A recent Sibson Consulting survey reveals interesting data about members of the
Millennial Generation.
“Contrary to popular opinion, the Millennial Generation are not generally
needy and unfocused. If understood and managed properly, they may be your
overall best employees,” said Joseph DiMisa, senior vice president and
salesforce effectiveness practice leader at Sibson Consulting."
Key survey findings - Millennials:
- Are more productive and work more efficiently than initially perceived by employers
- Are highly motivated and strive for success
- Are very goal oriented and ever-critical of their own performance
- Are interested in a career in sales
- Strive in an environment where team goals are infused with individual performance linkages
- In sales, Millennials’ performance is equal to or greater than that of other generations
MORE:
- There is a divide between employers and Millennials when it comes to customized, digital communication
- Employers often fail to create “generational harmony” within their organizations—the lack of understanding between generations leads to numerous missed opportunities
- Companies are not properly aligning strategies within their organizations to attract Millennials
- Millennials are entering the workforce in increasing numbers and their population is already greater than most employers perceive it to be
- Millennials don’t respond as favorably to group/team goals as to individualized
goals. Employers’ view is that they perceive team goals negatively.
- Millennials are
known to respond better to different forms of communication than older
generations, but 71 percent of employers are doing nothing differently to reach
them.
- Millennials indicate that 86 percent use e-mail formatted for delivery to a
portable device; 60 percent use instant messaging; 24 percent have a
personalized Website; and “every single” Millennial who participated in the
survey communicates via text messages.
When designing compensation plans for millennials, Sibson recommends:
- Establishing higher base salaries while lowering bonus amounts (mix of pay adjustment)
- Individual performance mechanics with team based acceleration (can reverse this)
- Including quality or customer service metrics
- Incentivizing with reward-based mechanisms that motivate versus punitive controls in plans
- Implementing well-aligned performance management programs that tie to your compensation plans
- Defining role and position competencies clearly, which are linked to base pay merit programs
- Placing an emphasis on total rewards, such as work-life balance, advancement opportunities, and personal development
In a recent article called Motivating the Millennials, Kassia Shishkoff offers some ideas for incentives for Generation Y.
In the article, Anthony Luciano says, "The first year or two is very important because that's when you're going to get
them [to stay]. If you’ve got someone for five or 10 years, odds
are you’re going to have them for 20. But in order to get them to that mark,
you’ve got to incent them a lot in those early years. They want constant and
fast feedback, they love electronics, they love things that fit their peer set.
Traditional items may not excite them at all."