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The dangers of paying under salary market rate

Anyone searching for a new job will have noticed that the salary they are seeking or the salary their role and experience would have warranted some months and years ago seems to have decreased, in some professions and industries, significantly. Why??

The cost of living hasn’t decreased, in fact its steadily going up and yet salaries are decreasing and for no apparent reason other than that Companies can find ridiculously qualified individuals willing to take whatever salary they can, which is now driving market rate salaries down.

So, are Companies taking advantage of people’s misfortunes?
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7 ideas for motivating your team during difficult financial times

1) Be clear what you stand for
A mismatch of values between the organisation and the workforce will cause stress and a sense of dissatisfaction within individuals.  How well do your staff understand the values of the Company?  I don’t just mean the values shown on the Company website, what are the actual values that you and your employees live by?  How are these communicated and are you living them every day?

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Why Not Outsource?

Companies are certainly going through challenging times now.  Many Companies are having to tighten their belts, reducing costs as much as possible whilst at the same time maintaining and often having to exceed the level of service they provide. 

 A recent article in Entrepreneur Magazine “How to Build a Better Business with Outsourcing” https://www.entrepreneur.com/article/204652 got me thinking, why aren’t more Companies outsourcing their key support services?

 This is an ideal time to start outsourcing key functions to specific Companies that specialize in the services they require, allowing for a senior professional to take care of a function on a “charge on hours used” basis therefore saving money. By outsourcing the day to day back-office tasks, the Business Owner has more time to focus on generating income.

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