I know a friend who is curiously thrifty, especially on clothes, as he believes that “better comfort than brands.” This thought has swept me off my feet and thankfully, it helped me to stash in little more cash than what I was doing earlier. Touchwood!
This friend once called me up to accompany on his wedding shopping which was both interesting and tiring. The massive malls were enticing and can be used a walking tracks for calorie burn. Jokes apart, his perspective on that particular shopping was different from his usual practice.
He has disqualified his regular belief and picked up exclusive labels, making him look dapper. My curiosity rose like the temperature of lava and asked him on his different take this time. Pat comes the reply, “It’s my wedding and I have to look really best.” Pondering on this thought, my cognizance explains that all these efforts to enhance ones self-worth.
Toying on this idea for more long time, I ironed out the sporadic thoughts and myriad takes with a comprehensive definition, which is, "the tacit experience that a human being derives" can be considered as the Psychic Income of an individual.
It is the intangible benefit which is above and beyond the utilitarian value derived from a purchase. The greater the psychic income from the occasion, the individual will be willing to spend more.
Imagine, at work or other place chances are plenty that one can trip over their food or spill some coffee on their shirts. Damn! The thought, as the person will have to run to the restroom to become the launderettes. Furthermore, the day can only get worse in case the person’s shirt gets hooked to those villainous nails. The outcomes are saddening due to the conspicuous tears or smudges.
Come to think of it, incidents like these are only being cited to assess our behaviors as a subject of discussion. It is pretty curious to discover how one behaves while their efforts are largely involved in hiding those awkward smudges and tears. The walking style changes, on a funny note, may look like a jaywalking. As an effort to mitigate the embarrassments, joining in groups is also avoided.
On the flipside, the behavior is absolutely opposite, when the same person wears a new shirt or what he believes it as his best shirt. His interactions in the groups is more active and vivid, his contributions to ideas and views is more loud and vociferous, along with the confidence in walking and overall.
In the prior case, the psychic income is low due to the soiled shirt resulting in depleting self-worth while in the latter case, the results are absolutely different. The person begins to think more positive and efficient. In a nut shell, the Psychic Income can be understood as the pleasure and satisfaction that an individual ascertains from doing their job rather than the money they earn from it.
Easily said, but with a nerve to explore in gravitas, the concepts of Psychic Income are tremendously mysterious and have endless layers to explore. Psychic Income gratifies not just psychological and emotional needs but also encompasses, power, prestige, recognition and fame and does not include real or monetary value.
This gratifying concept is beyond pecuniary relatable and is complex to quantify. An interesting anecdote explains this concept as:
“Once there was an honest man in the town. He was doing well in all aspects and thus gained good name and fame among all the people in the town. In the same town there was an old man who wanted to make fun of him and spreads rumors on him. The negativity spreads wildly within a short time. The young man identifies the person who started the negative comments and files a case against him for spoiling the name.
The accuser was called to the court and was enquired about passing the comments on him. The old man agrees that he has done it. The judge warns him and fines him. The old man says why should I pay him? What loss did I make to him? I just made comments for fun. The judge scribbles something on the white paper and gives to the old man asks him to tear the paper and throw outside the court and come. He obeys without any hesitation. The court was adjourned for the day and re called on the next day. When everyone reassembles on the next day, the judge asks the old man to collect all the pieces of paper which he had thrown yesterday. The old man says how I can do that they are shattered.”
The judge responds, “the comments you have passed have shattered they are very difficult to collect back and rectify. They have damaged the personality of the good man. It takes lot of time or may not be possible to rebuild the same status.”
Though the accusation did not cost him anything, though there is no change in the physical or demographics, the young man may not be having the same psychic income as he had before the stigma made by the old man.
A latest survey that was executed in an organization explained us that most employees derive their psychic income from non-monetary milestones. In this competitive business world Psychic income at work place refers to power, prestige, respect, recognition, challenge, love of the work itself, opportunity for autonomy, location in a particular community, technologies that make work less drudgery, flexible hours, fame, etc. This word can be alternatively used as intrinsic motivation. It is the satisfaction that an employee derives from the work for its own sake.
Interestingly, the Psychic Income is absolutely tailor-made to each individual. For some it could be power, while for some other it could be position. For an external observer it is totally difficult to assess the characteristics that constitute the psychic income for a specific individual, after all, it is the person himself or herself to decide on what gives the adrenaline rush for their psychic income.
Unlike the monetary income it is also difficult to measure amount of psychic income derived by an individual. Having a psychic income may not increase the size of the wallet, while it can be measured in terms of happiness that one gets or it can be measured with the behavioral changes exhibited by an individual immediately after an event/activity.
Psychic income for an individual is like capital for an entrepreneur to start the business and is similar to the profit established by a business man and is like an income to the employee. Though input cannot be measured but the output of it will definitely be tremendous. Psychic income makes the employees to perform better, retain with organization and spread positive culture in the department, thus becoming the brand ambassadors for an organization.