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These private enterprise creations SMEs also play an important role in innovation and high-tech business, due to their flexibility and creativity. Their adaptability has resulted in many of them becoming large businesses. As we continue being resolute in our advocacy of SME development, emphasis should be put on the creation of a business friendly environment in which the transformation of the small enterprises towards a market economy should be pursued.

According to international business experts, it is shown that among the many business solutions proposed, business incubation seems to be one of the most effective means for assisting entrepreneurs in starting a new business, nurturing young enterprises, and helping them survive during the vulnerable start-up period.

Ladies and gentlemen, the number of business incubators is growing rapidly over the world, from at the beginning of the s to more than 8, worldwide today. By focusing on developing a new generation of entrepreneurs — incubators are helping to build companies that will create jobs and spark economic growth for years to come. These programs provide targeted business assistance to small enterprises at their earliest stages of development and as a result, new ventures have a greater-than-average chance of success.

Programme Director, as local, provincial and national government agents examine ways to create jobs and turn around struggling economies; business incubation programs are featuring prominently all over the world. Incubators like Smartxchange have been helping entrepreneurs turn their ideas into viable businesses, promoting innovation and creating jobs by providing emerging companies with business support services and resources tailored to emerging enterprises to increase their chances of success.

Although business incubation is still a relatively new industry, programs around the world have racked up impressive results that demonstrate the important role incubators play in stimulating economic growth and creating jobs. The South African government has recognized this and has announced business incubation programs as effective tools for creating jobs.

Clearly, we need to target our investments to those projects that will have the greatest return and create the greatest number of jobs. Small business owners in South Africa face rather strict governance and statutory circumstances thus starting and growing a business in South Africa becomes a challenge.

Table 1 indicates the gender composition of the sample with males constituting the majority at Table 2 indicates the race composition of the sample with the mixed race in the majority constituting The least represented race was Indian at 6. Table 3 indicates that the generation cohort composition of the sample, the generation X Xers , was in the majority constituting The least represented are the Baby Boomers at 4. Table 4 indicates the composition of the sample with the non-management group in the majority The management and non-management scales were determined through the Paterson job grading system which is a popular grading instrument that categorises jobs according to their level of complexity within the organisational structure.

Thus, the emphasis and use of the grading measure are on face validity as the instrument measures what it purports to measure and has been used extensively in practice. The reliability of Paterson is its consistency and its stability over time as the preferred grading system in practice. This was indicative of internal consistency and scale reliability of the Rewards Preference Questionnaire.

For the main survey, this included survey participants. Survey participants were given 2 weeks to complete the self-administered web-based questionnaire hosted by Google Forms. A reminder email was sent to survey participants 1 week after the survey was initiated and 2 days before the survey was closed, to encourage participation.

Participation was voluntary and no pressure was placed on participants to complete the survey. Participant responses were recorded anonymously to ensure confidentiality. Pseudonyms were used to hide the identity of the participants. After 2 weeks, the survey was closed, and the survey data were exported from Google Forms host to a Microsoft Excel spreadsheet.

The services of a university statistician were procured to assist with the data analysis. Stage 3 involved a general linear model — MANOVA, partial eta squared for effect size to test for significant differences between independent variables generations: Baby Boomers, Xers and Millennials and dependent variables reward factors to test the formulated research hypothesis. Measures taken to protect confidentiality included the survey questionnaire distributed by email to employee organisation email addresses with an embedded link to an electronic form developed using electronic Google Forms.

Both employee email access and the electronic form were password protected; data were non-identifiable information direct from respondents with consent collected by means of electronic Google Forms, electronically and automatically recorded in an electronic spreadsheet developed using Google Sheets; records will be stored on a centralised electronic password secured database on Google drive for 5 years.

Only the researcher and statistician had access to the recorded data. In addition, the statistician signed a confidentiality form. This is above the acceptable level of 0. The KMO measured 0. The PAF method was used to extract the factors based on the assumptions that the constructs were correlated.

The Oblimin with Kaiser normalisation rotation method was used to simplify the structure. Kootstra suggests that the pattern matrix is used to interpret the factors and structure matrix for corroboration. Thus, the bigger the sample and the smaller the loadings, the significant the factor. Table 5 presents the questionnaire items extracted from the World at Work Categories. A three-factor structure developed from the loaded items. An item loaded on a given factor if it was 0. Five items loaded on Factor 1 Career learning and development , two items loaded on Factor 4 Compensation and four items loaded on Factor 8 Performance and recognition.

Table 6 confirms which individual item of a factor measured the same factor or construct consistently. The reliability estimates were 0. This indicated good reliability. Consequently, differences between independent variables Baby Boomers, Xers and Millennials and dependent variables Factor 1: Career, learning and development; Factor 4: Compensation; Factor 8: Performance and recognition were identified to test the formulated research hypotheses.

This table provides the mean and standard deviation for the three different dependent variables Factor 1: Career, learning and development; Factor 4: Compensation; and Factor 8: Performance and recognition and the independent variable groups Baby Boomers, Xers and Millennials. Table 7 describes the mean, standard deviation and the total number of the sample used to analyse the factor structure investigated in the study.

For Factor 1 Career, learning and development , mean 4. The lowest mean 3. For Factor 4 Compensation , mean 4. The lowest mean 4. For Factor 8 Performance and recognition , mean 4. The first research hypothesis was formulated as follows: H Generational groups do not prefer financial rewards to non-financial rewards. H1: Generational groups prefer financial rewards to non-financial rewards.

The following rules were applied to test the hypothesis: If financial rewards Factor 4 total mean greater than non-financial rewards Factors 1 and 8 , then H01 is rejected and H1 is accepted. Consequently, H01 is rejected and H1 is accepted, meaning generational groups prefer financial rewards to non-financial rewards. The second research hypothesis was formulated as: H Millennials do not prefer non-financial rewards to financial rewards.

H2: Millennials prefer non-financial rewards to financial rewards. Consequently, H02 is accepted and H2 is rejected, meaning that Millennials do not prefer non-financial rewards to financial rewards. To test the third formulated research hypothesis, the Tests of Between-Subjects multivariate analysis was used see Table 8 for a detailed summary. Table 8 shows the F-values for the independent variables in the model.

The partial eta squared is used to interpret the F-value. In this case, the partial eta squared for Factor 1 is 0. The partial eta squared can be interpreted as 8. The significant level at 0. From the above analysis, it is evident that Baby Boomers, Xers and Millennials do not differ significantly about preferences regarding compensation, performance and recognition. However, preferences regarding career, learning and development seem to be progressively preferred by the younger generations.

For measuring MANOVA, which involves non-independent or repeated measures, the partial eta squared in Table 8 was used to indicate the size effect of the variance for Factor 1 Brown, For interpretation of the partial eta squared values, Brown suggests moving the decimal point two places to the right in each case and interpret the results as percentages of variance.

Discussion Outline of the results In testing the research hypotheses, H1 was accepted meaning that generational groups preferred financial rewards to non-financial rewards. This finding proves similar to earlier findings in the literature by Pregnolato et al. Moore and Bussin also showed that all the generations, except for the Baby Boomers, rated their compensation package as the most important aspect of rewards.

Furthermore, this study found that H02 was accepted, meaning that Millennials did not prefer non-financial rewards to financial rewards. This is similar to earlier findings in the literature where Moore and Bussin showed that all the generations rated their compensation package as the most important aspect of rewards except for the Baby Boomers.

The findings differ from Schullery who found that Xers and Millennials were significantly more interested in extrinsic and leisure rewards than Baby Boomers. In testing Hypothesis 3, the partial eta squared indicated a reasonably small size effect of the variance of 8. Despite the small size effect, it is notable that Millennials scored career, learning and development 4.

This is perhaps similar to an earlier finding in the literature where Sillery, as cited by Risher , stated that compensation best practices show that key drivers of Millennials commitment are related to perceptions of their careers current and future opportunity for pay, growth and job enrichment.

Practical implications Overall, the findings in this study support the concept of total reward, and in particular, the findings by Pregnolato et al. The only practical benefit for the organisation in using generational group segmentation in their total reward strategy will be in the insight that career, learning and development seem to be progressively preferred by the younger generations, where Millennials scored 4. In addition, a notable insight is that Millennials scored career, learning and development 4.

This has practical significance for reward strategy recommendations for motivating Millennials. Limitations and recommendations Limitations The respondents surveyed in this study were located in one large organisation in the fast-moving consumer goods industry. Inferences made about generational preference for reward in the fast-moving consumer goods industry are based solely on the representation of this one organisation.

The gender demographics of the respondents, However, the remainder of the demographics appeared to reflect the specific demographics of the organisation. The generational cohorts, It is uncertain to what degree these differences in cohorts will impact any comparison in findings. The absence of Veterans in this study could possibly be explained by the average retirement age across industries being 65 years and the approximate 6-year gap in studies. The Rewards Preference Questionnaire comprised questions derived from items extracted from the World at Work total rewards model with the following categories: remuneration cash and similar , benefits remuneration cash supplements , work—life balance organisational practices, policies and programmes supportive of employees , performance and recognition individual efforts towards the achievement of business goals , and development and career opportunities learning experiences and career opportunities.

Only the remuneration, performance and recognition, and development and career opportunities factors proved to be similar and had acceptable internal consistency and scale reliability in this study. Consequently, generational preferences for benefits remuneration and work—life balance could not be adequately tested against the research hypotheses.

Furthermore, the remuneration factor did not clearly differentiate between fixed and variable compensation to make any reliable reward strategy recommendations to this level of detail. Performance and recognition constructive and honest feedback on performance, monthly communication sessions about business progress, a balanced scorecard or performance agreement with agreed objectives is the second highest preferred form of reward amongst all generations.

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This article will explore generational diversity in the workplace in and its importance to organisations. What is Generational Diversity? Before understanding the importance of Generational diversity in the workplace we must unpack what generational diversity refers to. Put simply, generational diversity is the concept of having a wide range of generations in the workforce.

We have seen a trend where people are retiring later, so for perhaps the first time we have 5 generations in the workforce. This in theory should make it easier for companies to reflect the overall composition of the country and customer base. The 5 Generations in the workplace: 1. Traditionalists: Traditionalists are 70 years old and above and remain in the workforce generally as partners, managers, and senior support staff.

They are typically hardworking and loyal employees however they can be technology challenged. Baby Boomers: Baby boomers are people born between and They are also hardworking and are motivated by their position. They are dedicated and career-focused as well as loyal employees. However, they unlike traditionalists have been exposed to technology and are quite competitive in the workplace. Generation X: Generation X are individuals born between and They are highly independent and self-sufficient and although they may not be as tech-savvy as the younger generations but are quite comfortable with using technology.

Millennials: Millennials also known as Generation Y are individuals born between and They dislike being micromanaged and prefer working from home. They would much prefer finding the most effective way to complete their work with a work smart not hard mantra.

They thrive on innovation and have contributed significantly to the start-up mentality. They are extremely comfortable using technology and understand how to use it to their advantage. Generation Z: Generation Z comprises individuals born between and Their values and expectation differ slightly from millennials. Generally, Generation Z does prefer career stability and are the most tech-savvy out of all the generations which comprise the workforce.

Why is Generational Diversity important? Generational diversity as with other types of diversity such as cultural diversity in the workplace and gender diversity is important to balance an organisation. Managing diversity effectively allows companies to build a collaborative multigenerational workforce which has many benefits to an organisation. An organisation that embraces generational diversity in the workplace will create a strong workforce as each generation displays different strengths and once combined an organisation can benefit from them.

Below we will address how to ensure your organisation implements changes that will contribute to generational diversity as well as focus on the specific benefits of a multigenerational workforce. Review your recruiting practices: If you want to benefit from generational diversity, it all begins with recruiting new employees across generations.

You will need to ensure that your job ads do not contain any age discriminatory formulas. Another generational issue in the workplace is how different generations define success at work. Baby boomers tend to believe that working long hours is what defines success and value face-to-face interactions with co-workers. In contrast, millennials believe that innovation and flexibility are key ingredients for success at work.

Finally, each generation has its own educational background, which leads to a different approach to problem-solving and decision-making in the workplace. Most baby boomers were educated before computers became part of everyday life, while millennials grew up with computers and received a very different education than their predecessors did.

Communication Problems Each generation has its own distinct characteristics and ways they like to communicate. When you have up to five different generations in the workforce, there can be some communication issues between employees.

For example, if an employee likes to send emails to make sure everything is documented, but the person they are communicating with prefers a more casual text message or phone call, there could be some miscommunication. Older generations tend to prefer face-to-face communication and are frustrated when attempts at communication are ignored or misconstrued because of technology overuse. Younger generations rely on technology for communication, which can be difficult for older generations to understand.

Tips for Managing and Motivating Each Generation Managers are faced with the task of keeping their employees motivated and engaged. This is no easy feat, especially when you consider that up to five generations may be working side by side in one workplace. You can also encourage knowledge sharing by setting up mentorship programs within your organization or simply asking senior staff to take junior staff under their wings and teach them what they know.

If you have a younger employee, you might want to offer them a flexible work schedule, part-time hours, or lower pay for a few days per week so they can balance their job and other responsibilities. It is critical that employers adequately plan for these retirements so they can attract quality replacements with whom they can do business for many years to come.

Management Styles Should Accommodate Each Generation The most effective leaders and managers understand that different generations bring unique strengths to the workplace. The first thing millennials look for in a job is how well they will get along with a manager. More Resources There are five generations present in the modern workplace, each with unique expectations and perspectives.

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