I'm not the younger team. In fact I am of the older generation. I have encountered some of what you are talking about. You have to learn how to communicate with millennials. This generation comes to work with a little chip on their shoulders. After all, they were raised in a pretty crappy economy, actually a recession. They have been schooled in a very technical atmosphere.
Just my experience,
I think that technology itself has not given them the human communication skills to engage with adults and workplace supervision.
They are a very intelligent bunch though. They have come up admiring the young financial achievers, and with their success they try to help the world..
I have made some changes in my style of management. I have found that they really need a sense of purpose to keep them involved. They need to be kept in the loop. Once outside, you may never get them back. I have learned to communicate with technology. I hardly ever pick up a land line phone at all. Everything I communicate is through a wire or air and followed up with verbal conformation. Unlike the older ways, you need to challenge them and give them insight to the company goals and how success of your business might, even in a small way, help change the world. It seems to me that money is not the force that drives them. They need respect and they need to be needed.
That's probably deep, but I have given a situation like yours much thought. It seem to be working.
Me being a younger guy, 23, I gotta agree, I mean, I listen. I do... And my hard work has had its appropriate acknowledgments. But that's the point, appropriate. We just want enough money to get what we really need. And yes, sometimes a video game console is a need ;p but this is spot on. We want to be given more responsibility. Be valued versus just another line worker. We want everyone's compliments and to be included. If we aren't included, (or out of the loop) good luck getting most of us back. We are so used to cutting losses it comes naturally. Best way to keep me around, compliment my work personally. Even just a very faint "you were busy, whys it so clean?" If your not one for giving straight compliments works for me. Don't keep cracking the whip, we have enough pressure on ourselves to succeed without going all Hollywood Gordon Ramsey style.. (Jokingly we get, just not for real) encouragement (I.e. "you got this cmon guy!" Vs. "I needed that out 2 mins ago!") Is much better..
Hope this helps!