Recipe for success

A reward strategy must keep up with the workforce's preferences

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.

Considering future demographic trends, employees from Generation X and Generation Y will start to dominate the composition of the workforce. Employers need to consider the preferences and motivations of these generations in order to attract and retain talent, as well as to increase productivity. 
 

Reward strategy plays a key role in defining