An Exploratory Study of Reward Management Systems; Millennial's vs Generation Z. A Qualitative Study

Abstract

The aim and objective of this research study is to investigate reward management systems in the context of two generational cohorts, millennials and generation Z. The researcher utilised secondary research to develop a clearer understanding of reward management systems and how it essentially motivates and satisfies employees. The researcher then examined the characteristics of millennials and generation Z in order to identify if each generational cohort tended to desire the same or different rewards. Both intrinsic and extrinsic rewards were examined. This research study adopted a qualitative method and the data was collected through semi-structured interviews. The sample size of the study included six participants ranging from the ages of 21-36 years old. The participants were selected from different employment sectors in order to ensure varying perspectives were reflected; and to gather a stronger insight into the various reward management systems currently being offered by organisations. The analysis of the findings indicated that both generational cohorts were not entirely clear regarding their respective understandings of reward management systems, inevitably resulting in a range of opinions being offered. One of the core findings from this section was conflict and competitiveness exists between millennials and generation Z participants and the different rewards that both generations desired. The participants discussed the various challenges, opportunities and innovations they believe Human Resource professionals will be confronted with in the future such as managing four generational cohorts, social media and flexible working hours. The discussion between the literature review and the findings from the study relayed both similar and contrasting opinions with regards to millennials, generation Z and reward management systems. Finally, the conclusion includes an overview from both primary and secondary findings. The researcher provided recommendations for both future researchers and employers on potential reward management systems and the two generational cohorts concerned, millennials and generation Z.

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