They say no one can avoid death or taxes, but if you own a business here’s another one: No one can avoid managing millennials.

Soon, Gen Y will control 50% of the workforce. Given that one of the most time-consuming and often expensive things we do is recruit good people, the last thing we want is to lose them.

Managing baby boomers or even Gen X is one thing, but managing millennials is another. They do not have the same fear of losing their job or the same need to seek identity through employment. Instead, they look for transparency and honesty—regardless of its business impact.

So how do you grow and motivate millennials once they’re in the door? And how do you keep them from leaving? Here are five ways to help retain and motivate this young generation:

Don’t confuse what motivates you with what will motivate them. While you may do it for love or money or both, millennials are more driven by purpose. For them, work needs to have more meaning. Find out what drives them and you will find the key to unlocking their motivation.

Don’t assume that if you can’t see them, they aren’t working. Millennials use technology to do work and often keep different hours than you. Judge their output, not when or where they achieve it.

Give them their ‘me time.’ In a millennial’s world, the rigid walls between work and play are much less defined. If they’re meeting their clearly defined goals, fuss less about how they’re getting there.

Make them a part of your world. You never liked it when your mother said “because I told you to” and neither will they. Millennials want to understand “why?” before committing. Take the time to mentor and explain. Every interaction is a teaching moment—take advantage of it.

Give feedback when they need it, not when you want to give it. Your millennial employees will not be happy with an annual review. They are used to—and might demand—continuous feedback. Commend what they do well and when they miss the mark, explain what they could have done better.

This next generation will bring skills to the table that provide insight into the world of millennials—and that world contains your potential customers. Gen Y’s digital insights and connected lives not only help you attract your next generation of customers, but tap into their networks and connections.

Following these ideas will help you retain and grow your young talent—a win-win for both your business and the people who make it succeed.

Nigel Dessau is a marketing professional with over 25 years of experience and the author of “Become a 21st Century Executive.”