Sales compensation software motivates millennials

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Sales compensation software can help recruitment and retention of millennial workers.

The fact of the matter is the U.S. workforce is aging. Baby boomers are nearing the retirement age and as they leave the labor market, companies are becoming increasingly pressed to find suitable replacements. The axiom "out with the old, in with the new" is quite applicable in this situation. As older workers leave, businesses are looking to the millennial generation as a sales talent pipeline ripe for the tapping. However, organizations with baby boomer-heavy staffs must take note that the same sales compensation management strategies the firm currently employs may not work for younger generational talent. Sales compensation software can help tremendously to improve the engagement of this generation in the workplace. This sentiment was made clear in a recent study conducted by PricewaterhouseCoopers on the differences between millennial employees and non-millennial workers at the global auditor. Millennials are defined as those who were born between 1980 and 1995. In the study, 41 percent of millennials said they would prefer to be rewarded or recognized for their efforts at least once a month. Comparably, 30 percent of non-millennials said the same. In its analysis of the study, PwC found that millennials placed a higher value on being appreciated by management than their elder colleagues, a crucial insight that can be used to inform retention strategies. "The millennial generation is pushing organizations to the work world many of them want," said Terri McClements, vice chair and U.S. human capital leader at PwC. "Those organizations that pay attention to this seismic change and adapt accordingly should find themselves at a competitive advantage and better positioned to retain the talent they work so hard to attract." Investing in sales compensation software is one way companies can address the issues of motivating and retaining millennial talent. In the virtual compensation environment, firms can easily tweak incentives programs or increase the frequency of performance bonuses to cater to the needs of millennials.

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