Inclusive employee rewards for all generations
2 May 2024
Last week, the world celebrated Global Intergenerational Week, a campaign that encourages us to view the relationships between older and younger people as essential. There’s much to learn from each generation, especially in the workplace, with the older generations acknowledging that the younger generations have just as much to offer them, seeing a rise in reverse mentoring. While connection and relationships are essential, employers must also recognise the differences between generational needs, ensuring their employee rewards and recognition strategy is inclusive.
In April 2023, we explored how to bridge the generational divide in the workplace, sharing the known traits of each generation and their different financial wellbeing needs.
Today, we’re focusing on how to make employee rewards schemes inclusive of different generational interests and needs.
The importance of employee rewards
Rewarding and recognising achievements with employee rewards is an incredibly impactful way to express employee appreciation - and essential!
66% of employees say they would quit their jobs if they felt unappreciated.
Appreciation boosts employee engagement, increasing loyalty, motivation, and productivity. Engaged employees help your business thrive, and companies with high employee engagement deliver 147% more earnings.
Understanding the generations
Want to know what makes each generation tick? Click here.
Everyone is different, but there are common characteristics and preferences found among each group.
Interests, passions, and hobbies span generations, and there will always be common ground, but those a little longer in the tooth, who’ve been in the workplace many years, may have a different perspective than those with fresh eyes.
In a soon-to-be-released podcast, Pluxeer, Debbie Evans tells us about her favourite employee benefit - our Annual Leave Purchase Scheme.
I would rather have time with the people I love and make memories with the people I love than have all the money in the world and have no time to spend it. Debbie Evans, Pluxee UK
Not to be confused as a reward. Our Annual Leave Purchase scheme is a benefit your employees can access by giving up a portion of their salary. It’s Debbie’s feedback - the importance of time - that we're applying to this conversation.
A member of Generation X, Debbie is at a place in her life where she’s happy to forgo pay to have more time with her family and is not alone. Noel Quinn, Group CEO of HSBC, has recently announced his retirement, citing the need to find a work-life balance (HR Grapevine).
Debbie may be happy to make the most of her Annual Leave Purchase scheme - which saves your business money - but what if she didn’t have to? What if she was able to choose time as her employee reward?
It’s worth considering, and it’s also essential to note that a work-life balance is desired by all, with Gen-Z demanding it as standard.
Inclusive employee rewards
If you want to know what employee rewards your people will love most, ask them. Getting data from your workforce is essential as this information feeds your strategy, helping your employee rewards scheme yield a return.
Some may appreciate the gift of time, but for others, money still talks - especially during the continuing cost-of-living crisis.
Employee rewards for every generation… eVouchers!
eVouchers are one of the most popular ways to deliver employee rewards, especially when you tap into our network of over 150 retailers and even more so when you allow your employees to choose where to spend them.
Take a peek at some of the retailers on board and how our eVoucher Codes and eVoucher Cheques differ here: The art of rewarding your people at Christmas.
It’s a little early to start planning for Christmas - potentially - but eVouchers are perfect for every employee reward and gifting occasion, no matter the time of year.
Employee rewards that deliver more… our Virtual-First Pluxee Card!
Our Virtual-First Pluxee Card is the gift that keeps on giving, allowing you to stretch your employee rewards budget even further. We've partnered with over 80 retailers to enable your employees to earn up to 15% cashback when they pay for goods and services with their Pluxee Card.
Powered by VISA, your employees can use it online or in-store, worldwide, wherever VISA prepaid is accepted.
As a Virtual product, it’s an eco-friendly employee rewards solution that lives in your digital wallet. With no need for a physical card, it reduces your carbon footprint.
People want to work for businesses that act responsibly, creating a company culture with CSR at its core. Another cross-generational theme is rewarding your employees’ loyalty and efforts by making their world a better place for them and the generations that will follow.
Looking for more ways to engage employees, bridge the generational gap and reward with meaning? Head over to our Reward & Recognition section on our blogs for more information and inspiration.
Our Employee Benefits & Wellbeing Strategy Guide is also a valuable resource, helping you unpack the strategy behind making employee benefits impactful and sustainable.
Pluxee UK is more than an employee benefits provider. We’re dedicated to providing resources that help you help your people. Arrange a call with one of our employee engagement consultants today.
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