Gen Y: Making Sense of Cents

I was recently asked “Why don’t young people don’t count out exact change?”

Answer: because money is not important to the Millennials. There are other things that are more important to them, such as balance, experiences and meaningful work.

The Bookend Generation study shows that they are looking for “remixed rewards”. According to the Financial Times, “they place as much importance on having high-quality colleagues, flexible work, recognition, and access to new challenges as they do on compensation.” In other words, they are looking for rewards based on meaningful work.

This is a huge change from Gen X, who tend to like materialistic rewards. So how is a company supposed to motivate Gen Y, if they don’t value traditional, monetary rewards? By giving them meaningful work and a chance to make a contribution.

Here are some ideas on how to do that:

1. Gen Y value learning experiences: Give them a lateral move that allows them to be mentored with an expert in the field, or teaches them a new skill.

2. Gen Y value making a difference: Give them an opportunity to work on the socially responsible aspect of your organization, such as working with local communities.

3. Gen Y value balance: Give them a chance to learn new life-skills, such as teaching sports to the local youth.

4. 70% of Gen Y *expect* to get a 2nd degree: Allow them to work on another degree during work hours.

Most of these ideas will cost you very little, while strongly motivating your younger employees. You’ll be making sense of your cents!