According to The Drivers of Great Work study commissioned by the O.C. Tanner Institute, “consistent performers of great work — the very best employees — are 20 percent more likely to work at organizations with excellent recognition or promotion practices.” This is true across all generations, but a Career Builder survey showed Millennials, in particular, are 45 percent more likely job-hunt in search of better pay, career advancement, and a better company culture. One thing that can help you attract and keep top talent is investing in a recognition program. Based on a study by the Society of Human Resource Management, it costs employers roughly 6 to 9 months’ salary to retrain new employees as a result of a turnover. Why not invest that money in RETAINING talent?
MicroMarkets are a great recruitment tool. The open layout, the easy to use, cool technology and product variety alone are extremely attractive to Millennial employees. But are you using your MicroMarket to its full potential? Are you using it to recognize your employees? Incorporating your MicroMarket into your rewards and recognition program will show your employees that you care using one the highest traffic areas in your office: the breakroom!
By 2025, Millennials will represent 75 percent of the workforce. These are your employees of the immediate future. Use the technology and benefits that they value to create a culture of recognition that will gain their loyalty.
Who are Millennials?
Millennials are health conscious.
According the Nielsen Report, “Millennials — Breaking the Myths” Millennials are health conscious and will value programs that will help them “manage their well-being and make healthier choices.” Consider implementing a “healthy MicroMarket” program that rewards millennial employees for making healthy choices.
Millennials value recognition.
Do you have an “Employee of the Month," program? If so, a great way to reward your EOMs is by adding funds to their MicroMarket account. Gary Beckstrand, vice president of marketing at O.C. Tanner said, “Of all age groups, those in the Millennial generation are most highly motivated by recognition and also value recognition from peers as influential in performing great work.”
Millennials recognize real.
Build a recognition program that is authentic to the company culture that you want to exude. That means being consistent in your recognition cadence, be it monthly, quarterly, etc. The digital signage in your MicroMarket is a perfect place to highlight high-performing employees. Personalize the announcement with their picture and a fun fact.
Beckstrand said, “A culture of great work for every generation and at all levels of seniority comes from individuals clearly understanding they are making a difference to their coworkers and the organization. The resulting sense of appreciation is most meaningfully communicated through recognition from managers and peers.” Build a culture that is engaging and rewarding for your employees where they can find value in their work and their contributions. Recognition is important for all employees, regardless of their age demographic. However, for Millennials, authenticity, and personalization will make the biggest impact and generate the most loyalty out of them.