"Go into plastics" was the career advice Ben Braddock received in the opening scenes of 1967's The Graduate. And for early Baby Boomers, the industry offered what many sought in a job: A solid opportunity to earn a paycheck that wouldn't bounce. While we still hope our paychecks won't disappoint us, Generation Y expects something more; namely, an employer that will "do good" and "give back." Older, more experienced workers may have a hard time understanding what Generation Y perceives work to be. But a lot of formative influences have taught younger workers to behave -- and expect -- differently. And with Boomers angling towards retirement, human resources departments at companies large and small are scrambling to satisfy the available pool of young talent, for whom dollar signs aren't eh be-all and end-all in job satisfaction.

David Morrison is president of TWENTYSOMETHING Inc., a consulting and research firm based in Philadelphia that focuses on the Gen Y demographic. He says that the generation has expectations of what work should be, and isn't used to settling for second best.

"It's important to remember that these are the offspring of the 'Me Generation.' Generation Y grew up in an 'everybody wins' environment where teamwork was integral. They've been highly empowered since the day they could crawl and expect the world to yield to their preferences."

The dot-com boom also played a key part in reclassifying the role of work in the lives of Generation Y. "The dotcom culture redefined work as an environment that could actually be fun, engaging and exciting. It was hyped in the media to no end and redefined the expectation of what the workplace could be like," says Morrison. At Google Inc.'s main campus, for example, the company zeitgeist means employees can bring their dogs to work, bicycles are provided to get around the campus, and free lunch is handed out every day in an environment that encourages creativity.

The events of 9/11 also changed perceptions of work almost instantly. "On 9/11 people didn't call their employers, they called their friends and family. Immediately our firm saw the pursuit of the dollar fall a few rungs on the ladder insofar as importance," says Morrison.

As a result, today's Gen Y workers seek to balance work and life, want to express their desire to give back, and place high importance on feeling good about the choices they make, particularly in an employer. Human resources departments are rush to respond, in part because corporate social responsibility initiatives lay the groundwork for a company to participate in its community, and partly because the competition for Gen Y talent is growing fierce, particularly among financial services firms. A look at the demographics finds that there simply aren't enough young workers to replace the brain drain left behind by workers entering retirement. What's more, the tenure of workers under the age of 34 at any given company averages just 20 months, says Morrison. So the need to recruit and retain workers is forcing companies to rethink the work environment and cater to more of the demands of the generation.

"There is a major battle to fill the ranks with quality talent, and companies that adhere to the status quo are getting stung deeply," says Morrison, author of Marketing to the Campus Crowd (Kaplan Publishing). One tactic gaining steam in human resources circles is to develop corporate volunteerism programs, which fill several voids at once. These programs help to satisfy Gen Y's desire to make a difference, their need for social interaction and a work group environment, and their desire to develop leadership and management skills. For companies, these programs produce a workforce that is focused on developing long-term skill sets, and a team that is engaged and therefore more likely to stick around.