A new report, PwC's Nextgen: A Global Generational Study, reveals that enhancing workplace flexibility and equity between work and home life is critical to improving job satisfaction among Millennial workers.

PwC, together with the University of Southern California and the London Business School, surveyed 44,000 employees of PwC firms from around the world to examine Millennials' outlook on culture, communication, and work styles; compensation and career structure; career development; and work-life balance.

One of the key findings is that a majority of PwC's Millennial employees (71 percent) are unconvinced that excessive work demands are worth the sacrifices to their personal lives—even with the promise of substantial compensation later on. Also, Millennials are eager for a little more flexibility. About 64 percent would like to occasionally work from home, and 66 percent would like to shift their work hours.

In addition, data reveal that 41 percent of Millennials prefer to be rewarded or recognized for their work at least monthly, if not more frequently. Comparably, only 30 percent of non-Millennials would like that level of frequency.

In the report, PwC advises organizations to take the mystery out of compensation decisions and "create a meaningful rewards structure that regularly acknowledges both large and small contributions made by employees." More important, organizations need to "provide greater transparency to employees regarding their career development."