A Totally Rad Total Rewards Glossary

Glossary of Employee Recognition, Total Rewards and Company Culture Terms

Millennials

Millennials are individuals born between the years 1981 and 1996, and they are often referred to as the "digital generation" or "Gen Y." They have grown up with technology at their fingertips and are known for their values of authenticity, transparency, and work-life balance. They are the largest generation in the workforce.

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What kind of employees are Millennials?

Millennials are known for being driven by purpose and meaning in their work. They seek recognition and appreciation for their contributions and value transparency and feedback. In order to engage and retain Millennials, companies need to create a culture of recognition and foster a sense of belonging.

What drives Millennial engagement and motivation at work?

Millennials are motivated by more than just a paycheck—they want to feel a sense of purpose and meaning in their work, and they crave opportunities for growth and development. They want to feel valued and appreciated for their contributions, and they seek a work-life balance that allows them to pursue their personal passions and interests outside of work.

What are best practices for recognizing and rewarding Millennials?

To effectively recognize and reward Millennials, companies need to embrace a culture of recognition and create a recognition program that aligns with their values and mission. Best practices include:

Providing frequent, timely recognition that is personalized and specific to the individual.
Using a variety of recognition and reward options, such as gift cards, experiences, and charitable donations, to appeal to a range of employee interests and preferences.
Encouraging peer-to-peer recognition and creating opportunities for employees to recognize and appreciate each other's contributions.
Making recognition visible and public, so that others can see and learn from examples of great work.
Measuring the impact of recognition and reward programs to continually improve and refine the program.

Awardco's platform allows companies to easily implement an effective recognition and rewards program that will engage and motivate their Millennial workforce.