Based on generational theory, this research studies the preferences of French young graduates from Generation Y for job and organizational attributes of a future employer. This paper discusses the popular stereotypes associated with Generation Y, namely the supposed homogeneity of Generation Y preferences. Reviewing generation and job search literature, we update graduates' preferences for job and organizational attributes in their initial job search by using conjoint analysis, a rarely used methodology in HRM. To overcome methodological difficulties inherent in examining differences within a generational cohort, we operationalized a homogeneous sample (N=592) composed of people of the same age, career stage, cohort and nationality. We demonstrate that, even if on the whole young graduates from Generation Y prefer job security and a relaxed work atmosphere, their preferences are heterogeneous. This research leads to discuss the relevance of the concept of Generation Y for recruitment. Additional research is needed to improve the external validity of this study which must be reproduced in other contexts and with different populations. The results provide useful information to assist HR managers and recruitment specialists in improving the efficiency of the recruitment process and in considering the relevant segmentation criteria for recruitment. Using an original methodology, conjoint analysis, this paper focuses on the heterogeneity of Generation Y and its consequences in terms of HRM.