It’s essential to think of your multigenerational workforce, just like your extended family. Like how the family would live harmoniously despite their age differences and the accompanying difference in tastes, you have to treat your workforce with the same outlook.
Bureau of Labor Statistics shows that the unemployment rate for people aged 55 and above is only 3.2%. Undoubtedly, there will be multiple generations coexisting in the same workforce. More and more new generations are continually being added, and each of these new generations comes with at least one sub-generation.
When it comes to rewarding your employees, you cannot turn a blind eye to this factor. So how do you personalize rewards based on the workforce demographics? Though it can seem challenging, it only takes a good understanding of who your workforce is and what they value outside the work.
Read this to know how you can understand and choose the right rewards for your workforce, consisting of multigenerational employees:
Let’s Start With The Gen Z
To manage recognition programs for your multigenerational workforce, all you have to do is understand their work style in a better way. Coming to Gen Z, they can be called the newbie to work, born in the mid-1990s and early-2000s.
They will have a newfound interest in learning and taking up responsibilities. For this, they will look forward to mentorship and feedbacks. Gen Z is more social and forward compared to other generations.
One of the best ways to reward them is through knowledge sharing. You can sponsor them for education in management courses, job-focused training with the latest tools, and leadership training programs.
The Millennials or Gen Y
Millenials comprises employees born in the 1980s. Grown-up, when technology saw the heights of advancement, they make up a major share of the workforce. They care about self-development, and they will value rewards and recognition in the form of skill-enhancement programs, training, and mentoring.
You can also reward them with the latest gadgets and technology. Being family-oriented, they will also appreciate health camps, wellness programs, paid sick leaves, paid vacation, health insurance, and weekend getaways with family. If you want to award them monetary rewards, stock options are the best choice.
The Gen X
These groups in the multigenerational workforce are born between 1965 & 1980 and are in their 30s and 40s. Naturally, they value their independence more and prefer working with minimum supervision. They will also be inclined towards entrepreneurship and will maintain a good bond with the mentors.
They would prefer to be individual players as they seek a good work-life balance, flexibility, and freedom. Rather than promotions based on rank and seniority, they will look for it based on individual skills, competence, and performance.
You can think about rewarding them in the form of stock options, performance bonuses, and gift cards too.
Baby Boomers
Baby boomers are in their forties and fifties, born between 1946 & 1964. They are also known as the ‘me’ generation and are very goal-oriented and ambitious with lots of authority and power. Though being strong team players, they value personal growth equally as well.
Filled with a high competitive spirit, they value respect and status for their experience and expertise. You can reward them with promotions, perks, fancy designations, appreciations, private cubicles/ cabins, and more. They will also be interested in flexible retirement schemes and retirement funding.
As they will look for financial security, you can also offer them pension schemes, health insurance, and medical cover in the form of rewards.
No matter what group of generations you work with, you have to develop new ways to recognize and reward a multigenerational workforce. Each employee should feel to be a part of the organization individually, and who would not like a good appreciation?
