Holidays, food and experiences - best ways to reward fun-loving Millennials

Generation Y, or ‘Millennials’, are some of the most tracked and surveyed spenders, and data shows that the spending behaviours of this generation are vastly different to previous ones.

These behaviour differences between generations provide important insights that can enable organisations to best tailor workplace practices and rewards to better suit individuals.

For example, a global survey commissioned by Dell and Intel found that over 60% of Millennials would rather receive high-tech perks at work over benefits such as free food and ping pong tables in the office. A separate survey from the Institute of Management at the University of St Gallen found that four out of five (79%) 16-24 year-olds, value long-term career enjoyment above earning a large sum.

With Millennials ready to make up 50% of the entire workforce by 2020, according to estimates, it’s important that business consider generational shifts when devising reward schemes, says Iain Thomson, Director of Incentive and Recognition, Sodexo Benefits and Rewards Services.