In the fierce world of recruitment, the best candidates will be searching for companies with attractive and compelling offers. This places an emphasis on the need for recognition and a rewards solution for today's techno-employees.
In the fierce world of recruitment, the best candidates will be searching for companies with attractive and compelling offers. This places emphasis on the need for recognition and a rewards solution for today's techno-employees.
Defined as Generation Y, Millennials are a technically savvy group of screen-swipers born in the late 1980s to early 2000s. Growing up in the fast paced digital age, they live and breathe via an array of smartphones and tablets where interaction, engagement and knowledge must be at their very fingertips 24/7.
So when it comes to the workplace, how should HR adapt their employee reward schemes to cater to this new breed of ‘techno-employees’ in order to tap into its potential as a motivated workforce?
“Workplace satisfaction matters more to Millennials than monetary compensation and work-life balance is often considered essential. They are less likely than previous generations to put up with an unpleasant work environment and much more likely to use social networking to broadcast their concerns. On the other hand, satisfied Millennials are often employee advocates for the organisations they work for, providing honest, free and convincing public relations.”
Given the clear need to keep this growing employee sector happy, many companies are looking to utilise a similarly smart and savvy rewards and recognition platform that will appeal to the Millennials’ thirst for technology.
Online rewards solutions have been used by HR for many years to engage and motivate staff, and reward areas such as sales targets, long service, and even personal development and training. So while it is not a new concept to consider, the key is to find the right platform that uses the power of technology to attract Millennials. Furthermore, it should be simple and effective for HR to both use and manage, deliver healthy ROI and, ultimately, keep the workforce engaged, motivated and happy.
This may sound adaptable to any existing platform, but as any good Millennial will tell you, the proof is in the digital pudding.
Attract, reward, retain
In the fierce world of recruitment, the best candidates will be searching for companies with attractive and compelling offers. As Millennials are increasingly driven by appreciation rather than monetary rewards, in order to attract them to the workplace, the key lies in technology where an innovative and well-designed solution will entice them to your company, deliver the motivation to drive performance, encourage them to engage and stay long term and ultimately sing your praises to others.
The reward options available are also fundamental to the success of any rewards structure, particularly for Millennials. The advantage of such options is that this provides Millennials with the freedom to pick and choose unlimitted rewards at a click of a button. This is appealing not only for technological reasons but as a trait, Millennials want to feel valued on a personal level so the opportunity to explore the gallery and freedom to redeem exactly what they want is a massive plus.
Taking that one step further is social sharing and ‘peer to peer’ recognition. Millennials not only want technological freedom but they love the ability to share with their peers and to make them envious when highlighting the chosen reward was the latest wearable tech.
The digital road to riches
Having such an online rewards solution is every HR manager’s dream. From regional sales and customer service teams, to a global workforce in 50 or even 100 countries, being able to create, implement and utilise a flexible rewards platform to manage Millennials across every level from office junior to CEO, will deliver dramatic time and cost savings across the business.
There’s little doubt that the Millennials’ tech knowledge and unwavering urge to swipe almost anything that moves, has brought about necessary changes in how employee reward and recognition providers use this love of technology to create and implement rewards solutions; from the range of digital items available, through to the method of communication. And when it’s delivered by a company as part of the overall incentive to recruit and retain, it can be worth its weight in gold.
Millennials may be more demanding than the previous generation, but if you create the perfect balance between workplace motivation and a technology focused rewards solution, they could very well become some of your most highly valued employees-those who are long-term and motivated company advocates.
1Source - http://whatis.techtarget.com/definition/millennials-millennial-generation