The conversation about Millennials lately has centered on work expectations, the high cost of turnover and “How to Keep Gen Y Workers on The Job.”

Gen Y’s inclination to leave a job that doesn’t meet expectations seems to be the impetus of much of the advice about managing Millennials at work (as opposed to, say, a desire to maximize their contribution, or create a genuinely Gen-Y friendly environment or handbook).

That Millennials have different expectations is widely assumed, although not really proven. A recent academic exploration of Gen Y attitudes by academics at the London School of Business (“Gen Y: The Reflexive Generation”) concludes Millennials may not be so much different in what they want than older workers, but they are more likely to give voice to their expectations and their frustrations. Why? Because they were raised to expect more from their career than just money or advancement. They are looking for meaning and self-improvement and to speak out when their needs are not being met.

“Many of the elements we uncovered, such as being in charge of one’s own work, career and life, are probably applicable to many people. This generation might be more vocal in expressing their needs, but we should not forget that the period of time in which they grew up shaped this mindset.

One of the overriding impressions of the men and women of this generation is their frustration with performance management practices which are too slow, too bureaucratic and too hierarchical.

They place a great deal of emphasis on intellectual capital (the knowledge and insights they have), social capital (the depth, richness and extent of their networks) and emotional capital (the means by which they understand themselves and build self knowledge). For this generation the emphasis is on ‘work to learn’ rather than ‘work to live’.

 

I agree that the differences in expectations are shaped by their upbringing. But I would go further. Millennials also have the financial freedom to demand more of their jobs as a result of enjoying a parental safety net.

According to some reports, as many as 65% of recent college graduates are returning home. Unlike earlier generations, Millennials feel welcome to return home and moving home carries no stigma. For their part, parents are eager to (continue) to help their kids get a good start in life. According to a study by Vibrant.com, 37% of Boomer women have an adult child living with them and 44% are helping a child or grandchild financially.

Saving thousands of dollars a year in rent provides many with the option to take a unpaid internship, a volunteer position, or wait for a better job. Even those who have good jobs are deciding living at home is a reasonable option. A successful Chicago hairdresser I know recently moved back in with her parents in order to be able to afford health care. And another young employed worker plans to stay with his parents until he saves $30,000 to start his own business.

These are considered rational sacrifices, if they are sacrifices at all. After all, Millennials famously like their parents.

Fast forward 20 years and it’s possible the tables could reverse! Boomer parents, who selflessly paid for advanced degrees and provided shelter in time of need, and who experienced significant savings depletion in 2008, may call on their adult children to return the favor. My guess is that Millennials will have no problem taking in Mom or Dad.