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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
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.