She says Gen Y professionals have to change their expectations of their employers. They can't expect to get a job, let alone a high starting salary or signing bonus. Nor can they expect their employers to cater to all of their training and .

"They're going to have to be very understanding of the challenges their employers are facing," says Orrell. "They have to be more patient with their employers. If they're not getting everything they want, they can't just jump ship to another employer because the job market isn't very good right now."

2. They need to market themselves and show some investment in their employers.

in the workplace. In addition to being viewed as demanding, they're also known for not being particularly loyal to employers. Their transactional relationship with their jobs could hurt them as their employers contemplate staff cuts.

If Gen Y professionals want to hold onto their jobs, they need to change their managers' and co-workers' negative perceptions of themselves by showing some investment in their employers, says Mary Crane, a business consultant who's worked with graduating MBA students.