It doesn’t seem to matter which industry seminar or keynote you attend these days, eventually somebody at some point will bring up the subject of millennials. Mostly, it’s about their habits and expectations and how businesses need to adapt, but increasingly it’s also about how they fit into the workforce. To some, they epitomize tech-dependent laziness and overinflated self esteem. To others, they have an important skill set and offer a unique perspective that gives insight into a growing customer base.
And yes, we sometimes speak of them as if they were hatched from pods.
On Tuesday, March 8, at ITEX, Laura Blackmer, SVP Sales, Sharp Imaging Systems of America, delivered a thoughtful presentation on the very subject of millennials and, more broadly, how a more diverse workplace will ultimately benefit businesses in our changing demographic landscape.
Laura Blackmer, Sharp
Blackmer pointed out that currently only 30 percent of our workforce is comprised of baby boomers (the term given to those born between 1946-1964). Thirty-six percent of those are people of color, half of whom are Latino. Today, more women are graduating from college than men, and by 2020 there will be more women than men in the workforce. Millennials will make up 75 percent of the workforce by 2025. Also by 2025, one third of the United States will speak Spanish. By 2050, there will be no ethnic majority group in the country.
For Blackmer, these are statistics that cannot be ignored.
“If you’re not building an organization that covers this, you’re basically walking away from a huge pool of talent,” she warned.
To those who feel that diversity is just a feel-good buzzword used to enforce quotas, Blackmer says that there are good ways and bad ways of engaging in diversity. For her, this has nothing to do with the notion of political correctness.
“We need to continue to think of it as a positive,” she said. “I’m not here telling you this because it’s the right thing to do. I’m up here telling you this because it is a business issue. It’s an imperative.”
To emphasize this, Blackmer noted that companies that embrace diversity gain three important benefits.
One, as mentioned, is that it broadens a company’s pool of talent. Second, because customers are becoming more diverse as well, it allows their staff to engage with people who share the same experiences, background, and language.
“If it’s not enough to have a deep talent pool, it should be enough to keep selling,” said Blackmer.
The third and most important reason given to adopt a diversity plan is growth. Can diversity help you grow? Absolutely, said Blackmer.
She noted that there have been a multitude of studies that have examined (and supported) the relationship of diversity and company growth, but she cited one by McKinsey that was conducted across many industries. According to this study, companies that went more gender diverse were 15 percent more likely to grow, while those that went ethnic diverse were 35 percent more likely to grow.
“If that’s not a business imperative, I don’t know what is,” said Blackmer.
Blackmer also addressed the cultural changes currently shaping how we view the “American Dream” and how many millennials simply do not have the same priorities. She recalled what it was like when she was starting out at HP and her boss thought he “had her” because she had purchased a co-op.
“We can’t drive and motivate these people like that because they are not motivated by the same things,” she said. “It’s really important that we understand that.”
Blackmer discussed some of the many misconceptions and mythologies surrounding the millennials, such as their aversion to work. She pointed out that in many ways, they are the hardest-working generation in years, noting the high number of extracurricular activities they engage in and the hyper-competitiveness of the current academic system. She also spoke to the unique challenges they face, such as colossal student loan debt and the higher cost of living.
What makes them different, she says, is that they do not live to work. They have been raised to think independently and they value experience. Blackmer thinks that companies should build a supportive culture to bring out the best in them, and even maintain a revolving door policy in the case exceptional employees want to leave and explore other options.
“[These] are the people who are going to figure out how to do things better and faster,” she said. “[These] are the people who innovate. [Those are the people] who are going to get you there. You’ve got to give them a reason to do it. It’s a transaction; just like our transactions every day with our customers.”
For those still tired of all this talk of millennials, Blackmer had one last bit of advice.
“Just in case you’re feeling somewhat down by this, right behind this crazy generation is called Generation Z, and we won’t be around to worry about them,” she concluded.
