We got to the point where having a reasonable salary and working in a good company is not enough to make employees satisfied since the remuneration concept has evolved over the last years. Nowadays, companies invest, more and more, in adapting to new labor trends such as retaining employees’ talent and guarantee their needs and that they are motivated.
But, is it possible to guarantee their satisfaction without raising their salary and responsibility within the company? Although it seems difficult, the key is to find a balance between economical and emotional salary.
Many people are not familiar with the expression emotional salary mostly because they have a traditional business culture as reference. To know a little bit more about this type of salary, one should put together all the non-monetary benefits a company can offer to its employees, in addition to the paid salary they receive each month.
The main purpose of emotional salary is to fulfill the employees’ expectations so that they feel emotionally linked to the company and see a future within it, with no need to change job. We have reached the point where employee productivity is not only measured by working hours but also by the motivation a person has to complete tasks.
This new concept carries numerous advantages for both the company and the employees, when is correctly used and developed. Keep the following benefits in mind and in practice!
Business growth opportunity
For a worker to value the company he works for, it’s important that he feels comfortable and sees a stable future with growing possibilities. If an employee starts from the bottom but knows that can raise in a short period of time, he/she will put more effort into it and will show that is capable to work in any position.
Allowing workers to keep growing professionally and to access professional training without any extra cost will help to retain them in the company. Constantly learning is a benefit that positively impacts employees’ personal life, improving their abilities and increasing their knowledge. On a large scale, it also positively impacts companies’ outcomes.
Good working environment
Working in an environment without conflicts, that fosters teamwork and develops a correct corporate culture is important for workers to feel comfortable on a daily basis. This brings an increase of well-being and assures more labor productivity in all senses.
Feel part of the Company
Transmitting company’s values to employees and make them feel part of the project they daily integrate is a good way to reassure their permanence and comfort. Moreover, giving positive feedback each time there are good results, will make employees feel valued and eager to continue with a good attitude towards success.
Ensure life quality
Emotional salary is supported by actions that make workers feel happier, such as: allowing flexible schedules, giving free days for them to take care of personal issues, giving vacations based on performance and economical help with their children’s education. Thus, this ensures a better life quality and will help them to be more willing to work which it will certainly assure talent retention.
In conclusion, taking care of employees and listen to their needs, helps companies’ business outcomes. Many times, investing in emotional salary and guarantee labor happiness is more valued that giving high salaries without any type of social benefit.