Business

Emotional Salary: What is it And How Can it Benefit Your Company?

Have you considered the benefits employees derive from working that are not financial? This is known as the emotional salary. It is the non-financial gains we obtain from working that motivate us and lead to professional and personal development.

For some this may be the social aspect of work and making connections with others. For others it may be the opportunity to become an expert in your field and achieve recognition.

Work satisfaction is not just about remuneration any-longer, it’s about employee welfare and benefits that are not financial in nature.

Emotional salary is important because it improves the job satisfaction of employees, increases personal development and improves mental health. These are all important in order to have a productive and motivated workforce.

Salary remains important, an employer shouldn’t replace it with emotional salary. But it is not the only thing that matters. Employees want to feel valued and supported in their careers by their employers in order to achieve their full potential.

The Mental Health Crisis

Mental health related absence is the most common cause of long-term sickness absence in UK workplaces.

Work-related stress, depression or anxiety accounted for 44% of employee ill health and 54% of working days lost, in 2018/19 (HSE, 2019). And that was before the pandemic.

70 million work days are lost each year because of mental health problems in the UK, costing employers approximately £2.4 billion per year. As well as sickness absence, poor mental health at work can lead to reduced productivity, increased staff turnover and high presenteeism.

Poor mental health covers issues with anxiety, stress, low mood and depression. Everyone’s mood fluctuates but it is described as a problem if these symptoms continue for a prolonged period of time.

Work related stress is a mental health problem, defined by the Health and Safety Executive as a reaction to excessive pressure or other type of demand placed on an individual at work. Stress can be a significant cause of illness.

How to provide a good emotional salary

To help the improve the mental health and emotional salary of staff, employers need to look at doing the following:

1. Listen to their staff

Employees need to feel valued and that the job they are doing is worthwhile.

They should be provided with career advice and direction so that they know where they stand and where to aim for. Employees need to feel a sense of belonging to the company.

Employers should listen to what is important to staff and what would bring them more enjoyment in their employment. Some may value flexible hours – as long as they do their job, maybe they shouldn’t need to be tied to the office from 9 to 5.

Allowing some home working will also not really affect the company but will mean a lot to the employee. Others may value childcare opportunities to help them manage their work/life balance.

2. Allow creativity and autonomy

Employees should be given the ability to manage their own workload where possible, with the flexibility for them to be creative if desired. Allowing autonomy and creativity will motivate staff to do a better job and make them feel trusted and valued.

3. Career development

Employers need to focus on training for all staff who want it so that they can further their careers and develop personally and professionally. Better trained staff will benefit the company too. Provide career development and promotional opportunities to motivate staff.

4. Inspire staff

Employers need to lead by example and inspire their staff. Disappearing for long lunches while employees are stuck at their desks isn’t going to improve morale.

Organising social activities outside the workplace will help with morale and team-building. Building personal relationships with their colleagues will help employees’ emotional salary.

5. Create a relaxed work environment

Providing an area or room where staff can go to relax and unwind during breaks will help with the mental health of employees. Sitting at your desk all day, even at lunchtime is not good for anyone.

Providing a TV or pool table in a separate room will help staff switch off briefly which will refresh them and give them a break.

6. Provide recognition

Giving out restaurant, hotel or spa vouchers in recognition of good work will motivate staff if promotion isn’t an option. Allowing employees to choose which benefit they receive also allows for individuality.

Companies that pay attention to employees’ emotional salaries are more likely to retain staff and have a motivated, high-performing workforce. Retaining staff is a lot easier and cheaper than having to recruit and train, so everyone benefits.

Exhibition stand contractor Quadrant2Design has found that their staff are a lot less likely to leave now that they are paying attention to their emotional salary. MD Alan Jenkins said ‘We are now encouraging training and career development and we also have a chill-out area in the office.

We design, build and transport more than 600 modular stands every year, so we know how busy and stressful can be sometimes for our company, but with these small things we have benefitted from better teamwork and improved morale so it has been worth it.

Salary vs Emotional Salary

As part of looking after employees’ emotional salary it’s important to provide them with a fair salary and regular salary increases. Emotional salary shouldn’t be a replacement for financial salary, if staff aren’t fairly remunerated that will really lower morale.

A rise in salary makes staff feel appreciated and will motivate them to do better. So whilst salary and emotional salary are separate things you shouldn’t have one without the other, it’s important to look at both.

Conclusion

Companies have a lot to gain from looking after their employees’ emotional intelligence. Doing so will improve the mental health of their staff and reduce staff turnover. Providing career development, listening to your staff, giving benefits like flexible working, and rewarding staff for good work will raise morale and motivate staff.

It is also important to encourage staff bonding and team-work to make employees happier and more fulfilled.

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Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP