Let's start with the obvious one: Today’s workforce has changed.
The millennial generation are the largest segment of the workforce today, with almost 50% of Australian employees being aged 18-34 years, according to PwC.
But the average tenure of a millennial worker is just two years, less than half of the average worker’s stay of nearly 4.5 years (Source: Future Workplace).
And yet, the focus remains on long service awards rather than how to get millennials and other workers to stay for that duration.
The short tenure proves that employers are failing to give millennials what they’re looking for, which can be boiled down to three things:
- Working for a company that has a clear purpose, values and mission.
- Feeling as if they’re progressing in their career.
- Receiving high levels of feedback so they understand if and how they’re making an impact on their company’s success.
You’re probably nodding your head thinking that yes, this all makes sense.
But aren’t these desires something that all employees want?
Instead of breaking it down to millennials vs. non-millennials, let’s talk about how we can reward all employees differently so they want to stay, not for the long service award of a shiny watch or big bonus, but for the right reasons – and to make a difference in their organisation.
How can we keep employees in our corner by recognising and rewarding them at the right times? Here's a quick video to help you understand:
Evolve employee recognition to embrace continuous recognition
We believe it can be done through continuous recognition, where employees are recognised when they do great things so that behaviour is reinforced and reinforces company values. We’re out to disrupt the market of long service awards and one-time only recognition initiatives by creating a continuous recognition platform that gives managers and peers the opportunity to recognise each other when it matters most and show that they appreciate their hard work.
As one of the product managers at Reward Gateway, I’m constantly evolving our product to meet these needs, and our next generation of recognition products can help you recognise your employees the right way — at anytime, on any device.
By investing in employee recognition which continuously recognises their achievements, you can increase employee engagement, commitment, productivity and innovation.
And if done correctly, with the right partner to help you on your engagement journey, you might just help today’s workforce stay long-enough to receive that long service award.
Reach out to one of my colleagues today to start your employee recognition journey.