Millennials are probably the most maligned generation yet to enter the workforce. The demographic cohort born between 1982 and 1994 is often portrayed as disloyal job hoppers — self-involved idealists demanding a steady diet of recognition and raises. In short, a human resources nightmare, right?

Wrong. A new study on Misunderstood Millennial Talent: The Other 91 Percent by the Center for Talent Innovation shatters the stereotype that all Millennials are entitled whiners just waiting to jump ship. Far fewer Millennials are a flight risk than you think, and the reason is stunningly simple: money.

Forty percent of Millennials with a financial safety net — those who have families that could support them indefinitely if they were to quit or lose their job or who receive financial gifts from family members totaling at least $5,000 a year — say they plan to leave their jobs within a year. But these financially privileged folks represent fewer than one in ten Millennials CTI surveyed born between 1982 and 1994 who are working full-time in white-collar professions in the U.S.

Only 10% of the financially unprivileged majority — the other 91% of Millennials — are planning on leaving their jobs within a year. Many of them are staggering under heavy college debt, and they can’t rely on their family for financial help. Fifty-one percent took out loans to fund their undergraduate education, compared to 40% of their financially privileged counterparts; of those less-privileged Millennials burdened by student debt, 43% had loans totaling $40,000 or more. This means that the vast majority of Millennials are ready to commit to their current employer and invest prodigious amounts of time and energy in their work in the hope that their employers will invest in them in return.

And yet most companies act as if their Millennials have one foot out the door. “Can you get these kids to stay?” challenged the global talent head of a multinational consultancy. “We cross-train our Millennials to keep it interesting for them. But we hesitate to send them off to far-flung places for two years, because they won’t stay with us. We’re not going to see the payback. Their next employer will.”

In short, even as HR professionals recognize Millennials as their next workforce, they see no reason to groom them for leadership until they start acting, sounding, and looking like previous generations. That’s a mistake with profound implications. Since exposure to other countries, cultures, and consumers helps give young professionals the knowledge they need to grow those markets and crack open new ones, denying them exposure or field experience jeopardizes both corporate revenues and future expansion prospects. And if leadership development (typically reserved for high-potential talent) and cross-generational interaction are withheld from Millennials, then the imminent exodus of Boomers threatens to pull decades of institutional knowledge and market expertise out the door with them.

A more nuanced understanding of what Millennials really need and want would suggest that companies are better off doing the following to attract, retain and develop their Millennials:

Create a forum for cross-generational communication. CTI research finds that Millennials seek to contribute value for their employer and achieve their team’s goals. Novo Nordisk, Inc. encourages Millennials to share their ideas and development needs by sponsoring a Millennial Employee Resource Group (ERG). The grassroots ERG formed less than a year ago and already boasts a membership of nearly 500 employees. Open to all employees, including older members who are “Millennials at Heart,” the ERG is working to bridge Novo Nordisk, Inc.’s diverse, multigenerational workforce. “We are deliberately creating an environment where Millennials and all generations have the opportunity to work side-by-side with senior executives,” says Jackie Scanlan, CVP of human resources. “We know it is working because leaders are now coming to us and asking how they might engage this ERG in innovative discussions and brainstorming sessions.”

Show them how to create value. If there’s one stereotype that talent specialists are loath to abandon, it is that Millennials cannot get through a day without someone affirming their worth. CTI research finds that 45% of the financially unprivileged Millennials say that recognition is very important in their career. “But it’s more because they want to understand how they contribute to the business strategy,” explains Diana Cruz Solash, EY Americas Ethnicity Leader. “Millennials want ‘just-in-time’ feedback, so we give it to them right away” — by expecting EY partners and executives to help all associates see their impact. EY has also stepped up efforts to reward employees with recognition: “Applause Awards,” for example, can be sent by anyone to anyone, with copies sent to the recipient’s manager. Likewise, EY has a central online feedback system to enable employees to recognize managers for on-the-job coaching.

Help them craft their ideal work environment. Millennials have a bad reputation of jumping jobs at the hint of a higher paycheck. CTI data shows that while compensation needs to be high enough for Millennials to provide for themselves and their loved ones — 82% of financially unprivileged Millennials say that an important aspect of high compensation is the financial security it affords them — money alone isn’t enough of a magnet to draw Millennials away from a company that offers opportunity to learn new skills, build rewarding relationships, and progress in their careers.

Companies that dismiss Millennials until they “grow up” are ignoring demographic reality. They already have grown up. According to a recent Pew Research Center study, Millennials now represent 34% of the U.S. workforce, outnumbering both Gen Xers and Baby Boomers. And the numbers will only increase.

The smartest thing forward-thinking companies can do is to stop treating Millennials as if they are an alien species and at least listen to, if not embrace, their ideas and professional desires. “The perception that we need to turn the workplace on its head to satisfy Millennials just isn’t accurate,” observes Nancy Testa, chief diversity officer at American Express, a sponsor of this study. “Millennials are looking for career growth, competitive pay, and purposeful careers – things every generation wants. It’s the delivery that’s changing, and frankly, it’s changing in a way that improves the workplace for everyone.”