Learn more about the importance of millennials in the workplace and different ways employers can attract this younger generation, featuring an infographic by Pepperdine University.
As tassels are turned, thousands of college graduates are beginning their journey in the workforce. Seeing as these college graduates are millennials, they are unlike any generation before them, making it even more important for managers and business owners to understand and adjust to this new generation.
By 2025, millennials will represent nearly 75 percent 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. This impending majority makes it vital to understand their behavior by learning about their shared values.
For instance, Gen X’ers and baby boomers are known to prioritize structure and job security. Meanwhile, millennials prefer flexibility and employability. They generally consider compensation, flexible work schedules, and the opportunity to make a difference when searching for jobs.
Millennials are digital natives. They were born in the internet era and had early access to computers, making it not so surprising that 53 percent 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 percent 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 percent 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 ditch the hierarchy.
Flatten traditional organizational structures and ensure everyone feels they have a voice.
Companies that create a spirit of innovation and risk-taking, and get rid of bureaucracy will attract millennials. In fact, they believe that the biggest barriers to innovation are management attitude (63 percent) and operational structures and procedures (61 percent).
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 the 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, check out the infographic below created by Pepperdine University’s Online Master of Business Administration program.
