engleski

Adapting reward strategies to millennials’ pay preferences

Millennials (Generation Y) are known for their different views, work values and motivational needs compared to generations before them. The paper analyses reward preferences of millennials in Croatia. Empirical findings, using data for 249 members of generation Y, revealed that respondents generally assign more importance to non-material rewards. Furthermore, we show that Generation Y is not necessarily a homogenous group. It was shown that women assign greater importance than men to recognition, job security, high-quality leadership, work-life balance and feedback information. Therefore, HRM managers should adapt reward strategies not only with respect to generational preferences, but individual characteristics as well.

generation Y ; reward strategy ; transactional reward ; relational reward ; motivation

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