Six ways to motivate Millennials

The Millennial generation, born between the early 1980s and 2000, wants a good job in a good environment with good pay … but they also want to find meaning in what they do. But what exactly does “meaning” mean to them?

In their new book The M-factor: How The Millennial Generation Is Rocking The Workplace, authors Lynne Lancaster and David Stillman offer valuable insight and practical tips on understanding the fastest growing segment of workers today.  

According to the authors, Millennials define meaning very broadly. Once employers understand what makes this new workforce tick, they’ll be able to find many ways to help Millennials experience meaning in their work, which will help build employee engagement and loyalty.

Here are the six meaning motivators the authors identified to help explain exactly what Millennials want:

1. Millennials want to make a difference in the world.
2. Millennials want to feel they are contributing.
3. Millennials want to be innovators.
4. Millennials want to be heard.
5. Millennials want to know they’re succeeding.
6. Millennials want to express who they are through work.

An upside of the search for meaning is that while it may require some thought, it doesn’t cost a lot. Companies that can’t pay as much in salaries and benefits can still motivate employees by scoring high on the meaning index. Millennials talk, text and tweet incessantly about what they do in their jobs. Companies that find ways for Millennials to express their passions and do meaningful work will benefit from the positive buzz, along with increasing loyalty and reducing turnover.

Understanding what Millennials “mean” by their desire for meaning in their careers is the first step towards creating more motivating and rewarding environments for them.

Employee recognition – put people before profits for greater success.

Companies are in the business to make money. So why would a company even consider putting its people ahead of profitability? Because in our post-recession economy, employee recognition methods that put people first may be the key for future success.

 
The emergence of social media, an increasing need for transparency, and labor market trends are transforming the global marketplace into a people-centered economy and giving rise to a new concept called “Employee Enrichment.” These are the findings according to a new study entitled Leadership and the Performance of People in Organizations: Enriching Employees and Connecting People¹."

Employee enrichment is a strategic approach that genuinely emphasizes the quality of people’s lives with a “people-first” orientation that extends far beyond the typical work/life balance.
Very simply, the concept is that the better a person’s well-being, the better that person performs. So if a company takes care of its people first, its people in turn will take care of the profits.

Move over employee engagement
Over the past few years, employee engagement has been the hot button with techniques such as special training, career development and employee incentives often yielding impressive and measurable results. But that was fundamentally driven by a profit-first approach – companies wanted employees to be engaged so they would perform better.
Now visionary leaders are adopting the new mantra of employee enrichment as they recognize that today’s workers are looking for more than money and advancement in their careers.

More powerful perks for employee recognition
Smart companies are moving to an employee enrichment model by taking a more proactive interest in their people and fostering personal growth through education support, training programs, physical and mental wellness efforts, rewards and incentive programs.

According to the most recent selection of Fortune magazine’s Best Companies to Work For (CNN Money.com, downloaded 1/21/10), some new perks that work include things such as a fully staffed on-site medical center, a free fitness center and natatorium, corporate artists in residence, an on-site farmers market, healthy living incentives, concierge services and paid sabbaticals along with the more common techniques like generous retirement investment matches, etc.

The ability to attract, retain and motivate high-performers will become increasingly important for today’s companies. Managers that put their people first and reward them in ways that truly enrich their lives will be more likely to keep profits in the picture.
 
Written by Leslee Vivian
Leslee Vivian is a professional writer specializing in employee recognition and blogs for Power2Motivate®, the On-Demand service that helps companies recognize, motivate, train and reward their employees.                                                                            
¹ Study by The Forum for People Performance Management and Measurement, “Leadership and the Performance of People in Organizations: Enriching Employees and Connecting People” (Won-joo Yun and Frank Mulhern, Nov. 2009).

We're mad as hell, and not going to take this anymore!

60% of workers plan to say "take this job and shove it" as soon as the economy picks up.

According to a recently released White Paper by the Recognition Council, a recent U.S. Manpower study showed that 60% of workers plan to look for new jobs as soon as the economy picks up.¹

http://www.recognitioncouncil.org/

As Newsweek's Jeffrey Pfeffer points out in a recent article about corporate downsizing, "When the current recession ends, the first thing lots of employees are going to do is look for another job." (Lay Off the Layoffs, Jeffrey Pfeffer, Newsweek, Feb. 5, 2010, downloaded Feb. 17, 2010.)

http://www.highbeam.com/doc/1G1-218456702.html

Feeling lucky that you have a job is no longer enough for many employees. Overworked and under-rewarded for a few years now, they're fed up and are looking for more stability, opportunity and appreciation.

As an employer, how do you prevent your best people from packing up as the economy picks up?

Proving to them that they're individually appreciated may be the only way to engage them and keep them from heading for the exits.

1. Forget one-size-fits-all recognition programs.

Not everyone responds the same way to incentives, especially with today's multigenerational workforce that includes Baby Boomers, Generation X, and Generation Y (Millennial Generation). More than ever, creating recognition and reward programs that address the diversity of generational needs is essential.

2. To know them is to motivate them.

There's only one way to determine how best to motivate individuals. You have to get to know them. Managers should spend time on a regular basis with each employee to determine what type of recognition would be the most effective.

3. Recognize what everyone brings to the team.

Studies prove employees need to feel valued and know that the work they do on a daily basis matters. In fact, 67% say the most important employer attribute is "recognizes the value I bring to the organization." (Length-of-Service Awards Becoming More Personal, Rebecca Hastings, SPHR, 2009 HR Trendbook, p. 46.) www.recognitioncouncil.org/photos/custom/FuelingRecovery__final_2.pdf

Employees who feel valued are more likely to return the favor by paying attention to the company's bottom line, treating customers better, and supporting the overall work community.

4. Put their best interests before yours.

Let's face it, we prefer to do things that are in our own best interest. The trick for employers is to find ways to connect what employees want with what benefits the company and reward that behaviour in a way that is meaningful to the employee. If it works for them, they'll work harder to help achieve your company's business goals. (Influencing and Reinforcing the Behavior You Want in Employees and Customers, Dittman Incentive Marketing, downloaded Feb. 11, 2010.)http://www.buzzle.com/articles/influencing-and-reinforcing-the-behavior-you-want-in-employees-and-customers.html

5. Explore new technology to motivate today's changing workforce.

Exciting new alternatives for employee engagement are now available in the market. On-Demand solutions that use a "Software as a Service" (SaaS) design, such as Power2Motivate® (P2M®), are reshaping employee recognition and performance programs.

P2M® offers incredible flexibility to tailor programs to the way you want to meet individual needs, unsurpassed reward selection with immediate access to millions of rewards, and a simple pricing model that can save your company up to 20% off your total program cost. >>Find out more about Power2Motivate®.

The recession has been a grueling and challenging time for so many, to say the least. As the economy improves and new opportunities present themselves to workers, employers need to ensure their good employees are engaged and willing to put in the effort to help the business recover. By successfully tapping into the right employee motivators, companies have a real chance of achieving success.

¹  "Pump Up Employee Engagement: Fuel Prosperity with Strategic Recognition".

This white paper was produced by the Recognition Council, a strategic industry group within the Incentive Marketing Association (http://www.incentivemarketing.org). More information about the Recognition Council is available at http://www.recognitioncouncil.org/. http://www.recognitioncouncil.org/