P&MM has released a new whitepaper to help HR professionals understand how to motivate and reward a workforce that is made up of multiple generations.
Today’s workforce is now likely to encompass four or five generations: Generation Y (born 1980-1994), Millennials (born since 1995), Generation X (1965-1980) and Baby Boomers (1946-1964), and traditionalists (born before 1945). The P&MM whitepaper titled, ‘Rewarding and motivating a multi-generational workforce’, explains how each generation should be communicated to and the types of programmes to consider when developing a benefits, recognition and rewards scheme for these distinct individuals.
John Sylvester, Director at P&MM, explains, “HR managers can learn a lot from the customer segmentation that retail marketers use to make sure they are communicating using the most appropriate medium for their audience, and using language they can relate to. Marketers know how to create campaigns that will win customers. Now it’s time for employers, especially HR teams, to learn to create benefits, rewards and recognition that win employees’ hearts. This doesn’t need to be a complex or expensive process – but by taking a different approach HR departments can be more targeted and effective across a multi-gen workforce.”
Employee engagement continues to be a big issue for many organisations. Four out of ten staff (40%) are not engaged at all and whilst 95% of business leaders believe that workforce engagement is important, only a quarter (25%) have actually done anything about it.
Sylvester adds, “An organisation of 500 people could be wasting £2.4m a year through lack of engagement. Just a 3% increase in engagement, with a linked 1% reduction in staff absence and retention could reduce this by £526,000. (According to P&MM’s Engagement Calculator) Implementing the right rewards and recognition schemes organisations can go a long way in improving staff engagement and ensuring that organisations retain their skilled staff.”