Strategies for Keeping Employees Motivated in Each of Early and Late Career Stages.
Motivation is a crucial tool to retain and bring the best out of human capital of an organization. Most successful organizations plan their motivational strategies based on employee needs and requirement. Likewise, motivational strategies may differ for employees in early career from that of late career workers. In Australia the working population is mainly comprised of the baby boomers (members in the generation of 1950s). However as this age group is nearing retirement it is highly essential to motivate the late career workers as well as the early career workers who enter in to the work field. Late career workers are defined as employees above 50 years of age and nearing retirement. Early career workers are defined as employees between 15 and 25 years of age or the generation Y. (New Generations at work, 2006)
To increase motivation of employees, organizations can design a compensation and benefits plan that would suit the needs of workers in different career stages. Financial rewards are a critical motivational factor for both age groups. Despite this, generation Y workers are more influenced by financial rewards than the Baby boomers. This is because late career employees are more financially stable than the workers who are new to work environment. Late career workers will be more motivated through programmes like ownership, where employees are awarded with the chance to become part owners or shareholders of the organization. This would motivate the employees to work harder so that the organizational profit would increase, in the end increasing profit for shareholders. The profit of this stock ownership programme can be seen only after shares are sold in the market (De Cieri and Kramar, 2005). Hence, this plan motivates late career workers to increase organizational performance and share value in the market. For example: in law firms, employees that bring in a certain number of clients to the firm are awarded by providing the chance to become partners with
To increase motivation of employees, organizations can design a compensation and benefits plan that would suit the needs of workers in different career stages. Financial rewards are a critical motivational factor for both age groups. Despite this, generation Y workers are more influenced by financial rewards than the Baby boomers. This is because late career employees are more financially stable than the workers who are new to work environment. Late career workers will be more motivated through programmes like ownership, where employees are awarded with the chance to become part owners or shareholders of the organization. This would motivate the employees to work harder so that the organizational profit would increase, in the end increasing profit for shareholders. The profit of this stock ownership programme can be seen only after shares are sold in the market (De Cieri and Kramar, 2005). Hence, this plan motivates late career workers to increase organizational performance and share value in the market. For example: in law firms, employees that bring in a certain number of clients to the firm are awarded by providing the chance to become partners with