Money Ain’t Everything: the “Emotional Salary” Gains Momentum in the World of Work

    Now companies face the demand for an emotional salary and not just an economic remuneration

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    The emotional salary becomes important in the world of work this 2021. The COVID-19 Pandemic has made employees prefer rewards that go beyond their remuneration in companies, but there is still a long way to offer the non-financial benefits that they demand corporate talent, specially in Central America.

    “During the Pandemic, we have seen that there is a great need for presence and proximity to leadership. There is a great need to feel that companies are taking care of their professionals and that they are not only rewarded financially”, says João Nunes, specialist in the field.

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    66% of professionals consider that the situation generated by COVID-19 will impact their career expectations during the next two years”, according to data from the 2021 Remuneration Study, by the Page Group.

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    Digitization impact

    The digitization that industries are experiencing is part of the catalysts to generate a change in traditional remunerations and serve their consumers who carry out most of their activities from home.

    Now companies need to digitize not only their sales channels, but also their processes to optimize the attention to the needs of people, who are more familiar with the use of new technologies.

    The main challenge for Latin American countries is development and investment capacity for digitizing their operations. In the case of Costa Rica, for example, investments are more agile and solutions are easier to implement, but not all Central American countries have the same capacity.

    The financial crisis of 2008 made companies look for alternatives to reduce their costs. In contrast, today there is availability of credit in the market to survive and firms are looking for new ways to serve their employees.

    Page’s survey was conducted among professionals in contact with the talent firm, who are within the selection processes in Central America and come mainly from four countries: Costa Rica, Panama, Guatemala and the Dominican Republic.

    In the new normal, companies will emphasize short-term plans instead of those based on a long period, due to the conditions of change and adaptation while the Pandemic lasts, with contingency measures to deal with the unexpected. “Today any company or professional must have the ability to adapt”, says João Nunes.

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