The economic crisis empowers emotional incentives for employees and retain talent

Burgos, January 11, 2022.-  According to Employment Consultants and Human Resources Experts, emotional salary is the kind that touches on the emotional gains rather than the monetary benefits of a job. Emotional Salary is the non-financial gains employees obtain from working that motivates them and leads to personal and professional development. Following are the 10 elements of Emotional Salary:

1. Autonomy: Being able to manage your own projects or time.

2. Belonging: Feeling valued and appreciated.

3. Creativity: This is the power to leave your mark on everything you do, regardless of your profession. It’s what differentiates your work from the rest.

4. Direction: An employee’s medium and long-term career aspirations

5. Enjoyment: The ability to laugh and enjoy the moment

6. Mastery: Recognizing a job well done and enjoying it. It’s the satisfaction of having done something well and continually improving yourself.

7. Inspiration: These are the inspiring moments that open up a world of possibilities.

8. Personal growth: The ability to learn from your own mistakes and to grow as a human being

9. Professional growth: The opportunity to use your talents, strengths, and skills to become a better professional

10. Feeling of purpose: Believing that your work not only serves an immediate purpose, but also a greater purpose than yourself.

Increasing the emotional contribution for their employees

  • Psychological well being: When employees see the company caring for their personal life and needs, they tend to feel more motivated and that their work is being recognized, which ultimately, leads to reduced stress levels.
  • Reconciliation: Offering flexible work hours or benefits like child care helps parents balance their work and family life.
  • Opportunities for self-development and improvement: Talent development courses, coaching, mentoring, and learning a new skill or language provide great opportunities for an employee to improve. Employers should encourage self-improvement as much professionally as personally.

There are times when companies can’t increase employees’ salaries.  That doesn’t mean that the employees can’t be compensated for their hard work though. The happiness of an employee depends on more than throwing more money at them.

Emotional Salary Examples

  • Flexible Hours 

Working 8 hours a day, but without a strict timetable. Employees don’t always need to be at the office. What’s important is that employees do their job correctly. Flexible hours are especially attractive to employees with children,  or caregivers of other people or even pets. Allowing your employees to work from home from time to time is no cost to the employer, but offers a huge benefit to the worker.

  • Educational Training

Offering paid out of office training to your employees is a great way to motivatethem to continue learning and improving.  In addition, any extra training your employees undergo ultimately benefits the company in the end.

  • Child care

The best way to help employees manage child care is by providing them with a little extra assistance to alleviate the stress of them having to manage on their own.

  • Leisure Spaces

Office conditions are important things to think about too as they directly affect the work environment. If you have space, consider setting up a leisure room for your staff. Here, they can come to relax and disconnect. Maintaining a good work environment is vital to the happiness of your employees.

  • Volunteer Jobs

Some companies offer employees extra time off when they contribute hours to volunteer for a cause. This not only helps the collective but it also provides satisfaction to the employees themselves.

  • Flexible Retribution

Also called custom compensation, allows employees to choose from the services offered by the company, based on their needs.

  • Social Benefits

Health care, restaurant vouchers or transportation cheques paid by the company are the best way to recognize an employee’s performance and retain talent. Workers feel appreciated when they can see that their employer is focused on employee happiness.

Comments from partner and national practice leader, compensation consulting, Anand Parsan:

“Canadian employers are walking a tight line as they juggle and balance a number of factors when it comes to making decisions about their 2022 salary and workforce planning. A tight labour market has caused “the great resignation,” which is forcing organizations to adjust pay levels by the highest percentage in the last five years. Only 3.3 per cent of organizations are projecting salary freezes next year, which indicates that employers are recognizing the necessity of boosting pay and re-branding their total rewards value proposition in an effort to attract and retain key talent. With a booming job market and rising inflation, employees are seeking both higher compensation and purposeful work. Our survey results reveal an increased prioritization of HR initiatives towards creating integrated solutions for an engaged, diverse and remote workforce.”

Sources:

FactorialHr.com

PeopleHum

HR Consultant

Business Insider

Lifeworks

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