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Pay rise not enough for millennials

Repeka Nasiko
Saturday, October 28, 2017

RETAINING a millennial in a workplace would require a number of innovative ideas that human resource officers need to be aware of, says FMF managing director Ram Bajekal.

Millennials are those born from 1985 onwards.

While speaking on strategies for millennial retention at the Fiji Institute of Human Resources Convention in Nadi yesterday, he said millennials were a diverse group of people who were important for a workplace.

"They would stay in a place where there is a high degree of trust," he said.

"Trust is something that everybody wants but the difference is the intensity of trust that they want.

"A millennial that finds trust in the workplace is 20 times more likely to stay in that place compared to someone who is a baby boomer.

"Baby boomers are those who prefer money over trust.

"What research shows is a millennial wants to leave after less than three years on a job.

"So it's important to find ways to retain them."

He said an attractive salary and pay rises were not enough for a millennial.

"Are they just saying something or are they really making a connection with them.

"How are the managers and their company linking their work and contributions to a broader purpose? Are they providing access to diverse areas of learning, development and opportunities?

"Short=term pay rises may work for a short period but they don't last forever.

"What they want is some sort of a feeling that what they are doing is special.

"Typically you will find good millennials gravitating to companies that are unique in many ways like disrupter organisations.

"They see that disruption is something very special and you will see that they will stay for a long period of time in these organisations."

He said charity work was an important part of a millennials' career path.

"They love to associate with where the organisational culture has a spirit of giving back to the community.

"If we want to attract the best talent or the best millennials we have to talk about what we are doing for the community.

"That is part of our challenge in the human resource department which is to be able to talk about what we are doing without sounding boastful but at the same time being meaningful enough.

"What millennials are also looking for is service-oriented focus, unwavering team support for employees in times of need or a reputation as industry leaders offering superior products and expertise."

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