I am often asked, why aren’t Millennials incented by the new bonus or commission structure?
This seems counterintuitive, as many millennials lag financially, farbehind where their parents were at their age. They have considerably less saved, less equity, less stability, and far, far more student debt.
However, let’s look at the past. The “greatest generation” endured the depression and the GI Bill; The baby-boomers experienced the golden age of capitalism; and Gen-X faced deregulation and trickle-down economics.
And millennials? They faced the 2008 financial crisis, the decline of the middle class, and the rise of the 1%. Not to mention, they also lived through the steady decay of unions and stable, full-time employment.
Upon graduating college, millennials couldn’t find jobs… even entry level jobs. Honestly, most were competing for internship opportunities with people who had 5-10 years of experience. With fewer jobs available and a weak economy, companies could get away with valuing profit over people.
Most millennials went back to school to avoid the rejection while accruing more debt. Most were told that they could pay off the debt with more credentials.
Or, they were worked-to-the-bone without benefits. Only to be told you’re “lucky to have a job.” Many of my peers were fortunate enough to move into their parents’ home. They made enough just to get by.
We were taught that if we just worked harder, it would work out.
But this generation learned very quickly that working harder doesn’t mean it would be “worth it” — worth the loans and the labor. That being “always-on” and hyper focused on results for a company to treat you like an employee number, felt… disconnected.
Millennials, just like everyone else, want connection and shared purpose instead of disconnection and a carrot dangling by a string.
This generation, like most before them, wants companies and leadership to connect and invest in them. They will give you their all: youthful energy and tech savvy ways to know and feelthey are making a positive impact with your organization.
Millennials are more likely than their older counterparts to spend more for goods and services from pro-social companies who give back to society and have sustainability practices. 60% will spend more for environmentally friendly products.
They value their connection to the world around them and they are putting their money where their mouth is… And these are the same people just getting by.
There are a variety of options to motivate all employees, including millennials .
It begins by recognizing each person is unique,
You must be fully present with them,
You must connect with them.
Trust me, millennials (like all employees) want to contribute to the greater good of your organization.
The question is: How are you contributing to them?
Join my next program or on demand course to learn more.