Motivating employees is very important in a workspace. Knowing how and when to value your employees yields the most engagement and satisfaction.
Here is a thought – would you give a 21 year old the same gift as a 35 year old? How about a 45 year old? How about a 65 year old?
Probably not, they typically have differing tastes, likes, priorities and interests.
While companies are aware that rewarding and recognising their employees is crucial to keep them engaged and focused, many do not realise that these rewards and recognitions should match the person that is receiving it.
Today’s overall workforce is made up of employees from a variety of generations that consists of multiple and different strengths, experiences and values. By matching their rewards to their values can ensure that they are significant, motivational and will assist them to achieve their intended purpose.
Are you not sure how to motivate specific generations? Here’s a guide on rewarding today’s multigenerational workforce:
Millennials / Generation Y
This is a creative, innovative, tech savvy, group of multi-taskers who have grown up with instant gratification as a way of life; including, finding information quicker than one can think, or redefining long held traditions (Black Friday vs cyber Monday). This group believes that work should be somewhat of a second family and in an environment that is fun, engaging and sociable. Generation Y’s different approach to societal norms 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 fulfil millennial values include perks such as:
- Casual dress
- Collaborative space
- Tuition reimbursement
- Flexibility of office hours and location
- Mentoring
- Access to and integration of new technology
- Fun work place and environment
Many of these perks can be executed with little or no money and have a huge impact on employee satisfaction, morale and productivity, while fulfilling the values of work-life balance.
Generation X
Generation X statistically holds the highest education levels across all age groups. This highly educated group is active and family oriented, who have a work hard, play hard mentality and are socially conscious.
Perks that will most engage this group include:
- Granting them freedom in the workplace by not micromanaging their projects
- Autonomy to pursue ‘passion projects’
- Opportunities to continue learning, gaining of new skills and applying their advanced education
- Flexible work arrangements for child and elder care responsibilities
- Networking opportunities
Baby Boomers
The ‘Boomer’ generation is one of the first generational groups to be concerned about retirement as many work past the common retirement age. This group is also one of the fastest growing groups as far as internet and technology adoption, and is interested in healthcare more than the previous two generations mentioned. Baby Boomers also 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:
- Phased retirement programs
- Opportunities to learn and gain new skills in technology
- Wellness programs
- Healthcare incentives and benefits
- Recognition of long tenure and loyalty to their organization
- 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. For companies with a mix of these generations, here are some incentives that can assist you with rewarding and recognising across the board:
- Wellness programs
- On the Spot recognition programs
- Community volunteer programs
- Financial planning services and education
- Engaging cultures
- Tax preparation discounts
- Non cash incentives
- Peer-to-peer recognition
- Positive feedback and employee rewards
- Training
Cube Workspace offers many facilities that can assist with multigenerational rewards such as creative spaces, quite offices, cafés, technical support and many more solutions for you and your team to utilise to ensure your business performs at its best.
