We all have heard the word SALARY. We know that it is a simple transaction. You do something and get another thing in return. In 95% of the cases we work and get money in return, but do you think this is enough in the world we live in?
Studies have shown that in today’s world the salary is not enough. They refer not to the amount of money we get but to the value we give to it. Around the world professionals are struggling day after day to remain motivated with more than just money and some companies still think that money is enough.
Let’s agree in something…the bucks we get are needed to sustain our families and responsibilities but there is a type of salary that can support our emotions and give us a reason to enjoy our work. It is called EMOTIONAL SALARY.
The emotional salary refers to all none money related rewards that someone can obtain based on participation, execution, behaviors or results within a company, project or idea. This “salary” is known to be one of the most important components modern-day professionals seek in a job or project.
Now that I’ve presented a short intro/explanation to the emotional salary, let’s review the 3 main reasons why the emotional salary can be a game changer for your company/project and why it can truly transform employees to contributors.
Just before jumping into this…let me explain something. An employee is someone you hire to execute a certain amount of tasks, while a contributor is an employee that takes his job/assignment to the next level and seeks not only the best results possible but also contributes with their extra mile!
Reason #1 – Emotional Salary helps people feel appreciated
It’s a proven fact that when people feel appreciated they contribute more and go for the extra mile. The increase of appreciation makes a healthy work environment that blocks most if not all negative things that potentially appear within organizations.
Happy people = Great results. Simple math.
Here are some examples of emotional salary that helps people feel appreciated:
- Constant use of appreciation words after tasks are completed (Thank you, Great job, Amazing job, etc…)
- Assign extra tasks away from their day to day activities. This serves the purpose of demonstrating trust.
- Greet people. A simple good morning or good afternoon can change the game.
- Career path: The opportunity to grow is always a nice way to say THANKS.
Reason #2 – Emotional Salary supports the personal objectives
Have you ever heard about work-life balance? Well, many companies nowadays focus on supporting employees with their off work time management and goals.
The world is evolving and there are plenty of companies evolving with it. According to a study done by Deloitte, only 7% of worldwide corporations have changed the workplace environment in order to make it attractive for new professionals. Additionally 45% of medium business or startups are changing their work conditions, making them a more attractive place for professionals to seek an opportunity.
According to the same study, the companies that focused more on providing work-life balance to their employees had an increase on key performance indicators of 35% in comparison to last year (YoY analysis – 2016 vs 2017). Companies that “helped” their employees were getting retributed with high productivity and good energy.
Bottom line, the markets are evolving and companies need to start getting into a more creative approach to retain talent and motivate extraordinary contribution.
Here are some ideas to support personal objectives:
- Flex time: Let them choose the hours!
- Work from home: Trust your employees, they will never let you down.
- Track the results not the minutes: Starting measuring success by results not by the amount of hours invested in the office.
Reason #3 – Emotional Salary will fortify the “business” bonds
Last but not least. When your employees start seeing their emotions and feelings surface the path of positiveness they will evolve to contributors.
The emotional salary will create a bond stronger that a paper contract. This will serve as a connection between the company, the employee and the goals. Making the “business” bonds stronger, will support the growth and productivity of both the company and the people.
Happy people will happily work. They will use this fortified bond as a reason to keep moving forward and go the extra mile. Remember, 80% of our actions are moved by emotions and when our emotions are fueled properly we can exceed any limits.
Many will say that this is impossible. Many may think that this state of Utopia will never be achieved unless you use money; well it can be achieved with little to none investment. Focus on activities that can positively disrupt the status quo and let the rest happen for itself.
Thanks for taking the time to read this blog!