Why do we work?
Without even pausing to think for a second, most of us would say- to earn. But, is that the only reason? Does work have no bigger role to play in our lives even when we spend 90,000 hours equating to at least ⅓rd of our lifetime?
Pause for a while to think how work shapes our lives in multiple ways, to the extent that it even affects our personal lives. As per a reliable source, only 22% people leave their jobs due to financial reasons. This reason can be a part of the reason to leave but rarely a standalone factor pushing them to change their job. The real reason- EMOTIONAL SALARY!
Job dissatisfaction is around 85% globally!”
– Gallup
Keeping it all-around emotional salary, in this blog, we cover everything from the what whys and hows to the future. Here’s the glimpse!
- What is emotional salary?
- Top constituents of emotional salary
- How giving emotional salary impacts your business?
- Future of work and emotional salary
What is emotional salary?
Emotional salary encompasses all the benefits that an employee enjoys when he works with a company minus (except) the monetary part including fixed pay, incentives, bonuses and allowances, etc. This involves looking at work purely from an emotional perspective. In simpler terms, it means the way in which our work benefits us emotionally is emotional salary.
Even though when we talk about work, it always revolves around how much employees are drawing financially, emotional salary urges everyone in the ecosystem of work to consider emotional value as it impacts the wellbeing, keeps employees motivated, inclines them more towards their job and company while also helping them with their professional and personal growth!
90,000+ ⅓ 22%
hours dedicated lifetime contributed leave job for just money
Top constituents of emotional salary
The relative importance for each employee of the factors mentioned below can vary, but the 10 factors that affect every person’s job satisfaction and life, in general, the most are as follows-
Autonomy: This is when your employees are allowed to manage their work in their organisational style and time. This, for them, feels like they are being respected and trusted more.
Belonging: This is when your employee feels important because of the appreciation, connection with peers and the way he is valued and identified in the team.
The managers are responsible for 70% of the variance in employee engagement.”
– Source Gallup
Creativity: This is when the employee is given the freedom to explore new ideas and not hold back to the ‘way it is meant to be done’.
Direction: This is when employees are shown and allowed to choose the opportunities while they are also supported in badging that position in the organisation.
Enjoyment: This is when the chances to be a part of celebrations and have social interactions that involve humour, and fun are given to employees
Inspiration: This is when they are shown how the values they believe in are also the values the company believes in so that this connection can give the right motivation to work optimally and stick together.
Mastery: This is when the option to master and become the expert in subtleties of a profession are given to the employees.
Personal Growth: This is when they are helped in becoming self-aware, are allowed to fall but also rise & learn from their mistakes and also imbibe qualities that make them a better person.
Professional Growth: This is when the talent is given the right tools, exposure and training to expand their knowledge base and keep transforming into a better version.
Only 35% of managers are engaged at work.”
-Source Gallup
Purpose: This is when a sense of fulfilment and accomplishment is gained from the work your employees do. This happens when they know how their work helps in achieving the greater purpose of the organisation they work for.
How giving emotional salary helps your business?
Remember, great company culture can only be built when you lead by example. Emotional salary is one of the best ways to show you employees how much you care for them. Gradually, you will keep getting that extra care in return from your employees in the form of productivity, new ideas, extra efforts, loyalty, praises and what not.
Here are some of the many ways in which it can impact your business radically.
1. You would be able to recognise and celebrate what you are excelling at.
2. You would gain a much better idea of what brings joy and motivation to your people
3.To rethink from the viewpoint of employees and understand what motivation, commitment and growth means for them.
4. To encourage your employees to become co-responsible and work for the change they want to see
5. And finally, to be able to rework on the employee happiness and development strategy while not forgetting to include ‘emotional salary’.
Future of work and emotional salary
With a vague idea of what it might be like once the pandemic is over, two things are clear. One that a hybrid work model is here to stay. First of all, it is only going to amplify the need to engage and connect on an emotional level with your people. They are going to play an even more viable role in the future of work. It will play a key role in strengthening and deepening the bond even if all of the team members are not meeting daily. The organisation would do it to retain talent and become the best place to work and individuals would actively seek to work where they get the kind of emotional salary they need.
Do you think the ⅓ time of your employees’ lives is giving them more than a financial gain? If yes, analyse and strengthen all your improvement areas, if not-
Are you ready to offer the emotional salary your employees need?
Note: HROne can help you identify risks and opportunities while helping you increase your employees’ emotional salary. To know how click here to schedule a free demo- https://hrone.cloud/contact/