Posts Tagged ‘Generation Y’

Use Multiple Channels of Communication to Recognize Employees

Tuesday, October 6th, 2015
Renee' Watkins, HR Advisor

Renee’ Watkins, HR Advisor

In today’s post, Advice and Resolution team member Renee’ Watkins shares some new strategies to reach and recognize your employees.

A recent survey conducted by the IBM Smarter Workforce Institute illustrates the importance of using multiple channels for recognizing employees for their accomplishments and contributions.

Over 19,000 workers in 26 countries participated in the survey, which produced the following key observations:

  • 76% of employees who receive recognition are engaged in their jobs, whereas only
  • 28% are engaged in their jobs who do not receive recognition
  • 51% of employees without recognition indicated they intended to leave, whereas only
  • 25% who receive recognition were intending to leave their employer

Obviously, recognition of employees is an excellent productivity and retention strategy.  However, many organizations continue to rely solely on written and verbal recognition methods.  According to the survey, 58% of employers use emails for employee recognition.  This may not be the best way to reach today’s Millennial workforce.

The workforce of today includes many members of Generation-Y, who have grown up with the notion of instantaneous information access in almost every aspect of life- including work.  Their expectation is to work with an organization that embraces the technology available to them and utilizes that technology to communicate wherever possible.

While there is no substitute for a face-to-face, verbal “thank you” to an employee, there are a number of channels for recognition which can be used in order to get the recognition to the employee faster, especially as our workforce continues to become more widespread geographically.

The use of Smartphones, online recognition applications and peer-to-peer videos are excellent ways to provide more timely recognition and reinforce employee engagement.  These methods allow for social recognition as well among fellow employees and peer work communities.  Feedback, such as congratulations from other team members, can be almost immediate and multiplies the overall effectiveness of the recognition.

In order to engage, retain and improve the productivity of our workforce, recognition strategies have to evolve to effectively communicate with the changing workforce of today.  There are numerous communication channels available today which take advantage of social, mobile and other technologies utilized by Generation-Y and, in many cases, Generation -X.  Using multiple channels of communication can offer interactive, frequent and immediate communication.

What recognition channels are you using to recognize your workers?  Are you using enough channels?  Are you using the right channels?

If you’re struggling with these questions and are searching for ways to help your business evolve its recognition process, please call our Advice and Resolution team today at 919-878-9222 or 336-668-7746.

Retirement Planning for the Multi-Generational Workforce

Tuesday, October 16th, 2012

The following is a guest post from John McPhail. John serves Bank of Oak Ridge as a Business Relationship Specialist. He has more than 15 years of experience in the financial industry, including direct sales, marketing, and banking. “I guess I kind of learned HR the hard way when I ran my own business, but the experiences were invaluable. If it weren’t for a good HR mentor, I would have ended up a D.O.L. statistic”, said John.

As I sit here reflecting on the 2012 CAI Compensation and Benefit Conference, I can’t help but smile a knowing smile. This smile actually brings to mind a story.

One day Alice came to a fork in the road and saw a Cheshire cat in a tree.

“Which road do I take?” she asked.

“Where do you want to go?” was his response.

“I don’t know,”Alice answered.

“Then,” said the cat, “It doesn’t matter.”

It doesn’t matter…wow…what a tragedy. I submit that it does indeed matter. One might have all the skills and desire, but not be able to harness it or make a decision and act. Is this story about choice or direction? Maybe a little of both. More importantly, I feel, this story illustrates the power of purpose.

Purpose to me is the great “why” of the universe. The “why” of my “Retirement Planning for the Multi-Generational Workforce” presentation was simple. I wanted to engage a thought process that will enable everyone to visualize retirement as an eventuality, not just a possibility. Every employee needs to understand that with discipline, consistent contributions, and proper guidance, retirement can and will come to fruition.

With four generations working side by side, there is a need for specialized retirement planning specifically for your individual situation. Each generation has a unique way of seeing and interacting with the universe. Regardless of their approach, the four generations need different action items and respond differently to environmental changes.

Traditionalists were born between 1900 – 1945 and value saving their income coupled with paying cash for goods and services.

  • They represent 5% of the workforce.
  • Traditionalists perceive retirement as a result of 30 years working to retire and then living off their pension/savings. Their immediate financial needs are to keep what they have accumulated through proper distribution strategies. This has never been more evident than in 2008 when personal investments plunged due to the recession.
  • They need income producing investments with a fixed rate of return. Traditionalists will also benefit from having an actual retirement road map that is orchestrated and tracked by a proven financial professional. Healthcare is an important aspect of retirement to consider. Traditionalists need to understand Social Security planning and Medicare implementation.

Baby Boomers were born between 1946 – 1964 and adhered to the buy now pay later mentality.

  • They represent 45% of the workforce. Their biggest obstacle in retirement is the mentality of, “If I retire, who am I?”
  • Most of Boomers identity is from their career, and retirement can seem counter-intuitive to their sense of well-being and worth. With their “buy now pay later” mentality, they need help with debt resolution first and foremost. If you are a Boomer with a mortgage, you might have to continue to work or work part-time in retirement.
  • Baby Boomers need asset protection strategies as well as distribution strategies that will enable them to enjoy an inflation-adjusted income for life. Equity exposure should be at a minimum and they need income generating investments that don’t experience such volatility. Baby Boomers need a proven financial partner to team up and implement and track their financial plan. Social Security and especially Medicare education is a must for Baby Boomers.

Generation X’s were born between 1965 – 1980 and are the first generation not to do as well as their parents.

  • They represent 40% of the workforce and are conservative and cautious with their money. They also save more than the previous two generations.
  • They believe that since they have saved their money, they might retire early to try different experiences and may even change careers in the end. Generation X’s need a portable retirement plan with target date funds, auto-enroll, and automatic increases available. They need strategies in place to mitigate market volatility and education from a trusted financial partner.
  • Equities can be utilized, but they need to be monitored and coupled with some defensive strategies as well. Generation X’s have a better saving rate and could deal with some fixed investment choices to alleviate worry. A proven financial professional is key in keeping Gen X’s on track and motivated. Not surprisingly, Generation X’s need debt management and they need to avoid seeking the bigger, better deal.

Generation Y’s were born between 1981 – 1999 and value individuality.

  • They represent 10% of the workforce and earn to spend.
  • Their financial needs revolve around a need for consistent contributions to their employer-sponsored retirement plan. Active guidance is key to a Gen Y and they require routine feedback. Their financial needs are much like Generation X’s with a portable retirement plan. They would benefit from target date funds, auto-enroll, automatic increases, and a stable rate of return.
  • They are a bit more skeptical of Wall Street and seek a balance between steady growth and explosive returns in their retirement plan. They require flexibility in their financial plan and need active guidance and a regular report on the status of their account. They are very open to education as a tool for achieving their retirement goals.

My knowing smile in the opening of this article emanates from a belief that everyone, regardless of age, can be fiscally responsible. Don’t blame government or the lack of government. Don’t blame your income. Your attitude towards saving is a choice. You choose whether to be wasteful or frugal. Only you can control your spending and saving. If you can’t save for retirement, you don’t have an earning problem, you have a spending problem.

Find a financial partner, live within your means, have an attitude of gratitude and you will be on the road to financial freedom.

 John McPhail was a speaker at CAI’s 2012 Compensation and Benefits Conference. You can contact him at jmcphail@bankofoakridge.com.

Generation Y In The Workplace – How Will Your Company Adapt?

Tuesday, March 8th, 2011

Consistently changing business operations is not an unfamiliar topic, but a new outlook may be needed regarding the incoming workforce, Generation Y. Also known as the Millennial’s, Gen Y is the largest generation since the Baby Boomers, and researchers believe it may be the most educated generation in American history. With growing numbers now flooding the workplace at a rapid pace, it’s a good time for employers to explore the background and perspectives of these newcomers and how their work style will transform the future of business.

Lifetime employment – A generation accustomed to accessibility, these employees won’t be looking for your company to supply lifetime employment, as researchers report six out of 10 working Millennials have switched careers at least once.  Being immersed in constant change, Gen Y may eventually lack excitement and inspiration regarding day-to-day assignments and projects, and desire to move on to new and different tasks. To maintain employee retention, companies will need to recognize this Gen Y characteristic and provide employees with new challenges and opportunities for long-term success within the company’s walls.

Flexibility – A relaxed dress code and iPods during the workday are all part of the balance between work and personal life that Gen Y finds so important. This mentality doesn’t mean the generation is any less passionate about their career, but they desire to operate with more flexibility and less of a controlled environment. As telecommuting alternatives arise in the workplace, more companies have started to recognize this growing trend and have adjusted the definition of working from 9 to 5.

Financial intelligence – Most of Gen Y were students during the dot-com bust, giving them the opportunity to learn from educators the detailed impact of a financial crisis, and how to prepare and plan for such moments. Because classroom knowledge was current day news, Gen Y entered the workforce prepared to make financially savvy decisions early on. Your company benefits package will be a strong selling point for this generation as they are ready to plan for retirement sooner than later because of their realistic mindset toward finances.

Feedback – Gone are the days when annual reviews provided employees with enough feedback and discussion on performance levels. Gen Y has been surrounded with an educational environment of focus groups and open dialogue, where outspoken opinions could be expressed freely. Because this generation has relied on constant and open communication, it will be expected that future employers practice similar methods, evaluate performance frequently and provide consistent feedback for improvement.

For additional information, please call a member of CAI’s Advice and Counsel team at (919) 878-9222 or (336) 668-7746.