In the midst of this economic crisis a lot of leaders and managers have been asking me, "Well, is Generation Y getting an attitude adjustment? Is this economic crisis finally getting these young upstarts to keep their heads down, keep their mouths shut and do as they're told? Are they going to be a little less high-maintenance now?"

Here's what we're learning: A lot of young people in the workplace right now are nervous, of course, and a lot of them are afraid and most of them are smart enough right now that they are keeping their cards closer to the vest, not making too many demands. They don't want to seem like squeaky wheels. They don't want to stick out like sore thumbs.

Of course, this economic crisis will be one of these accidents of history that shapes who Generation Y ends up becoming. But how is it changing their mindset? It's changing their mindset in ways that a lot of leaders and managers might be surprised by.

One thing we're learning is that Gen Yers seem to be having their assumptions about uncertainty confirmed in this environment. Gen Yers are telling us that their skepticism of what large institutions have to offer is being confirmed. Their skepticism about long-term promises is being confirmed; their lack of belief that if they pay their dues and climb the ladder and do as they're told that in the long run the system will take care of them. Gen Yers didn't believe that in the best of times and now their skepticism is being confirmed.

One young person we interviewed said recently to us, "Well you know I put away all this money every year in my 401k just like the older, more experienced people told me. Year after year for five years I put all this money in a 401k and you know what happened? I just lost half of that money! I'm not going to make that mistake again." That person is saying: I'm not going to make short term sacrifices in exchange for vague long term rewards that may or may not vest in the deep, distant future. I'm not going to make that mistake again.

So yes, this economic crisis is having an impact on the mindset of this generation. The only question is how is it going to play out?

BONUS MANAGEMENT TIPS
- Don't let good people get into downward spirals. When an otherwise good employee is struggling, help the employee see what's going wrong and how to make things go better. Break down the project, responsibility, task, or skill into small pieces. Guide and direct the employee in accomplishing one very small piece at a time. Instead of suffering the pain of failure, the employee will get a chance to bank one tiny success after another.
- Give the superstars the most time and attention. Don't make the mistake of thinking that some of your Gen Yers are so talented, skilled, and motivated that they don't really need the attention of managers. Surround them with teaching-style managers, advisers, organizational supporters, and maybe even mentors.