Your 'emotional salary' is a form of remuneration that doesn't come in cash

The "emotional salary" refers to nonmonetary forms of compensation for employees because money is far from being the only source of satisfaction for today's workers

By AFPRelaxnews

Published: Mar 14, 2024 02:19:52 PM IST

Updated: Mar 14, 2024 02:32:58 PM IST

Employees are increasingly looking for rewarding professional experiences, both financially and personally. Image: Shutterstock

All work deserves pay, as the saying goes. But when it comes to compensation, the rewards of work can extend beyond your regular paycheck. That's why the notion of the "emotional salary" is gaining ground in management circles.

The "emotional salary" refers to nonmonetary forms of compensation for employees, because money is far from being the only source of satisfaction for today's workers. Increasingly, they place greater importance on having a job in which they feel useful, and which enables them to maintain a balance between their professional and personal lives. As evidence of this, 52% of the 16,086 working people questioned for the Ford Trends 2024 report said they would be prepared to see their salary drop by 20% if it meant they could take their foot off the pedal at work, and therefore have a better work-life balance.

Across the globe, many working people are beginning to question the relationship between the hours they spend in the office and the time they have left for their private lives. They are looking for rewarding work experiences, both financially and personally. They want to be valued and considered as individuals, not just as cogs in the corporate machine.

The notion of the "emotional salary" reflects the changing priorities and expectations of working people. It encompasses themes such as consideration, appreciation and corporate culture. These are all factors that make a job much more than just a means to an end.

Also read: Navigating life's treasures: Balancing gold coins and cherished moments

Because, contrary to popular belief, employees are not all money-motivated individuals ready to quit for a few handfuls of dollars. Only 23% of the 3,800 employees surveyed as part of the 2024 edition of the "Engagement and Retention" report form the Achievers Workforce Institute say they would be willing to stay in a job where they don't feel "supported or valued," but which offers them a salary 30% higher than the average.

Companies therefore have every interest in giving more thought to the question of nonmonetary compensation in order to maintain the engagement, and therefore the loyalty, of their workers. They must encourage their employees to feel invested in their professional missions, foster their progress and create a healthy working atmosphere—in short, ensure their quality of life at work.

But it would be naïve to believe that emotional compensation can replace monetary rewards. Money continues to contribute to professional happiness, even if it is not the be-all and end-all. Many working people measure their value at work through the prism of remuneration, which can be somewhat simplistic. Employers need to ensure that workers feel valued on a daily basis, by giving them regular feedback and complimenting them on their achievements. This can be a way to win their support, and ultimately boost their performance.