Understanding Millennials in the Workplace
According to the U.S. Census Bureau, people younger than 35 years old comprise 23 percent of the U.S. population, which means the workforce will shift by the end of 2015, with Millennials dominating the largest labor demographic.
Business leaders are tasked with understanding the nature of a tech-savvy generation. The highly-educated cross-section of the populous was raised with a unique motive structure. Leaders must re-evaluate communication methods.
“The importance of understanding the dynamics of this growing group cannot be understated,” Paul Gordon said, Senior Vice President of Sales for Rymax Marketing Services. “They communicate in 140 characters or less. They never knew a world without the internet.”
In October 2014, the Council for Economic Advisers reported that Millennials are more connected to technology than previous generations. A quarter of participants surveyed believe the relationship with technology is what makes their age group unique.
“This generation is much more plugged-in to trends and products than any other group,” Gordon said. “Recognition needs to be more frequent. It is equally important the recognition is coming from peers as it is from supervisors.”
Millennials are often misunderstood, labeled with a reputation of arrogance.
According to the No Collar study conducted by MTV, what could be interpreted as self-importance is more accurately the drive to contribute meaningful ideas.
The study also went on to note, the Millennial populous is heavily motivated by rewards for behavior and meaningful input. Additionally, 95 percent of employed Millennials are motivated to work harder when aware of the end result.
An accessible solution for cultivating a healthy company culture is through an effective peer-to-peer recognition program. It will cater to the approval-hungry Millennials, Gen X-ers, and Baby Boomers.
“Move away from annual reviews and toward spot recognition. Keep employees engaged and motivated,” Gordon said.
Providing the workforce with a platform to acknowledge their peers for exceptional work, which results in tangible, high-end products, is an excellent tool for employee communication and motivation across all generations.
Familiarity with a peer-to-peer program is important when applying it to company culture. Allow Rymax to educate business leaders in exceptional peer-to-peer programming, loyalty programs, and Rymax’s 300+ exclusive brands including Michael Kors, Toshiba, and Versace.