The private sector is currently in the process of a major shift of power and workforce demand, as baby boomers continue to retire rapidly and millennials begin to make up the majority of staff populations across the United States.
The private sector is currently in the process of a major shift of power and workforce demand, as baby boomers continue to retire rapidly and millennials begin to make up the majority of staff populations across the United States. These two generations have dramatically different demands and preferences when it comes to recognition, employee rewards programs and more, and businesses must remain active in the pursuit of modernized engagement frameworks.
BenefitsPro recently explained some of the ways in which millennials diverge from their older counterparts in terms of demands in recognition, benefits and general engagement programs. It is not hard to imagine that Gen Y workers have far different behaviors and preferences considering the dramatical global changes that have taken place since baby boomers first entered the workforce.
According to the news provider, one of the first opportunities human resources professionals should recognize is contained within the immense level of social networking and communication that is characteristic of the millennial generation. The source argued that building structured rewards and benefits programs that leverage networking-related activities can be especially advantageous when managing these employees.
However, one point of note was that the average business does not appear to be ready to tackle these challenges on its own. BenefitsPro pointed out that studies have indicated that millennials remain the most misunderstood generation in the workforce today from the perspective of corporate leaders and decision-makers.
As such, many companies will benefit from using a professional provider of employee rewards program services, as well as other tools and supportive frameworks to strengthen the entirety of engagement strategies. This way, initiatives will be guided by the individuals who best understand the inner-workings of recognition, retention and engagement.
SOC 2 compliance can also impact engagement programs, as IT is increasingly relied upon for these initiatives. If you would like to learn more about the interplay between these frameworks, click here to download our white paper on the topic.