Not surprisingly, these workers identify compensation as their No. 1 reason to job hunt in 2024, she said.
However, those who can live comfortably won’t be motivated by higher pay, she said. Career progression and workplace flexibility are higher priorities than pay for these employees.
“This insight is particularly helpful for industries that already pay high salaries (like finance, technology, and life sciences) who are seeing rampant disengagement rates and skills shortages across their work forces,” Noble also said.
Predictably, for most people, money is a means to an end — not a motivator by itself, experts note.
“Once we can meet our core needs, compensation is not the only or even the primary factor in our job satisfaction,” she continued. “Many of us can probably think of a job where we were very unhappy despite relatively high wages.”
This is where the concept of “emotional salary” comes into play.
Job hunters, as well as current employees, can and should negotiate their packages beyond monetary compensation to meet their wants and needs for intangible benefits.
“Let the employer know this during the interview process and give tangible examples of what this looks like — health/fitness stipend, flexible PTO, regular work events and more.”
Showcase your strengths. Present your candidacy in connection to the items that you know are a priority to the organization and role, said Noble.
“Pointing to specific skills you possess and outcomes you’ve achieved will give you a leg up when asking about emotional salary components,” she said.
Manage your expectations. It’s important to recognize that not every company can meet all expectations. Consider the tradeoffs that you make along the way.
Understand the compensation package. To get a clear picture of the total compensation — which includes your “emotional salary” — LinkedIn career expert Andrew McCaskill, based in Atlanta, Georgia, recommended that those in search of jobs ask pointed questions during the interview process.
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You can also speak to other employees about their experiences within the company, he suggested.
Practice your pitch. To prepare for the conversation of negotiating your compensation package, practice your methods.
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“The only way to get comfortable talking about money or benefits that translate to money is to talk about it — so practice talking about yourself and your salary and benefits expectations with friends, family, past colleagues or other professional connections to get a better sense of what to ask and how you want to ask it,” said McCaskill.
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“And for those who are trying to add to their total compensation, whether that means asking for more PTO or for a more flexible schedule, or for your company to invest in your upskilling: The key is practice.”