Cash or Compliment? Older employees preference of financial versus non-financial incentives

Resulting from the emerging importance of population ageing, the last several years an increased amount of academic interest has been located in the area of motivation of older employees. In this context, job satisfaction has been used as one of the measure to evaluate older workers wellbeing in the organization. The aim of this paper is to investigate the preference of financial and nonfinancial incentives among older employees and their impact on job satisfaction. A total of 351 employees aged 40 years and over working in the telecommunication industry in the Republic of Macedonia, have been included in the study. The results indicated that although both types of incentives are positively related to job satisfaction, financial incentives tend to be stronger predictors. In addition, managerial position, tenure and intrinsic motivation have been positively related to job satisfaction among older employees as well. The current research seeks to decrease the research gap concerning the ageing workforce in developing economies and contribute to the increased understanding of these growing age group of employees.