An evaluation of the remuneration preferences to retain knowledge workers in an integrated international energy and chemical company

Abstract

Topic/theme: This research is an evaluation of the remuneration preferences to retain knowledge workers in an integrated international energy and chemical company using the WorldatWork Total rewards model. Research Purpose: Organisations could benefit from understanding their employees preferential remuneration benefits, in particular knowledge workers in order to retain them. Motivation for the research: To understand the remuneration preferences for the retention of a group of knowledge workers within a large organisation based in South Africa. If this research in not conducted in organisations within South Africa, knowledge workers will continue leaving for preferential opportunities else where which will ultimately be detrimental for the future economic growth and development of South Africa. Research Methodology: Quantitative analysis - The population size was 1229 employees from a junior management role and higher. 199 employees voluntarily participated in the survey. The sample was selected via convenience non-probability sampling. An electronic based questionnaire was developed from the WorldatWork rewards model. The results from the surveys were analysed via various statistical methods i.e. descriptive statistics and inferential statistics. Main outcomes: There was no significant difference in rewards preferences based on the knowledge workers age, level of performance or number of years of service. There was also no significant difference between the knowledge workers number of years of service and their intention to remain with the organisation. From the analysis there was a significant difference between males and females for benefits, flexibility and performance development preferences. Contribution and value added: Knowledge workers reward preferences differ based on demographic variables such as gender.