Total reward preferences and implications for the employee value proposition

Abstract

Orientation: Post-pandemic, voluntary resignations are on the rise due to various factors, shifting the power balance between employees and employers. Employees now expect more, making it crucial for organisations to understand evolving reward preferences and their impact on the employee value proposition (EVP). The EVP is a vital tool for retaining current talent and attracting new talent. Unfortunately, limited research leaves organisations without essential insights with which to adapt their EVP strategies. Research purpose: This study investigated employees' changing reward preferences post-pandemic, as well as the implications for the EVP. Research design: A quantitative, cross-sectional survey collected 142 responses, utilising a validated instrument adapted from existing literature. Main findings: The study yielded valuable insights into the dynamics of reward preferences, including distinct differences in both financial and non-financial reward preferences amongst various demographic groups. These findings underscore the importance of crafting customised EVPs to effectively attract and retain talent. Notably, the research found a positive correlation between individuals' total rewards preferences and their perceptions of the company's EVP, suggesting that aligning these factors could prove instrumental in fostering employee satisfaction and loyalty. Contributions: The study makes key contributions to human resource management, total rewards, and EVP research, and provides practical contributions relating to attraction and retention strategies