When it comes to managing a multigenerational workforce, employers may want to note key differences between workers of each generation to improve their total compensation management. In motivating workers of all generations to increase their productivity, businesses should strive to offer jobs that are satisfying and fulfilling – a significant factor in how employees choose employers, according to research by software and online communities services provider Communispace. However, employers may be surprised to know that Communispace’s research indicates the generation that values compensation more than other generations is not baby boomers or Generation X, but millennials.
Manila Austin, vice president of research at Communispace, wrote in Fast Company that one of the myths about millennials is that this group would rather work at a job that is fulfilling rather than one that offers the most money. While this is true for most age groups, millenials would pass over a fulfilling job if the compensation offered at one was more appealing, according to Communispace.
A survey by LinkedIn also shows millenials prize compensation over other career motivators, even work-life balance, according to the social network’s Talent Trends 2014 Report.
“Generalizations provide some guidance, but every professional is different,” according to an infographic by LinkedIn. “Listen and watch for cues on their profile and in conversations. If you do, maybe the job you offer will be the one they end up loving.”
Since both the Communispace and LinkedIn surveys indicate millenials prioritize compensation, businesses may need to change up their strategies for employee recruitment and retention. Companies may want to implement incentive compensation management solutions that facilitate tracking employee performance to make sure millennial workers are motivated to work at their top level of productivity. These types of solutions could be the key to allow employers to keep workers engaged.