Yesterday after the Associated Press reported on the results of a San Diego State University study finding that Generation Y (or Millennials) highly value compensation and vacation time, some in the blogosphere asked if, especially in this economic environment, Gen Y needs a wake-up call.

I don't think so – and I'm not saying that because I'm a card-carrying Millennial.  As someone interested in progressive people practices for a more productive workplace, I look at these two sticking points as the carrot at the end of a very lucrative stick for businesses.

Here are my top 5 reasons why I think Gen Y is entitled to its job wants:

1. It's now the most dominant generation in the workforce.  When you rise to that position and make decisions that benefit companies in both front-line and managerial roles, you get to call the shots when it comes to "skin in the game."
2. As Donna Fenn reports from a number of sources in her book Upstarts!, not only are record numbers of Millennials enrolling in entrepreneurship/MBA programs, but a greater share of those students than ever before are coming in with a business already in tow.  IMO, if these young people invest the ridiculous amount of time it takes to create and nurture a thriving business – and help our economy in the process through taxes and job creation – they deserve these two rewards.
3. As Penelope Trunk pointed out in a blog post I cited last year, Gen Y more readily embraces a proven leadership approach known as "fast failure."  Since our employee engagement research shows this can greatly improve innovation and thus productivity and customer satisfaction, again, I think Millennials deserve some just rewards for significantly scaling up a company's revenue and giving them a greater shot at achieving or maintaining profitability.
4. As organizational development guru David Lee argued on ERE.net last month, Gen Y doesn't beat around the bush on satisfaction – if they're not, you won't see them because they'll have left.  The cost-effective flip side of this for businesses is that they're much less likely than other generations to be "what the Gallup Organization calls ROAD Warriors — Retired on Active Duty."
5. Finally, as The CEO of YOU author Marsha Petrie Sue wrote in the California Chronicle, "Gen Y won't retire – they will reinvent."  Aren't greater pay and more time off fair tradeoffs for more productive ideas coming back from breaks and a longer work life spent helping companies improve their sales and bottom line?

Do you agree or disagree with my assessment?  Why?