Amanda Chatel hadn't ever conceived of being fired. Though everyone around her was being laid off, she was different—she was a millennial, a member of that generation born (depending on whom you ask) roughly between 1977 and 1998, "highly accomplished and doted on by their parents," according to The Trophy Kids Grow Up author Ron Alsop. The guest of honor at a party where the older guests are on their way out.

Chatel's boss called her in to her office with an "I have something serious to tell you." As Chatel headed in to meet her fate, she passed empty desks and dour faces at the New York City marketing firm where she had worked for almost two years. Still, she says, "I just didn't think the meeting would have anything to do with me."

In these uncertain times, it's almost hard to imagine that anyone isn't grateful to be gainfully employed. Unemployment is high, with August seeing the biggest jump in U.S. history. Wall Street is in a panic, credit lines are all but dried up, and the government is struggling to keep a hold on a rapidly deteriorating economy.

But millennials are able to ignore the chaos around them: They made up 23 percent of the workforce at the end of last year and are on track to account for 37 percent of it within four years. At Ernst & Young, a recruiter reports that figure is expected to be 60 percent of all of its client-service employees by 2011. Companies who want the best and brightest know that they have to follow their lead—despite the kids' impatience, entitlement, and demands for work-life balance.

"Employers are benefiting from their technology, multitasking, and teamwork skills, but bristling at their demands for flexible working conditions, frequent feedback and guidance, and rapid promotion," writes Alsop in his book.

Just how much are they bristling? At one investment bank—at least before things got really, really bad—a department head (who is a Generation Xer) was the one who was scolded, after an uprising by millennial members of her staff who went to one of her superiors and complained that she was "too cold."

As a result, the department head's boss is attending seminars on managing millennials, while she's been asked to spend 20 to 30 percent of her day on "non-core activity" such as asking subordinates about their boyfriends/girlfriends and their weekends.

"They think they are in charge because no one is telling them they're not," she says.

But some millennials are beginning to tone it all down, a little bit.

According to staffing company Randstad U.S.A.'s 2008 World of Work survey, millennials, known for job hopping, are realizing that now isn't the best time to do that. Last year, 60 percent of employees planned to look for a new job that pays more; this year that's down to 57 percent. In 2005 it was 65 percent. There's also a willingness to take on more responsibility: 73 percent this year as opposed to 59 percent last year. And millennials also seem to like the jobs they have more: Satisfaction is up nine points this year over last.

But no one's expecting them to change their attitudes of entitlement anytime soon.

Alexandra Levit, twentysomething-career expert and author of How'd You Score That Gig, says, "I haven't seen the real wake-up call occur. If the call doesn't come now, it may not. They're just going to get more desirable as a group."