On the lighter side - Since you are one of the "young generation" ask yourself how would you like to be handled.
From my experience of dealing with younger employees I can tell you that first and foremost a thorough induction is required to get them out of the "college" mood and bring the in to a "professional" mood. Expectation setting on day 1 is the key to manage younger generation.
The biggest difference is that in college you pay the fees, so professors don't give you a very hard time, but in an job it is the Co. who is paying you so they will definitely make demands on your productivity and quality of work.
Keep the following in mind to adapt to corporate life quickly:
1. Respect the Co. & the rules.
2. If Co. is paying you for your services, be serious about it and focus on your work.
3. Expect appreciation only when A) You did something which your seniors (not you or your colleagues) think is outstanding B) Your actions have benefited the Co. is some way.
4. Don't expect appreciation just because you learnt something faster than others of if your performance is better than others, the real yard stick is the expectation level of your seniors.
Most companies do have a formal reward and recognition system in which they have various wards for new joined employees esp. youngster, some of them are:
1. Rookie of XYZ Co.
2. Rising Star award
3. Pat on back
4. Dynamic new joiner award
5. Prodigy award
The definition, frequency, eligibility etc. are different in different organizations.
Hope this helps.
Regards,
Ritesh Shah