Several studies argue that the salary is not the main motivation, but that the emotional salary is valued more than the economic one. Some examples of this type of subjective salary in ICM are: The intensive working day and proximity to work, which have an impact on the quality of life and facilitate family and personal conciliation; as well as job security, reflected in the average seniority of the workforce.
We all work for money. But, money is not everything. Therefore, when selecting a job offer, the salary is no longer as important as it was years ago. In fact, although the salary can be, a priori, a great motivator, studies show that only 12% of the employees who change companies earn more in their new job. However, 89% of companies assume that their workers leave for others in search of a wage increase.
And, in reality, when you get a salary increase, nothing changes too much. Because you have to keep working. Therefore, the motivation to charge something more, soon vanishes. Thus, it is not surprising that 80% of the workers in Spain prefer a package of benefits rather than a salary increase. That is, they increasingly value the emotional salary over the economic one.
It seems that, in Spain, a good salary is neither the only motivation nor the most decisive of a person when choosing a job. This is reflected in the Employer Brand Research 2021 report, by Randstad. 96% of respondents say that to feel satisfied in an organization, it is essential to have personal values in line with the company culture. And half of the participants recognize that they would not work in a company with a bad reputation, even if the salary was higher than in others.
“65% of respondents are inclined to choose a company in which they can reconcile work and family, 62% value the pleasant environment, 60% job security and 54% the possibility of developing as a professional,” says the aforementioned report. It also shows that, especially, the new generations put feeling comfortable before the stability and security sought by their predecessors.
For Miriam Martín, marketing director of Sodexo, “the importance of emotional salary has a generational basis that has been enhanced by the pandemic“. And she highlights that, in The Generational Mix in Spanish Companies, study by Sodexo, “the so–called generation Z is the first that does not put the remuneration of a job in the first place, but prioritizes other concepts such as work–life balance“.
It is clear that the emotional salary is a type of subjective salary, because its valuation depends on the perception that each employee has about it. And, in addition, “it is a complement to the economic, it will never replace it and acts as a set of supplementary actions to the monetary benefits that seek to influence the integral welfare of workers. It serves as a retention factor and brand positioning for those candidates interested in working in a company“, explains Cecilia Mansilla, expert in leadership and professional development.
- Emotional salary: What is it, types ans examples. Randstad
- Employer Brand Research 2021. Randstad
- Generational Mix in Spanish Companies. Sodexo
- Emotional salary vs economic salary. LinkedIn
- Emotional salary,key for 70% of workers, according to a study. Europapress
- What is the emotional salary and why it is so important. BBVA
- Statistics on work motivation for HR
- Does the pay motivate or not? Daniel Almada. LinkedIn