Many Baby Boomers, those born before 1963, and Generation X-ers, those born between 1964 and 1980, consider an organization diverse if many different cultures are represented throughout the organization. In contrast, Millennials, those born between 1980 and 1995, believe an organization is diverse if many employees have unique backgrounds that promote different thought patterns and the development of creative ideas.
By 2020, Millennials will be 40% of the United States workforce. This incredible number of incoming Millennial workers requires companies to reevaluate their organizations’ diversity. It is important for those in the c-suite to examine all layers of compositional diversity such as racial diversity within their institutions, the percentage of women, including the percentage of women in leadership roles, and the proportion of different generations represented throughout the organization to name a few.
Millennial workers value multi-faceted diversity; organizations that acknowledge these factors will more easily acquire and retain members of this generation entering the workforce. Additionally, when these different factors are considered, companies will reap the benefits associated with diversity, such as more efficient innovation and more effective international business.