Consequently, when members of Generation Y get handed a pink slip instead of a promotion, the experience can be crushing for them, says Crane. "They might not be able to cope with a layoff because they don't know how to rebound," she says.

"One of the real mistakes people have made [with Gen Y] is creating a world of training wheels," adds Crane. "We've taught all of these young folks that you'll never fall off a bike."

And if you don't fall off the bike, you can't learn how to dust off your scraped knees and get back up.