Whenever there is talk of lower salaries and falling wages, job-seekers are prone to be pessimistic about their long-term success with a company. After all – if they expect to see their pay decrease, employees may see no reason to apply in the first place, especially if there doesn't seem to be a future for them. On the surface, they may be right.
A Chartered Instituted of Personnel Development survey recently found that only one out of four workers has received a pay increase this year. What's more, one out of twenty workers has actually seen a decrease in pay since the beginning of 2011.
This can make employers' jobs more difficult because they may have a tough time convincing the best workers that they have a vested interest in working for a particular company. Sometimes wages need to be cut, but there is a silver lining that needs to be explained to prospective workers.
Employee benefits can often more than make up for lowered wages. In fact, when considering that health insurance, disability benefits, wellness, retirement funds and other options are very valuable, a pay cut may be preferable to a loss in employee benefits. However, the only way to properly research and accumulate the best benefits out there is by contacting an employee benefit consultant. Otherwise, the best candidates for the job might be lost before they even apply.
