When I was a kid, when someone was telling me something I didn’t want to hear, I used to cover my ears and sing the theme to The Flintstones. These days, with the economy in the state that it’s in, the tunes from my childhood are resonating in my head – a wish perhaps to block the headlines we’ve all become accustomed to hearing over the past half year.

Millennials, on the other hand, while realistic about the current financial landscape and how it impacts their careers, are not covering their ears. Experience’s latest survey is telling us Gen Y is adapting to changing workplace situations by bucking conventional wisdom and doing what it takes to stay ahead - and remain positive - with their career prospects.

Last month, nearly 1,650 college students and young professionals took our 2009 Economic Impact Survey. We measured the impact of the US and global economies on Gen Y’s attitudes towards higher education and career paths. In the face of economic recession, many millennials told us they feel bullish about the overall job market: half (50%) say their employment or job prospects are positive. When you compare this stat with general population polls, like the latest NBC-Wall Street Journal survey which covered the economy in part, the confidence level of young adults significantly outpaces Gen X’ers and Baby Boomers. And in a related light, 37% of students and alumni say their college education will be even more valuable now and in the years ahead given market conditions.

Gen Y’ers are also shifting their expectations — and our common perceptions — about how they will tackle the workday in order to keep their jobs. Respondents told us that they’re prepared to work more hours to improve job security (33%) and take on more projects or help colleagues with their work (30%). Another big shift: two-thirds (67%) of young talent are more likely to stay in their current job. Though that now may be a given, it’s quite a departure from the 70% job hopping contingent I discussed last year in A Look at Life After Graduation.

Employers seeking entry-level talent want to get everything they can out of Gen Y, especially in tough times. At the same time, while doing what they’ll need to do to stay employed, young adults are concerned about career development: more than a third (35%) of respondents expect fewer professional development opportunities. To better attract millennials and to reduce attrition, managers should emphasize training programs and help Gen Y carve clear career paths within their organizations.

On a related note, last month we unveiled our 2009 Gen Y Trends report and video which detail what organizations can do to better connect with millennials in today’s climate, including leveraging Web 2.0, providing agile feedback and  building loyalty. Check it out at http://genytrends.experience.com.

With company layoffs announcements in the news every day, I decided to take a closer look into our jobs database, which at any time has around 200k postings, to see what industries are still hiring.  Not surprisingly, there are healthcare jobs to be found - over 30k across the U.S. Right after healthcare is engineering, finance/banking, education and technology. Given how hard the Wall Street finance sector has been hit, one might not expect to see finance/banking ranking third, but smaller banks, insurance companies and some financial services companies are still looking for entry-level talent.  Education is another bright spot with K-12 and universities looking for teachers, instructors and trainers.

I also compared industries by their relative competitiveness. The finance/banking sector, one area significantly impacted by bankruptcies and rescue mergers, has the highest applies per job, indicating many candidates chasing the positions that exist. On the other hand, healthcare with plenty of jobs is the least competitive, highlighting that there is still a tight labor market in that sector.

What we won’t know for a while is how President Obama’s stimulus package will impact certain industries (education, energy, healthcare etc.) and spur job growth. In the meantime, know that some of the industries that Gen Y is interested in are the same ones that are still hiring.

On a related note, we recently published a whitepaper entitled “Y Gen Y: Maintaining Access to Top Talent” to inform employers about the importance of the Gen Y generation to the future success of their business. Even in a downturn, it really does pay to think about the long-term. Watch the video, download the tips and share your advice with other employers.