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Related Experiment Videos

Communicating total rewards to the generations.

Leah A Reynolds1

  • 1Total Reward Communication, Deloitte Consulting, LLP, USA.

Benefits Quarterly
|June 28, 2005
PubMed
Summary

Understanding generational differences in the workplace is key for employers. Most workers across all four generations value "soft cost" rewards over financial incentives.

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Area of Science:

  • Workforce demographics
  • Human resources management
  • Organizational psychology

Background:

  • The American workforce currently includes four distinct generations simultaneously.
  • Employers face challenges in attracting and retaining talent due to diverse generational needs.
  • Understanding generational values is crucial for effective employee motivation.

Purpose of the Study:

  • To explore the motivations and values of different generations in the workplace.
  • To provide guidance for employers on creating an inclusive and motivating work environment for all employees.
  • To identify commonalities in generational preferences for workplace rewards.

Main Methods:

  • The study analyzes generational cohorts present in the contemporary workforce.
  • It examines employer strategies for talent acquisition and motivation.
  • The research focuses on the types of rewards valued by different generations.

Main Results:

  • Generational cohorts exhibit distinct values and priorities.
  • A surprising finding is the shared preference for "soft cost" rewards across generations.
  • Financial incentives ("hard dollar cost" items) are less valued than non-monetary benefits.

Conclusions:

  • Employers must adapt their strategies to cater to a multi-generational workforce.
  • Focusing on "soft cost" rewards can enhance employee satisfaction and retention.
  • Creating a positive work environment that values all generations is essential for organizational success.

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