All this talk of pay cuts and layoffs is hardly any motivation for the Gen Y group, which many employers already see as a disloyal, self-serving bunch with unrealistic expectations.
Even in the eyes of those with secure jobs, there is a palpable, unspoken fear: 'Will it be my turn next?'
It doesn't take an expert to tell you that this climate has dampened Gen Y's job-hopping tendencies. They are also learning to make do with lower pay, longer working hours and downsized expectations.
But when the economy recovers, it might take more than restored salaries to keep them.
Recruitment agency Kelly Services' senior vice-president for Asia-Pacific Dhirendra Shantilal pointed out that compared to older workers, Gen Y is 'the most high-maintenance generation to ever enter the workforce'.
But because they are also reputably flexible - 'good in multitasking and willing to pick up new skills' - they are also worth keeping because they are an asset to employers.
Mr Shantilal pointed out that to do so, employers need to take note of what motivates them, compared to their predecessors.
'They look for instant recognition, customisation, diversity, freedom and challenges at work,' he said.
They tend also to place a high value on interpersonal relationships at work. They thrive on affirmation, so making friends and forging meaningful bonds is important to them.
'To keep them motivated, employers?need to provide regular communication and feedback to younger employees, as well as adequate coaching on their performance,' said Mr Shantilal.
Don't believe it? Try this.
Just ask any twentysomething novice what his most memorable work moments are, and he'll tell you it was this one time his colleagues plastered his desk with Post-it notes, or the other time when someone sent a prank e-mail from his desk to another colleague 'professing' his infatuation.
Okay, so it sounds puerile.
But shared laughter can do wonders for morale, whether times are good or bad. After all, a supportive environment goes a long way towards taking the edge off.
Now, more than ever, we need our fellow workers to laugh with and, sometimes, at us.
Sure, it's tempting to scale back on traditions like the time-honoured office retreats or social functions - camaraderie is hardly a top priority in times of survival.
But there's also a long-term rationale for them when it comes to managing Gen Y: This group responds well to a convivial corporate culture.
The bonds forged in bad times will also help retain talent in good times. It doesn't take a lot of cash to build a team, but having a cohesive one is priceless.
So how about a spoof news bulletin? Or special days where bosses and subordinates swop positions? Or the odd joke involving a plastic cockroach?
There's no better time to get a little funny. Go forth, I say, and be silly.
