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These are weird times with inflation rising and unemployment low, giving employees more options. There is a tightrope to walk when you’re trying to retain staff, and maintain budget integrity. I’ve seen examples of organization making one time adjustments for COLA in addition to merit increases, but not all organizations can do that. Talk to your staff. What is important to them? Maybe there is a hybrid of wage, benefits, and intangible options, like flexible hours, or remote work allowances that can be useful in employee retention. I’d like to hear more about what others are doing.