Wall Street’s latest news includes Goldman Sachs stopping its two-year analyst program and firing first-year analysts. Does this mean prospects are dim for those who are job searching this year? Finding the best job in the world is no doubt hard, but for companies, retaining talent is not as easy as it used to be either.

The analyst-level program is the dream job of many undergraduate finance majors. The quarter-century old tradition of Goldman Sachs involves hiring new graduates from the best schools to build the bank’s talent base. These internships usually end with a permanent offer or an MBA opportunity.

Others move on to other banks after an approved period. However, many of Goldman Sachs’ analysts had already accepted job offers, many at less-established companies, before they were allowed even to look for jobs, which led to their discharges from the company.

Not surprisingly, Goldman Sachs is not the only place losing talent. In the technology industry, Apple has lost top talents to J.C. Penney Co. and Procter & Gamble. Google and Yahoo are also losing a lot of people to companies like Facebook, Twitter, LinkedIn and other younger firms.

Overseas, British telecom giant Vodafone’s recent study has found that companies do a great job in attracting talents. But company hazards or defective infrasturcture are causing key members to leave and seek better opportunities.

So what is it that employees of the new age want? Although this is a gross generalization, most bright, young minds are looking for flexible hours, a casual work atmosphere, and the opportunity to work and play hard. In general, they want a good work-life balance that, in some ways, resembles college. That is why many work places are called campuses and are built as self-sustaining complexes such as the famous Googleplex.

Companies put a lot of resources in recruiting their new employees. Likewise, college graduates spend a significant amount of brainpower thinking about their jobs. So what should we be thinking about when we pick the company?

First and foremost: do your groundwork and research. They help you understand yourself better in terms of working environments and culture. Not everyone likes the group-work culture. Few envision their dream jobs as being stuck in a cubicle either. People adopt different personalities in different environments, so it is important to find a place that you are comfortable in.

Secondly, and perhaps what defines a first job, is the fine line between real and perceived prestige. A lot of applicants apply to big names in their industry because that is what everyone does or because that is expected of them. Many are capable enough of getting the offer but may be miserable because they haven’t fully considered the nature of the job. True, people take pride in their jobs in most cases, but don’t be one of those people who got fired by Goldman Sachs because he or she has made up one’s mind to leave so early.

It is a good thing to keep your options and mind open. Also keep in mind the reputation that you are building. Companies require loyalty in their employees. Everyone likes talent, but it’s hard to convince a manager to promote a 27-year-old who has already worked for 5 companies since graduation.