The Importance Of Work Values

Analysis

Theoretical Evidence

According to the Society of Human Resource Management (SHRM), work value is one of the most significant source of differences among generations (Burke, 2004), and a major parameter of each generation in making their career options (Judge, 1992). Friedell et al. (2011) drew the conceptual definition of intrinsic work values from Lyons et al. (2005), deciphering these values as placing high priories on individual fulfillment, learning opportunities, personal responsibilities and intellectual challenges, as compared to extrinsic work values which emphasize on tangible rewards. In formulating the positive correlation between the fulfillment of intrinsic work values and workplace retention in developed economies,

Those from upper or upper-middle class tend to put less emphasis on extrinsic rewards and more importance on fulfillment of intrinsic values, compared to those from lower or lower middle class. The manager confessed that it is easier to engage and retain the latter with compensation and employee benefits. More effort is required to retain the former, and management strategies need to be changed to be in line with their intrinsic needs. A family’s social class is a miniature of a nation’s economic status. Such an observation is hence in line with the research direction that millennials in the developed economies value more intrinsic

On the other hand, interviewees also presented ambiguous definitions of intrinsic values. While altruistic values refer specifically to helping others and society through work, social values relate to the sense of belonging or to be connected in workplace (McClelland, 1985). The delicate difference between intrinsic values and these two non-extrinsic values might result in inaccurate formulation of the hypothesized correlation. The isolated effect of intrinsic value as a contributing factor to workplace retention is thus