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HR Tip: Pay top priority for Millennials

Although Millennials are often believed to prioritize work-life balance, flexibility and social consciousness, a new survey by Business Insider and News to Live By found they ranked pay (69%) as the most important factor in a job, above meaningful work (53%), positive relationships with coworkers (43%), and work-life balance (36%).

The hard realities of student debt and limited job opportunities have made salary and career advancement the biggest motivators. Once they were employed, more than a third left their first job within two years. When asked what would have kept them in the job, the predominant answer was a higher salary (26%), followed by a clearer sense of how to move up in the company (17%) and more responsibility (11%).

Workplace consultant Alexandra Levit, author of They Don't Teach Corporate in College notes Millennial professionals are entering leadership positions at a younger age than Baby Boomers or members of Generation X. "It's not quick enough for them, but it's still quicker than others," Levit said.

Pointer for employers: Have a strategy for recruiting and retaining Millennials. Facilitate mentoring, offer competitive wages, growth and learning opportunities, encourage collaboration, and show them you care about their careers.