How do I keep our younger staff engaged?

As a professional overseeing my company’s graduate recruitment scheme, I am responsible for attracting and retaining new entrants, most of whom are aged between 20 and 25 years and could be described as “Generation Y”. We’ve sought to create a strong employer brand among this target group, but I’m concerned that the current recession is set to blow this out of the water. I am worried about the effect the prolonged downturn will have on my existing workforce, as well as the Generation Y-ers we want to continue to attract through our scheme.