Total rewards for attracting and retaining Millennials in the workplace post-COVID-19

Abstract

Orientation: Millennials (born 1981–2000) are set to shape South Africa’s banking sector post-coronavirus disease 2019 (COVID-19). However, their unique work expectations pose challenges for attraction and retention. Understanding Millennials’ total reward preferences is vital for enhancing competitiveness in the industry.

Research purpose: This study explores the total rewards that attract and retain Millennials in South Africa’s banking industry post-COVID-19.

Motivation for the study: The COVID-19 pandemic has transformed workplace dynamics, with remote and hybrid work becoming standard. As older employees retire, organisations face high turnover among Millennials. Addressing their reward preferences is key to improving talent retention and engagement.

Research approach/design and method: A qualitative, interpretivist methodology was adopted. Data were collected from 11 participants through semi-structured interviews.

Main findings: Five reward categories emerged as critical for attracting and retaining Millennials: (1) remuneration, (2) well-being, (3) development, (4) recognition and (5) benefits. Non-monetary rewards, especially flexible and remote work options, were highlighted as essential for achieving work–life balance.

Practical/managerial implications: Organisations must align reward strategies with Millennials’ needs and values. Failure to do so could perpetuate challenges in talent attraction and retention.

Contribution/value-add: This study offers valuable insights into Millennials’ shifting reward preferences in South Africa’s banking sector post-COVID-19. It provides actionable recommendations for leaders and human resource practitioners to develop reward systems that address generational expectations in an evolving workplace.