Truly forward-thinking companies have made the turn from seeing generational changes as hurdles. Instead, they now see the demographic shifts as opportunities to unleash a new energy within the workforce. According to the U.S. Bureau of Labor Statistics, Generations X and Millennials—the two youngest generations in the workforce—will constitute 64 percent of the workforce by 2020. By the year 2025, three out of four workers globally will be part of the Millennial generation.1
In order to get the most from your employees and motivate the team to perform at their peak, you must understand the perspectives of every segment of the workforce, as well as broader workplace trends. Create an effective culture of recognition by embracing change, both in your workforce and in the market overall.
Three major trends in recognition are shaping the way we form connections with our team: peer-to-peer recognition, result-based recognition, and social recognition.
With peer-to-peer recognition, everyone has a chance to offer feedback—which taps into the need for Gen X and Millennial employees to have their voices heard. It also allows an organization to monitor who is and isn’t recognizing. The company can promote ideal behaviors and values and help everyone feel like stakeholders in the organization’s culture.
The results of recognition should be linked to company success. Think about recognition like you would a sales commission—you pay a commission to encourage behaviors and results that benefit the organization. And businesses that engage their workforce using recognition to drive behaviors and results also achieve return on their investment.
Social recognition is more than technology, though. Social behavior is about connecting and developing relationships offline. Beyond the meaningful personal benefits, this is also a great way to build an employer brand. Companies that enable employees to publicly share recognition can stand out as employers of choice in front of an online audience of thousands or even millions.
Download Unleash Employee Success™: Use recognition to engage Gen X and Millennial employees to learn strategies for engaging your entire workforce, regardless of the demographic split.
1Schawbel, Dan. Millennials vs. Baby Boomers: Who Would You Rather Hire? Time. 2012. http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-woul…