Total rewards strategy for a multi-generational workforce

The presence of different generations in a workforce can cause severalcomplications in terms of employee performance and rewarding a workforceeffectively. The preferences that each generation has towards a certain rewarddiffers and therefore nullify a homogeneous total reward strategy. The study is aimed at uncovering if there are any generational specific preferencesfor certain rewards; and if they exist, can a company use them to attract, motivateand engage their workforce better than with a standardised total reward packageas currently exists in the work environment. A quantitative study using a questionnaire as the data collection method wasperformed on a company in the South African financial industry, to determine ifthere is any evidence of a disparity in the preferences the identified generationshave to the same package of rewards. The sample size collected was 6 316respondents and the analysis of their responses were statistically completed. It was found that the different generation cohorts have different preferences tocomponents of the total reward package. As each of them value a reward diffently,a more strategic approach in using the total reward package should be consideredby the employer. © 2010 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria Please cite as follows: Van Rooy, DJ 2010, Total rewards strategy for a multi-generational workforce, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-07232011-130927/ > F11/589/ag