At That Point
  • home
  • about us
  • our services
  • our work
  • your resources
  • SA Industry News

Bridging the generation pay gap

14/3/2016

0 Comments

 
Picture
The fabric of the modern organisation is woven by people from a number of different generations. Generation X and Generation Y. The middle generation and the older with a smattering of the youth - each one has its own measure of reward. Each one has to be met on a different level in order for it to thrive in the corporate workplace. Recognising these differences and understanding the value of rewarding the generations on an individual level is of enormous value to the business, both in the short and long term, and more easily managed and controlled when there is a trained reward specialist on hand.
 
“Having an engaged workforce which works for more than just money is extremely valuable to any organisation,” says Martin Hopkins, Exco member of the South African Reward Association (SARA) and partner at PwC. “It also assists in attracting and retaining great employees. By customising the elements of the reward strategy to each generation, the company is able to extract the most value from its employee value proposition – or EVP – and this is where the reward specialist comes in.”
 
A reward specialist plays a vital role in ensuring the corporate reward strategy is in line with the overall business strategy and fits in with generational requirements. The differences between each are often far greater than management realises.
 
Work-life balance, positive personal impact and developmental opportunities are of significant importance to the younger generation. The middle generation is interested in career development, insurance, bursaries for children and time flexibility – rewards which map to their needs and families. The older generation is interested in retirement savings benefits and the more conventional aspects of a reward package such as pay, incentives and share or equity rewards.
 
“The first critical step is to recognise that different generations have different reward needs,” explains Hopkins. “The next is to understand these needs and to recognise which elements of the reward offering are most valued by different generations.”
 
It is more cost-effective for the organisation to customise the non-financial aspects of the employee value proposition to be in tune with specific employee segments than it is to try and satisfy all employees with a monolithic, singular offering. The company is in a unique position to take advantage of the multifaceted skill sets of each generation by recognising their strengths and establishing a culture which respects their individual contributions.
 
“There have been numerous studies undertaken which allow the reward professional to take a more granular and scientific approach to the generational differences,” concludes Martin. “Their skills and training allow them to truly harness the advantages and mitigate many of the generational challenges through well-structured reward programmes.”

ENDS
​

MEDIA CONTACT: Cathlen Fourie, 012 644 2833, cathlen@thatpoint.co.za, www.atthatpoint.co.za  

For more information on SARA please visit:
Website: www.sara.co.za  
Twitter: @SA_reward
LinkedIn: South African Reward Association
Facebook: SARA – South African Reward Association

0 Comments
    Welcome to the SARA newsroom. 

    Archives

    May 2022
    April 2022
    March 2022
    January 2022
    November 2021
    October 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    November 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    January 2019
    December 2018
    November 2018
    October 2018
    August 2018
    May 2018
    April 2018
    March 2018
    February 2018
    December 2017
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015

    Welcome to the South African Reward Association newsroom.

    Categories

    All
    2016 SARA Reward Awards
    2016 South African Reward Association Conference
    2021 SARA Reward Awards
    4IR
    ABSA
    Anglo AMerican
    Board
    Bridgestone
    CCMA
    Chris Blair
    Corruption
    Covid 19
    Covid-19
    Deon Smit
    Digital
    Disruption
    Dr Mark Bussin
    Dr Ronel Nienaber
    Economic Growth
    Economy
    Education
    Employee Empowerment
    Employee Engagement
    Employee Experience Management
    Employee Performance Management
    Employers
    Employment Equity Act
    Executive Bonuses
    Executive Pay
    Executive Remuneration
    Female Employees
    Financial And Non Financial Rewards
    Financial And Non-financial Rewards
    Fixed Pay
    Flexibility
    FNB
    Gender Inequality
    Gender Pay Gap
    Global Workforce
    Goldfields
    Governance
    Incentives
    Inequality
    Inflation
    International Mobility
    Jerry Botha
    Job Retention
    Job Security
    Job Seekers
    Kevan Hawley
    Khokhela Consulting
    Kim Lombard
    King IV
    Laurence Grubb
    Lindiwe Sebesho
    Living Wage
    Marie Claire Mclachlan
    Marie-Claire Mclachlan
    Martin Hopkins
    Mental Wellness
    Minimum Wage
    Morag Phillips
    Mr Price Group
    MTN
    Muhammed Goolab
    Nazlie Samodien
    Negotiating Salary
    Nicol Mullins
    Openserve
    Pay Discrepancies
    Pay Gap
    Peet Kruger
    Performance Management
    PwC
    Remote Working
    Remuneration
    Remuneration Resolutions
    Remuneration Voting
    Reward Awards
    Reward Systems
    Salary Negotiation
    SARA
    SARA Conference 2015
    SARA Conference 2020
    Shareholder Votes
    South African Reward Association
    Standard Bank
    Technology
    Termination Pay
    The South African Reserve Bank
    Total Reward Internship Programme
    Total Reward Package
    Total Rewards Model
    Total Reward Strategy
    UIF
    Vaccination
    Variable Pay
    Wage Freeze
    Wage Negotiations
    WFH
    Women In Business
    Women's Day
    WorldatWork
    World Of Work
    Yolanda Sedlmaier
    Zondo Report
    Zuma

    RSS Feed

CONTACT US

office [at] atthatpoint [dot] co [dot] za
© COPYRIGHT 2022
ALL RIGHTS RESERVED

  • home
  • about us
  • our services
  • our work
  • your resources
  • SA Industry News