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In the current financial climate, both businesses and households alike are feeling the financial pinch. With little sign of any rapid rebound in the global economy, it appears this situation is likely to persist for the foreseeable future. Employers, however, must not be complacent. After all, workers have bills and mortgages to pay - they may come to the conclusion that they have no choice but to seek alternative employment elsewhere as a result. High levels of staff turnover can inflict significant damage on businesses, and so it's important for employers to be aware of the risks the problem poses. There are, however, steps you can take to ensure staff stick with your organisation. It is true that money isn't everything, and that employees need opportunities to learn new skills and advance up the career ladder. To an extent, that's satisfying itself - however, you can't pay the bills with career opportunities. The reality is that household budgets are being squeezed across a wide range of socioeconomic groups, and real wages have in fact been in decline for many workers over the last few years. The impact of this must not be underestimated. Wage restraint might seem like a tempting path to go down at first, but when many employers take the same route it can have a negative impact on aggregate demand - thereby prompting another round of wage restraint. Still, it's worth discussing potential career paths with each new recruit when they join. Make it clear to them what options are open to them, and how they might go about achieving their goals. This doesn't mean that you should fill their head with unrealistic ideas, however. Make sure you're up front and honest with them, and inform them of the scale of the task ahead. Make sure they have realistic expectations as to what they can expect to achieve over the coming years. Setting them on a clear career path should help to give workers something to aim for. Fostering strong workplace morale is also of the utmost importance. Some employers concentrate more on stick than carrot, but workers need to be engaged with. They need to have a positive conception of what their organisation stands for, and they need to be thoroughly integrated into it in order to feel any sense of loyalty. Employee incentive schemes can help to encourage workers to stay with their employer rather than seeking alternative options elsewhere. Employers curious to find out more about employee rewards can do so simply by searching online. Search online to find information on staff incentives and Edenred total rewards.
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