It is probably no coincidence that today’s 50-something Americans, who went through a major economic downturn and stagnating wages during what were supposed to be the “best” years of their professional lives, are a notable exception to the general trend of people getting happier towards middle age. Losing employees, whether new or experienced, because you aren’t paying them competitively can be very costly in its own right. Failing to pay your employees enough can make them disengaged, as well, so it is important to make sure you understand what paying competitively means at any given moment in time by regularly reviewing your pay and benefit practices.
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