Managing Millennials: How to manage the most entitled generation so far

Manager’s the world over have shaken and scratched their heads over the newest generation to enter the workforce. The modern workplace has evolved and the importance of emotion over grit, balance over "grinding" and conditions over stability has changed the face of management a great deal. The biggest challenge amongst it all is the seemingly new problem of managing what could be argued as collectively the most privileged generation the world has seen. Where do we begin as managers to address this challenge? And, is it even a real problem we face?