There’s a perception that the next generation of the work force is willing to jump ship and head to another company for a few cents more per hour.

That's not the case, according to Scott Tibbitts, founder of Starsys Research and eSpace: The Center of Space Entrepreneurship. The reality is "this generation is very interested in balanced lives," Tibbitts says in the latest episode of Executive Briefing, Millennials in the Workforce. They don't buy into the saying "work is called work because it's not fun."

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Tibbitts calls it the "Google effect." This generation is aware of companies such as Google or Apple where "fun" is a part of the culture, he says. So they know that kind of culture can lead to great success.

That doesn't mean you should allow for a free-for-all at work; after all, work still needs to be done. But allowing for some flexibility or demonstrating an awareness of that desire for balance creates loyalty to the company … and that can go a lot further than just focusing on the money.

"You need to understand, it's not about the money," Tibbitts says. "People are not changing jobs because there's more money. … The way you create loyalty is to create this workplace that resonates with their values." And if you can do that, chances are you'll have them for years.

Listen to the entire episode at mdm.com/executivebriefing.

Listen to Tibbitts talk about misconceptions about millennials below: