Rewards and recognition (R&R) programs play a vital role in the growth of every individual. It is also important for organizations as it helps to attract more talent and retain them. To make better decisions in the modern landscape, it is important to have an understanding of the Gen Z perspective regarding R&R. Their expectations and needs of recognition can significantly differ from the previous generations which is why it needs to be reevaluated.
While many traditional programs of recognition focus on promotions, bonuses, and accolades, Gen Z appreciates a more personalized approach with more opportunities for growth than just a certificate. Gaining respect from their seniors and peers along with timely feedback holds more value to them rather than offering generic prizes. Their unique habits, personality traits, and sense of achievement have changed with the evolving economic, social, and historical situations. Gen Z is the most ethnically diverse generation and is also technologically sophisticated.
Analysis and Actionable Insights Based on a Gen Z Perspective
According to recent research around 64% of Gen Z employees are seeking career growth from their full-time jobs while 44% want generous pay. More than 40% of the generation is willing to bring a change in the society. They value an ethical working environment where self-expression plays a vital role.
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Sincere and Individualized Recognition
Whether it is intrinsic or extrinsic, motivators play a vital role in recognizing Gen Z. While cash and other reward systems are the universally preferred choices, ranking is also considered quite effective and offers sincere recognition for the achievements of every individual. There is an increasing preference for autonomy among Gen Z employees who seek more appreciation for their performance.
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Willing to Wait for the Right Time of Recognition
Gen Z appreciates prompt results with transparency for their progress and they are willing to wait for it. They want to be acknowledged for their contributions and they are okay with waiting for the right time. Instead of rushing things, they are more loyal to the organization and have faith in their system of recognition. Recognition has significant value itself and they are willing to invest time for that.
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Individual Contributions and Team Achievements
Gen Z indeed prefers personal recognition more than anything. However, they also value team efforts and want their whole team or community to be appreciated with a sense of empowerment among all. They want to showcase their unique value and skills that help them be a part of the team.
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Collaboration and Culture of Appreciation
Fostering a culture of appreciation, Gen Z can easily blend with all kinds of generations and people which helps to gain more collaborative opportunities. The idea of shared accomplishment is also one of the greatest motivators for collaborative projects. It helps to acknowledge individual contributions where everybody is being a part of it. Recognition from fellow employees can help to motivate more than a thank you note from the CEO.
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Opportunities of Self-Improvement
The Gen Z prioritizes self-improvement and they desire for continuous growth. It is not just financial but they also want to learn more skills that allow them to survive in the highly competitive market. They want to have a sense of control in their overall professional journey and be the master of their domain. Their values of recognition help to strengthen the validation of their expertise in the field.
Undoubtedly, Gen Z wants to be appreciated for their work rather than just giving a raise. Feed their hunger curiosity and knowledge with the ideal recognition they deserve.
