options are some of the emotional salaries that will help all your employees live better. Quality of life is a very relevant point when choosing or staying in a job.
#6. Be part of the company’s decisions
When a company has its workers’ opinions, it makes them feel part of a project in which they are one of the fundamental keys. Ask your employees, encourage them to share proposals and initiatives. Let them see that their voice really matters in company decisions…let them be creative and show their worth. If you don’t let them give free rein to their ideas and carry out their own initiatives, they will go to another company to let them do it.
The way we work and live has changed! So, why do you keep recruiting in the same way?
It is clear that salaries are no longer entirely economic and must be following a proper emotional salary that allows you to retain the best talent within your company. After all the effort you put into attracting and hiring the ideal candidate, you cannot miss it. Therefore, applying these six types of emotional salary will be the basis for forming a motivated and happy team.