Managing employee motivation is a task by itself. Add in the needs of a diverse multigenerational workforce and you now have a real challenge.
Bâton Global has extensive experience studying the needs of employees and understanding what motivates them. We’ve used this knowledge to serve our clients and implement incentive structures to create cultures where employees perform their best. What are some of the common problems with developing incentive structures to motivate employees in your organization?
Much has been written about the differences between the motivations of
a millennial vs. a baby boomer. Millennials are more motivated by opportunity
for progression and being in an environment that promotes social interactions. Baby
boomers are motivated by rank, wealth, and prestige. However, large-scale
studies have shown that most generational differences in motivation are overstated.
The differences can often be explained by one’s career stage. Knowing
this, it is important to focus on generational similarities to develop a
successful incentive structure. Employees across all generations are motivated
by four main things: Opportunities to learn and grow, work-life balance, fair
treatment, and meaningful work.
To align with the generational similarities for motivation, incentive structures must employ a total rewards approach where both intrinsic and extrinsic motivating factors are accounted for to foster high levels of performance and organizational commitment. The total rewards approach is a holistic and comprehensive approach to motivation that considers more than just monetary incentives. The approach can be tailored to meet the specific needs of different generations but mainly focuses on using incentives that appeal to workers across generations.
By combining both intrinsic and extrinsic motivators using the total rewards approach B|G crafts successful incentive structures that motivate all employees, no matter the generation.