If you're a leader, you need to realize that there are things that work with Gen Y, and encourage your team to incorporate these suggestions.
First, Gen Y has been raised with a team approach for everything from solving math problems to resolving playground disputes. They're going to want to participate in brainstorming and decision making. In short, they want the remote. While it's impossible to involve them in every issue, do so when you can and you'll reap the benefits.
Second, I've heard leaders complain that millennials don't want to work hard. That's not my experience, but what is true is that they want to focus on results, not hours worked. They believe that with technology and their ability to multi-task they can get things done better and faster, so we need to experiment with different ways of working, and above all else flexibility. Gen Y is also known for job hopping but a lot of that comes from organizations not giving them the time off they want for that trip to Bali or boarding when the snow flies. To the extent you can, give them flexible hours and the time off they want - even if it's without pay.
Thirdly, they also want frequent feedback - these are the kids who received stars for every soccer goal - and an understanding of their purpose. They want to know what the company stands for as well as what their contribution means.
Lastly, Gen Y expects transparency. Don't expect them to keep compensation secret, they'll network around your privacy walls or hack into your system faster than you can admonish them not to talk. Obviously, many things need to be confidential - employee investigations and financial planning that would impact stock prices, for example - but to the extent you can open up your processes and results, you'll be rewarded with loyalty and hard work.