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They are called 'Echo boomers', 'Millenniums', 'Nexters', the 'Net Generation', the 'Digital Generation', or 'Generation Y' and the next generation entering the workforce. Many pierced and tattooed, these young people have high self-esteem and their own set of values. They are fast moving, demanding, strong team players and know more about technology than anyone currently in the workforce. They are different than any generation before them and bring a whole new set of challenges to corporate America. Will the policies and practices companies currently use to retain their employees be effective with Generation Y? Research suggests that each generation has a unique set of values and to keep the best and the brightest of Generation Y, companies will have to take a hard look at who their employees are and what motivates them. These 29 million young people are the next emerging workforce and the 'one size fits all' approach to employee retention will no longer prove to be effective. This article provides insight into the characteristics of Generation Y, and effective retention strategies targeted for this age group.