Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Gen Y, also known as Millennials, refers to the demographic cohort born between the early 1980s and the mid-1990s. This group has grown up with technological advancements, globalization, and changing societal values, making them a unique and influential generation in the workplace.
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Gen Y employees are known for their desire for meaningful work, flexible work arrangements, and a positive work-life balance. They also value recognition and feedback from their employers and seek opportunities for growth and development.
Gen Y employees value a positive work culture that fosters collaboration, innovation, and transparency. They seek out employers who are committed to social responsibility and environmental sustainability. They are also attracted to companies that offer work-life balance and opportunities for personal and professional development.
To engage and retain these employees, companies need to develop effective recognition programs that leverage technology to deliver personalized, timely, and relevant rewards and recognition. Companies should also provide opportunities for social recognition and feedback, and offer non-monetary rewards such as time off, flexible work arrangements, and experiences. Additionally, it's important to communicate the recognition program effectively to employees and track its impact on employee engagement and retention.