There appears to be a prevalent sentiment among some business decision makers that millennials–soon to be the largest workforce in history–lack a strong work ethic and require too much flexibility in the workplace. And many end up blaming higher education for these perceived issues. Are colleges and universities to blame for inadequately preparing millennials to succeed in the 21st-century economy?

We decided to bring these questions to an audience of CEOs, senior executives, and public sector officials at Bloomberg’s recent The Year Ahead: 2014 conference. Armed with initial findings from a comprehensive study on millennial preparedness commissioned by Bentley University and conducted by KRC Research, we set out to explore the disconnect in perceptions between generations and identify solutions.

First, the definition of “preparedness” in today’s working world is different than it was for Baby Boomer or Gen Xers. Being prepared for work, or possessing a range of professional skills that allows one to succeed in their first job, while also laying the foundation for lifelong success, speaks to using both sides of the brain, combining critical thinking with creativity and collaboration, to effectively meet the needs of the workplace. Preparedness in today’s context also requires strong communication skills and digital literacy, as well as an understanding of how to work with previous generations.

Sixty-three percent of business decision makers and 68% of corporate recruiters say that it’s difficult to manage millennials.

As we see from other research studies, more than 50% of business leaders say that millennials lack the professional skill sets needed for even entry-level positions. True or not, the sad reality is that many business professionals do believe that recent college graduates are not adequately prepared to succeed in the workplace.

For educators, this perception means they need to reassess their curriculum. For business leaders it means recognizing that future competitiveness depends on embracing the talent of the millennial generation. Together, we can find a way to ensure we are delivering a return on investment to graduates, all the while improving our businesses and strengthening the economy.

Seventy four percent of non-millennials agree that recent graduates offer unique skills that add value to the workplace.