3.1 Study Tools
The study conducted in two phases. Initially the researcher identified potential respondents using interviews based upon open ended semi structured questionnaire. The respondents were asked questions related with their demographics and to identify retention related parameters. The new entrants were asked the reasons they joined an organization. The major areas semi structured interview covered were derived from the study conducted by Hausknecht, Rodda and Howard (2009). The employees were categorized based on their ages to segregate the responses generation wise. The tool covered employee’s job satisfaction, extrinsic rewards, Constituent attachments, organizational commitment, Investments, Lack of alternative opportunities, company’s reputation, geographical location of the employer, career growth opportunities, flexi working hours, friendly working environment.
The outcomes of the study were categorized to conduct a detail quantitative study through closed ended five point likert scale based questionnaire modified from the same study that is used to conduct interviews (Hausknecht, Rodda and Howard, 2009; D'Amato and Herzfeldt 2008). The data collected from respondents and compared with findings from the interviews.
Research Hypothesis
H1: Perks and benefits are not equally effective for different generations to retain them on jobs
Ho: Perks and benefits are equally effective for different generations to retain them on jobs
Research Problem
The researchers proved that job satisfaction parameters for both old and new generations are vibrant (Hausknecht, Rodda and Howard, 2009; D'Amato and Herzfeldt 2008). This study has been conducted in Malaysian working environment to measure the reality of concept. The situation is complex in the context that employers, especially the seasoned companies are adopting same benefits and perks policies for all their employees (Ramlall 2004). The policies handle employees of all ages on the same pattern. Due to changes in technology and life styles, 21st century millennial generation demands that suits to their personalities (McGregor and Toronyi, 2009). Hence managers in globally leading companies are now reversed their roles from bossy style to facilitators for their subordinates. The approach is to facilitate innovation and creation of new ideas where employees are the source distinguishing core competencies for the company. The study has been conducted to analyze whether companies should offer customized fringe benefits and perks for all their employees or otherwise in Malaysian environment.
Independent Variable: Uniform Perks and Benefits
Independent variable for the study was perks and benefits employees of different generations received during their professional careers. Employees perks and benefits data was vibrant and difficult to handle through interviews. Different segments of the data were made to categorize data. The data was categorized into 11 retention parameters these are: employee’s job satisfaction, extrinsic rewards, Constituent attachments, organizational commitment, Investments, Lack of alternative opportunities, company’s reputation, geographical location of the employer, career growth opportunities, flexi working hours, friendly working environment. Since the same questions were floated to respondents belong to two different generations the data was summarized generation wise to compare the variations and prove or nullify the hypothesis. Respondents experience regarding benefits and perks are measured through different elements of questionnaire. Elements are merged and not divided in separate sections of questionnaire to avoid biasness of respondents. Five point likert scale used in both section other than demographic section. Multiple elements added in survey tool to cross check the employee’s responses.
Dependent variable: Retention of employees
Retention rate of employees was measured through interviews initially and later in detailed study the responses were recorded by floating same questions to the 300 respondents. The similar practice was adopted to summarize data for each generation. The retentions were identified by applying different statistical methods including averages, percentages, regression and correlation analysis. Impact of similar benefits on retention rate of both generations measured. I few of the cases employer’s has already devised different benefits and perks policies for new and old employees which was based on the basic difference in nature of jobs. Old or first generation employees were working on established processes and procedures developed with the passage of time whereas millennial generation employees were working either as their assistants or working on new ideas and Research & Development activities.
Respondents are required to answer multiple questions regarding their intentions to work with the current employer and willingness to long term stay with an organization in their professional career. Retention rate can be calculated both from the year of work experience with existing employer and willingness to work more with the existing employer. Hence multiple tricky questions were asked to obtain true opinion from the respondents in all three sections of questionnaire including open ended and five point likert scale choices. The respondents were asked to forecast their professional growth and willingness to achieve the desired level in how many years. The conclusions are developed on the basis of the data collected in different elements fixed in all three sections of questionnaire.
3.2 Sampling
Purposive sampling technique is used for both pilot study and detailed quantitative study to identify the potential respondents initially and later for comprehensive analysis. Purposive sampling or judgmental sampling is best used when research is clear with his or her target respondents or wanted to identify pool of qualified respondents. The sampling techniques are recommended for academic research where budgetary constraints are the important concern (Tongco 2007). The purposive sampling technique is used due to its suitability for both phases of research project. A total of 30 employees of three hierarchical levels, top, middle and first line managerial staff 10, 8 and 12 respectively were interviewed from different sectors of industries including cellular companies, general manufacturers, pharmaceutical companies and retail stores. Later for quantitative study based on the findings form the interviews a sample of 300 respondents was targeted out of which 250respondents completed the questionnaire. Majority of responses were either receiving notable perks or benefits in addition to their lump sum salary.
3.3 Research Phases:
There are three main phases of the study done which are segregated on the basis of different activities performed during the inception research and the data collection:
a. Inception Phase: Desk Study
Extensive literature review conducted to develop conceptual framework for the study. Attended different seminars and declamations on the topic. Discussions with senior research scholars and supervisor. The operational plan for study was devised by developing the semi-structured interview questionnaire. Contacts were developed to identify target population and sample respondents for interviews. Field visits were planned and logistics required for execution of interviews were arranged.
b. Data Collection Phase: Field Study
The interviews were conducted with the target respondents for the study. A pilot test interviews were arranged with 30 respondents to examine the qualitative significance of the research topic. The initial feedback was encouraging to further dig in depth the study topic. It was quite exhaustive to conduct interviews of a large set of target respondents and require a lot of financial resources. Moreover the recommended practices to validate the findings of qualitative study through quantitative data allow the researchers to explore further using quantitative approach. Five point likert scale questionnaire was devised to collect data from larger respondents. A target of 300 respondents was initially set for the study and questionnaire floated through digital and physical mediums including emails, courier services and in-person meetings. The data was further combined in Microsoft Excel worksheet for analysis. Average time consumed for interviews was 20-30 minutes and for structured questionnaire it was around 5-10 minutes.
c. Final Phase: Interpretation, Report Preparation and Data Analysis
The data collected was entered in SPSS initially to check the reliability of the questionnaire. The value of Cronbach Alpha was 0.78 and 0.84 for first section and second section of the questionnaire. After checking the reliability, Confirmatory Factor Analysis was done using AMOS. The data entered in SPSS was used for AMOS as well. The Confirmatory Factor Analysis was done to check the consistency of the construct of the instrument developed. Simple averages and were also used to find out the relationship between different questions and sections of the interview questionnaires to construct a holistic picture for the readers of this dissertation.
Procedure
Around 300 potential respondents of the study were selected based on the pilot study conducted through semi-structured interview process. 30 respondents were interviewed to categorize the generations. Three hundred structured questionnaires were floated using different mediums and after filtering out the incomplete questionnaire data of 250 qualified respondents was used to further analyze the study. The respondents belong to different industry including information and communication technology industry, general manufacturers, mega retail marts, pharmaceutical industry employees in Malaysia. Participants filled in the survey and ranked their attitude and experiences in organizational environment. Both initial semi structured interviews and survey questionnaire includes demographics questions, willingness to stay with current employer, motivation to work, satisfaction in working with immediate boss, learning and growth perspectives, benefits and perks, intrinsic and extrinsic rewards, training and development, succession planning, organizational commitment and other related questions. Participants were briefed about the scope of research and confirmed that personal identifiers will kept confidential and removed in publicizing the outcome of this research study.
Measures
Initial open ended questionnaire contain different questions to identify addressing the desires of perks and benefits for example name the things you wish your employer should offer you, where you want to see yourself after 5 years in this origination in terms of career growth? Retirement benefits, any specific reason you think that could be the reason to leave this employer? These questions were floated to develop the structure questionnaire in way that it could be covering all aspects of all generations for detail quantitative study. Analysis of findings from this survey helped to devise and modify the questionnaire.
3.4 Data Analysis
In order to do the analysis, the study was divided into three parts. The first part was the determination of potential respondents and their perceptions about the benefits and perks. Before proceeding to the second step, the Confirmatory Factor Analysis (CFA) was done to test the hypothesized model and reduce the variables. After CFA the second part was to measure thee dispersion of data using regression equation. After the collection of the data, the first section of the data was coded from 1 to 5 with 5 being Strongly Agree and 1 being Strongly Disagree. The mean of each questions in the data of 300 respondents was calculated. These questions included only those questions which involved variable extracted through literature review. The means provided the average thinking of respondents on the scale.
3.5 Limitations
The study is done by targeting the firms to study how do benefits and perks attract and retain employee in different generations. As possible during field study the interviews were taken from the respondents belongs to all three layers of management. However, like any other research based study existing has its limitations which are described as follows:
• Given the limited sample size of the project and the defined exposure, the results and conclusion of the study could not be exactly generalized to whole Malaysia. Whereas, the outcome will be visibly seems noticeable and same in the research area with similar social and economic, cultural and geological regions divided for the sake of the study. The outcome of the study is more suggestive than representative in nature.
• Since the perceived job satisfaction is variable to every individual due to his/her satisfaction preferences hence the instrument used to collect data may bring different results if applied to any other culture or country.
• It was felt that some of the respondents had general trend of hiding exact information due to various reasons whereas some of them were reluctant to talk about their company policies and practices. They are not allowed to share the company information to the general public. A few of them claimed unawareness and some individuals mentioned an information level which was either very low or high later on. Since it was a survey made by the management class there was no actual dimension and as far as quantifiable data and information were concerned. The recalling technique was used, which may not provide perfectly accurate results variations from the facts
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