Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisation
Orientation: The generational diversity of employees evident in today’s workforce and the important role of reward in meeting a wide variety of needs to attract, motivate and retain employees for the organisation are a key strategic contribution. Research purpose: The purpose of this study was to ex...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
AOSIS
2020-08-01
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| Series: | SA Journal of Human Resource Management |
| Subjects: | |
| Online Access: | https://sajhrm.co.za/index.php/sajhrm/article/view/1244 |
| _version_ | 1818139211766693888 |
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| author | Dale Fobian Frans Maloa |
| author_facet | Dale Fobian Frans Maloa |
| author_sort | Dale Fobian |
| collection | DOAJ |
| description | Orientation: The generational diversity of employees evident in today’s workforce and the important role of reward in meeting a wide variety of needs to attract, motivate and retain employees for the organisation are a key strategic contribution.
Research purpose: The purpose of this study was to explore how, whether and to what degree employees from different generational groups differ about preferences on total reward components in the fast-moving consumer goods industry, for purposes of attraction, retention and motivation.
Motivation for the study: The rationale for this study was to explore and improve the understanding of reward preferences of different generation groups.
Research design and method: The research was a quantitative, empirical and descriptive study of reward preferences in an industry-specific context. A self-administered survey instrument was used and analysed using tests for internal consistency and scale reliability, various measures for factor analysis and a general linear model, involving a multivariate analysis of variance (MANOVA), to test for significant differences between independent and dependent variables.
Main findings: Baby Boomers, Xers and Millennials did not differ significantly about preferences regarding financial and non-financial rewards. Millennials do not prefer non-financial rewards to financial rewards. The variance, however, was not large.
Practical or managerial implications: The research results provide management with informed knowledge of the types of rewards that can be administered to employees of different generational groups to attract, retain and motivate them.
Contribution and value add: The research has added insight into the reward preferences of generational groups and made recommendations for improving reward strategy for the attraction, retention and motivation of employees in the fast-moving consumer goods industry. |
| first_indexed | 2024-12-11T10:24:29Z |
| format | Article |
| id | doaj.art-229caa16534b42d08f578dbbb612393c |
| institution | Directory Open Access Journal |
| issn | 1683-7584 2071-078X |
| language | English |
| last_indexed | 2024-12-11T10:24:29Z |
| publishDate | 2020-08-01 |
| publisher | AOSIS |
| record_format | Article |
| series | SA Journal of Human Resource Management |
| spelling | doaj.art-229caa16534b42d08f578dbbb612393c2022-12-22T01:11:14ZengAOSISSA Journal of Human Resource Management1683-75842071-078X2020-08-01180e1e1110.4102/sajhrm.v18i0.1244546Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisationDale Fobian0Frans Maloa1Department of Industrial and Organisational Psychology, Faculty of Economic and Management Sciences, University of South Africa, PretoriaDepartment of Industrial and Organisational Psychology, Faculty of Economic and Management Sciences, University of South Africa, PretoriaOrientation: The generational diversity of employees evident in today’s workforce and the important role of reward in meeting a wide variety of needs to attract, motivate and retain employees for the organisation are a key strategic contribution. Research purpose: The purpose of this study was to explore how, whether and to what degree employees from different generational groups differ about preferences on total reward components in the fast-moving consumer goods industry, for purposes of attraction, retention and motivation. Motivation for the study: The rationale for this study was to explore and improve the understanding of reward preferences of different generation groups. Research design and method: The research was a quantitative, empirical and descriptive study of reward preferences in an industry-specific context. A self-administered survey instrument was used and analysed using tests for internal consistency and scale reliability, various measures for factor analysis and a general linear model, involving a multivariate analysis of variance (MANOVA), to test for significant differences between independent and dependent variables. Main findings: Baby Boomers, Xers and Millennials did not differ significantly about preferences regarding financial and non-financial rewards. Millennials do not prefer non-financial rewards to financial rewards. The variance, however, was not large. Practical or managerial implications: The research results provide management with informed knowledge of the types of rewards that can be administered to employees of different generational groups to attract, retain and motivate them. Contribution and value add: The research has added insight into the reward preferences of generational groups and made recommendations for improving reward strategy for the attraction, retention and motivation of employees in the fast-moving consumer goods industry.https://sajhrm.co.za/index.php/sajhrm/article/view/1244generational theorygenerational differencestotal rewardstotal reward strategycompensation |
| spellingShingle | Dale Fobian Frans Maloa Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisation SA Journal of Human Resource Management generational theory generational differences total rewards total reward strategy compensation |
| title | Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisation |
| title_full | Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisation |
| title_fullStr | Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisation |
| title_full_unstemmed | Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisation |
| title_short | Exploration of the reward preferences of generational groups in a fast-moving consumer goods organisation |
| title_sort | exploration of the reward preferences of generational groups in a fast moving consumer goods organisation |
| topic | generational theory generational differences total rewards total reward strategy compensation |
| url | https://sajhrm.co.za/index.php/sajhrm/article/view/1244 |
| work_keys_str_mv | AT dalefobian explorationoftherewardpreferencesofgenerationalgroupsinafastmovingconsumergoodsorganisation AT fransmaloa explorationoftherewardpreferencesofgenerationalgroupsinafastmovingconsumergoodsorganisation |