Total reward preferences: A quantitative empirical study of employee retention and attraction in SMMEs in South Africa
Date
2023-06
Authors
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Publisher
University of the Witwatersrand, Johannesburg
Abstract
Background: Compensation is a key factor in the attraction and retention of talent by the organisation. The reward or compensation that people receive in return for the work they perform within an organisation may consist of both monetary and non-monetary components. Understanding the rewards that specific employees prefer could help eliminate the costs associated with inappropriately designed rewards strategies.
Aim: To understand how Total Rewards programmes contribute towards attracting and retaining diverse types of employees; the research study aims to establish the differences in employees’ reward preferences and inclination to prefer Total Rewards Systems. The research study focuses specifically on employees within the SMME (Small, Medium, and Micro Enterprises) sector.
Methodology: The research study uses quantitative methods of collecting and analysing data. Quantitative research presents data collected numerically and enables the research to identify trends in the phenomena being studied.
Contribution: The research study’s intention is to add to the knowledge of successful reward practices and strategies that reflect the ways in which organisations attract and retain employees across the SMME sector. The research seeks to contribute towards the knowledge, capabilities, and effectiveness of the HR function to drive the knowledge that can inform better reward practices within the SMME sector.
Results: The results obtained indicate that a significant positive relationship exists between SMME employees’ preferences for specific rewards and their perception of the attractiveness of Total Rewards Systems which are related to their intention to either stay or leave their employer within the SMME sector
Description
A dissertation submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in fulfillment of the requirements of the degree of Master of Commerce in Business Sciences (Human Resource Management)
Keywords
Employee retention, SMME, Compensation, Rewards, Reward Strategy, Total Rewards Systems, UCTD
Citation
Mashele, Masingita. (2023). Total reward preferences: A quantitative empirical study of employee retention and attraction in SMMEs in South Africa [Master’s dissertation, University of the Witwatersrand, Johannesburg]. WireDSpace. https://hdl.handle.net/10539/38771