Traditionally, money has been a huge motivator in the business world. Now enter Gen-Y, and money is just not enough to keep them at the same job, productive and motivated.
The question then becomes, what can a business do to keep their Gen-Y Employees motivated?
Members of this generation are generally borne between 1982 and 2004. They are well educated, accustomed to communicating electronically, motivated by a sense of purpose and don’t separate work/life and social/life. They see their lives holistically.
Wikipedia identified Millennials as sometimes called the “Trophy Generation”, or “Trophy Kids,” a term that reflects the trend in competitive sports, as well as many other aspects of life, where mere participation is frequently enough for a reward.
This reward for participation is a huge clue for companies in terms of understanding how to engage this generation of employees. Studies predict that Generation Y will switch jobs frequently if they are not satisfied or feel like they are not progressing in their jobs.
It has been made clear that Gen Y views work like a continuation of their education and are motivated by learning, feedback and coaching. One positive approach that managers can make is to give feedback frequently and outline clear identifiable goals that will motivate their employees to continue learning and growing.
This approach might be awkward for Boomers and Generation Xers, but identifying what works with the millennial generation will ultimately lead to lower turnover and a more productive workforce.