Dive Brief:
- The majority of Generation Z and millennials are dissatisfied at work, according to a recent study by daVinci Payments. The results reveal that 78% of Gen Z employees plan to leave their job within the next two years, while 43% of Millennials surveyed said they plan to leave their job within the next two years. The results come from an online survey of 632 people from 18 to 38 years old.
- Recognizing them — no matter how little — helps the two generations to achieve personal fulfillment, the researchers said. When recognized, not only do they do their job, but they also become positive promoters — much more than other generations. Seventy-nine percent of respondents said an increase in recognition rewards would make them more loyal to their employers. When not recognized, "they will proactively work against you," the study said.
- Small financial rewards go a long way. Seventy percent of those surveyed said they would stay at their job for another year if given rewards amounting to only $150 over one year. Sixty percent of respondents would choose a $750 prepaid card over a four-day all-inclusive vacation, and 75% prefer prepaid amounts that can be spent anywhere rather than rewards for retail or online merchants or reward catalog choices.
Dive Insight:
The number of employers with "deeply embedded" recognition programs increased in 2019 to 17% from the 10% reported in 2015. However, the number of employers with no recognition policies also increased to 19% in 2019, up from 12% in 2015, according to WorldatWork and Maritz Motivation's 2019 Trends in Employee Recognition Survey.
Respondents in the WorldatWork and Maritz Motivation survey reported gift cards as the most common form of recognition, proceeded by clocks and watches. According to the survey, nearly a fifth of organizations give employee-of-the-month awards.
When employers recognize employees for their work, they may see gains in engagement, productivity and retention. But such efforts must be more than a one-time event. In order to truly reap the benefits, employers need a culture of recognition, experts previously told HR Dive. They recommended that employers use methods of recognition that work for their corporate culture — traditional models of employee recognition are outdated in some workplaces.
The key? Finding recognition that speaks to each workforce. Telework and flexible leave options can be great forms of recognition, experts said. Some employers continue to utilize point systems, allowing workers to build up points and exchange them for a gift. Some have found that that isn't motivating to their workers.
