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The impact of benefits and rewards on recruitment and retention: A quantitative analysis on Total Rewards in medium and large organisations in Ireland

Cafolla, Danielle (2021) The impact of benefits and rewards on recruitment and retention: A quantitative analysis on Total Rewards in medium and large organisations in Ireland. Masters thesis, Dublin, National College of Ireland.

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Abstract

The aim of this study is to analyse the attractiveness of elements of total rewards, and whether perceptions differ with differing generational and gender cohorts. As many organisations struggle to attract and retain top talent, it is important to understand what attracts and retains employees in Ireland. Previous research in the area has taken a qualitative approach methodology, with most studies focusing on financial versus non-financial reward. This study analyses employees’ preferences for financial or non-financial reward, however, adopts a quantitative methodology. Unlike CIPD and WorldAtWork, who target employers in many of their Total Rewards surveys, this research targets the employees working in medium and large organisations operating in Ireland.

The findings of this research are that there is no difference in preference between financial and non-financial rewards for employees of medium and large organisations in Ireland. These main findings are irrespective of generation and gender. When broken down into female versus male and Generation-X versus Generation-Y preferences for financial and non-financial rewards, there is a difference in the order of preference for various elements of each reward category. Service based reward increments such as merit and pay-for-performance is still considered to be attractive when looking for employment in other companies, however, is not a factor which entices employees to stay with their current employers. Employees feel that while their pay and benefits are fair versus their peers internally, they also consider their organisation's total rewards offering to be below the market average.

This study recommends organisations develop a pay strategy such as efficiency wages, or at a minimum, a living wage policy. Secondly, the study recommends a clear and transparent approach to its strategies to alleviate employee distrust of the system, while also ensuring that the performance management and reward system is equitable and fair. Finally, this study recommends that employers develop a mixed method approach to rewards and benefits, with core and fringe benefits and rewards, supported by flexible benefits to suit all ages and genders throughout their life with the organisation and beyond.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management > Human Resource Management > Employee Retention
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management > Human Resource Management > Performance Management > Reward Management
Divisions: School of Business > Master of Arts in Human Resource Management
Depositing User: Clara Chan
Date Deposited: 15 Dec 2021 16:00
Last Modified: 15 Dec 2021 16:00
URI: https://norma.ncirl.ie/id/eprint/5242

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