Incentive - June 2008 - (Page 46)

One Size Does Not Fit All Segment Snapshot Analyzing recognition preferences by the ages • Traditionalists (63+): Are less willing to spend money on themselves so non-cash recognition is preferred. They prefer flexible schedules, health and fitness opportunities, entertainment tickets and technology items. • Boomers (44-62): Want to feel appreciated for the work they do and may leave a long-term employer if their contributions go unrecognized. They have an appetite for travel and luxury or health-related options. • Generation X (28-43): Embraces a balanced lifestyle with time for both work and play. They like gadgets and high-tech items and value flexible schedules and work-life effectiveness, including time off. • Generation Y (14-27): Looks for immediate performance feedback. Workers in this generation have lofty financial and personal goals and fully expect to fill this plate. They seek charity-related options such as time off to volunteer. Source: Alison Avalos of WorldatWork Intergenerational communication If the recently released Randstad USA World of Work 2008 report provides any indication, mingling among the mix of generations happens few and far between. In fact, a survey of nearly 3,500 adults reveals that 51 percent of Baby Boomers and 66 percent of older workers reported little to no interaction with younger colleagues. The lack of interaction creates challenges for senior executives trying to create a more cohesive corporate culture. Establishing an open dialog among the different generations can help deliver clarity instead of confusion for them and their managers. “It comes down to how much understanding a company has of its workforce. There is a need to conduct internal research and focus groups, or possibly send out employee surveys to get an understanding of who they have working for them and what are their work and reward preferences,” Avalos says. “Employers need to understand the motivating factors and see consistencies across generations and work from there so they can put together a solution that makes sense for the organization and its workforce.” Meaningful motivation Closer examination of the situation shows that the needs of the generations may not be so different after all. Melissa Van Dyke, a consultant for the employee engagement practice at Maritz in St. Louis, Missouri, says, “If you look at retention, the data tells us employees generally want the same thing— they want to feel aligned to the organization’s goals. They want to have quality management, good learning and devel- Generation Motivation “If you are a Baby Boomer or Traditionalist, try not to judge the emerging values. One of the problems facing managers or business owners is that they automatically make assessments, when what they really need to do is adapt and find the good in those values as well.” —John B. Izzo, co-author of Values Shift: Recruiting, Retaining and Engaging the Multigenerational Workforce 46 JUNE 2008 SPECIAL SECTION

Table of Contents Feed for the Digital Edition of Incentive - June 2008

Incentive - June 2008 Contents Editor’s Note In The News Cover Story: Seventh Annual Industry Roundtable Incentive Interview Case Study Soft Incentives Empowerment and Engagement The Incentive Career Incentive Primer Travel News: Where To Go and What To Do The Cook Islands Field Report: Bermuda Potentials: Here and Now 50 Top Motivators: The Best of the Best Electronics: High-end Audio Equipment Gift Cards: Should One Be Enough? Advertiser Index Off The Cuff

Incentive - June 2008

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