By 2025, millennials will represent nearly 75% of the workforce. That means in just under 10 years, the most diverse generation in U.S. history, with more college degrees than any previous employee generation, will make up the majority of the workforce.
Such a diverse pool of candidates means good news for businesses. Creating a team of workers with different qualifications, backgrounds, and experiences are all key to fostering a more creative and innovative work environment.
Of 321 large global enterprises surveyed in a Forbes study, 85% agreed or strongly agreed that diversity is crucial to fostering innovation in the workplace.
For instance, millennials are digital natives. They were born in the internet era and had early access to computers, making it not so surprising that 53% of millennials said they would rather lose their sense of smell than their digital devices.
This younger generation is also socially conscious and civic-minded, meaning appealing jobs include those where they can make a difference.
On top of being tech-savvy, global citizens, millennials also bring an entrepreneurial attitude to the workplace. In fact, this generation comprised 29% of all entrepreneurs in 2011 and is responsible for more than 100,000 startups every month.
With all of these traits in mind, employers should welcome the influx of these young workers into their ranks because they are likely to change the business for the better.
They were born to be innovators –– a trait that is crucial to ensure a company’s survival in today’s hyper-competitive environment.
So how can employers attract more millennials? Start by offering a competitive salary and opportunities for growth. 52% of millennials cited growth opportunities as a motivating factor when considering a job. In other words, they don’t want to wait three to five years for a promotion.
A second way to make a more millennial-friendly workplace is to make diversity part of the organization’s mission. 57% of employees think their organization needs to be doing more to increase diversity among its workforce.
Start by taking an active role in making diversity part of the organization and enlisting and involving all employees in diversity initiatives as well. Keep in mind that while millennials have strong work ethics, they are a bit more social and hungry for a community.
There is no reason why serious goal completion cannot be mixed with enjoyment of each task. Employers should make work challenging, exciting, and fun.
To learn more about the importance of millennials in the workplace and different ways employers can attract this younger generation, checkout the infographic below created by Pepperdine University’s Online Master of Business Administration program.