Compensation alone isn’t enough when you’re looking to attract, engage, and motivate the millennial employee. Millennials view job satisfaction differently from previous generations. For them, work is much more than making ends meets or maintaining a particular lifestyle.
Therefore, organizations need to devise a performance management process for millennials, which is different from that for baby boomers and generation X. Before we proceed further, let’s take a look at who millennials are.
What Motivates the Millennial Employee?
Also known as Generation Y, millennials include individuals who became adults around the turn of the 21st century. More specifically speaking, millennials generally refer to individuals born between 1977 and 2000. The millennial or generation Y employee is much different from the baby boomers or generation X employee. How exactly? Let’s take a look.
1. The Optimal Workflows
For baby boomers, the optimal workflows are individual, while generation X employees prefer hyper-independent workflows. Both these workflows are significantly different from the optimal workflows for millennials, which are collaborative and high feedback.
2. Work Schedules
Generation X and millennials are on the same page when it comes to working schedules. Both generations prefer a flexible work schedule. On the other hand, baby boomers want a structured work schedule.
3. Reasons to ‘Work’
The only reason baby boomers work is to earn money. As far as generation X is concerned, work is a source of income and the ability to maintain an individual lifestyle. For millennials, income matters, but personal fulfillment is more important. What does this personal fulfillment entail? It entails a sense of achievement that comes from ‘making an effort’ and isn’t dependent on accomplishments.
How the Millennial Employee Needs to Be Managed
Millennial employees need to be managed differently from their baby boomer or generation X counterparts. Why is that? First and foremost, unlike baby boomers and generation X, millennials consider meaningful work as more important than high pay. Furthermore, they value a sense of accomplishment in their position two times more than upper management.
Therefore, performance management that only emphasizes compensation isn’t enough to engage millennials and make them productive. So how do you hire the millennial employee in your team? According to a study by the Harvard Business Review, more than 40 percent of millennial employees want monthly recognition for their efforts in the workplace.
Therefore, the best way to motivate the millennials in your team is by providing them incentives that go beyond their scheduled compensation. Furthermore, you should identify Key Performance Indicators (KPIs) and provide millennial employees with clear metrics that they can use to measure themselves.
A carefully planned performance management process for millennial employees is something that can help you in this regard. How? It will allow you to generate clear, concise, and customized plans built to drive millennial behavior. Furthermore, with this process, you can provide new hires (millennials) the resources and skills they require to become top performers right away.
The combination of a well-planned performance management process for your employees and a precisely worked out production flow system will allow you to get the most out of your resources, which will ultimately benefit your bottom line.
At Production Flow System LLC, we can help get the most out of your people and processes through carefully thought-out and well-defined steps or workflows. Get in touch with us today to know more about how we can help you get the most out of your processes and teams.
By Clifford Woods.