Companies need to evolve and adjust when it comes to rewarding Millennials.
A stable pay package or promotion are not the only motivators in retaining this group of workers who will form the majority of the workforce in the next decade.
Here are our tips on how to reward Millennials in the workplace:
1. Offer learning and training opportunities
60% of Millennials say that the opportunity to learn and grow on the job is extremely important. Millennials leave jobs in search of more challenging opportunities. Hence, providing professional learning opportunities to allow them to pick up new skills or work experience is a way to help them learn and grow. While they may not get to move up the corporate ladder (yet), moving sideways across departments offer them a chance to keep them engaged. Job rotation and stretch assignments are some ways for companies to develop employees by expanding their experience across different job roles. This gives them a chance to change jobs without changing employers. Millennials like to feel capable and confident in their jobs, hence learning new skills appeal to them. Send Millennials for short courses, facilitate brown bag discussions, help them learn by doing are some ways to formulate training opportunities for them.
2. Personalise employee rewards
Cash bonuses are not the only incentive that Millennials look forward to in a job. Take the time to know your Millennial employees well enough to find out what their interests and priorities are outside of work. It could be flexible working arrangements, opportunities for overseas work experiences or time off from work that appeal to them. Personalising rewards to individuals will strengthen the bond of manager and Millennial employees.
3. Give credit promptly
We live in an age of instant gratification where promotions, graduations and celebrations are displayed and showcased on social media platforms. For Millennials, give recognition immediately or as soon as it is due. It delivers a happiness boost to the recipients and makes them feel valued by the company.
4. Flexibility at work
70 percent of Millennials want flexible working options. The ability to plan their own time and the freedom to work when they want to are crucial to Millennials. Given their comfort with technology that allows them to work anytime and anywhere, the usual 9-5 desk bound job is hardly appealing to this generation. Apps designed to make work collaborative, virtual meetings and cloud-based file and data sharing are reducing the need for work to be done in the physical office. Flexible work hours means that employees are able to work more productively. When you eliminate the distractions of a physical office environment and the time taken to commute to work, employees are more focused on their work and can get more work done. Employers can start by establishing what duties and assignments are required to be completed at the office and what can be done on their own schedule. Rewarding Millennials with a flexible work schedule also implies that you have trust in them and they will be motivated to work harder for you.
We hope that this article is helpful. Do you have any tips you would like to add?
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