This change has implications across the board. From people management to firm management--your team is what runs your business. They are the vital organs--and they've evolved. Here's a couple things I have noticed:
Gen X is no longer the only generation that has severe distrusts in the powers that be...everyone does. That means in order to win back your teams trust, you have to offer other incentives during the downturn to keep them engaged and loyal. And you don't necessarily have to shell out the bucks to achieve this. Simply take a look at what your competition is offering--and offer something different. Another way is to ask your team members! Given the time, individual attention is always better in order to avoid group think.
Bad times makes people evolve into bargain shoppers--and good times make them revert back. To me that means one thing--right now you can get great people from the competition (or other places) by offering something a little better than what they have. Tomorrow you might not be so lucky.
Tammy Erikson of the Harvard Business Review did a good article on spotting workplace trends as well. Check our her spot here: http://blogs.hbr.org/erickson/2010/01/predictions_for_2010_five_chan.html