he concept of emotional salary is more and more valued by employees, regardless of their age group and career stage, whether during a career transition or at the beginning of their professional path. It is a concept that has been accompanying changes in the job market and that gained greater support with the pandemic and the need to create new satisfaction mechanisms.
The "emotional salary" is made up of a set of benefits that provide personal and professional growth, through incentives, totally dissociated from remuneration, extra payments, prizes or any other form of financial compensation.
This “salary” is a reflection of differential benefit policies, composed of elements that promote:
• A healthy work environment – a place where employees feel that they have a purpose, where they perform functions that increase their satisfaction and sense of achievement, with the motto of “Happy people do more, better and longer”;
• Recognition and achievement sharing – a space where employees feel recognised, valued and rewarded. A system that recognises and rewards, based on meritocracy, is a system that generates trust, commitment and belonging;
• Opportunities for career growth and development – how? Through an up-to-date and equitable performance evaluation system, allowing employees to have continuous access to their career development, through participation in training courses and conferences or language classes, to name a few examples. At Argo Partners, we value hard skills and, therefore, we provide the team with chances to actively participate in their growth process, guaranteeing them the opportunity to suggest and select initiatives that contribute to their professional and/or personal development, even if they are not directly linked to their current functions. If they feel these initiatives can be effective contributions to their well-being and motivation, we encourage them to go with them;
• Flexible schedules and HR policies – this is, betting on agility, generally, making working hours and workplaces more flexible so that they adapt to the needs and expectations of employees, as well as introducing more days off, offering extra vacation time, such as birthdays, based on a culture of flexibility that will always convey an idea of openness and comfort to employees;
• Partnerships – by seeking to establish agreements with companies that allow their employees to benefit from advantages and discounts, such as, for example, stores, gyms, beauty establishments, pharmacies, etc.;
• A culture of transparency – promoting a culture of openness and total transparency, where everyone has access to information, with full respect for rights, rules and duties, and where there is truth, equity and coherence between what is promoted and what is practiced on a day-to-day basis;
• Good working conditions – by offering adequate tools and working conditions, from the office environment to ergonomic conditions, without forgetting the equipment, which must be up-to-date and agile, allowing the employee to increase the effectiveness and success in carrying out their tasks.
In addition to these benefits, there are also other benefits with an indirect monetary aspect, such as the offer of Health Insurance and other perks, which can range from paying for a gym membership to paying for day care for children, training courses, Savings and Retirement Plans, or even discounts on certain products/stores.
If, for employees, these mechanisms have a direct impact on their motivation, attraction, involvement or permanence in an organisation, for companies, these aspects can be reflected in a greater effectiveness, commitment and rate of employee retention. Recent studies show that investing in these variables increases the indicators that explain the growth of a company's reputation, bringing a direct return on attracting and retaining talent. Thus, there is an urgent need for companies - those that have not yet done so - to quickly keep up with salary paradigm changes and become more emotional salary-friendly.