The current global economic slowdown marked the beginning of a bleak future for the youngest members of the workforce the world over. It has even been worse in such industries as finance and technology, which employ large number of young people where thousands of people have already been axed.

Generation Y or "Net Geners" are people who are born between 1980s and 1990s. They have known nothing but the boom years. The current economic downturn is something of a jolt for the upcoming Generation Y workers. Most of them are complaining that they are under great pressure thanks to longer work hours, and increased anxiety, uncertainty and stress. They have never before experienced a period of economic contraction. According to a survey done by the UK Association of Graduate Recruiters, half of the young professionals now feel they lack good work-life balance and, despite the toughening jobs market, would consider leaving their jobs as a result. Getting work-life balance in the current economic climate is going to take a lot of effort from both employers and graduates.

The current economic downturn has been a rude awakening to young managers who have known only boom times and an image of relaxed supremacy. According to consultancy firm, Hay, more than half of the UK business leaders now ruefully admit that they have followed the wrong strategy for coping with an economic slowdown of such magnitude and are ill-prepared to deal with its consequences. Most companies in the UK suffer because of lack of experienced leadership and are getting their response to the downturn wrong for the same reason. Having witnessed the longest period of economic expansion on record, lack of sufficient management skills to stay afloat in a downturn is a serious threat to the UK business world.

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