According to The Drivers of Great Work study commissioned by the O.C. Tanner Institute (USA), “consistent performers of great work — the very best employees — are 20% more likely to work at companies with excellent recognition or promotion practices.” This is true across all generations, but a Career Builder survey showed that Millennial’s, in particular, are 45% more likely to job-hunt in search of better pay, career advancement, and a strong 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 staff churn. Why not invest that money in retaining talent?
Micro Markets 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 Micro Market to its full potential? Are you using it to recognise your employees? Incorporating your Micro Market into your rewards and recognition program will show your employees that you care, using one the highest traffic areas in your office: the lunch room!
By 2025, Millennial’s will represent 75% 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 Millennial’s?
Millennial’s are health conscious.
According the Nielsen Report, “Millennial’s — Breaking the Myths,” Millennial’s are health conscious and value programs that help them “manage their well-being and make healthier choices.” Consider implementing a “healthy Micro Market” program that rewards millennial employees for making healthy choices.
Millennial’s value recognition.
Do you have an “Employee of the Month,” program? If so, a great way to reward your ‘Employee of the Month’ is is by adding funds to their Micro Market 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.”
Millennial’s 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 Micro Market is a perfect place to highlight high-performing employees. Personalise 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 that they are making a difference to their co-workers and the company. 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 Millennial’s, authenticity, and personalisation will make the biggest impact and generate the most loyalty out of them.