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Abstract
The purpose of this article is two-fold: first, to offer a strategic bridge between four distinct workforce generational cohorts; and second, to offer the means by which organizational management might use a total organizational rewards package to best recruit and retain them. The four cohorts are Traditionalists, Baby Boomers, Generation Xers, and Millennials. They have different, yet at times similar, workplace values leading to attitudinal workplace preferences. These workplace preferences, in turn, affect their motivation to join and to remain with a particular organization. Organizational reward practices can support these underlying workplace values and preferences. They are critical keys to the attraction and retention decisions made by these four different workforce cohorts. This article highlights these associations.
Keywords: Workforce generational cohorts, Organizational rewards packages, Workplace attitudinal preferences, Attraction and retention
Introduction
The indication of generational workplace values and attitudinal workplace preferences specifically impacts employee motivation to be attracted to and to remain with an organization. This is just one part of a vast literature on generational workforce matters (Gordon, 2010; Kapoor & Solomon, 2011; Luscombe, Lewis, & Briggs, 2013; Real, Mitnick, & Maloney, 2010; Solnet, Kralj, & Kandampully, 2012; Thompson, 2011). The empirical research derived mainly from cross-sectional designs and meta-analytical reviews is confusing and contradictory. This research has produced a myriad of identified various work-related values and workplace preferences across these different generations. This research has also raised the specter that targeted organizational interventions addressing generational differences may not be effective (Costanza, Badger, Fraser, Severt, & Gade, 2010; Jurkiewicz, 2000).
Research devoted to addressing the question of which organizational reward practices can be used to recruit and retain employees across all generations is relatively sparse. The standard research design for this type of investigation looks at reward practices for a specific generation rather than across multiple generations (i.e., Thompson & Gregory, 2012; Beechler & Woodward, 2009; Westerman & Yamamura, 2007; Nelson & Glassman, 2004). It is still not clear what value the notion of generational difference has for practicing managers. However, it is empirically clear that different generations of potential recruits and employees do have some similar as well as different workplace values and preferences. Are there enough differences in these workplace values and preferences among generations to warrant organizations taking...