The number nine myth about Generation Y is that money and traditional benefits don't matter to them.

I think this myth is promoted by more of these so-called experts who do surveys that show that money is not a motivator.

Well, I promise you they care about money. If you stop paying them, they will stop showing up.

Money is a threshold issue for Generation Y. They want to know, first, that you're paying them what they could earn working for another comparable employer. Second, they want to know that they are going to earn as much as they need to pay their bills. Third, they want to know that you're not trying to rip them off. That's the threshold you have to meet when it comes to money and traditional benefits.

It's true: They care about other things. Once you meet that threshold, then they care about having more control over their own schedule. They care about working with people that they like and avoiding people they don't like. They care about having some task choice. They will do the grunt work, but they want to have some of the choice tasks also. They care about learning-opportunities. And they care about having some control over their own location. So those are the non-financial rewards that they care about.

But don't fool yourself. They care about money.

BONUS MANAGEMENT TIP
IN LOCO PARENTIS MANAGEMENT: WHAT TO SAY WHEN GEN-YERS KNOCK ON YOUR DOOR WITH UNUSUAL REQUESTS (OR DEMANDS)
So when that Gen Yer knocks on your office door and asks if you have a minute to discuss his special need or want, this need or want might just be the key to driving this employee's performance to a whole new level, or at least the key to getting more work out of him better and faster for the short term. You want to be able to say, "Okay. I'll do that for you tomorrow if you do X for me today." Then deliver the reward in question as soon as you possibly can. Immediate rewards are much more effective with Gen Yers.