Managing and Developing Reward in Next Retail Company

By

[Name of the Supervisor]

ACKNOWLEDGMENT

I would like to take this chance for thanking my research facilitator, friends & family for the support they provided & their belief in me as well as guidance they provided without which I would have never been able to do this research.

DECLARATION

I, (Your name), would like to declare that all contents included in this thesis/dissertation stand for my individual work without any aid, & this thesis/dissertation has not been submitted for any examination at academic as well as professional level previously. It is also representing my very own views & not essentially which are associated with the university.

Signature:

Date:

TABLE OF CONTENTS

ACKNOWLEDGMENTII

DECLARATIONIII

CHAPTER 1: INTRODUCTION1

Background2

Company Introduction6

Statement of the Problem7

Purpose of the Study7

Significance of the Study to Future Research8

Significance of the Study to Leadership9

Nature of the Study10

Research Questions11

Hypothesis12

Theoretical Framework13

Definition of Terms16

Assumptions17

Delimitations17

Summary18

CHAPTER 02: LITERATURE REVIEW21

The new pay22

Changes in pay practices in Britain24

The construction industry25

The research methodology27

Reward survey results28

Reward systems for manual workers29

Reward systems for the non-manual workforce31

Discussion and conclusion33

CHAPTER 3: METHOD37

Research Method38

Research Design40

Appropriateness of Design40

Consent41

Confidentiality41

Data Collection41

Instrumentation42

Validity and Reliability42

Data Analysis43

Summary44

CHAPTER 04: FINDINGS AND ANALYSIS46

Research Questions47

Participant Description47

Data Collection Process48

Group Participant Analysis48

Study Findings52

Research Question 153

Group 1 - Male and Female53

Group 2 - Male and Female54

Males - Groups 1 and 254

Females - Groups 1 and 255

Research Question 255

Group 1 - Generation56

Group 2 - Generation56

Generation 1 By Group57

Generation 2 By Group57

Generation 3 By Group58

Generation 4 by Group58

Summary59

Next Retail Corporation Principles and Policies60

Basic hours60

Holidays60

Job Security60

Health and Safety61

Job Analysis61

Effectiveness62

Enthusiasm62

Values63

Support63

Growth63

Meritocracy64

Critics64

CHAPTER 05: CONCLUSION65

Conclusion65

Recommendations67

Recommendations for Leadership67

Future Research68

REFERENCES71

CHAPTER 1: INTRODUCTION

For the first time in history, there are four generations working together in a generationally diverse workforce. These four generations have been named Traditionalists (1922-1945), Baby Boomers (1946-1964), Generation Xers (1965-1980), and Generation Yers, also known as the Millenials (1981- 2000). Each generation has different work ethics and diverse expectations on how to be motivated and rewarded for accomplishing work. Moed (2007) noted there are five generations of workers as the Boomers are composed of Young Boomers and Woodstock Boomers, each with different work values. This is an alternate view from other authors. Smola and Sutton (2002) cited survey results of 350 individuals who responded, they would prefer, regardless of generation, work, and personal goals, the need for more balance between work life and personal life to bring job satisfaction.

Retail companies are tasked with capturing mindshare of the workforce while restructuring the business model to address the changing environmental scenarios. Each generation wants to make a productivity contribution while maintaining autonomy. Employee engagement has been a priority; senior executives have been challenged to motivate and retain a generationally diverse workforce. Lancaster and Stillman (2002) explored several aspects of generational similarities and differences and stated further knowledge about the interaction and needs of the generations can reap rewards for organisations. Generation X and Y workers will have as many as nine jobs before members turn 40 years of age (Moody, 2000). Generation X and Y workers have demonstrated a preference for work-life balance over recognition as a means of motivation. As Traditionalists and Boomers age and retire, a ...