Although the job market hasn’t been better in 50 years, a national online study from daVinci Payments of over 600 employees from 18 to 38 found that Gen Z and Millennials are feeling dissatisfied and underappreciated at work. Forty-three percent of Millennials surveyed said they planned to leave their job within the next two years. Even more disenchanted with their current position are Gen Z workers, with 78% saying they plan to leave their current job within two years.
These two generations crave recognition on the job, the study finds. Appreciating these employees for their work, even in small ways, provides them with personal fulfillment and provides employers with employee retention. Millennial and Generation Z employees don’t feel their hard work is being recognized; 50% of employees surveyed feel that management does not recognize strong job performance.
But one thing they crave is recognition, according to a new study. And just about anything will do – 70% said they would stay at their job for another year if they were able to receive three $50 prepaid gift card rewards over a one-year period.
And an even higher percentage (79%) said that an increase in recognition rewards would make them more loyal to their employer.
What type of recognition and rewards are Millennials and Gen Z interested in?
In a few words: prepaid gift cards. Millennials and Gen Z expect to be recognized financially and will do just about anything for them.
- 75% prefer prepaid cards that can be spent anywhere
- 75% would use a substantial reward for everyday or emergency needs
- 22% would use a reward for a unique experience
And here are some of the thing they’d be willing to do for the gift cards:
- 70% would use three or less sick days for a 75% prepaid reward
- 87% would refer a job candidate for a $100 prepaid reward
- 90% would participate in a wellness program for a $25 prepaid reward
We’ve come a long, long way from a clap on the back and a “good job” from your boss.
“The vast majority of young workers in the U.S. are feeling a strong level of dissatisfaction with their employers, resulting in an urge to seek more rewarding and validating work outside of their current organization,” said Rodney Mason, daVinci’s Chief Revenue Officer in a press release.
“While some employers may see these young workers as disloyal or unmotivated, the truth is that they can be turned into an organization’s most enthusiastic and valuable resource when shown appreciation for their work and rewarded in the right way.”