And by the way, it wasn't a millennial that said “I don't get out 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 the millennials working for them? Millennials, also known as Gen Y, have come of age in an entirely different economic climate than previous generations. Their expectations for their careers and their relationship with their employer is different than what HR has seen in the past, and it is necessary for HR to tap into and adapt 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 and the organization's ability to effectively propel growth.

Millennials have grown up during a time in which technology is prevalent in their lives. They are comfortable with technology in a way that their predecessors are not. It infiltrates their everyday life: from how and where they work and how they consume entertainment to how they interact with their friends and family.

Many see social networking platforms as an extension of themselves and their careers. Millennials really view themselves as the CEOs of their own careers, no longer beholden to slogging through the 9-to-5 in order to move up the corporate ladder. They are proactive and aggressive in pursuing their next big opportunity, and they view social media as a way to promote themselves and their agenda, their calling card to the world.

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

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

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

They want that relationship to be more like coaching than top-down leadership. In fact, 69 percent of millennials view their companies review structure as a flawed process. They value feedback and growth so highly that they will actively seek them out, which oftentimes 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-vision product suite that was par for the course in any benefit offering 10 or 20 years ago. Millennials value more paid time off, as well as the ability to work from home (or a coffee shop), and they place more value on matching employer contributions to their retirement account.

They also value things like a positive and progressive corporate culture, snacks in the office kitchen, and a focus and dedication to diversity. Perhaps most important, they value their ability to make a meaningful contribution.

The old adage of “40 hours to work, 40 hours to sleep, and 40 hours to do with what you will” is no longer true with the millennial generation. No group will work harder or contribute more than millennials—if their needs in the workplace are understood and met. It is evident that HR departments that can adjust to the changing needs of the millennial generation will provide immense value to their organization by really capturing the value that millennials bring. It may require some creative solutions and out of-the-box policies, but the opportunity cost of not tapping into what makes this generation different and unique is a gamble that most organizations cannot afford to make.