Exploring the Importance of Rewards as a Talent Management Tool for Generation Y Employees

Abstract

The attraction and retention of talented Generation Y employees are becoming central management challenges as these workers’ careers appear to be short-lived in many organisations. The main objective of this research was to determine the reward and remuneration preferences of prospective Generation Y employees (N=209). The results showed that Generation Y employees prefer base salary, work-life balance and career development as the most important reward and remuneration practices. Savings and perks appeared to be the least important practice. Emphasis was also placed on a good working relationship with managers. Recommendations are made.

DOI: 10.5901/mjss.2014.v5n27p1100