At the 2015 Property/Casualty Insurance Joint Industry Forum onJanuary 15 a panel of six chief executive officers agreed that the“millennial question” is a big one for 2015 and beyond.

According to The New York Times, the total number of millennials—those bornbetween 1981 and 1997—will reach 75.3 million this year, surpassingbaby boomers (those born between 1946 and 1964) as the largestliving generation in the U.S.

There are many myths and stereotypes about millennials, but hereare the five factors the the panel CEOs said are the most accurateabout this generation as employees.

1. Millennials want openness and inclusion.

Paula Downey, president and CEO of CSAA Insurance Group, saidthat millennials make up about 25% of her company’s work force. “Weneed a cultural change to retain them,” she added. “They’re lookingfor a diverse, collaborative culture."

2. Millennials want a sense of community.

Steven D. Linkous, president and CEO of The Harford MutualInsurance Companies observed that millennials are attracted to themutual insurance structure of companies like his, where they canengage the community to “make a difference.”

3. Millennials need reinforcement.

This generation is composed of overachievers and has a constantneed for reinforcement, said Thomas A. Lawson, president and CEO ofFM Global. They’ve lived with hovering “helicopter parents” whopraised their every step, which makes it important to them to knowwhen a boss approves of their work. That approval brings out theirbest.

4. Millennials want more work-life balance.

“The millennial approach to work-life balance often differs fromthat of other generations,” noted Christopher J. Swift, chairmanand CEO of The Hartford. “They’re also interested in more time offand in working in urban areas with mass transit and reasonablecommutes,” he said.

5. Millennials are interested in socialresponsibility.

This generation has been raised with a strong sense ofvolunteerism and “giving back” to the community, according to thepanel. “Millennials are also more likely to embrace corporateefforts in social responsibility,” Swift said. That’s one reasonyou’ll see many groups from insurance companies helping outorganizations such as Habitat for Humanity or participating incancer walks.

The efforts to understand millennials are worthwhile, saidLawson, because properly motivated millennials can be valuableemployees.