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As any employer will surely know, times have been tough for a lot of people over the last few years. With little sign of any rapid economic turnaround on the horizon, it seems we can expect to see living standards continue to fall for some time to come. It's important, as an employer, that you aren't simply indifferent to the difficulties your workers are facing. It's true that for many firms, wage increases which are in line with or above the rate of inflation are unrealistic at the present juncture. However, this is likely to be of little comfort to employees who are having a hard time keeping up with rising living costs as their own purchasing power continues to decline. There's also the risk that prolonged wage stagnation may lead many employees to the conclusion that their best bet is to seek out alternative opportunities elsewhere. Workers who see that their wage is no longer stretching as far as it once did may feel their only option is to try to find a better-paid job. This may lead them into the welcoming arms of a competitor - and this is a risk you need to be aware of as an employer. It may be tempting to simply let your workforce thin somewhat whilst the economy continues to struggle, but this may be a counterproductive strategy. High rates of staff turnover have been the ruin of countless businesses over the years - so if your firm has been shedding staff during the downturn, you may want to look at ways in which you can arrest this particular trend. Replacing experienced and knowledgeable workers is difficult, and training replacements is both time-consuming and expensive. What's more, even once replacements have been fully trained, it's still likely to take them some time before they can work to a comparable level to the workers they've replaced. This is why you need to make the effort to retain workers rather than simply just allowing them to leave. Even if wage increases aren't an option, there are other things you can do to help alleviate the burden your workers have to endure. Staff incentives are proven to be effective in reducing staff turnover, boosting workplace morale and fostering a renewed sense of staff loyalty - so it makes sense to find out more about what they can do for your business. There's no one-size-fits-all incentive to suit everyone - so it's a good idea to discuss the matter with individual workers to find out just what's most likely to motivate them. Find out about Edenred total rewards and other staff incentives by searching online.
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