In purview of the skill shortages mushrooming across the globe, trepidations exist for retaining the Generation Y employees and addressing their expectations. With this cohort on the prowl for taking the business organizations to a new zenith of success, it is paramount for employers to understand the basic characteristics, expectations and preferences of such employees. This would assist in drawing maximum mileage out of them and a step towards infusing holistic business management. This conceptual paper aims at understanding the Gen Y, their attributes and the way they can be dealt with for minimizing the generation diversity and talent management anomalies at work place. Usage of two qualitative data analysis techniques namely, conceptual framework analysis and grounded theory have been done to draw inferences. The paper holds tremendous implications for employers and HR professionals striving towards maintaining a harmonious balance between mixed generations and move in the direction of technology, growth and camaraderie with a holistic approach.