“I don't get out of bed for less than a milliondollars.”

This quote summarizes the culture of entitlement many assume isrife in the millennial generation. In fact, in HR offices acrossthe country, managers, and recruiters complain that millennials arelazy, selfish, and entitled.

That perception is wrong.

Time and time again, studies has shown that millennials (now thelargest generation in the workforce) are more productive, creative,and tech-savvy than any generation before them.

And by the way, it wasn't a millennial that said “I don't getout of bed for less than a million dollars.” It was Bruce Willis,in a bad action movie.

What Makes a Millennial a Millennial?

So how can companies and HR departments get the most out of themillennials working for them? Millennials, also known as Gen Y,have come of age in an entirely different economic climate thanprevious generations. Their expectations for their careers andtheir relationship with their employer is different than what HRhas seen in the past, and it is necessary for HR to tap into andadapt to what motivates the millennial generation.

Doing so will push a company forward and drive the bottom line.Failing to do so will be cataclysmic to the corporate culture andthe organization's ability to effectively propel growth.

Millennials have grown up during a time in which technology isprevalent in their lives. They are comfortable with technology in away that their predecessors are not. It infiltrates their everydaylife: from how and where they work and how they consumeentertainment to how they interact with their friends andfamily.

Many see social networking platforms as an extension ofthemselves and their careers. Millennials really view themselves asthe CEOs of their own careers, no longer beholden to sloggingthrough the 9-to-5 in order to move up the corporate ladder. Theyare proactive and aggressive in pursuing their next bigopportunity, and they view social media as a way to promotethemselves and their agenda, their calling card to theworld.

In fact, millennials have moved the needle in terms of work-lifebalance. They don't expect to sit in their cubicles from 9 to 5.They want flexibility in their work location and hours. However, onthe flip side of that, they are more connected to their work thangenerations before, often logging nontraditional work hours thatbetter fit into their lives.

Being more connected means they expect more paid time off andthe ability to “unplug” to feel better refreshed and moreproductive when they are working. This is the first generation thatscholars expect to be less financially secure than their parent'sgeneration. This group acutely feels that reality and, because ofthat, they have placed a higher value on building an overall lifeand existence that makes them happy and fulfilled, rather than acareer sprint to make themselves rich.

Additionally, the way in which millennials view theirrelationship with their employer holds some stark contrasts to whatHR has seen in the past. They expect their relationship with theirsupervisor to be more than just a formal annual review. Millennialsvalue frequent and consistent feedback from their bosses.

They want that relationship to be more like coaching thantop-down leadership. In fact, 69 percent of millennials view theircompanies review structure as a flawed process. They value feedbackand growth so highly that they will actively seek them out, whichoftentimes results in switching jobs and moving employers.

Re-evaluating Your Benefits Approach

In terms of employee benefits, this generation (ages 16 to 36)often values coverage outside of the typical medical-dental-visionproduct suite that was par for the course in any benefit offering10 or 20 years ago. Millennials value more paid time off, as wellas the ability to work from home (or a coffee shop), and they placemore value on matching employer contributions to their retirementaccount.

They also value things like a positive and progressivecorporate culture, snacks in the office kitchen, and a focus anddedication to diversity. Perhaps most important, they value theirability to make a meaningful contribution.

The old adage of “40 hours to work, 40 hours to sleep, and 40hours to do with what you will” is no longer true with themillennial generation. No group will work harder or contribute morethan millennials—if their needs in the workplace areunderstood and met. It is evident that HR departments that canadjust to the changing needs of the millennial generation willprovide immense value to their organization by really capturing thevalue that millennials bring. It may require some creativesolutions and out of-the-box policies, but the opportunity cost ofnot tapping into what makes this generation different and unique isa gamble that most organizations cannot afford to make.