Abstract
Purpose: The research study explored the influence of the Fourth Industrial Revolution (4IR) on total rewards within the pharmaceutical industry, specifically focusing on Middle and Senior Managers as the sample. The study explored the total rewards that the sample find valuable based on their gender and generational cohort, ie, Baby Boomers, Gen X and Millennials. The study also investigated the influence of the Covid-19 pandemic on total reward preferences.
Design/methodology/approach: The research approach was qualitative. The case study method was used as it explores real-life phenomenon which allowed the researcher to focus on participants’ behaviours and interactions within their contexts. Exploration was used to gain an in-depth understanding of the participant’s thoughts, feelings, and perceptions. The study was based on a phenomenological philosophy, which sought to describe the lived experiences from the perspectives of the participants. Ontology was used to analyse the nature of reality as the assumption of the study was that lived experiences are created through an interpretive process located in an individual’s lifeworld. Interpretivism was used in the research study as the assumption is that people’s experiences are subjective, and their culture and history influence their truth and knowledge. Data was gathered by conducting semi-structured interviews, with open-ended questions, to gain insight into specific topics, such as 4IR, COVID-19, total reward preferences, age and gender. The interviews were audio recorded, transcribed and analysed using thematic analysis.
Findings: The findings from the study were analysed in relation to the literature findings on The WorldatWork Total Rewards Model, Generational Theory and Donald Super’s Career Development Theory, focusing on men and women of different generational cohorts. The research findings indicated that 4IR and Covid-19 influenced pharmaceutical industry employees’ total rewards preferences. The findings also indicated that total rewards preferences are dependent on an employee's age, gender and life roles. An interesting finding was that regardless of age and gender, all employees valued the total reward of well-being above all others but this reward was the most difficult to attain from their employer. Research limitations: The research study was conducted on a sample size of 11 participants as a male baby boomer declined to participate in the study, therefore, limiting the saturation of responses from Male Baby Boomers. The research study was confined to pharmaceutical industry employees. Future research should include a quantitative or mixed-method research study to ensure that the research findings are generalisable to non-pharmaceutical employees. Research should be conducted with participants from multiple companies and industries to obtain a wider range of inputs. Race should also be included as a criterion when identifying participants as White participants raised points regarding lack of job security and lack of growth opportunities due to their race.
Practical implications: The research findings will assist organisations and managers in determining total reward strategies that are fit for purpose to enable them to attract, retain, and motivate talent in a global 4IR market place The study will inform HR managers in the pharmaceutical industry regarding the total rewards preferences of employees, which could then be used to enhance attraction and retention strategies. The findings will enable companies to gain a competitive advantage in the labour market as they will be able to customise their reward strategies according to generational group and gender. The findings from the study may enable companies to become employers of choice.
Keywords: WorldatWork, Generational Theory, Donald Super’s Career Development Theory, total rewards, age, gender, life roles, 4IR, Covid-19.