There may be a decade or so to go before Baby Boomers are completely out from the workforce, hence there is a need to consider the different ways of rewarding Generation X employees to retain them in the workforce.
Here are 5 strategies for rewarding Generation X employees:
Generation X employees place a huge emphasis on attaining work-life balance. Many of their strengths such as independence and having a can-do attitude can be traced back to their characteristics of being “latchkey kids”. Therefore, being there for their children is as important as having a fulfilling job. Offer this group of employees the flexibility to work from home, telecommute and part-time hours. These employees juggle the demands of paying loans for children going to university and caring for their aging parents. By having the flexibility to do their work outside of the office is a reward that most Generation X employees value. Given their desire to place family first and their career second, offering them flexible work options is a way to reward them.
2. Technology upgrades
Generation X employees are tech savvy and appreciate having the latest technology or equipment to work with. They believe that technological advances have enabled them to be more productive at work and embrace the use of different gadgets to get work done. Whether it is smartphones or tablets, rewarding them with new technological products and services helps them be more productive and happier at work. Managers could also task Generation X employees with integrating new technology into work processes and training other employees to use them with ease in their daily work.
3. Exposure to senior management
Generation X employees see themselves as highly competent and next-in-line to replace Baby Boomers. Hence, they feel motivated when they are tasked to present to senior management and at board meetings. These high-profile meetings give them a sense of fulfillment and also allows them to give insights from their perspectives which are different from the earlier generation. Since Generation X employees always have their long-term career goals in their minds, the more experiences they can acquire during their time with you, the more attractive their jobs will be. Rewarding your Generation X employees with the chance to mingle with senior management boosts their ego and motivate them to strive for better results.
4. Accelerated promotion tracks
Generation X see themselves as the next leaders in line. Offering them chances to be promoted via lateral transfers or lead special committees can utilise their skills and years of experience in their field. These are meaningful work roles to reward high performing and high potential Generation X employees. With each new assignment, they are able to expand their growth portfolios for future opportunities. Opportunities to work on cross-functional teams, manage multiple projects and be involved in community outreach programmes are also major motivators for Generation X. Using accelerated promotion tracks to reward Generation X allows them to do varied and interesting things and the chances of them being bored decreases.
5. Offer sabbaticals
Unlike Baby Boomers who spent their lives working, Generation X work to live. While careers are important to them, it would never come before their families and personal lives. Consider offering sabbaticals to Generation X employees who have served for at least 5 years or more with the company. Employees prefer to have some form of variation in their career paths and more employees are drawn to employers who are committed in their personal development as well. Sabbaticals allow employees to pursue their personal interests and take a break from routine work, giving them a chance to learn something new and recharge. Hence it can be a powerful motivator and incentive for employees to stick around with an organisation who looks after their welfare.
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Topics: Effective Teams