Gone are the days when employees dedicated the better part of their lives climbing the corporate ladder, working 40-plus hours a week year after year with all their hopes pinned on an early retirement. That was the way our grandparents worked, and it’s being rejected by Millennials and, increasingly, Gen-Xers. To remain competitive, companies need to change with the times. They need to bring the workplace into the 21st Century to attract the talent and skills necessary for a competitive advantage.
For many Millennials, a job is not merely a means to an end. It’s an opportunity to fulfill their sense of purpose and to give back to the world. This is a benefit for everyone, as it means Millennials are more engaged in their work and, hopefully, more satisfied. But it also means that Millennials aren’t motivated by the Apple Watch (or other flashy tech gadget) the company gives to employees who reach their 10-year anniversary. Instead of waiting for those milestones, companies need to offer perks that build loyalty on a daily basis.