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According to The Jane Dough, by 2020, almost half of the US workforce will consist of millennials, or those born between 1980 and 2001. As millennials take over the work world, the rules are changing. And that means companies need to start learning how to deal with their young employees…or else. A new study by UNC Kenan-Flagler Business School surveyed what this generation needs for professional success.

And what do millennials want? For starters, millennials want more than money. They view meaning as more important than higher pay and also want to feel a sense of accomplishment. Seventy-one percent wouldn’t mind working abroad. Millennials are also very savvy digital multi-taskers and can switch between various devices 27 times per hour compared to only 17 times for their parent’s and grandparent’s generation.

Social media freedom is essential for this generation. Sixty-four percent ask about social media policies during an interview and 24 percent said it would be a key factor in accepting the offer. In addition, one third would take a lower paying job that would allow for social media freedom, device flexibility and work mobility. While social media is a factor in choosing a job opportunity, apparently other social aspects of life are not important in job consideration to millennials. The study shows that in 2006, 17 percent of 20-year-olds said a job that offered more than two weeks of vacation was very important, compared to 31 percent of 20-year-olds in 1976. More than half, 54 percent of 20-year-olds in 1976, believed it was important to have a job that allowed you to make friends compared to 40 percent of 20-year-olds in 2006.

Flattery also works well in keeping millennials at a company. Eighty percent want real-time feedback and frequent check-ins to help them learn the company culture. They want to feel comfortable with no fear of criticism, and prefer pizza parties or time off for their achievements. And lastly, millennials love to collaborate. But employers must make sure that the group is clear on deadlines and expectations.

So for all the millennials out there in the working world, what are your requirements for choosing a job? Do you value meaning over pay in your job selection? And would you choose to stay off Twitter from 9-5 for higher pay?

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