Indeed, there are differences:

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How important is the difference in generational mentality when creating a reward system?

The labor market is currently mainly represented by generations X (46.8%) and Y (45.6%). Baby boomers, having reached retirement age, have already largely stopped working – there are 7.1% of them left. Generation Z is just starting to work – so far its share is 0.5%.

The requirements for the remuneration system cambodia mobile database are based on the representatives of which generations work in the company. Thus, older workers value stability and the opportunity to improve their professional level more. For millennials and generation Z, the significance of their work is important, as well as the size of their salary.

Since motivation differs, the reward system should correspond to these preferences. The best option is an individual approach - do not assume that everyone thinks in the same categories. Therefore, it is advisable to conduct an analysis of the staff's attitude, based on the results of which you can determine the guidelines for the reward system.

The purpose of the reward system is the progressive development of the company - due to this, labor productivity increases, staff turnover decreases. However, in this matter, it is necessary to abandon templates and always take into account not only corporate interests, but also the desires of employees. Moreover, the incentive system must be regularly updated to maintain its effectiveness.