Millennials – the generation born between 1982 and 2000 – have entered the work force in droves and are challenging assumptions about everything businesses do, from how they use technology to how work gets done.

They’re causing a revolution in the workplace, and it’s time for managers to learn how to tap the power of this generation that will change the face of business over the next decade.

According to generational experts Lynne C. Lancaster and David Stillman, although the Millennials are often described as spoiled or difficult to deal with, they have much to offer. In their new book, The M-Factor: How the Millennial Generation Is Rocking the Workplace (HarperBusiness, April 2010), Lancaster and Stillman provide practical advice for bridging generational gaps and creating organizational success by capitalizing on what Millennials bring to the table.

Based on extensive research from a groundbreaking national survey, the authors’ years as generational consultants, their work with organizations ranging from MTV to American Express to the IRS, and interviews with more than 100 “Millennials on Record,”  Lancaster and Stillman illuminate the seven trends they identify as critical to  understanding the Millennials – the role of parents; entitlement; the search for meaning; great expectations; the need for speed; social networking; and collaboration.

The Role of Parents
Parents today are more involved in their adult children’s lives than ever before – even at work.   While this poses challenges, it also presents opportunities.  Organizations must recognize that Millennials expect coaching and must step up to offer it.  And when it comes to recruiting and retaining the best and the brightest, companies can build strong bonds by reaching out to the parents of their young employees.

Entitlement 
Accustomed to lots of praise and little failure, Millennials often see themselves as worthy of special treatment when they enter the job market – a significant source of friction for other generations. The M-Factor offers a series of solutions for dealing with entitlement and boosting retention.  “Be willing to shake up job descriptions and delegate new tasks to Millennials. And recognize that a young employee who asks for more responsibility  isn’t being pushy. He or she is really eager to get ahead,” the authors say.

The Search for Meaning 
More than any other generation, Millennials want to have jobs that “mean  something.”  Assisting these young workers in their search for meaning can create truly great employees and mean huge competitive advantage.  “We need to show Millennials how seemingly small interactions can make a  real difference,” Lancaster and Stillman write.

Great Expectations
Millennials are showing up on the job with high expectations – and when they don’t find what they hoped for, they jump ship.  The M-Factor shows how to close  the expectation gap and how to find the right candidates through more-targeted  recruiting, supported by effective “basic training.”

The Need for Speed
From their constant multitasking to their anticipation of rapid-fire career advancement,  Millennials challenge traditional ways of working.  The M-Factor explores how to set limits on multitasking, as well as how to help Millennials develop the skills they need to get ahead so that they perceive  themselves as growing and advancing.  The authors also urge companies to listen to Millennials’ ideas for streamlining procedures and be open to their suggestions.

Social Networking
From Facebook to Twitter and texting to instant messaging, Millennials are reinventing modes of communication while redefining the parameters of relationships.  The authors emphasize that companies must ensure that this generation understands the boundaries around privacy – so confidential business information doesn’t wind up on the Web – while also finding ways to capitalize on the deepening dialogues and new kinds of connections that social networking  creates.

Collaboration
Millennials are the ultimate team players, pushing for increased collaboration in decision-making.   Lancaster and Stillman show how organizations can use Millennials’ highly developed cooperation skills, particularly for transfer of knowledge from older to younger employees. The M-Factor also addresses how to boost collaboration through willingness to reconfigure office space and say goodbye to the coveted corner office or sacred executive floor.

Seventy-six million strong, the Millennials  are challenging the workplace more powerfully than any generation has in the past.  “But in these differences lie tremendous opportunities,” Lancaster and Stillman say.