7 Tips for Building a Corporate Rewards Program for Millennials

by Ty Collins on September 11, 2019 in Employee Engagement, Employee Loyalty

The modern workforce is increasingly populated by millennials. They have the IT skills, creativity and energy to keep modern corporations growing successfully. However, keeping these young workers interested and properly motivated can be challenging. Unlike older workers, these young professionals need more than financial incentives to keep them interested in a company. Consistently implementing unique rewards and incentives looks to be the best way to keep them excited about the company and engaged in working towards its long-term goals. This requires building a special corporate rewards program with corporate perks that meet the needs of a 202o hire

Show That You Value Them

One simple way to show young employees you value them and nurture employee loyalty is by creating a good corporate rewards program. The rewards being offered must match the needs and interests of the young, talented employees to whom they are aimed. Failure to do so could result in those valuable, talented, young workers taking their talents to a company that better understands their interests, needs and desires. Regularly losing top talent this way can have a devastating impact on a company’s bottom line and their prospects for future growth.

Display Corporate Social Responsibility

One of the things that is attractive to workers from Gen X and Gen Z is when a company embraces corporate social responsibility. This generation of young workers loves successful companies that balance their drive for profits with programs that display social responsibility. Creating corporate programs that provide financial, educational and social support systems for the needy is attractive to this young group of workers and is more likely to engender their loyalty than a ‘profits at all costs’ corporate mentality. They want to work for corporations that care about people.

Helpful Environmental Policies

Young workers today have a great deal of respect for the environment. Corporations that want their loyalty must have policies in place where keeping the environment clean and healthy holds a high priority. Corporations that show respect for the environment in their manufacturing and waste disposal processes, support ‘green’ projects like clean-up efforts, and create healthy greenspaces are more likely to attract and retain the top talent from this growing wave of young corporate employees. Environmental awareness is important to this generation of workers; companies whose policies reflect this are more likely to get their attention and hold their interest.

Providing Enjoyable Or Meaningful Experiences

In generations past, the goal of the average worker was to get money to purchase the things they wanted. Bigger and better houses and cars, the latest appliances, and expensive clothes were what was important to them. Companies that provided the means to get those things could get their time and talent. Today, young workers are more interested in enjoyable, meaningful experiences than stockpiling new things. Transformative, exciting experiences are more effective incentives for retaining their services and attention than expensive things.

Memorable Incentive Travel Opportunities

Millennials value a great work-life balance. One way to motivate them to do their best work is for your corporation to create a rewards program that offers them exciting travel opportunities, new dining experiences, and the free time they desire to spend time with friends and pursue their passions. Young workers today are not as motivated by gift cards or a cash bonus. Things like incentive travel, which enables them to have rewarding, memorable experiences in unique, exotic places with their friends and families, are bigger motivators and boost employee engagement better than the promise of material possessions.

Create a Happy, Healthy Work Environment

Happy, healthy employees are more productive and engaged. To get the most out of Gen X and Gen Z workers, it’s important that employers create a happier, more relaxed workplace through employee recognition and rewarding good work. When young workers regularly receive recognition from their managers and peers for their accomplishments, it creates work environments that are happier and healthier. Companies that include public praise for their young employees as part of their corporate rewards program, demonstrate they respect, appreciate and care about the young people who are helping to make the company successful.

Offer Incentives They Want

To create effective corporate recognition, rewards and incentive programs, you must take a look at the personal data of your young employees. It will reveal the things they value and what is important to them. A good understanding of their personal data will help you create fun rewards and recognition programs that will be regularly used by the staff to reward their co-workers and attract and retain top talent. Talented young people are attracted to workplaces where people are happy and successful, are recognized for quality work, and feel valued. Listening to them and paying attention to their personal data will help you create a rewards program that works.

A Strong, Positive Corporate Culture

Having a strong, positive corporate culture where workers are regularly recognized and rewarded for their contributions creates a happy workplace. Young workers tend to be excited about going to workplaces that provide opportunities to make important contributions and where their supervisors and peers appreciate and value them. Young workers enjoy good incentives, but feeling valued and respected is most important to them. Creating a recognition program that rewards excellence and makes Gen Z and other Millennials feel like they are important, loved and appreciated helps to build an attractive company culture which they will commit to, embrace and enjoy.

In Their Best Interest

Talented employees know it’s in their best interest to be part of a company that cares about their future and their happiness. Companies can show that by offering them advanced training, opportunities for growth, and a chance to show their skills. Plus, they want to feel valued and know their work will be recognized and rewarded with incentives they want. This makes them feel it’s in their best interest to stay and grow with companies that demonstrate they believe in young workers and are willing to provide them with the things they want and need to be successful, happy and comfortable.

Creating A Successful Corporate Rewards Program

Companies trying to create successful corporate rewards programs must make sure they meet their young workers’ needs and expectations. The rewards program should help create a better work-life balance and offer rewards and experiences employees can share with their loved ones outside of work. This will help make young staff members happier and better motivated. Young workers tend to change jobs regularly. With a thoughtfully designed corporate rewards program, you can reduce turnover and keep valued young employees, by recognizing and rewarding them. That will make them excited to come to work each day.