Do you motivate your staff with a pat on the back, drink after work, slice of cake or company car, big bonus, holiday and pay rise? Bosses have their own particular styles (and budgets) so what is the key to happy, hard-working and enthusiastic staff?
According to a new survey the main motivator can vary dramatically in modern workplaces that are made up of made up of three generations – millennials, gen x and baby boomers.
The research by BrightHR found that 45 per cent of 16-25 year olds receive rewards, compared to only 22 per cent of 55-60 year olds. Only 50 per cent of 55-60 year olds said they would work harder if they were offered more out of salary rewards. That was compared to 75 per cent of 16-25 year olds. 20 per cent of 55-60 year olds even went as far as to say they wouldn’t want to be offered rewards.
So what about keeping millennial staff motivated?
79 per cent in this bracket reported that rewards would make them more loyal to the business. That was compared to just over half of the older age bracket (57 per cent).
Younger employees, aged 25 to 35 years, placed the highest value on perks and rewards than any other working age group.
When it comes to choosing a job, 80 per cent of 16-25 year olds rated company perks as very or moderately important to keeping them motivated.
45-55 year olds are seemingly the most financially driven, with 29 per cent admitting they would be most interested in financial bonuses rather than alternatives such as a company car, training or staff parties.
BrightHR Co-Founder and CEO, Paul Tooth, said:
“The findings show that bosses in the UK have their work cut out making sure they have a team of fulfilled individuals, when the different generations have such contrasting motivations.
“Millennials expect to work longer hours, and they want more from work as a result. For the baby boomer or generation X this could be would be very daunting environment to be starting a new role, surrounded by younger peers who accept longer hours.
“The different generations offer a diverse range of skills which, when nurtured and well managed, can be very complimentary and form a strong team. When it comes to rewarding a multi-generational team, a bespoke approach is best. Businesses should offer employees a choice of rewards. Allowing teams to choose personalised rewards shows that their management are listening to their needs.”
Want to know more? Read our guide on how to ensure your employees love coming back to work.