The labor market has been transformed and the priorities of employees and employers go beyond the economic. Companies look for talent that fits into their organization, curious, adaptable and motivated people, but with a critical vision. However, what is valued on the other side? What do professionals demand?
The answer is defined as emotional salary and consists of "non-economic remuneration that meets personal or family needs, improves quality of life and promotes work-life balance", as explained by the Spanish Association for Quality (AEC). For Pilar Rojas, Head of Culture and Diversity at Repsol, it covers "all those non-economic benefits that satisfy personal needs and quality of life, such as family balance, professional growth or physical, emotional or financial well-being, among others." The expert assures that “people seek to be more productive and happy every day. “Companies must engage employees through a benefit for both parties.”
For the company, the advantages of emotional salary translate into “21% more profits, 17% more productivity and 20% more sales.” All, accompanied by a reduction in absenteeism of more than 40%,” according to Dr. Jim Harter, Chief Scientist and Workplace at Gallup, in his article The Right Culture: Not Just About Employee Satisfaction. employee satisfaction).
Therefore, the theory is easy to understand, but how do you attract or retain talent on the ground? Rojas points out that "the first thing is that the employee is linked to the purpose of the company. Then, that the value proposition covers everything that happens on a day-to-day basis at work." This is where that emotional salary comes into play: “Development and progression, resources, spaces, technology and personalized benefits,” he specifies.
But the job market is broad and not all profiles have the same characteristics. In this sense, the head of Culture and Diversity at Repsol highlights that there are variations depending on the age of the professional: "For example, generation Z, which is beginning to join the labor market, brings new skills and digital and technological thinking," confirms Rojas. Thus, in general terms, each strip has its own priorities:
Precisely, innovation plays a determining role when it comes to providing candidates with an emotional salary that is above that offered by the competition. In the case of Repsol, “we have a series of assistance services to accompany the employee and their family, promoting their well-being in those moments of life when you need support and time to dedicate yourself to what is really important,” explains Rojas.
To achieve this, the company has a policy focused on conciliation, which in addition to complying with local legislation in each country, includes measures such as teleworking, flexible hours, reduction of working hours or facilitating digital disconnection. "We implemented teleworking more than 15 years ago and today more than 6,600 people worldwide enjoy some form of it." The head of multi-energy also points out that "some of our industrial centers have intensive working hours all year round. And at the Campus Repsol headquarters, we have a messaging reception point, a gym or a meditation room available to employees," concludes.
The case of startups and technology companies is paradigmatic and they are usually taken as a recurring example when talking about emotional salary. In Spain, Rastreator has opted for physical-emotional health as part of the remuneration of its employees. The insurance comparator and broker has launched a corporate sports program with the firm Urban Sports Club.
Definitely, emotional pay emerges as an effective strategy to boost productivity, satisfaction and talent retention in the modern world of work. Companies that understand and embrace this trend, adapting to the changing needs and priorities of their employees, put themselves in an advantageous position in the competitive workplace arena.
