A salary is a monetary compensation given to an employee in exchange for his work. It can be a great motivator or have the completely opposite effect. If the employee feels that the compensation does not meet his or her efforts, they will probably look elsewhere. In the past, the salary, or wage, was the be-all and end-all. Nowadays, that perception has changed and there is more to workers’ compensation that money.
Enter the emotional salary.
The emotional salary refers to the non-financial benefits that employees get on top of their monetary compensation. Emotional salary means different things to different people. It is whatever motivates them and helps towards their personal and professional development. It is important to emphasize that the emotional salary plays an essential role to reduce stress, for example, but in no way does it make up for a low salary in monetary terms.
“A day’s pay for a day’s work is more than adequate when both the work and the pay are appreciated as much as they are expected.” – Cullen Hightower
What Constitutes an Emotional Salary?
The emotional salary is made up of several elements that help employees feel happier at work, and thus, more productive. After the COVID-19 pandemic, people reassessed their priorities in life and realized they want a more flexible and personalized relationship with work and to strengthen socio-emotional ties. According to McKinsey & Company, feeling valued, having a sense of belonging, and a flexible work schedule are among the aspects of a job that are most valued by employees.
- Autonomy. It means that employees can manage projects at their own pace.
- Feeling appreciated and valued.
- Having clear medium- and long-term career plans.
- Creativity, or the ability to put their own stamp on their work.
- The satisfaction of having mastered a task and the satisfaction of continuous self-improvement.
- The ability to enjoy the moment.
- Personal growth
- Professional growth
Give Me Some Examples!
Providing a satisfactory emotional salary leads to talent retention and a happier and more productive workforce. Of course, the starting point is a competitive salary, on top of which the following benefits are added:
- Provide flexible hours. People should be able to choose when they work as long the tasks are completed successfully.
- Provide childcare, if needed, to alleviate parents’ stress.
- Create a positive and supportive company culture.
- Provide flexible retribution, so that employees can choose benefits offered according to their needs.
- Foster a positive working environment.
- Offer social benefits, like good health care or restaurant vouchers.
- Motivate your employees to keep learning and improving.
How Does Offering an Emotional Salary Benefit Both my Employees and My Business?
As a result, your employees will feel happier and will want to stay working for you. Therefore, you will see an improvement in sales, more productivity, a motivated workforce, less absenteeism, and you will retain your talent.
How Can English Services Help?
English Services offers smart language training for corporate clients. We use the latest technology and add elements of gamification, mind mapping, and neuroscience. We offer double-impact programs where students learn to communicate in another language in a business environment and learn new skills. Our Points of View® and Lego Serious Play® workshops encourage personal as well as professional growth. Lastly, with our blended approach, which combines classes with the use of our platform, students learn at their own pace from anywhere they choose.