This post is sponsored by MTM Recognition.
Millennials may change jobs more frequently than their older peers, but taking note of the ways millennial employees want to be recognized will help you retain this important group of employees.
A Cicero Group study found that 75% of employees feel an award or verbal thank you increased confidence in their skills. Confident employees lead to business won, projects completed ahead of schedule and a work environment that makes employees want to show up and contribute.
Show Me The Money
According to the 2018 Job Seeker Nation Study, compensation was the highest factor for leaving a job in the last year, according to 19% of job seekers. Further, 31% of study respondents report having a second source of income in additional to their regular job.
The primary reason for those respondents having a side hustle? You guessed it. Compensation.
Listen. Money isn’t everything, but when you don’t have enough to pay your bills or live comfortably, it can feel like everything. Young millennials in particular are facing hefty student loan bills, while taking on additional financial responsibilities such as a mortgage or children. They are most interested in extra cash to help them in all these areas.
Whether it is naming them employee of the month or presenting them with a most valuable team member trophy, make sure you are sharing their accomplishments far and wide. In an age where millennials are used to their highs of life being shared across multiple social networks, seeing their accomplishments shown before others can give them a boost.
MTM Recognition offers a platform, called Carousel, that gives employees the ability to send recognition awards to their coworkers, which they can in turn redeem for gift cards, goods, and other valuable perks.
Health and Wellness
Aside from health insurance, which is one of the top benefits millennials look for from an employer, health and wellness perks are top of mind for health-conscious millennials.
Pay for their gym membership? Provide free yoga classes for top performers? Send an employee to a spa day for their hard work? Absolutely! Helping an employee take care of themselves is a great way to say thank you!
Travel rewards in the form of employee recognition has been around for a long time, particularly in the area of sales at many companies. With many millennials delaying marriage and children, their twenties can be prime years to want to travel.
Unfortunately, many twenty somethings cannot afford to take a splurge vacation, so they end up not taking any time off at all. There are companies that make it possible for their employees to go on vacation, by paying for their trip.
Reimbursing employees thousands to go on a trip can go a long way to show your commitment to them and their hard work. Not to mention, you will see a doubled impact in the form of a well-rested employee returning to work from their time off.
Time off is a great recognition tool for employers on a tight budget for rewarding employees. On the flip side, employees that have limited time off accrued will see this as a major thank you for a job well done.
Rewarding your employees with extra time off can be appreciated any time of year, but particularly around holidays when they may want to spend more time with family or may be traveling and could use an extra day on either side of their trip.
Offering work-life balance recognition rewards is another great option for companies on a low budget. Allow your top performers to work from home occasionally. Perhaps they have a new dog at home that they rush home to after work each day. Let them bring it into the office if building rules allow.
Work-life balance recognition perks can seem to be some of the simplest, but they are extremely effective. For millennials constantly in motion with competing responsibilities, lending them grace to manage their busy schedule can help boost loyalty.
I say it often, but there’s no perfect one-size-fits-all approach to millennials. These ideas are great starting points, but the more options there are for personalization, the better. While travel perks may motivate a single millennial with an urge to travel, it could be the last thing a parent with many young kids may want.
Take a look at your employee base and how you are capable of meeting their recognition needs. Employees that feel valued and appreciated are far more likely to invest themselves further in the business. If you are looking for help finding the right approach to recognize your employees, MTM Recognition can help you identify the best solution and make it easy to thank your team.
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