The Incentives that Will Retain Your Top Millennial Talent
Millennials, it seems, may not know exactly what they want. But they know what they don’t want. And they know when they’re not getting what they need from a workplace. They’re not going to stick around if it’s not offering them satisfaction.
You can put beer in the vending machine and a pool table in the break room. You can offer flexible work hours and telecommuting. But millennials want more and incentives can help you give it to them.
The incentives that will retain your top millennial talent are worth considering, if you want to keep top performing Millennial employees online and engaged.
While Millennials aren’t immune to the allure of luxury, they like their premium accommodations accompanied by environmental awareness and exciting opportunities to experience the destination.
If you’re planning a retreat and it involves Millennials, these are important considerations, if you’re looking to keep them interested. Particularly with respect to the environment, Millennials are not alone in their concern. Over 3/4s of today’s employees look at organizational records with respect to environmental issues when considering a role at any given company.
It’s a modern concern and for Millennials, it’s at the top of the agenda. So, consider moving outside your comfort zone when planning incentives involving Millennials in your organization. Think about taking them somewhere meaningful that appeals to these sensibilities.
Health and wellness.
In addition to the environment, Millennials are uniquely concerned with health and wellness issues. They think about what they eat and drink and make the effort to maintain a fitness regime. They avoid what they know is damaging to their health, choosing to do all they can to make the most of life.
That’s why health and wellness incentives, retreats and team-building events work for this demographic. Taking them to an all-inclusive resort won’t cut it. Millennials want to know they’ll have access to amenities like hiking trails, Yoga classes and excursions that challenge them physically.
Eco-resorts which offer regular Yoga classes are one route you can take, but those can get boring for Millennials. Think more along the lines of an adventure that incorporates elements of luxury, sustainability and wellness as the perfect Millennial incentive.
And you thought Boomers wanted it all!
Many of us have a picture in our minds of a Millennial with his or her face glued to a mobile screen. While it’s true that this is the wired generation, it’s also true that Millennials place one thing in life over all others.
Millennials, when asked whether they’d rather spend money on a thing that they wanted or an experience, overwhelmingly responded that they’d rather have the experience.
That’s an important window into the minds of your Millennial employees. Your incentives should be providing Millennial talent with the promise of a peak experience that can’t be duplicated. Whether that’s backpacking in the Andes, or riding a scooter through the streets of Rome, keeping experience in mind is key for this demographic.
Incentive Travel Group is the travel incentive leader. Contact us.