Volume 36, Issue 7, July 2001

Personnel Perusals

"Money Isn't Everything"
   
Offering Emotional Income to Employees

When you hear the word income, it is likely that your first thought involves money. While monetary compensation is important to all of us, there is another kind of employment compensation rarely considered. I call it emotional income and this refers to how employers make their employees feel.
Deposits from a paycheck go into an economic bank account from which the account holder can withdraw and spend the proceeds. However, self-worth, feelings of accomplishment and the enthusiasm for work and life in general go into an emotional bank account.

More than Money

Focusing solely on your employees’ economic income may result in an inability to retain experienced people and a more difficult time recruiting new ones. Beyond the basic comfort level it’s about more than economics; it’s the reason behind the statement, “This is a great place to work!”
Recent studies have shown that the number-one reason people stay on the job is because of a feeling of worth. Surprisingly, that reason outstrips the popular notion of money being the number-one motivator. Here’s a short list of the real reasons people leave jobs:
1. I never know what’s going on;
2.They wouldn’t miss me if I were gone;
3. I don’t get the support I need;
4.There’s no opportunity for 
advancement;
5. I’m not making enough money.


Emotional Bank Accounts

How do you build the emotional bank account? Start by assessing how your employees are treated. Do you:
• Treat everyone with respect—as individuals instead of employees?;
• Make workers feel good about themselves, their work and their contribution to the company?;
• Ensure that the work environment is safe, healthy and reasonably pleasant?;
• Provide an atmosphere of teamwork, excitement and opportunity?
Although you may pay better than the competition, if your employees are not comfortable emotionally in the environment you provide they will leave eventually.
Ask yourself, “Would I work for me? Would I work for this organization?” If the answer is not in the affirmative, now is the time to think about what you can do to make positive changes. The best way to do that? Ask your employees! They have nothing to lose and you have everything to gain. nWhen you hear the word income, it is likely that your first thought involves money. While monetary compensation is important to all of us, there is another kind of employment compensation rarely considered. I call it emotional income and this refers to how employers make their employees feel.
Deposits from a paycheck go into an economic bank account from which the account holder can withdraw and spend the proceeds. However, self-worth, feelings of accomplishment and the enthusiasm for work and life in general go into an emotional bank account.


_______________________________________________________________________________________________________________________________________________________________

USG

© Copyright Key Communications, Inc. All rights reserved. No reproduction of any type without expressed written permission.