Strategic Total Rewards Across Generations During Pandemic
Strategic Total Rewards Across Generations During Pandemic

Summary/Abstract: The reward system is crucial in pulling and preserving highly endowed employees, leading to high-quality performance. Many organisations still value systems where base pay and benefits are the significant components. The research study explored the influence of the Fourth Industrial Revolution (4IR) on total rewards within the pharmaceutical industry, specifically focusing on Middle and Senior Managers as the sample. A dearth of empirical research on the total rewards factors associated with the 4IR and employees’ perceptions of rewards in the pharmaceutical industry have been identified. A qualitative research approach utilised for the current study using phenomenology to explore the lived experiences of employees in the pharmaceutical industry about total rewards in the Fourth Industrial Revolution. The findings indicated that 4IR and Covid-19 influenced pharmaceutical industry employees’ total rewards preferences. The findings also indicated that total rewards preferences depend on an employee’s age, gender and life roles. An interesting finding was that regardless of age and gender, all employees valued the total reward of well-being above all others, but this reward was the most difficult to attain from their employer. The research findings will assist organisations and managers in determining total reward strategies that are fit for purpose to enable them to attract, retain, and motivate talent in a global 4IR marketplace. The study will inform HR managers in the pharmaceutical industry regarding the total rewards preferences of employees, which could then be used to enhance attraction and retention strategies.

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