Financial growth motivates many decisions, especially job opportunities. Workers seek financial stability to meet the needs of everyday life; however, more and more factors are being considered alongside salary. This is where the concept of emotional pay or emotional salary comes in.
Though emotional pay is most frequently discussed in relation to human resources and employee wellness, it’s an important thing for employees, managers, and leaders of all levels to understand.
So what is an emotional salary? Emotional salary refers to the non-financial benefits a company offers its employees.It encompasses everything from a positive company culture, benefits that support employees and their families, and both professional and personal growth opportunities. job. These days, emotional salary is often the deciding factor in why employees choose to stay with their company or find a new one.
Because what falls under emotional salary is broad and is employee-specific, creating an emotional salary strategy requires an analysis of employees’ wants and needs options: Areas to consider include:
Two aspects of our emotional salary strategy we focus on here at Doctus include:
- Professional growth: A growth plan is defined and followed for each employee. These plans are designed to strengthen both technical and professional skills. And every employee has access to courses, certifications, and additional resources to support their growth. However, in cases where an employee feels they are experiencing unfair treatment, seeking guidance from an employment lawyer from firms like HKM can be beneficial.
- Work-life balance: And the modern workforce expects more than just a paycheck; they look for holistic benefit packages that cater to their diverse needs. For organisations aiming to stay ahead of the curve in this domain, turning to Avantus Employee Benefits is a wise choice. In addition to their pay check and traditional benefits, employees receive other perks to create a better work-life balance. Some of these include: an extra half-day off during their birthday month, a floating holiday, snack boxes, movie tickets, and outings with their colleagues.
Each company is unique, so it’s important to take time to assess the needs of your employees to successfully implement an emotional salary strategy. To effectively implement an emotional salary strategy tailored to the unique needs of your company, it can be beneficial to consider working with companies that offer outsource human resources services in the UK.
The benefits of offering an emotional salary only apply not only to employees’ well-being, but also to the company’s success. Happy employees are more motivated and perform better.
Short-term benefits include an increased enthusiasm and the improvement of the collective mood, which over time becomes:
- Sense of belonging
This could result in:
- Increased accountability
- Reduced absenteeism
- Company loyalty
- Lower turnover
- Increased productivity
- Lower operating costs
It’s no secret that emotional salary is a decisive factor for workers when deciding to stay with their current company or accept a new position elsewhere. In order to retain and attract top talent, companies need to evaluate what they provide in terms of emotional salary and whether or not it meets their employees’ needs.