Reinventing the pay

At a time when new workers appreciate flexibility and work-life balance, pay needs to be reinvented to motivate and retain the company’s talent. Emotional pay conveniently pays for new needs and keeps employees happy. Let’s see how it works.

Beyond the premise that all work should be well-paid, the new generations no longer seek large salaries; instead they look for the best conditions for personal and professional self-realisation. Their pay expectations sometimes include non-monetary benefits.

What is emotional pay?

When job applicants are asked about their pay expectations, the answers “fewer working hours” and “more quality of life” are becoming increasingly common. Emotional pay is a new form of remuneration that provides suitable financial compensation but also rewards workers with new currencies:

  • A creative and challenging future within the company.
  • A job involving constant learning.
  • A good team to work and carry out major projects with.
  • A friendly and informal working environment.
  • Flexibility and work-life balance.
  • The possibility of taking part in corporate decisions.
  • A company an employee can feel proud to be part of.

What is being asked today is that the pay package makes life easier, so emotional pay is a way of keeping professionals motivated. When establishing its pay levels, the company must consider other ways of valuing the work done to ensure that its employees appreciate staying in it and give the best of themselves. This is essential for retaining talent.

Examples of emotional pay

Companies must start to go beyond the pay bands and open up to new proposals such as flexitime at both arrival and departure times, no longer dependent on a schedule and offering jobs dependent on objectives.

Telecommuting is another of the most common requests: no longer travelling to the workplace every day and working from home or with a high degree of mobility. This is a very useful option for parents with small children.

Other services such as a crèche in the workplace, car sharing and bringing pets to work are increasingly common requests.

Many workers also expect the company to continually train them so as to set themselves challenges and update their technological knowledge. Keeping the company competitive requires the workers to be strongly encouraged to lead the way. New gamified training and team-building weekends are also highly appreciated.

The classic fringe benefits continue to work: insurance, family education aids, expenses, retirement plans, social benefits and so on. The latest extra is to have relaxation spaces on the company’s premises such as a play area, gardens for breathing and meditation, gyms, social canteens, informal spaces and so on.

Participation in corporate social responsibility activities is an area that is arousing interest, as well as volunteer activities.

Companies that already offer emotional pay are currently the new generations’ favourite ones to work for.

Emotional pay not only remunerates, it is also acknowledged by the employees, who feel heard, cared for and recognised, increasing their commitment to the company and their happiness.

If one of your ambitions is to work for a company at which part of your salary is emotional, visit Claire Joster’s website and find out more about the job offers best suited to your interests.