The number ten myth about Generation Y is the exact opposite of the number nine myth. The number ten myth is that money is the only thing that matters to Gen Yers.

The reason why so many managers think this is because Gen Yers are so brazen about discussing money and they are so brazen about making financial demands at work.

This shouldn't come as such a big surprise. Remember, number one, social morays have really changed and it's considered more acceptable nowadays to discuss money than it once was. Number two, think about the information environment. Gen Yers can check on the internet salary surveys for their industry, for their region, and not only that but of course they can find out through social networking sites exactly what their peers are earning working in comparable jobs for comparable employers.

Yes, Gen Yers care about money. They want to make sure they are getting paid as much as they can for the work they're doing.

But even more important, they care about control. They want to have some control over their earning. They want to know that if they work smarter, if they work faster, if they work better, if they work harder, they're going to earn more.

And they also care about timing. They don't want to wait for long-term rewards. They want to know that if they work smarter, if they work faster, if they work better, if they work harder today, they're going to earn more today.

But they don't just care about money. In fact they look at the whole value proposition of any work experience. And, as long as you meet the threshold of what they feel they should be earning and what they feel they need to earn, then they also care about non-financial rewards.

BONUS MANAGEMENT TIP
GIVE GENYERS REAL POWER, INSTEAD OF FAKE POWER
Give GenYers "real" power. The key to giving Gen Yers real power is to set strict deadlines with detailed time lines and regular benchmarks along the way. Let them know exactly what is required. Let them know exactly what is NOT up to them. And let them know exactly WHAT IS up to them. It may be limited power. But at least it's real power. Make it clear exactly what they need to do to earn what you are paying them. And make it doubly clear what they need to do to earn anything extra, financially or otherwise.