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Article:

How the Economy May Affect Your Salary in 2009

Pay isn’t the only reward

Most employers know that pay increases alone won’t work as a way to attract and retain employees. In fact, the current economic situation presents employers with an opportunity to institute more creative ways of rewarding individuals and letting them know that their contributions are appreciated.

Employers will more likely need to consider alternative rewards such as employee development, training, additional vacation time and work-life balance options such as telecommuting and compressed work weeks as additional features to their rewards program in order to attract, retain and reward key employees

If increases are expected to be small or not occur at all, consider proposing some non-monetary rewards that would help soften the blow. For more tips on how to approach this, read our article 6 Tips to Successful Benefits Negotiation.

 

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