Page 57 - Appreciating Organization's Biggest Assets

balance and constant support and organisations must provide an
feedback from top management. appealing compensation package.
Because they are accustomed to A compensation package is a
technology that provides them collection of different rewards that
with instant gratification, the can include tangible rewards such as
feedback provided should also be pay (base salary, variable pay, stock
instantaneous (Barnes, 2008). This options, etc.) and benefits such
generation also believes that there as health care, retirement savings,
are other needs that they would paid vacation, and so on; as well as
rather meet than a high salary intangible rewards such as learning
(Twenge, Campbell, Hoffman & and development and a satisfying
Lance, 2010). However, Anik et al. work environment (Gherson, 2001;
(2013) believe that most employees Jensen, McMullen & Stark, 2007).
prefer cash rewards (e.g., raises or Research Methodology
bonuses) because they can spend the
money on their wants and needs. With the purpose of achieving the
objective of the pay structure of Gen
A recent study on students’ pays Z and Gen Y and differentiating
preferences from the Faculty of factors of compensation and
Economics and Business in Zagreb benefits that effects Gen Z and
(Galeti et al., 2016 a) revealed that Gen Y. The descriptive research
students had a traditional outlook, methodology has been used for the
as evidenced by their preferences for study of a comparative study of
high base pay (typically attractive compensation and benefits and its
to older employees) as opposed effects on gen z and gen y employees
to a propensity for flexible pay in the service sector. As a result of
schemes based on performance. the research only secondary data
Employers will see a shift in how have been used and examined.
employees perceive themselves Secondary data have been collected
and their relationships with from books, journals, websites etc.
organisations as Generation Y
enters the labour market (Gherson, In this research secondary data
2001). “Increasingly, employees are has been used with the help of
behaving more like investors than primary data which some of the
assets, seeking the best return on organisations researched. The
their investment of time and energy companies data which is been used
with an employer,” writes Gherson are KPTCL, Bangalore, private
(p. 39). As a result, in order to institutions in the state of Selangor
attract and retain employees, and many more.

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