Ancillary perks are the main issue. An employee may accept 10 percent to 20 percent less pay for personalized benefits.

“By working half-day Fridays and wearing jeans, employers put golden handcuffs on us,” Healy explained. “We can’t leave and go to the competitor and demand those things. You can offer those and we will stay. We know the grass is not always greener on the other side.”

As Gen Y looks for employment, the job seeker determines how the company fits Gen Y’s lifestyle and social calendar. If a company does not have a Facebook account, Gen Y assumes the company cannot relate with them and will look for employment elsewhere. About one-third of the time spent by Gen Y on the Internet is on Facebook.

A second area is development. Healy says some Gen Y employees lack business skills. “Assume we know nothing when we show up on your doorstep,” Healy said.

Gen Y’s assumption is they are smarter than previous generations because they can perform some tasks faster.

“Our assumption is I can pick up a smart phone and access information quickly which means I know more than you. That is not the case,” Healy explained. “Younger employees over value their knowledge because they can more quickly access information on a smart phone and computer.”

Healy says Gen Y often lacks loyalty to a company. The employee’s loyalty lies with the immediate supervisor. If the valued supervisor leaves the company to work for a competitor, the Gen Y employee likely will follow. On average, Gen Y employees stay with a company 1.3 years.

“Gone are the days of a company man,” Healy said.

Gen Y needs daily verbal strokes from supervisors noting their excellent work performance. Gone are the days of annual or even quarterly job reviews, Healy says. Gen Y thrives, for example, on receiving an ‘attaboy’ text message from the supervisor at 7 o’clock in the evening.

“As we were raised, we were told daily we’re special, great, and wonderful for 21 years,” Healy explained. “If we don’t hear it from you (the employer) for a week we assume we’re not doing a good job. Complimenting us three times a week makes a huge difference.”

Healy encourages supervisors to get to know the personal side of Gen Y employees. If an employee is in physical training for a marathon, ask the employee how they are progressing toward their goal.

“Incorporating our personal and professional goals into one plan means you have a better chance of us staying with your organization.”

Gen Y wants to innovate and make changes in a company quickly. Access to the company’s CEO or key executive is a priority. One route to achieve this is to set up a black board where employees can offer solutions and a company leader reviews the ideas.

Gen Y is not afraid to quit a job without another position lined up. About two thirds of Gen Y are financially supported by their parents. “It’s no big deal if they quit — many are already living at home (with their parents).”

The job interview process is extremely important when considering Gen Y talent. Healy suggests employers challenge prospects harder in the interview, ask great questions, consider outside job testing of candidates, and provide a job shadow opportunity.