I'm a straddler of Gen X and Y, but I had a fairly strict upbringing by baby boomer parents who taught me to be quite conservative, so I'm not at the Gen Y pole by any means (but not the Gen X pole for sure). To the people of similar age to me, that probably isolates me somewhat socially, but so there.
Also, having graduated as an engineer, my peers don't seem to be too much on the Gen Y pole compared to others I have observed who study "on the other side of campus" (a.k.a. arts, law, commerce, marketing, journalism, humanities, political science, etc.), who seem to be far more cutthroat, demanding, doubly- or triply- fast paced.
To be completely fair, everyone from my generation or thereabouts has been advised by most employment agencies (and indirectly through industry association publications) that (at least in the years before - the "better" years) one should start to dictate how much they want to earn compared to just sitting down and taking what's given to them. Hence breeding the culture of the employee testing the employer, not the other way around. It is then no surprise why low retention is such a huge issue.
I will concur with those complaining about the degrading level of education in our society. I balk at this fact even though we have so-called academies for elite students, so perhaps the educational level range is widening, but on average we're getting worse. As a tutor of first year engineering students, I know most of my classes couldn't add two numbers without pulling out a calculator. Most couldn't sketch a simple graph in less than 15 seconds, let alone use their (oh my God - I didn't have one of these!) graphical calculators to produce the correct (yes, they still get it wrong!) answer within a few minutes. This is why I always add a heavy caveat to everything I teach that involves some technology, and my students are quite thankful for it - they learn to think more deeply and holistically.
Don't let me get started with the standard of English from the young generation now. I should know, I proofread my sister's writing work all throughout senior high school, and then helped her write and proofread her ethics assignments when she was undertaking dentistry. (And not one peep from anyone that this is a sign of "evolution"...)