June 16, 2021

The emotional salary gives a pulse to the economic value of work


Enjoy a good working environment, of conciliation policies, of job security, of an interesting job, of bosses who are up to their job, of telework … it sounds like heavenly music. The employees, especially the younger generations no longer have enough with the economic salary, want more. Free days, quality training, work in a company with a good reputation. The X generation (35-54 years), look for companies that offer flexibility, while Baby boomers (55-64 years) prefer job security, Z generation (18-24) that their functions give them value, and «Millennials» (25-34 years) professional perspectives, according to the study Emplond brand research 2019 by Randstad. We are talking about features that make up the emotional salary. All those non-monetary benefits that a company offers its employees in addition to their salary at the end of the month.

It is true that in most of the companies in Spain, the work today is carried out in a traditional way, at least as far as schedules and presence are concerned. There are already many companies that offer hourly flexibility – although limited within the ranges – but telecommuting does not end up penetrating. According to Eurostat data, 92.5% of the population never teleworked, only 7.5% of the population has ever worked remotely or does it regularly. "Working 8 hours in an office will go out of style," say sources at The Valley Digital Business School. Experiments like the one recently made by Microsoft They support this theory. The company tried to reduce the work week to four days in its offices in Japan and the result was a 40% productivity increase. “It is undeniable that the job, like so many other aspects in our personal and professional environment, is undergoing major changes. Not only as a physical location, but the work culture is being completely transformed. You have to take advantage of technologies to create a smart, flexible and safe work culture. Its benefits are many for both the worker and the company, ”explains Luisa Izquierdo, director of Human Resources at Microsoft Ibérica. A study conducted by this company, directed by KRC Research and supervised by the London Business School, reveals that Spanish workers lost up to 50% of their most productive hours. Specifically, they point out that meetings and threads of unproductive emails, unnecessary interruptions and the time they devote to follow up on the information, mean that they are wasting time that they could use in their priority tasks.

Insufficient

The salaries and charges are no longer enough to retain talent. “The emotional salary or all those non-economic motivations or satisfactions that contribute to happiness is equal to or even more important than the economic salary when recruiting and loyalty employees”, adds Miguel Fresneda, CEO of the technology start-up Woffu

What do you ask of your company?

More than 70% of workers prefer other improvements over a salary increase, according to the latest survey of Adecco de 2018 «What would you ask your company in the new year?». Although the salary increase appears in first position, with 27.6%, there are many more who prefer other improvements before. Among them, 20.1% demand from their companies training, facilities to reconcile (16.4%) or an ascent (10.7%). Last appears the change of boss, which would be the best gift for 3.3% of workers.

But is the emotional salary music for the ears or is it on the agenda of managers to improve the productivity of companies? Beatriz Cabello, responsible for Human Resources of the Adecco Group responds that «companies that do not meet the needs of the worker, do not make them feel valued, understood and heard, will have the days counted in the market. Do not forget that when looking for work the economic salary is what allows us to meet our expenses and have a stable economy, but have a good working environment, improve our professional career and enjoy family reconciliation among other aspects, are factors that are closely related to productivity, motivation, retention and loyalty of the internal talent of companies ».

There are still silos to be demolished and bridges to be built. According to the Microsoft study, 28.20% of Spaniards declare that they work in a good performance state, but that they have no flexibility in choosing how to work, compared to 37% of Europeans who do enjoy this flexibility.

These figures are not surprising if we consider the I Employment barometer performed by Infojobs, which points out that presentism, schedules and long working hours are one of the main concerns of active Spaniards (62%). "When people are offered the necessary technological tools to work as they want, there is a triple chance that they are happy in their work and it has been found that the leaders of the most innovative companies emphasize how they work", adds the director of HR HR at Microsoft.

Walk the extra mile

Susana Marcos, a member of PeopleMatters, warns that “what really makes a person or a team go the extra mile, deeply commits and contributes to the best of themselves, is all that is not money. On the contrary: even if we give all the gold in the world, a poorly treated, unrecognized person, not heard in their personal needs, unhappy in the organization will not be willing to deliver that talent, time or result we expect. The economic salary has a high cost for the company in terms of money, in the income statement and for that reason it is given a lot of attention among other reasons; well-managed and managed emotional salary can multiply business results; Careless can end up with a company. Economic salary and emotional salary are like communicating vessels: the more we give of one, the less we need from the other and vice versa ».



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