In view of their consequent deployment on the labor market, the low loyalty assigned to people from Generation Y represents a major issue that questions HRM practices. In particular, so-called adaptive human resources management must take into account the new rules of the organizational game—by understanding these Generation Y players—with a view to building loyalty in context. What does the “Generation Y” phenomenon mean for human resources management? This exploratory and qualitative work proposes to study the expectations of future Generation Y managers belonging to a graduate program and led to occupy positions with managerial responsibilities. The hermeneutical approach used differs from the classic quantitative empirical approaches conducted on this topic, which mostly conclude that there is a “generational myth.”