There’s no doubt that corporate culture has shifted. Gone are the days when a new college graduate would seek to cement their place in a massive Fortune 500 corporation and stay with that corporation till the end of their career.

There’s a far greater tendency towards job-hopping than ever before and if businesses aren’t intentional about retaining their employees then they’ll find themselves staring down the barrel of high recruiting costs to backfill leaving employees.

Pay raises are on the of most crucial ways that a business can keep its good talent in the long term.

You don’t want to break the bank to the point where the employee is unprofitable, but you also want to reward him or her for their work and show them that they are valued by the company.…