Beyond pay: Rethinking millennial reward expectations in the post-COVID workplace

Orientation: The coronavirus disease 2019 (COVID-19) pandemic has reshaped workplace expectations, with millennials increasingly seeking more than traditional pay-focused reward systems. Flexibility, well-being, recognition and meaningful career growth have become central to how this generation defines workplace value. Yet, despite millennials forming a substantial share of the workforce, limited empirical research has examined how their reward expectations have evolved in the post-pandemic context, particularly in relation to hybrid work, mental health and work–life balance. Research purpose: This study explored how millennials redefine workplace rewards in the post-COVID-19 era, with the aim of informing more responsive human resource management strategies. Motivation for the study: The research was conducted in the South African banking sector, where pandemic-driven shifts have significantly altered workplace practices and employee expectations. Research approach/design and method: A qualitative phenomenological approach was used. Semi-structured interviews were conducted with 11 millennial employees (born 1981–1996, with at least three years’ work experience) in the South African banking sector. Data were analysed thematically. Main findings: Five interconnected themes emerged: (1) Compensation reimagined – personalised value beyond standardised pay; (2) well-being as a core reward – mental, physical and emotional support; (3) flexibility as the new currency of work – hybrid work as a baseline expectation; (4) development as an expectation – continuous learning as standard practice and (5) recognition as everyday motivation – frequent, peer-driven acknowledgement. These themes were consistently reflected across participants, suggesting strong data saturation. Practical/managerial implications: Participants described rewards as relational and motivational resources that signal fairness, respect and organisational commitment, extending well beyond financial compensation to include well-being, autonomy, growth and authentic recognition. Contribution/value-add: The study offers practical, contextually grounded insights to support the design of holistic, people-centred reward systems that strengthen millennial engagement and retention in the post-pandemic workplace.