Experts Advice

Implementing an effective total rewards strategy in a company is a challenge by itself because there are many considerations one needs to take into account. If we add diversity brought to the workforce by Millennials, the challenge becomes even bigger. Videos present expert advice on what works best for the young. Experts and practitioners discuss how successful SMEs are using total rewards to attract and retain young talent.

In these videos, well-known Millennial’s expert Ryan Jenkins talks about tips, best practices and examples of recognition tailored to Millennials’ values and expectations.

According to Aon Hewitt and O.C. Tanner, one in four organizations find their current recognition programs are ineffective for Millennial workers and 38 percent of Millennials would like to see the recognition program at their current employer improved.

Ultimately the purpose of recognition is to reward effort and to encourage greater or continued effort. Elevated effort and performance occurs when employees feel inspired and incentivized to do more. Being recognized in a meaningful and consistent way strengthens Millennials’ connection to the organization and encourages them to become high-performing contributors.

It’s clear that recognition has significant impact on employee engagement and retention and should be considered as part of any talent management strategy.

Recognition also satisfies employees on a psychological level. After the human needs of survival and safety are met, the next needs according to Maslow’s hierarchy of needs are love/belonging (social, love, family, team) and esteem (importance, recognition, respect).