Millennial Spending: Incentives for a New Generation
Business Solutions Employee incentive and recognition programs show a promising future for all employees, especially among those in the 18- 33 range. This group is commonly known as millennials.
By 2025, millennials will make up 75 percent of the workforce. This has forced employers to look for new and unique ways to retain their top young talent so they can grow and develop within the company, making them fully immersed and proficient by the time they reach senior level positions.
Living in the now
Millennials possess an entirely new way of communicating with each other than past generations. Technology has given them a special gift: living in the now. On average 18-33 year olds each send out 3,853 texts a month and as a whole, they upload 72 hours worth of videos to YouTube every minute, share 3,600 photos on Instagram and attain 2 million hits on Google. The culture they experience through technology is organically influencing them in the workplace.
Point system recognition programs show the highest level of success with Millennials. Organizations that want to recognize their Millennial employees must remember that these employees want not only the recognition but also the ability to choose their reward. Recognition programs need to include several forms of awards due to the simple fact that what is recognition for one employee will not necessarily be the same for every employee across the board.
Within point based programs, employees are rewarded with points based on a variety of different factors determined by the specifics of a company’s program. This can be peer to peer or spot recognition and/or C level execs and management rewarding their team of employees. These points are then redeemed for goods. The success factor of the program is based on the ability to strategically place popular brands and goods that are enticing to millennials in the rewards program.
Do millennials want cookware? Figurines? No, they want the hottest new electronics devices and luxury products from brands such as Mophie, Skullcandy, Roku, Versace, Furla and Nadri. Think tablets, headphones, designer jewelry and handbags. When shopping around for a loyalty marketing organization to partner with, be sure to request a list of brands they offer so you can better entice your millennial employees.
Millennials possess a whole new outlook on the culture of the workplace. Rewards and social recognition programs are proven methods that can drive employee engagement. These programs must change to keep up with new times and new attitudes. Treat employees as the customers they are, approach them with the same strategic plan as you would customers whose loyalty you want to gain and retain.