Page 54 - Appreciating Organization's Biggest Assets

3. To analyse the differentiating Financial compensation is
factors that impacts the divided into direct salary, wages,
compensation and benefits of Gen incentives, and bonuses, and non-
Z and Gen Y in service sector. financial compensation is divided

Literature Review into benefits, transportation and
commuting facilities, insurance
Compensation schemes, vacations, and canteen
For the first time, there are five facilities. Compensation includes
generations working in the same issues such as salary and wages,
workplace, each with different job profile, job description and
pay and benefit expectations. As structure, incentives, bonus
organisations newest addition, Gen schemes, commission-based
Z (born 1996 - 2010), has caused programmes, retirement benefit
companies and organisations to programmes, health and insurance
reconsider the pattern of their benefits, leisure activities such as
benefits and compensation vacation and travel, and so on.
packages. (Faheem Ghazanfar, 2011) stated
Employees who provide services in his research that work motivation
or individuals who contribute to can be influenced by both
the business are both rewarded with satisfaction and compensation.
remuneration, which is known Gen Z
as compensation. Contributions
can include skills, talent, abilities, Generation Z Generations of
knowledge, and commitment/ people who were born in the 1990s
loyalty to the company or a specific and raised in the 2000s through the
project. most significant developments of
the century are referred to as the
Compensation is not limited to Generation Z. They live in a world
salaries or pay checks; it can also be where there is free access to the
in cash or in kind (in-kind). internet, smart phones, computers,
According to (Mobley, 1982) and digital media (Bascha, 2011;
research, compensation is a Brue Tulgan & Rain maker Inc.,
condition in which wages are 2013). The social web has been a
in accordance with the reality part of Generation Z’s upbringing,
of compensation received by they are focused on technology,
employees. Compensation appears and it defines them. The terms
in two ways: one internal and one Generation I, Gen Tech, Digital
external (P.Robbins, 1997). natives, Gen Wii, etc. are also used

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