Would you give the same gift to an 18 year old male and a 55 year old female? Or how about a 25 year old woman and a 65 year old man? I would guess not, because they typically have different tastes, priorities and activities or interests.
So why recognise and reward them the same at work?
While companies are recognising the value of inspiring and engaging staff, and rewarding them for going the ‘extra mile’ or ‘above and beyond’, many have yet to fully appreciate that these rewards and recognitions must match the motivational values of the person receiving them.
Today’s workforce is made up of employees from a variety of generations, all with different strengths, experiences and values. Matching rewards to these values can ensure that they are significant, motivational and achieve their intended purpose.
Here is a quick guide to rewarding today’s multigenerational workforce:
This creative, innovative, tech savvy, group of multi-taskers have grown up with instant gratification as a way of life; including, finding information at the drop of a hat, or redefining long held traditions. This group believes that work should be somewhat of a second family and an environment that is fun, engaging and sociable. Their different approach will affect the way they perceive rewards and recognition.
Perks, awards and incentives that fit into their values and goals will guarantee that these rewards hit their mark. To fulfill millennial values consider perks such as • Casual dress days • Tuition reimbursement • Flexibility of office hours and location • A day off in lieu • Mentoring • Access to and integration of new technology
Generation X statistically holds the highest education levels across all age groups. This highly educated, active, and family oriented group have a work hard, play hard mentality and are socially conscious.
Perks that will most incent this group include: • Granting them freedom by not micromanaging their projects • Autonomy to pursue ‘passion projects’ • Opportunities to continue learning and gaining new skills • Flexible work arrangements • Time off for voluntary work
The ‘Boomer’ generation is one of the first generational groups to be concerned about retirement with many working past the common retirement age. Baby Boomers see their current jobs as a position they’re in for the long haul.
Baby Boomers will appreciate perks that align with these values including: • Opportunities to learn and gain new skills especially in the technology sector • Wellness programs • Healthcare incentives and benefits • Recognition of long tenure and loyalty to their organisation • Retirement contributions
Cross Generational Rewards
Multigenerational workforces can be rewarded with cross generational rewards. These are incentives which any of these groups will appreciate and will result in engagement.
Incentive ideas for across the board recognition and rewarding include: • Wellness programs • Community volunteer programs • education • Non cash incentives • Incentive trips • Peer-to-peer recognition rewards • Positive feedback and employee rewards • Training
Many of the perks mentioned above can be executed with little or no money and can have a huge impact on employee satisfaction, morale and productivity, while fulfilling the values of work-life balance.
How does your organisation reward its multigenerational workforce? Hopefully your answer is ‘carefully, with a thought on the motivation of the recipient’.
Brownie Points is focused on ensuring that recognition programs achieve their aim. To discuss how we can help your business call the team on 03 9909 7411 or email us at email@example.com