Memo to Generation Y – your future boss already knows what you want and taking home a bulging pay packet isn’t a high priority.

That’s bad news for your boss because it means he or she can’t just throw money around to keep you happy.

In fact, a 2015 study into managing Gen Y staff says neither “monetary issues nor a desire for long-term contracts emerged clearly as important factors” for those quizzed about job satisfaction.

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“[Millennials] did not put a lot of emphasis on monetary issues. There was more interest in multitasking and job enrichment rather than formal roles and status symbols,” the report says.

You want your employer to actually make an effort to spend time teaching and challenging you in your role, according to the report.

The Journal of Managerial Psychology study by the University of Vaasa in Finland tells bosses you seek flexible shift hours, a coaching style of leadership, time to learn or make mistakes and challenging tasks from their superiors.

You’re a realistic bunch too – you recognise job security and longevity aren’t easily guaranteed nowadays.

Millennials get that “short-term contracts and job insecurity are the new norm, especially in the early career stages”.

“Young employees are ready to sacrifice their work-life balance in the short term,” the study says. “Or even relocate, in order to find a satisfying career.

“HR functions should consider Millennials as a special group in relation to human resource development activities.

“When society changes, generations also adopt a different mindset.”

Here’s what Gen Y wants from bosses

1. Time away from the hot seat

Gen Y workers want to get out of the office and they want to work in homely environments.

“Opportunities to work remotely from their office” and “compensation structures less determined by the monitoring of time spent at the workplace”.

2. Money not the only reward

Cash isn’t the only path to happiness or gratitude they want from bosses.

“Using time credits and days off in lieu instead of monetary compensation when exceptional work demands have been made of Millennials.

“They appreciate instant bonuses and various perks more” than a higher salary.

3. Don’t just want to do ‘their’ job

They desire ample opportunity to diversify skills, do challenging tasks and learn new roles.

Millennials want to be pushed to “explore job rotation, personal coaching, mentoring, development discussions and development reviews, opportunities to learn in expert teams, special tasks, job enlargement, and job enrichment”.

If “projects were interesting, they varied, were challenging and aided development”, then Gen Y workers would do better.

4. Leadership that coaches and doesn’t dictate

Just because Gen Y doesn’t like to be bossed around it doesn’t mean they don’t want guidance.

Supervisors should try “developing a coaching leadership style and by giving supervisors sufficient time to perform their supervisory roles”.

“Recruiting good supervisors, developing them, and offering ongoing support, is extremely important in organisations employing Millennials.”

But bosses should remember …

“There are many things which have to be managed the same for everyone,” University of Melbourne Professor of Management Bill Harley told The New Daily.

“Because they are specified by organisational policy or by law, for example pay rates, equal opportunity.”

Professor Harley agrees with some aspects of the study, in particular when it suggests using “a different communication style” for Millennials.

He says he also understands why respondents say they accept jobs are less secure, given the economic climate of the world.

“A lot of Gen Ys will be struggling to get jobs soon and it and it may well be that they will have to take whatever is on offer,” he says.