How Does Emotional Salary Impact Employee Engagement?

Small Biz Ahead

Episode Notes

Key Highlights

• According to a recent Gallup survey, 75% of the global workforce is either not engaged or actively disengaged at work, and it's costing the world economy $8.9 trillion annually.
• It's becoming increasingly critical to improve employee engagement and productivity. Many employers are considering "emotional salaries", which include the non-monetary job aspects like workplace culture, career growth, and work-life balance.
• Providing competitive salaries is essential, but offering key benefits like health insurance, retirement plans and flexibility is proving to be just as important in retaining talent.
• Small businesses may consider offering improved emotional salaries through greater flexibility. For example, include allowing time off for personal matters, offering mental healthcare benefits and fostering a positive workplace culture with open communication and employee events.
• A strong workplace culture where employees feel valued and heard is a key part of emotional salaries. Business owners can help improve this by making themselves available to employees and involving employees in decision making. A positive culture can help retain employees even when larger companies might be offering higher salaries.

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