Total rewards strategy for a multi-generational workforce in a financial institution
- Authors: Bussin, Mark , Van Rooy, Dirk J.
- Date: 2014
- Subjects: Employee competitive behaviour , Incentive awards , Employee motivation
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/226744 , uj:22934 , Citation: Bussin, M. & Van Rooy, D.J. 2014. Total rewards strategy for a multi-generational workforce in a financial institution. SA Journal of Human Resource Management, 12(1):1-11. DOI: http://dx.doi.org/10.4102/sajhrm.v12i1.606. , ISSN: 2071-078X (online) , ISSN: 1683-7584 (print)
- Description: Abstract: Different generations may value and perceive employee rewards differently. This impacts on reward strategies in the workplace which have been specifically developed to attract, retain and motivate staff. A one-size-fits-all approach to reward strategy may not achieve the objectives intended, leading to direct and indirect financial implications for businesses. Research purpose: This study investigated whether perceptions of reward strategy differed across generations in a large financial institution in South Africa. This context was specifically chosen due to the significant competition to attract and retain staff that exists in the financial sector. To contribute to the practical challenges of reward implementation, the study investigated whether specific reward preferences associated with generation exist, and whether offering rewards based on these preferences would successfully attract and retain staff. Motivation for study: South African businesses are competing for skilled staff and rely heavily on a total reward strategy to compensate all generations of employees. Given the financial incentives to retain and attract the most effective staff, it is essential that reward strategies meet their objectives. All factors impacting the efficacy of reward strategies should be considered, including the impact of generational differences in preference. This is of relevance not only to the financial industry, but to all companies that employ staff across a variety of generations. Research design, approach and method: A quantitative survey design was used. A total of 6316 employees from a financial firm completed a survey investigating their experiences and perceptions of reward strategies. Statistically significant differences across different generations and reward preferences were considered...
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Understanding talent attraction : the influence of financial rewards elements on perceived job attractiveness
- Authors: Schlechter, Anton , Hung, Angel , Bussin, Mark
- Date: 2014
- Subjects: Employee retention , Incentive awards , Employee motivation , Employee competitive behaviour
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/226763 , uj:22936 , Citation: Schlechter, A., Hung, A. & Bussin, M. 2014. Understanding talent attraction : the influence of financial rewards elements on perceived job attractiveness. SA Journal of Human Resource Management, 12(1):1-13. DOI: http://dx.doi.org/10.4102/sajhrm.v12i1.647. , ISSN: 2071-078X (online) , ISSN: 1683-7584 (print)
- Description: Abstract: In order to attract knowledge workers and maintain a competitive advantage, it is necessary for organisations to understand how knowledge workers are attracted to different types and levels of financial rewards. Research purpose: This research investigated a set of financial reward elements (remuneration, employee benefits and variable pay) to determine whether knowledge workers perceived them as attractive inducements when considering a job or position. Motivation for the study: In South Africa there is a shortage of talent, largely due to high rates of emigration of scarce skills (human capital). Financial rewards or inducements are necessary to attract talent and it is essential to assess which of these rewards are most successful in this regard. Method: A 23 full-factorial experimental design (field experiment) was used. The three financial reward elements (remuneration, employee benefits and variable pay) were manipulated in a fictitious job advertisement (each at two levels). Eight (2 × 2 × 2 = 8) different versions of a job advertisement were used as a stimulus to determine the effect of financial reward elements on perceived job attractiveness. A questionnaire was used to measure how participants perceived the attractiveness of the job. A convenience sampling approach was used. Different organisations throughout South Africa, as well as corporate members of the South African Reward Association, were asked to participate in the study. Respondents (n = 169) were randomly assigned to the various experimental conditions (i.e. one of the eight advertisements). Data were analysed using descriptive statistics. A full-factorial analysis of variance was used to investigate if significant main effects could be found...
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