The workplace as we know it is changing. Millennials comprise much of the workforce, but older employees must be actively engaged as well.
The workforce as we know it is changing, and in more ways than one. Millennials now account for 35% of employees in the UK, according to research from KPMG, and the very first Gen-Z job seekers have already started trickling in. Despite this influx of fresh-faced young workers, they have yet to replace their older counterparts: In the UK, people's working lives are only getting longer, and have been on the rise since the mid-'90s.
So, even though newly minted millennial and Gen Z employees are currently the primary focus when it comes to crafting rewards programmes, companies would be remiss to neglect their older team members as they trend away from typical retirement age.
The most important step in ensuring that your more senior employees feel seen, heard, and appreciated is knowing how to reward them in ways that are meaningful to their unique life stage. Here's how to accomplish just that.
Dollars and cents
To start, it's important to look at the big picture: Millennial employees have vastly different desires and interests compared to baby boomers. While rewards like travel incentives are likely to light a fire in younger team members' hearts, employees that are higher up in years are likely to be more enticed by something like an additional contribution to their pension plan. Show them that you understand their needs and support them as a friend of your company for life by offering rewards that help them prepare for a bright future!
Expanded health care coverage is an excellent way to motivate ageing employees as the potential for health issues outside the typical coverage scope increases. Vision and hearing are two such examples, so it's important to make sure your coverage takes these types of concerns into account. You can even set up annual hearing and eye exams at the office to keep things simple and convenient, instead of people having to take time off from work.
If health care-related rewards are simply too expensive for your company, there are many other ways to support your older employees' wellness goals. Subsidised gym memberships, massages, and trips to the spa might not cover "critical" expenses like hearing aids or glasses, but they do address other important pillars of self-care that ageing workers may not have tended to on their own.
Older and wiser
While younger employees are typically focused on absorbing knowledge like a sponge and zooming up the ranks, don't forget that senior workers have plenty of goals and aspirations of their own. Properly rewarding the latter group means understanding their desire to share their experience and wisdom, and be looked up to as leaders in their domain.
The chance to mentor a more junior colleague or show a new hire the ropes is worth its weight in gold to older employees. Motivating them with incentives like an hour or two per week (paid, of course) of one-on-one mentoring time is a great way to help them self-actualise as professionals and be a part of the next generation's success.
Committed to the cause
Years of service awards programmes are also tailor-made for recognising more senior employees. These days, it's rare for people to stay in the same role for many years, making it all the more important to celebrate long-term employees for their loyalty. The actual reward can vary from family-leave opportunities to health perks that encourage lifelong fitness and health the most important thing is for your longtime workers to know that they're being recognised specifically for their exceptional commitment to the company.
Say "thank you" with Power2Motivate
The experts at Power2Motivate understand how to celebrate team members at every stage of their career, from their first year on the job to the twilight of their careers. If you're looking to implement your own in-house rewards system or simply want more information, reach out to us today!