Earlier in the month, I hosted a presentation at Experience’s client conference that focused on the so-called “Net Kids.” I discussed common Gen Y traits (namely their comfort with technology) and Web 2.0 media, and why combined they all matter in setting effective career services strategy. Citing the Experience Online Usage Survey we ran late last year, I suggested in my presentation there’s a clear opportunity for social networks– a key Web 2.0 component — to make a serious impact on those of us who live and breathe all things Gen Y careers, not to mention the candidates themselves.

Love it or hate it, social networking is here to stay. The biggest player by far is Facebook, of course, with its 130 million (and growing) active users. Half of these active users access it at least once every day.

In our survey (which I detailed last month in “What’s The Use”), respondents were asked to check off a list of the social networking sites they use. An overwhelming 85 percent of Gen Y surveyed reported being active with Facebook. MySpace was a distant runner up, followed by LinkedIn.

Being social on social networking sites is of course the primary focus, but those of us looking to connect with Gen Y — employers, college career services, alumni associations and everyone in between — have an opportunity to use these networks to engage young professionals on their terms, and on their time. More than a quarter of our respondents indicated they use social networks in the context of careers, whether it’s hunting for jobs, making new business contacts or staying in touch with co-workers. In our current economic recession, career-related activity on Facebook and the rest will only increase come spring and summer.

On a related note, Experience on Tuesday announced the Best Places to Work for Recent Grads, a top 20 list of the leading employers that “get it” when it comes to recruiting, hiring and retaining Gen Y. Many of the organizations highlighted in Best Places fully embrace and support social networks at the workplace. They’re committed to fostering communities and affinity groups (professional and social) at the workplace through new media. As a result, they’re fostering a more productive work environment by building trust between younger workers and managers. Check out the report and get some ideas for yourself.

What a crazy past couple of weeks it’s been. The turmoil on Wall Street is certainly keeping me up at night, though I’m fortunate in the sense that I wasn’t one of the thousands of brokerage employees who lost their job in the ensuing collapse. In yesterday’s Wall Street Journal, an article discussing the current market and its impact on recent B-school grads spelled it out plainly: a well-defined career path isn’t something you can bank on anymore. And like the current crisis, the need to reevaluate career paths extends well beyond downtown Manhattan.

Now more than ever, money matters and career choices go hand in hand. Take everything that goes with a down economy and add in the skyrocketing costs of higher education, it’s no surprise more and more college students and young alumni are grappling with school loans and their significant impact on BIG decisions… decisions like “what am I going to do for the rest of my life to pay off my debt?”

Earlier this month, Experience polled Gen Y on the subject of student loans and their role in forging career paths. In our Student Loans Survey, half of the respondents who indicated they were currently in school reported they are more likely to accept a job that offers higher pay, but less career satisfaction, in order to repay their student loans. Nearly a third of this group reported that their loan status weighed heavily in decisions to pursue a particular career. Of the college grads who took the survey, the vast majority – at 88 percent – said they have made sacrifices in their budget because of their student loan payments. They indicated these budget sacrifices have affected even common expenses like gas, rent and food – not to mention entertainment and retail shopping.

While it’s certainly a positive sign for our economy as a whole that college students and young grads are taking preemptive measures to deal with the financial ramifications of student loan debt, the reality that career satisfaction is sometimes put on the back burner as a result is unfortunate. But that’s just what it is: reality. As one survey respondent put it…

With all of this said, there’s a silver lining for recruiters who are competing to bring onboard budget-strapped Gen Y talent. Employers who have the ability to offer paid internships, scholarships, loan assistance initiatives and related benefits that ease student loan debt burden will only help them attract – and ultimately retain – the largest pool of qualified entry-level candidates.

Earlier this year, the Boston Globe published an article on the habit of job hopping by 20-somethings. In “Job hopping an option for young people,” author Penelope Trunk made her argument that the best thing a Gen Y working professional could do early in his career is to move around, a lot, so he could figure out what he likes among other things.

When I first read this advice it seemed backward. It’s not in line with what my college career counselors preached. And it’s certainly the opposite of what my parents drilled into me when I was first starting out as a young grad. But… that was over a decade ago.

Experience issued a press release today covering our June 2008 “Life After College” study, which surveyed hundreds of young alumni who use the Experience Network to help manage their careers. We learned many interesting things in analyzing the results. Most notably, what Penelope wrote about last spring held true in our research: generally speaking, we found that Gen Y is always on the job hunt even when they’re happily employed.

Here’s a breakdown of what we found at a high level:

• 70% of young grads reported they left their first job within two years of their joining
• 43% of Gen Y are not in the career they expected to be in after college, either because they couldn’t find a job, or another opportunity presented itself
• 60% are currently looking for another job or career, despite the fact that 57% indicated that they are also happy at their current job
• 74% of recent graduates are in a career that aligns with their college major

Let’s face it… job hopping is not going to go away. But employers can be proactive and reduce Gen Y attrition rates by tailoring a few common practices to accommodate the needs of entry-level employees, including:

• Setting realistic expectations (sharing what it’s really like to work at a company, forgoing the polished corporate speak)
• Embracing new forms of direct communication (incorporating instant messaging, text messaging and other interactive media into daily communications)
• Promoting lifestyle benefits (bringing young employees together for meetings and training sessions that marry entertainment and learning; allow work-at-home flexibility, etc.)

What else are you doing to retain the Gen Y talent you’ve worked so hard to bring on board?