Between the baby boomers, Generation X'ers and millennials, today's work force is filled with a wide range of employees who all come from various backgrounds and operate with different styles. That, of course, means managing these employees takes an understanding of each generation's values, says Stephen Coco, principal at Buck Consultants, a human resources consulting firm in New York City.

Greater flexibility and remote offices are especially becoming more popular among the millennials, says Rebecca Brereton, consultant in Buck's Talent and HR Solutions line of business. Traditionally, flexible and remote work arrangements were reserved for working mothers and those on the cusp of retirement, but now two-thirds of college students and young professionals believe an office is unnecessary for being productive, according to a 2011 Cisco study.

Coco says baby boomers have typically followed a more regimented schedule, but the millennials tend to be more focused on how and where the work is completed.