Workplace and generational experts agree that the looming recession could come as a complete shock to the entitled members of Generation Y, who've never before experienced an economic downturn as working professionals and who've had their every whim indulged since childhood. This is not a generation that's been prepared to endure hardship, let alone corporations in cost-cutting mode.

While some "millenials" experts think , they also think it will present millenials with a significant learning experience.

"For the very first time in their life, they're not being told they're the best person, and for lots of these young folks, it's a shattering experience," says Mary Crane, a business consultant who also works with graduating MBA students. "I think it will be an eye- opening experience for them," she adds of the economic downturn.

Rosemary Haefner, 's VP of human resources, agrees with Crane that a recession may be a rude awakening for Generation Y professionals, cutting edge technology and lots of flexibility from their employers.

"That Generation is expecting things to be delivered to them on a silver platter: They expect to be promoted in a year. . Their attitude is, 'If you guys aren't going to give it to me, I'll work someplace else'," says Haefner. "If more organizations are going to have a hard time delivering on those expectations because of costs, Gen Y workers are potentially going to be disappointed."