Generation Y, the age group born between 1981 and 2002, is already making its mark on our workforce and our marketplace. But the generation that didn’t grow up with Fred Flintstone doesn’t share the same sources of motivation or act the same as Boomers and Gen Xers.

So, what does make Generation Y go? Attendees at BCFM’s 2007 Annual Conference found a presentation on Gen Y by Oracle HR exec Debra Garcia so helpful that we featured it in the most recent issue of The Financial Manager, our bimonthly magazine.

Let me now share a few of the highlights with you.

E-mail is snail mail

One of the first realizations we need to make about Gen Y is that they don’t use technology the same way Baby Boomers do. Job postings targeted at this generation are more likely to be read if we use RSS feeds because recent college grads want job notifications sent to their iPods and other personal digital media devices. As Garcia points out, this is the generation that taught many of us how to program our VCRs. When she asked her son about the importance of employers using RSS, he said,” E-mail is my generation’s snail mail.”

It’s not about the money

Another contrast with earlier generations of employees is the Gen Yers’ incentive for working. While older workers kept their noses to the grindstone and measured their success in dollars, Gen Y is more focused on the profession. The WIFM—What’s in it for me?—that we expect to hear from our customers is also a common refrain among our younger employees. If there isn’t a personally valid reason for putting in the long hours, don’t count on them, Garcia warns.

They care

However, employers shouldn’t take the WIFM attitude to mean that this generation is less socially conscious than their Boomer parents, according to market studies cited by Garcia. “They do care about the country, the environment and the planet. They are just showing it in different ways than their parents and grandparents,” notes Andy Hines, director of custom projects for research firm social technologies.

'Helicopters' parents

Members of Generation Y are also very close to their families. The “boomerang” reference also refers to the likelihood that they will live at home after they graduate. Meanwhile, their Boomer parents, who have been labeled “helicopters” for their involvement in their kids’ college education—from picking courses to helping with their papers—can also be expected to get involved in their kids’ job interviews. It can begin as a way to help their children make the right choices about their career and escalate to participating in salary negotiations, Garcia has learned.

Mentoring a must

One of the outcomes from having more opportunities, being surrounded by more wealth than any preceding generation, and having hovering parents, is that they may not have learned life management skills that are important for meeting workplace demands. While they may not require as much technology or creativity training, employers need to provide their Gen Y employees with mentors who can assist them in day-to-day life management, Garcia advises.

Loftier expectations, higher standards

Another outgrowth of their Boomer upbringing is Gen Y’s high expectations. In general, they believe that there are few hurdles in life that they can’t overcome. In addition, their idealistic streak makes them much more likely to ask blunt questions during a preliminary interview that prior generations may have held off asking until a later time, if at all. They also expect the same candor and honesty in a response. If they don’t experience it, they’re also much more likely to decide that the company isn’t a good fit with their goals, regardless of how great the job sounded.

Make the effort.  We need Gen Y

One of my conclusions from the article is how much today’s media companies need Gen Y if we hope to remain relevant to tomorrow’s market. With 18-to-34's the target demo for many of our advertisers, Gen Y is becoming more important to our business with each quarterly earnings report. As we look at how their behavior affects the market share for our traditional businesses, this generation has the right skills and insights to support our companies’ extensions into the new media platforms that enjoy their attention and loyalty.

That last point brings two other things to mind.

First, BCFM is currently working on the program for the reprise of our regional seminar, “Anytime … Anyplace, Making Money from the Growth in Personalized Media.” Scheduled for Jan. 24 at the Disney ABC studios in Los Angeles, we’ll hear the latest data on the growth markets, largely driven by Gen Y, and the success stories from companies that have found a way to tap into this market’s interest in online and mobile content to grow their non-traditional revenue streams.

As one of our presenters at the New York seminar earlier this fall pointed out, forecasts need to be updated every six months in order to keep up with the new media market, and I expect that the latest data will only reinforce the interdependence that needs to exist between attracting Gen Y to work for our companies’ new media ventures and our success in connecting our advertisers with the 18-34 demo.

Second, one of the major issues in the screenwriters strike is compensation for downloaded content. The SGA has correctly identified mobile content as one of the growth areas for our industry. It’s important that we continue to work with the creative side of our businesses to ensure the future of our companies and industry. We have experienced and understood the same interests from the music licensing community on behalf of singers and songwriters.

BCFM has been focusing on new media market opportunities and emerging business models for our members for several years now, and it’s certain that there’s still plenty of uncertainly. As we read about and experience the economic hardships of everyone affected by the strike, and predictions for the losses in ad revenue and or the changes in viewership habits, it’s clear that no one considers a strike good for business or for anyone who works in our business.

Perhaps this is an example where we need to step up and be life-management mentors for those who may need to know more about the disruptive aspects of new media technologies. By collaborating with them on the transformation of our traditional business models into new models that these same technologies will enable, we can ensure the continued growth of our industry and ensure that the whole is greater than the sum of the parts.

I’d also like to take this opportunity to welcome BCFM’s newest board members, both of whom were elected at the association’s November board meeting in Washington:

Carey P. Hendrickson, senior vice president/chief accounting officer for Belo Corp., will complete the term of Ali Engle, CFO for A.H. Belo. Brian M. Madden, a member of Leventhal Senter & Lerman PLLC, will finish up the term begun by Linda Feldmann, a partner at that firm. We will miss the day-to-day contributions of these two women, but are delighted to know that they will continue to be involved with BCFM through the work of their colleagues.

Mary Collins is the president and CEO of the Broadcast Cable Financial Management Association, a professional society for addressing the diverse needs of financial and business professionals in the broadcast, cable, and electronic media industries. Her column appears here every other Friday.