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They have been called a lot of things: Gen Y, Millennials, the What's-in-it-for-Me Generation, and other monikers that we can't put in print. This is the generation that has just entered the workforce. They have been raised by the Baby Boomers, yet they are nothing like their parents.

Everywhere, managers and HR professionals are strategizing about how to handle this group of workers. With considerable skills shortages on the horizon as the massive Baby Boomer generation heads towards retirement, attracting and retaining this new group will become a critical issue in the years ahead.

Every generation sees the world differently. Their attitudes and expectations are influenced by the events that occurred during their formative years and when they entered the workplace (see Beloit College's Mindset List below). Many of us still hear from the Traditionalists about life during the depression. To them, it's as if this period in time never ended. It's no surprise that this group of employees is often described as loyal, hard working, thrifty, and willing to make sacrifices.

Fast forward to the Millennials, who were born in the '80s. Most have lived a very protected life. They were raised by work-obsessed Baby Boomer parents who tried to make up for time spent away. They were awarded trophies for joining the team, taken on expensive vacations (no Motel 6's for this group), and shielded from hard labor (also known as entry-level minimum wage jobs). This group is not accustomed to starting at the bottom and working their way up and they will tell you so in no uncertain terms. They question the status quo, work on their own terms, and want to make an impact on Day 1.

You may think that eventually this group will grow up and things will change. You may be right, but in the meantime you will need to readjust the way you approach these young workers or they will exit your firm faster than you can replace them.

Tips for managing and retaining Millennials:

Recognize that ambition is not in their vocabulary:

Millennials have grown up wanting very little. They haven't had to compete heavily, like their predecessors, for those few plum jobs. They'll move up on their own terms so stop bugging them to take that newly offered promotion.

Work-life balance is more than just a buzzword:

Don't attempt to interfere with their personal time or they will revolt. Provide a work environment where Millennials can adjust their work hours to meet their personal needs and desires.

Looks are not everything:

Ten years ago you probably couldn't imagine hiring a manager with a nose ring. Now, look the other way. Keep reminding yourself that it won't be long before most of your customers are sporting similar accessories.

Provide constant feedback:

Millennials are accustomed to instant feedback. College grades are posted online as soon as tests are scored; bank account information is available 24/7. Don't make them wait for their annual review before providing them with feedback. Let them know how they are doing on a daily basis and don't be afraid to tell them that they are amazing!

They are tech-savvy:

Give them the technology and watch them go! They are fearless and they might teach you a lesson or two along the way.

Be a mentor, not a boss:

This is a group that wants to keep learning. Share your knowledge and provide opportunities for their personal growth.

Don't treat them like your kids:

They are not your kids, so don't treat them as such or they will act out...just like your kids.

BELOIT COLLEGE'S CLASS OF 2006 MINDSET LIST®

Each year, Beloit College looks at the cultural touchstones that have shaped the lives of today's first-year students. Here are some of the items that were on the minds of the Class of 2006—many of whom have just entered your workforce.

1. We have always been able to choose our long distance carriers.
2. Weather reports have always been available 24-hours a day on television.
3. The "evil empire" has moved from Moscow to a setting in some distant galaxy.
4. Big Brother is merely a television show.
5. Barbie has always had a job.
6. Prom dresses have always come in basic black.
7. George Foreman has always been a barbecue grill salesman.
8. The "Fab Four" are not a male rock group, but four women enjoying Sex and the City.
9. Sylvan Learning Centers have always been an after-school option.
10. They grew up in minivans.

If you are brave enough to look into the future, here is what is shaping the lives of students who are slated to enter the workforce in 2010:

1. There has always been one Germany.
2. They are wireless, yet always connected.
3. "Google" has always been a verb.
4. Mr. Rogers, not Walter Cronkite, has always been the most trusted man in America.
5. They have always known that "In the criminal justice system the people have been represented by two separate yet equally important groups."
6. They have always been able to watch wars and revolutions live on television.
7. They have always been searching for "Waldo."
8. LoJack transmitters have always been finding lost cars.
9. Most of them never had the chance to eat bad airline food.
10. They grew up pushing their own miniature shopping carts in the supermarket.

About Roberta Matuson

Roberta Matuson is an expert at creating intergenerational harmony at work. She's President of Human Resource Solutions, a firm that provides consulting and training to resolve intergenerational conflicts and help companies capitalize on the unique generational perspectives of their workforce. She has appeared on FOX's "The O'Reilly Factor" and has been quoted in The New York Times, Boston Globe, and many other national business publications.