With the millennial generation steadily climbing the corporate ladder and accounting for more of today’s workforce, employers have the challenge of tapping into their inner motivations and preparing them to lead the the private sector. Millennials, or those born after 1980 according to Pew Research, however are unlike generations before them as they do not place as much emphasis on work as they do other priorities. Although they are not willing to sacrifice too much of their personal lives for their job, millennials do consider compensation to be very important. These factors influencing their work life and compensation may cause issues for employers who are trying to figure out which balance of rewards and recognition is right for their company to encourage millennials to boost their productivity and output.
While there are various methods to motivate millennials, companies need to adjust their reward systems to tailor to what these workers demand most. Employees born in this generation often want to work for companies that share the same values they do, whether it’s showing a commitment to the environment or improving societal problems.
According to a post in Harvard Business Review, Bob Moritz, senior partner and U.S. chairman of PwC, said that millennial workers now differ from the workforce during his earlier years with the company because of where younger employees’ priorities lie.
“During most of my career at the firm, the rewards system focused more on quantity than quality of work, although clients demanded standards just as high then as the ones they do now,” Moritz said. “Bigger bonuses and promotions went to those who sacrificed more of their personal lives, whereas our current HR policies primarily reward quality and value the work and life needs of every person.”
Company mission statements impact job satisfaction
He said times have changed now that millennials are more focused on being satisfied with their jobs and the companies they are working for. While millennials do not place as much importance on their jobs as other generations, they will still view how their companies operate as important, which could impact job satisfaction down the line. Moritz brought up that millennials often seek out the company’s mission statement. They do this to ensure that their values align with those of their company. When these ideals clash, millennials may choose to move on to a different company.
With millennials interested in the mission statement of their company, employers should view this as a way to further connect with their younger employees, according to PwC. Reviewing the company’s goals and providing millennials with incentives to meet these objectives could help firms that are struggling to keep these workers.