This "lazy", "erratic", "unreliable" employee has likely already bashed out a university degree while providing hours of free labour as an intern and volunteer, has maintained several extracurricular pursuits, is juggling up to three part-time jobs or is working a second shift each day to help pay off a sizeable HECS debt.

There's no question today's young workers have to navigate a rapidly changing workplace that is completely different to the working environment previous generations encountered when they started out.

Today, the labour market is less stable than it has ever been.

New grads are faced with huge competition for graduate positions, lack of job security and the increasing incidence of part-time and contract work and fewer full-time roles.

The federal Department of Education's Australian Jobs 2014 publication indicates 30 per cent of the Australian workforce is employed part-time. While overall unemployment levels have remained relatively stable recently, fluctuating between 5.8 and 6 per cent, youth unemployment is nudging alarming levels. In January 2014, 12.4 per cent of Australians aged 15 to 24 years were unemployed, which represented almost 40 per cent of all unemployed people in Australia, according to non-profit agency Brotherhood of St Laurence.

Nevertheless, in the face of this, young workers remain upbeat. Steve Shepherd, employment market analyst with Randstad, argues the younger generation is just as passionate as any other generation. But they do have different expectations compared to their older peers.

“They seek to understand the deeper value and meaning of the work they do each day. Unfortunately Gen Y workers are often perceived by the popular media as lazy [and] I have certainly encountered some who have had questionable commitments to work including excessive days off and a poor attitude,” he says.

“[But] I have found just as many Gen Xs and baby boomers who have also had a questionable work ethic and commitment. I think it is unfair to label Gen Y as being hard to manage across the board. It would be an interesting exercise to step back in time and ask employers what they thought of the attitudes of Gen X or even baby boomers when they were first entering the workforce.”

One of the biggest trends visible among Gen Y workers, notes Gen George, founder and CEO of online recruiter OneShift jobs, and a member of Gen-Y, is the prioritisation of "flexibility" when it comes to their employment. She says this is where a mismatch can occur between employers and young staff.

“Some employers may see this as a turnoff or misinterpret this as an attitude problem. But a flexible workplace can be beneficial for employers, too,” says George.

“Gen Y are looking for employers . . . who recognise that the typical nine-to-five workday just doesn't apply today in the way that it once did. For example, members of our tech team prefer to work at night instead of during the day when the site is less busy. It suits their lifestyles better and it works for the business.”

According to a study commissioned by Millennial Branding and oDesk last year, out of the almost 2000 young workers surveyed, 89 per cent of those who worked "regular jobs" said they'd prefer to work when and where they choose, rather than in a corporate nine-to-five job.

Flexibility is a key attraction for 22-year-old full-time employee Louise Smith* in her job as assistant manager of a Sydney hotel. But this comes at a price.

“I really enjoy the flexibility that comes with my job, but in saying that I give 24 hours, seven days a week availability,” she says. “That's what my employers expect, but I have a flexible roster with four days off a fortnight.”

Indeed, even the most driven and hard-working job-seekers are looking for that strong work-life balance, says George. “And for many Gen Ys, benefits like being able to work from home when they need to, work flexible hours, and take time off to travel are valued more than salary.”

Every generation has different attitudes and values that are shaped by the world around them at the time of their upbringing, and employees should be aware of this and adjust their employment strategies accordingly, says Shepherd.

“I think many employers adopt a 'one size fits all' approach when it comes to managing their workforce. They fail to recognise that their approach needs to be adapted for each generation"

When it comes to Gen-Y, this means remembering that they have been brought up to speak up and share their feelings, and this is why a mismatch of expectations and breakdown of communication can occur with "old school" managers and Gen Y staff, Shepherd says.

Bashing the youth for their poor work ethic is an age-old grumble. But those who can communicate well with Gen Y will be able to tap into a group of employees who are just as passionate about what they do as any other generation.

* Name changed at interviewee's request.