What is the best way to improve the engagement and performance of employees of the new generation?

Let them teach you, not the opposite.

Great topic. One important aspect of the answer is related to the financial rewards for their performance. But short-term, transactional rewards promote short-term/transactional behavior like offer-shopping, lack of interest in strategic initiatives that will give results in a year or two, and so on. One solution is to gamify cash-based upsides for them based on their contributions and the company's future (2-4 years) cashflows (i.e. neither short-term/transactional bonuses, nor too far out and unpredictable returns like stock options) This royalty and gamification based model is enabled by VenEx, a SaaS product we just launched to this community. It is already helping businesses improve the engagement and performance of the new generation of employees. Let us know what you think of it!

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Empower them, encourage them and assigning tasks that aligns with their skills and passion while challenging them a little so they can learn and grow and feel a sense of fulfillment. Avoiding micromanaging, trust them in the process :)

Give your employees the power, encouragement, and the freedom to carry out their tasks. Challenge them and direct them in a way that will allow them to grow, become more confident, and feel fulfilled. Don't overdo it with micromanaging; trust in their ability to excel at their jobs.

My suggestions include: offering workout classes as company outings, offering fitness subsidies, providing meditation classes, stocking the kitchen with healthy snacks.

I suggest you offering workout classes as company outings, offering fitness subsidies, providing meditation classes, stocking the kitchen with healthy snacks. Regular employee engagement surveys encourage honest, open communication and let employees know that their opinions are valued. contribute to an engaged workforce by keeping employees healthy and happy. Giving employees the option to take mental health days is a great way to enable healthier lifestyles beyond the office. https://bit.ly/3FWKKgj

I believe that younger generation definitely places strong emphasis on company values and brand vision. It is important to work on something impactful and positive. Improving performance, in my opinion, is about making them share your vision and making the job feel "cool" to them :)