Much of the misunderstanding revolves around the different ways in which the three generational segments approach work, Wright says: “Millennials prefer frequent and exhaustive feedback on their performance, as well as lots of coaching, guidance and mentorship— more than their managers ever received when they started out in the business. A typical response we received from boomer and GenX managers was, 'I never had a lot of handholding and training when I was their age, so why should they?'”

Perceived Generational Differences in the Workplace

“In my organization, there are real differences between older and younger generations and how they approach work.”

IAB employees' favorable perceptions by generation as a place to work.

Millennials give the industry low marks as a place to work.

Only 24 percent have a favorable perspective on the independent agency system, compared with 31 percent for Gen X and 43 for baby boomers. This is a problem because millennials are heavily networked, and spreading this negative perception through bad word-of-mouth could thwart industry efforts to recruit and retain, says Wright.

Millennials Respect Their Elders, but the Feeling isn't Mutual.

Millennials have the most favorable view of other generations in the workforce, with 19 percent ranking Xers “very favorably” and 20 percent ranking boomers “very favorably.” In comparison, only 9 percent of Xers rated millennials very favorably, and only 5 percent of boomers ranked millennials very favorably.