"The challenge for organizations (to cater for generation X and Y) is that they have to have a way of evaluating performance that is not based on process and activity but on outcomes, and traditionally organizations do not do that well," Minns said.

"Hours and attendance are often proxies for good or bad performance and this model challenges that. Organizations need to find a way to measure their contribution to an outcome."

Asia Pacific human resources director at Unisys, Melanie Liang believes remuneration is still important but so too is brand awareness.

"Companies have had to alter retention and recruitment practices to not only get these people through the door but retain them as well; flexibility is the key," she said.

"We are currently working on a flexible working program globally in the Asia-Pacific region (comprising 14 countries) as people do not need to be in the office five days a week to produce outcomes."