Recognize Demographic Differences
How to engage a multi-generational workforce
While it’s important not to stereotype based on demographics, research is showing “one size fits all” policies don’t fit multi-generational workplaces. Age, era, recognition preferences and expectations need to be considered in designing effective recognition strategies that enhance your employee experience (EX).
A simple understanding of generational differences can go a long way to creating more harmony in the workplace. Here are a few highlights from a recent HR.com webinar we hosted on this subject.
Technology has created an era of personalization never before experienced. Traditional status quo policies don’t necessarily resonate with a multigenerational workforce. Here are some common characteristics to consider when re-evaluating your recognition and rewards programs.
Baby Boomers are winding down so…
- Retirement benefits are very attractive
- Flexibility over their schedule will keep them with you longer
- Public recognition of their expertise and experience is appreciated
- Identify employees with “deep smarts” and encourage job shadowing, mentoring and reverse mentoring to transfer their knowledge. This also instils a sense of pride and purpose that will aid in retention
Gen Xers are looking for:
- A competitive salary and benefits – 55% of GenXers say they are behind on their retirement savings
- Training. Two in three Gen Xers say their employers don’t provide people management or technology training
- Respect – this generation feels overlooked and is the most under-engaged. Public recognition and respect for their experience will help this sandwich generation feel valued
- People to care about them as people and professionals. Work-life integration is critical to engaging and retaining this generation
- Regular recognition. Social media has created a HUGE need for recognition with this demographic. Millennials are used to regular feedback and coaching – it fuels them, personally and professionally
- Linear and non-linear career paths. Millennials want mentors who micro-manage their careers, not necessarily their jobs
Gen Zers are more conservative than you might think. They value…
- Job Stability. This translates into skills training. Having in-demand skills is this generation’s #1 asset and ticket to job security
- Competitive salaries. Loan repayment perks are also great incentives
- Technology. Even more than Millennials, this generation will demand their employers use technology. They will not fill out manual forms.
These are just the highlights. For more context and research, book a 30 minute presentation with one of our recognition experts.
Want more on this topic?
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Do you have a “Millennial Mentality”?
Why Millennials Leave
What Employees Want
The Remix – How to Lead and Succeed in a Multigenerational Workplace